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Public Act 103-0977 Public Act 0977 103RD GENERAL ASSEMBLY | Public Act 103-0977 | SB3343 Enrolled | LRB103 37121 JRC 67240 b |
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| AN ACT concerning civil law. | Be it enacted by the People of the State of Illinois, | represented in the General Assembly: | Section 5. The State Officers and Employees Money | Disposition Act is amended by changing Section 2 as follows: | (30 ILCS 230/2) (from Ch. 127, par. 171) | Sec. 2. Accounts of money received; payment into State | treasury. | (a) Every officer, board, commission, commissioner, | department, institution, arm or agency brought within the | provisions of this Act by Section 1 shall keep in proper books | a detailed itemized account of all moneys received for or on | behalf of the State of Illinois, showing the date of receipt, | the payor, and purpose and amount, and the date and manner of | disbursement as hereinafter provided, and, unless a different | time of payment is expressly provided by law or by rules or | regulations promulgated under subsection (b) of this Section, | shall pay into the State treasury the gross amount of money so | received on the day of actual physical receipt with respect to | any single item of receipt exceeding $10,000, within 24 hours | of actual physical receipt with respect to an accumulation of | receipts of $10,000 or more, or within 48 hours of actual | physical receipt with respect to an accumulation of receipts |
| exceeding $500 but less than $10,000, disregarding holidays, | Saturdays and Sundays, after the receipt of same, without any | deduction on account of salaries, fees, costs, charges, | expenses or claims of any description whatever; provided that: | (1) the provisions of (i) Section 2505-475 of the | Department of Revenue Law, (ii) any specific taxing | statute authorizing a claim for credit procedure instead | of the actual making of refunds, (iii) Section 505 of the | Illinois Controlled Substances Act, (iv) Section 85 of the | Methamphetamine Control and Community Protection Act, | authorizing the Director of the Illinois State Police to | dispose of forfeited property, which includes the sale and | disposition of the proceeds of the sale of forfeited | property, and the Department of Central Management | Services to be reimbursed for costs incurred with the | sales of forfeited vehicles, boats or aircraft and to pay | to bona fide or innocent purchasers, conditional sales | vendors or mortgagees of such vehicles, boats or aircraft | their interest in such vehicles, boats or aircraft, and | (v) Section 6b-2 of the State Finance Act, establishing | procedures for handling cash receipts from the sale of | pari-mutuel wagering tickets, shall not be deemed to be in | conflict with the requirements of this Section; | (2) any fees received by the State Registrar of Vital | Records pursuant to the Vital Records Act which are | insufficient in amount may be returned by the Registrar as |
| provided in that Act; | (3) any fees received by the Department of Public | Health under the Food Handling Regulation Enforcement Act | that are submitted for renewal of an expired food service | sanitation manager certificate may be returned by the | Director as provided in that Act; | (3.5) examiners of unclaimed property which is | reported and remitted to the State Treasurer and | custodians contracted by the State of Illinois to hold | presumptively abandoned securities or virtual currency may | deduct fees prior to remittance in accordance with the | Revised Uniform Unclaimed Property Act the State Treasurer | may permit the deduction of fees by third-party unclaimed | property examiners from the property recovered by the | examiners for the State of Illinois during examinations of | holders located outside the State under which the Office | of the Treasurer has agreed to pay for the examinations | based upon a percentage, in accordance with the Revised | Uniform Unclaimed Property Act, of the property recovered | during the examination ; and | (4) if the amount of money received does not exceed | $500, such money may be retained and need not be paid into | the State treasury until the total amount of money so | received exceeds $500, or until the next succeeding 1st or | 15th day of each month (or until the next business day if | these days fall on Sunday or a holiday), whichever is |
