Public Act 094-0686
 
HB1391 Enrolled LRB094 08950 LCB 39170 b

    AN ACT concerning civil law.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Uniform Disposition of Unclaimed Property
Act is amended by changing Sections 11 and 12 and by adding
Section 3a as follows:
 
    (765 ILCS 1025/3a new)
    Sec. 3a. Demutualization; insurance company.
    (a) Property distributable in the course of a
demutualization, rehabilitation, or related reorganization of
an insurance company shall be deemed abandoned as follows:
        (1) any funds, 2 years after the date of the
    demutualization, rehabilitation, or reorganization, if the
    funds remain unclaimed, and the owner has not otherwise
    communicated with the holder or its agent regarding the
    property as evidenced by a memorandum or other record on
    file with the holder or its agent;
        (2) any stock, 2 years after the date of the
    demutualization, rehabilitation, or reorganization if
    instruments or statements reflecting the distribution are
    either mailed to the owner and returned by the post office
    as undeliverable, or not mailed to the owner because of an
    address on the books and records of the holder that is
    known to be incorrect, and the owner has not otherwise
    communicated with the holder or its agent regarding the
    property as evidenced by a memorandum or other record on
    file with the holder or its agent; and
    (b) Property subject to items (1) and (2) of subsection (a)
of this Section shall be set apart and held in the
Demutualization Trust Fund, a special non-appropriated fund
hereby created in the State treasury, for the payment of claims
and expenses associated with the processing of the claims by
the State Treasurer and shall not be transferred to any other
fund until such time as the property would be reportable under
other Sections of this Act. The Demutualization Trust Fund
shall not be subject to Section 8h or 8j of the State Finance
Act.
    (c) Property not subject to the provisions of subsection
(a), within 2 years of distribution shall remain reportable
under other Sections of this Act.
 
    (765 ILCS 1025/11)  (from Ch. 141, par. 111)
    Sec. 11. Report of holder.
    (a) Except as otherwise provided in subsection (c) of
Section 4, every person holding funds or other property,
tangible or intangible, presumed abandoned under this Act shall
report and remit all abandoned property specified in the report
to the State Treasurer with respect to the property as
hereinafter provided. The State Treasurer may exempt any
businesses from the reporting requirement if he deems such
businesses unlikely to be holding unclaimed property.
    (b) The information shall be obtained in one or more
reports as required by the State Treasurer. The information
shall be verified and shall include:
        (1) the name, social security or federal tax
    identification number, if known, and last known address,
    including zip code, of each person appearing from the
    records of the holder to be the owner of any property of
    the value of $25 or more presumed abandoned under this Act;
        (2) in case of unclaimed funds of life insurance
    corporations the full name of the insured and any
    beneficiary or annuitant and the last known address
    according to the life insurance corporation's records;
        (3) the date when the property became payable,
    demandable, or returnable, and the date of the last
    transaction with the owner with respect to the property;
    and
        (4) other information which the State Treasurer
    prescribes by rule as necessary for the administration of
    this Act.
    (c) If the person holding property presumed abandoned is a
successor to other persons who previously held the property for
the owner, or if the holder has changed his name while holding
the property, he shall file with his report all prior known
names and addresses of each holder of the property.
    (d) The report and remittance of the property specified in
the report shall be filed by banking organizations, financial
organizations, insurance companies other than life insurance
corporations, and governmental entities before November 1 of
each year as of June 30 next preceding. The report and
remittance of the property specified in the report shall be
filed by business associations, utilities, and life insurance
corporations before May 1 of each year as of December 31 next
preceding. The Director may postpone the reporting date upon
written request by any person required to file a report. The
report and remittance of the property specified in the report
for property subject to subsection (a) of Section 3a of this
Act shall be filed before a date established by the State
Treasurer that is on or after the later of: (i) 30 days after
the effective date of this amendatory Act of the 94th General
Assembly; or (ii) November 1, 2005.
    (d-5) Notwithstanding the foregoing, currency exchanges
shall be required to report and remit property specified in the
report within 30 days after the conclusion of its annual
examination by the Department of Financial Institutions. As
part of the examination of a currency exchange, the Department
of Financial Institutions shall instruct the currency exchange
to submit a complete unclaimed property report using the State
Treasurer's formatted diskette reporting program or an
alternative reporting format approved by the State Treasurer.
The Department of Financial Institutions shall provide the
State Treasurer with an accounting of the money orders located
in the course of the annual examination including, where
available, the amount of service fees deducted and the date of
the conclusion of the examination.
    (e) Before filing the annual report, the holder of property
presumed abandoned under this Act shall communicate with the
owner at his last known address if any address is known to the
holder, setting forth the provisions hereof necessary to occur
in order to prevent abandonment from being presumed. If the
holder has not communicated with the owner at his last known
address at least 120 days before the deadline for filing the
annual report, the holder shall mail, at least 60 days before
that deadline, a letter by first class mail to the owner at his
last known address unless any address is shown to be
inaccurate, setting forth the provisions hereof necessary to
prevent abandonment from being presumed.
    (f) Verification, if made by a partnership, shall be
executed by a partner; if made by an unincorporated association
or private corporation, by an officer; and if made by a public
corporation, by its chief fiscal officer.
    (g) Any person who has possession of property which he has
reason to believe will be reportable in the future as unclaimed
property, may report and deliver it prior to the date required
for such reporting in accordance with this Section and is then
relieved of responsibility as provided in Section 14.
    (h) (1) Records pertaining to presumptively abandoned
property held by a trust division or trust department or by a
trust company, or affiliate of any of the foregoing that
provides nondealer corporate custodial services for securities
or securities transactions, organized under the laws of this or
another state or the United States shall be retained until the
property is delivered to the State Treasurer.
    As of January 1, 1998, this subdivision (h)(1) shall not be
applicable unless the Department of Financial Institutions has
commenced, but not finalized, an examination of the holder as
of that date and the property is included in a final
examination report for the period covered by the examination.
    (2) In the case of all other holders commencing on the
effective date of this amendatory Act of 1993, property records
for the period required for presumptive abandonment plus the 9
years immediately preceding the beginning of that period shall
be retained for 5 years after the property was reportable.
    (i) The State Treasurer may promulgate rules establishing
the format and media to be used by a holder in submitting
reports required under this Act.
    (j) Other than the Notice to Owners required by Section 12
and other discretionary means employed by the State Treasurer
for notifying owners of the existence of abandoned property,
the State Treasurer shall not disclose any information provided
in reports filed with the State Treasurer or any information
obtained in the course of an examination by the State Treasurer
to any person other than governmental agencies for the purposes
of returning abandoned property to its owners or to those
individuals who appear to be the owner of the property or
otherwise have a valid claim to the property, unless written
consent from the person entitled to the property is obtained by
the State Treasurer.
(Source: P.A. 92-271, eff. 8-7-01; 93-531, eff. 8-14-03.)
 
