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Public Act 102-0734


 

Public Act 0734 102ND GENERAL ASSEMBLY

  
  
  

 


 
Public Act 102-0734
 
SB0062 EnrolledLRB102 04262 LNS 14280 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 Revised Uniform Unclaimed Property Act is
amended by changing Section 15-210 as follows:
 
    (765 ILCS 1026/15-210)
    Sec. 15-210. Indication of apparent owner interest in
property.
    (a) The period after which property is presumed abandoned
is measured from the later of:
        (1) the date the property is presumed abandoned under
    this Article; or
        (2) the latest indication of interest by the apparent
    owner in the property.
    (b) Under this Act, an indication of an apparent owner's
interest in property includes:
        (1) a record communicated by the apparent owner to the
    holder or agent of the holder concerning the property or
    the account in which the property is held;
        (2) an oral communication by the apparent owner to the
    holder or agent of the holder concerning the property or
    the account in which the property is held, if the holder or
    its agent contemporaneously makes and preserves a record
    of the fact of the apparent owner's communication;
        (3) presentment of a check or other instrument of
    payment of a dividend, interest payment, or other
    distribution, or evidence of receipt of a distribution
    made by electronic or similar means, with respect to an
    account, underlying security, or interest in a business
    association;
        (4) activity directed by an apparent owner in the
    account in which the property is held, including accessing
    the account or information concerning the account, or a
    direction by the apparent owner to increase, decrease, or
    otherwise change the amount or type of property held in
    the account;
        (5) a deposit into or withdrawal from an account at a
    financial organization, except for a recurring Automated
    Clearing House (ACH) debit or credit previously authorized
    by the apparent owner or an automatic reinvestment of
    dividends or interest; and
        (6) subject to subsection (e), payment of a premium on
    an insurance policy.
    (c) An action by an agent or other representative of an
apparent owner, other than the holder acting as the apparent
owner's agent, is presumed to be an action on behalf of the
apparent owner.
    (d) A communication with an apparent owner by a person
other than the holder or the holder's representative is not an
indication of interest in the property by the apparent owner
unless a record of the communication evidences the apparent
owner's knowledge of a right to the property.
    (e) If the insured dies or the insured or beneficiary of an
insurance policy otherwise becomes entitled to the proceeds
before depletion of the cash surrender value of the policy by
operation of an automatic-premium-loan provision or other
nonforfeiture provision contained in the policy, the operation
does not prevent the policy from maturing or terminating.
    (f) If the apparent owner has another property with the
holder to which Section 201(6) applies, then activity directed
by an apparent owner in any other accounts, including loan
accounts, at a financial organization holding an inactive
account of the apparent owner shall be an indication of
interest in all such accounts if:
        (A) the apparent owner engages in one or more of the
    following activities:
            (i) the apparent owner undertakes one or more of
        the actions described in subsection (b) of this
        Section regarding any of the other accounts the
        apparent owner has with the financial organization;
            (ii) the apparent owner increases or decreases the
        amount of funds in any other account the apparent
        owner has with the financial organization; or
            (iii) the apparent owner engages in any other
        relationship with the financial organization,
        including payment of any amounts due on a loan; and
        (B) the foregoing apply so long as the mailing address
    for the apparent owner in the financial organization's
    books and records is the same for both the inactive
    account and the active account.
    (g) For an amount held on a payroll card, an indication of
owner interest includes wages from an employer pursuant to
Section 14.5 of the Illinois Wage Payment and Collection Act
in the form of a recurring ACH credit previously authorized by
the apparent owner; however, an ACH credit is not an
indication of owner interest if the holder assesses fees for
account inactivity on the payroll card account.
(Source: P.A. 102-288, eff. 8-6-21.)

Effective Date: 1/1/2023