| earlier, at which earlier time such money shall be paid | into the State treasury, except that if a local bank or | savings and loan association account has been authorized | by law, any balances shall be paid into the State treasury | on Monday of each week if more than $500 is to be deposited | in any fund. | Single items of receipt exceeding $10,000 received after 2 | p.m. on a working day may be deemed to have been received on | the next working day for purposes of fulfilling the | requirement that the item be deposited on the day of actual | physical receipt. | No money belonging to or left for the use of the State | shall be expended or applied except in consequence of an | appropriation made by law and upon the warrant of the State | Comptroller. However, payments made by the Comptroller to | persons by direct deposit need not be made upon the warrant of | the Comptroller, but if not made upon a warrant, shall be made | in accordance with Section 9.02 of the State Comptroller Act. | All moneys so paid into the State treasury shall, unless | required by some statute to be held in the State treasury in a | separate or special fund, be covered into the General Revenue | Fund in the State treasury. Moneys received in the form of | checks, drafts or similar instruments shall be properly | endorsed, if necessary, and delivered to the State Treasurer | for collection. The State Treasurer shall remit such collected | funds to the depositing officer, board, commission, |
| commissioner, department, institution, arm or agency by | Treasurers Draft or through electronic funds transfer. The | draft or notification of the electronic funds transfer shall | be provided to the State Comptroller to allow deposit into the | appropriate fund. | (b) Different time periods for the payment of public funds | into the State treasury or to the State Treasurer, in excess of | the periods established in subsection (a) of this Section, but | not in excess of 30 days after receipt of such funds, may be | established and revised from time to time by rules or | regulations promulgated jointly by the State Treasurer and the | State Comptroller in accordance with the Illinois | Administrative Procedure Act. The different time periods | established by rule or regulation under this subsection may | vary according to the nature and amounts of the funds | received, the locations at which the funds are received, | whether compliance with the deposit requirements specified in | subsection (a) of this Section would be cost effective, and | such other circumstances and conditions as the promulgating | authorities consider to be appropriate. The Treasurer and the | Comptroller shall review all such different time periods | established pursuant to this subsection every 2 years from the | establishment thereof and upon such review, unless it is | determined that it is economically unfeasible for the agency | to comply with the provisions of subsection (a), shall repeal | such different time period. |
| (Source: P.A. 102-538, eff. 8-20-21.) | Section 7. The Illinois Trust Code is amended by changing | Sections 809 and 810 as follows: | (760 ILCS 3/809) | Sec. 809. Control and protection of trust property. A | trustee shall take reasonable steps to take control of and | protect the trust property , including searching for and | claiming any unclaimed or presumptively abandoned property . If | a corporation is acting as co-trustee with one or more | individuals, the corporate trustee shall have custody of the | trust estate unless all the trustees otherwise agree. | (Source: P.A. 101-48, eff. 1-1-20 .) | (760 ILCS 3/810) | Sec. 810. Recordkeeping and identification of trust | property. | (a) A trustee shall keep adequate records of the | administration of the trust. | (b) A trustee shall keep trust property separate from the | trustee's own property. | (c) Except as otherwise provided in subsection (d), a | trustee not subject to federal or state banking regulation | shall cause the trust property to be designated so that the | interest of the trust, to the extent feasible, appears in |
| records maintained by a party other than a trustee or | beneficiary to whom the trustee has delivered the property. | (d) If the trustee maintains records clearly indicating | the respective interests, a trustee may invest as a whole the | property of 2 or more separate trusts. | (e) A trustee shall maintain or cause to be maintained | trust records for a minimum of 7 years after the dissolution of | the trust. | (f) Prior to the destruction of trust records, a trustee | shall conduct a reasonable search for any trust property that | is presumptively abandoned or that has been reported and | remitted to a state unclaimed property administrator. | (Source: P.A. 101-48, eff. 1-1-20 .) | Section 10. The Revised Uniform Unclaimed Property Act is | amended by changing Sections 15-201, 15-301, 15-501, 15-503, | 15-603, 15-903, 15-906, and 15-1302 as follows: | (765 ILCS 1026/15-201) | Sec. 15-201. When property presumed abandoned. Subject to | Section 15-210, the following property is presumed abandoned | if it is unclaimed by the apparent owner during the period | specified below: | (1) a traveler's check, 15 years after issuance; | (2) a money order, 5 years after issuance; | (3) any instrument on which a financial organization |