    (765 ILCS 1025/12)  (from Ch. 141, par. 112)
    Sec. 12. Notice to owners.
    (a) For property reportable by May 1, as identified by
Section 11, the State Treasurer shall cause notice to be
published once in an English language newspaper of general
circulation in the county in this State in which is located the
last known address of any person to be named in the notice on
or before November 1 of the same year. For property reportable
by November 1, as identified by Section 11, the State Treasurer
shall cause notice to be published once in an English language
newspaper of general circulation in the county in this State in
which is located the last known address of any person named in
the notice on or before May 1 of the next year. If no address is
listed or if the address is outside this State, the notice
shall be published in the county in which the holder of the
abandoned property has his principal place of business within
this State. However, if an out-of-state address is in a state
that is not a party to a reciprocal agreement with this State
concerning abandoned property, the notice may be published in
the Illinois Register. The names of owners that are identified
and contacted directly by the State Treasurer do not have to be
published as described in this Section.
    (b) The published notice shall be entitled "Notice of Names
of Persons Appearing to be Owners of Abandoned Property", and
shall contain:
        (1) The names in alphabetical order and last known
    addresses, if any, of persons listed in the report and
    entitled to notice within the county as hereinbefore
    specified.
        (2) A statement that information concerning the amount
    or description of the property and the name and address of
    the holder may be obtained by any persons possessing an
    interest in the property by addressing an inquiry to the
    State Treasurer.
        (3) A statement that the abandoned property has been
    placed in the custody of the State Treasurer to whom all
    further claims must thereafter be directed.
    (c) The State Treasurer is not required to publish in such
notice any item of less than $100 or any item for which the
address of the last known owner is in a state that has a
reciprocal agreement with this State concerning abandoned
property unless he deems such publication to be in the public
interest.
(Source: P.A. 93-531, eff. 8-14-03.)
 
    Section 10. The State Finance Act is amended by amending
Sections 8h and 8j and by adding Section 5.640 as follows:
 
    (30 ILCS 105/5.640 new)
    Sec. 5.640. The Demutualization Trust Fund.
 