| or business association is directly liable, other than a | money order, 3 years after issuance; | (4) a corporate state or municipal bond, bearer bond, | or original-issue-discount bond, 3 years after the | earliest of the date the bond matures or is called or the | obligation to pay the principal of the bond arises; | (5) a debt of a business association, 3 years after | the obligation to pay arises; | (6) financial organization deposits as follows: | (i) a demand deposit, 3 years after the date of the | last indication of interest in the property by the | apparent owner; | (ii) a savings deposit, 3 years after the date of | last indication of interest in the property by the | apparent owner; | (iii) a time deposit for which the owner has not | consented to automatic renewal of the time deposit, 3 | years after the later of maturity or the date of the | last indication of interest in the property by the | apparent owner; | (iv) an automatically renewable time deposit for | which the owner consented to the automatic renewal in | a record on file with the holder, 3 years after the | date of last indication of interest in the property by | the apparent owner, following the completion of the | initial term of the time deposit and one automatic |
| renewal term of the time deposit; | (6.5) virtual currency, 5 years after the last | indication of interest in the property; | (7) money or a credit owed to a customer as a result of | a retail business transaction, other than in-store credit | for returned merchandise, 3 years after the obligation | arose; | (8) an amount owed by an insurance company on a life or | endowment insurance policy or an annuity contract that has | matured or terminated, 3 years after the obligation to pay | arose under the terms of the policy or contract or, if a | policy or contract for which an amount is owed on proof of | death has not matured by proof of the death of the insured | or annuitant, as follows: | (A) with respect to an amount owed on a life or | endowment insurance policy, the earlier of: | (i) 3 years after the death of the insured; or | (ii) 2 years after the insured has attained, | or would have attained if living, the limiting age | under the mortality table on which the reserve for | the policy is based; and | (B) with respect to an amount owed on an annuity | contract, 3 years after the death of the annuitant. | (9) funds on deposit or held in trust pursuant to the | Illinois Funeral or Burial Funds Act, the earliest of: | (A) 2 years after the date of death of the |
| beneficiary; | (B) one year after the date the beneficiary has | attained, or would have attained if living, the age of | 105 where the holder does not know whether the | beneficiary is deceased; | (C) 40 years after the contract for prepayment was | executed, unless the apparent owner has indicated an | interest in the property more than 40 years after the | contract for prepayment was executed, in which case, 3 | years after the last indication of interest in the | property by the apparent owner; | (10) property distributable by a business association | in the course of bankruptcy or | dissolution or | distributions from the termination of a retirement plan, | one year after the property becomes distributable; | (11) property held by a court, including property | received as proceeds of a class action, 3 years after the | property becomes distributable; | (12) property held by a government or governmental | subdivision, agency, or instrumentality, including | municipal bond interest and unredeemed principal under the | administration of a paying agent or indenture trustee, 3 | years after the property becomes distributable; | (12.5) amounts payable pursuant to Section 20-175 of | the Property Tax Code, 3 years after the property becomes | payable; |
| (13) wages, commissions, bonuses, or reimbursements to | which an employee is entitled, or other compensation for | personal services, including amounts held on a payroll | card, one year after the amount becomes payable; | (14) a deposit or refund owed to a subscriber by a | utility, one year after the deposit or refund becomes | payable, except that any capital credits or patronage | capital retired, returned, refunded or tendered to a | member of an electric cooperative, as defined in Section | 3.4 of the Electric Supplier Act, or a telephone or | telecommunications cooperative, as defined in Section | 13-212 of the Public Utilities Act, that has remained | unclaimed by the person appearing on the records of the | entitled cooperative for more than 2 years, shall not be | subject to, or governed by, any other provisions of this | Act, but rather shall be used by the cooperative for the | benefit of the general membership of the cooperative; and | (15) property not specified in this Section or | Sections 15-202 through 15-208, the earlier of 3 years | after the owner first has a right to demand the property or | the obligation to pay or distribute the property arises. | Notwithstanding anything to the contrary in this Section | 15-201, and subject to Section 15-210, a deceased owner cannot | indicate interest in his or her property. If the owner is | deceased and the abandonment period for the owner's property | specified in this Section 15-201 is greater than 2 years, then |
| the property, other than an amount owed by an insurance | company on a life or endowment insurance policy or an annuity | contract that has matured or terminated, shall instead be | presumed abandoned 2 years from the date of the owner's last | indication of interest in the property. | (Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.) | (765 ILCS 1026/15-301) | Sec. 15-301. Address of apparent owner to establish | priority. In this Article, the following rules apply: | (1) The last-known address of an apparent owner is any | description, code, or other indication of the location of | the apparent owner which identifies the state, even if the | description, code, or indication of location is not | sufficient to direct the delivery of first-class United | States mail to the apparent owner. | (2) If the United States postal zip code associated | with the apparent owner is for a post office located in | this State, this State is deemed to be the state of the | last-known address of the apparent owner unless other | records associated with the apparent owner specifically | identify the physical address of the apparent owner to be | in another state. | (3) If the address under paragraph (2) is in another | state, the other state is deemed to be the state of the | last-known address of the apparent owner. |
| (4) The address of the apparent owner of a life or | endowment insurance policy or annuity contract or its | proceeds is presumed to be the address of the insured or | annuitant if a person other than the insured or annuitant | is entitled to the amount owed under the policy or | contract and the address of the other person is not known | by the insurance company and cannot be determined under | Section 15-302. The address of the apparent owner of other | property where ownership vests in a beneficiary upon the | death of the owner is presumed to be the address of the | now-deceased owner if the address of the beneficiary is | not known by the holder and cannot be determined under | Section 15-302. | (5) The address of the owner of other property where | ownership vests in a beneficiary upon the death of the | owner is presumed to be the address of the deceased owner | if the address of the beneficiary is not known by the | holder and cannot be determined under Section 15-302. | (Source: P.A. 100-22, eff. 1-1-18 .) | (765 ILCS 1026/15-501) | Sec. 15-501. Notice to apparent owner by holder. | (a) Subject to subsections (b) and (c), the holder of | property presumed abandoned shall send to the apparent owner | notice by first-class United States mail that complies with | Section 15-502 in a format acceptable to the administrator not |
| more than one year nor less than 60 days before filing the | report under Section 15-401 if: | (1) the holder has in its records an address for the | apparent owner which the holder's records do not disclose | to be invalid and is sufficient to direct the delivery of | first-class United States mail to the apparent owner; and | (2) the value of the property is $50 or more. | (b) If an apparent owner has consented to receive | electronic-mail delivery from the holder, the holder shall | send the notice described in subsection (a) both by | first-class United States mail to the apparent owner's | last-known mailing address and by electronic mail, unless the | holder believes that the apparent owner's electronic-mail | address is invalid. | (c) The holder of virtual currency or securities presumed | abandoned under Sections 15-202, 15-203, or 15-208 shall send | to the apparent owner notice by certified United States mail | that complies with Section 15-502 in a format acceptable to | the administrator not less than 60 days before filing the | report under Section 15-401 if: | (1) the holder has in its records an address for the | apparent owner which the holder's records do not disclose | to be invalid and is sufficient to direct the delivery of | United States mail to the apparent owner; and | (2) the value of the property is $1,000 or more. | (d) In addition to other indications of an apparent |
| owner's interest in property pursuant to Section 15-210, a | signed return receipt in response to a notice sent pursuant to | this Section by certified United States mail shall constitute | a record communicated by the apparent owner to the holder | concerning the property or the account in which the property | is held. | (e) The administrator may adopt rules allowing a holder to | deduct reasonable costs incurred in sending a notice by United | States mail under this Section. | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) | (765 ILCS 1026/15-503) | Sec. 15-503. Notice by administrator. | (a) The administrator shall give notice to an apparent | owner that property presumed abandoned and appears to be owned | by the apparent owner is held by the administrator under this | Act. | (b) In providing notice under subsection (a), the | administrator shall: | (1) except as otherwise provided in paragraph (2), | send written notice by first-class United States mail to | each apparent owner of property valued at $100 or more | held by the administrator, unless the administrator | determines that a mailing by first-class United States | mail would not be received by the apparent owner, and, in | the case of a security held in an account for which the |