    (30 ILCS 105/8h)
    Sec. 8h. Transfers to General Revenue Fund.
    (a) Except as provided in subsection (b), notwithstanding
any other State law to the contrary, the Governor may, through
June 30, 2007, from time to time direct the State Treasurer and
Comptroller to transfer a specified sum from any fund held by
the State Treasurer to the General Revenue Fund in order to
help defray the State's operating costs for the fiscal year.
The total transfer under this Section from any fund in any
fiscal year shall not exceed the lesser of (i) 8% of the
revenues to be deposited into the fund during that fiscal year
or (ii) an amount that leaves a remaining fund balance of 25%
of the July 1 fund balance of that fiscal year. In fiscal year
2005 only, prior to calculating the July 1, 2004 final
balances, the Governor may calculate and direct the State
Treasurer with the Comptroller to transfer additional amounts
determined by applying the formula authorized in Public Act
93-839 to the funds balances on July 1, 2003. No transfer may
be made from a fund under this Section that would have the
effect of reducing the available balance in the fund to an
amount less than the amount remaining unexpended and unreserved
from the total appropriation from that fund estimated to be
expended for that fiscal year. This Section does not apply to
any funds that are restricted by federal law to a specific use,
to any funds in the Motor Fuel Tax Fund, the Hospital Provider
Fund, the Medicaid Provider Relief Fund, or the Reviewing Court
Alternative Dispute Resolution Fund, or to any funds to which
subsection (f) of Section 20-40 of the Nursing and Advanced
Practice Nursing Act applies. Notwithstanding any other
provision of this Section, for fiscal year 2004, the total
transfer under this Section from the Road Fund or the State
Construction Account Fund shall not exceed the lesser of (i) 5%
of the revenues to be deposited into the fund during that
fiscal year or (ii) 25% of the beginning balance in the fund.
For fiscal year 2005 through fiscal year 2007, no amounts may
be transferred under this Section from the Road Fund, the State
Construction Account Fund, the Criminal Justice Information
Systems Trust Fund, the Wireless Service Emergency Fund, or the
Mandatory Arbitration Fund.
    In determining the available balance in a fund, the
Governor may include receipts, transfers into the fund, and
other resources anticipated to be available in the fund in that
fiscal year.
    The State Treasurer and Comptroller shall transfer the
amounts designated under this Section as soon as may be
practicable after receiving the direction to transfer from the
Governor.
    (b) This Section does not apply to any fund established
under the Community Senior Services and Resources Act.
    (c) This Section does not apply to the Demutualization
Trust Fund established under the Uniform Disposition of
Unclaimed Property Act.
(Source: P.A. 93-32, eff. 6-20-03; 93-659, eff. 2-3-04; 93-674,
eff. 6-10-04; 93-714, eff. 7-12-04; 93-801, eff. 7-22-04;
93-839, eff. 7-30-04; 93-1054, eff. 11-18-04; 93-1067, eff.
1-15-05.)
 
    (30 ILCS 105/8j)
    Sec. 8j. Allocation and transfer of fee receipts to General
Revenue Fund. If and only if any one or more of Senate Bills
774, 841, 842, and 1903 of the 93rd General Assembly become
law, Notwithstanding any other law to the contrary, additional
amounts generated by the new and increased fees created or
authorized by Public Acts 93-22, 93-23, 93-24, and 93-32 these
amendatory Acts of the 93rd General Assembly this amendatory
Act of the 93rd General Assembly and by Senate Bill 774, Senate
Bill 841, and Senate Bill 842 of the 93rd General Assembly, if
those bills become law, shall be allocated between the fund
otherwise entitled to receive the fee and the General Revenue
Fund by the Governor's Office of Management and Budget Bureau
of the Budget. In determining the amount of the allocation to
the General Revenue Fund, the Director of the Governor's Office
of Management and Budget Bureau of the Budget shall calculate
whether the available resources in the fund are sufficient to
satisfy the unexpended and unreserved appropriations from the
fund for the fiscal year.
    In calculating the available resources in a fund, the
Director of the Governor's Office of Management and Budget
Bureau of the Budget may include receipts, transfers into the
fund, and other resources anticipated to be available in the
fund in that fiscal year.
    Upon determining the amount of an allocation to the General
Revenue Fund under this Section, the Director of the Governor's
Office of Management and Budget Bureau of the Budget may direct
the State Treasurer and Comptroller to transfer the amount of
that allocation from the fund in which the fee amounts have
been deposited to the General Revenue Fund; provided, however,
that the Director shall not direct the transfer of any amount
that would have the effect of reducing the available resources
in the fund to an amount less than the amount remaining
unexpended and unreserved from the total appropriation from
that fund for that fiscal year.
    The State Treasurer and Comptroller shall transfer the
amounts designated under this Section as soon as may be
practicable after receiving the direction to transfer from the
Director of the Governor's Office of Management and Budget
Bureau of the Budget.
    This Section does not apply to the Demutualization Trust
Fund established under the Uniform Disposition of Unclaimed
Property Act.
(Source: P.A. 93-25, eff. 6-20-03; 93-32, eff. 6-20-03; revised
8-21-03.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.