| apparent owner had consented to receiving electronic mail | from the holder, send notice by electronic mail if the | electronic-mail address of the apparent owner is known to | the administrator instead of by first-class United States | mail; or | (2) send the notice to the apparent owner's | electronic-mail address if the administrator does not have | a valid United States mail address for an apparent owner, | but has an electronic-mail address that the administrator | does not know to be invalid. | (c) In addition to the notice under subsection (b), the | administrator shall: | (1) publish twice every year every 6 months in at | least one English language newspaper of general | circulation in each county in this State notice of | property held by the administrator which must include: | (A) an estimate of the total value of property | available to be claimed from received by the | administrator during the preceding 6-month period, | taken from the reports under Section 15-401 ; | (B) the approximate total value of claims paid by | the administrator during the preceding fiscal year | 6-month period ; | (C) the Internet web address of the unclaimed | property website maintained by the administrator; | (D) an electronic-mail address to contact the |
| administrator to inquire about or claim property; and | (E) a statement that a person may access the | Internet by a computer to search for unclaimed | property and a computer may be available as a service | to the public at a local public library. | (2) The administrator shall maintain a website | accessible by the public and electronically searchable | which contains the names reported to the administrator of | apparent owners for whom property is being held by the | administrator. The administrator need not list property on | such website when: no owner name was reported, a claim has | been initiated or is pending for the property, the | administrator has made direct contact with the apparent | owner of the property, and in other instances where the | administrator reasonably believes exclusion of the | property is in the best interests of both the State and the | owner of the property. | (d) The website or database maintained under subsection | (c)(2) must include instructions for filing with the | administrator a claim to property and an online claim form | with instructions. The website may also provide a printable | claim form with instructions for its use. | (e) Tax return identification of apparent owners of | abandoned property. | (1) At least annually the administrator shall notify | the Department of Revenue of the names of persons |
| appearing to be owners of abandoned property under this | Section. The administrator shall also provide to the | Department of Revenue the social security numbers of the | persons, if available. | (2) The Department of Revenue shall notify the | administrator if any person under subsection (e)(1) has | filed an Illinois income tax return and shall provide the | administrator with the last known address of the person as | it appears in Department of Revenue records, except as | prohibited by federal law. The Department of Revenue may | also provide additional addresses for the same taxpayer | from the records of the Department, except as prohibited | by federal law. | (3) In order to facilitate the return of property | under this subsection, the administrator and the | Department of Revenue may enter into an interagency | agreement concerning protection of confidential | information, data match rules, and other issues. | (4) The administrator may deliver, as provided under | Section 15-904 of this Act, property or pay the amount | owing to a person matched under this Section without the | person filing a claim under Section 15-903 of this Act if | the following conditions are met: | (A) the value of the property that is owed the | person is $5,000 or less; | (B) the property is not either tangible property |
| or securities; | (C) the last known address for the person | according to the Department of Revenue records is less | than 12 months old; and | (D) the administrator has evidence sufficient to | establish that the person who appears in Department of | Revenue records is the owner of the property and the | owner currently resides at the last known address from | the Department of Revenue. | (5) If the value of the property that is owed the | person is greater than $5,000, or is tangible property or | securities the administrator shall provide notice to the | person, informing the person that he or she is the owner of | abandoned property held by the State and may file a claim | with the administrator for return of the property. | (6) The administrator does not need to notify the | Department of Revenue of the names or social security | numbers of apparent owners of abandoned property if the | administrator reasonably believes that the Department of | Revenue will be unable to provide information that would | provide sufficient evidence to establish that the person | in the Department of Revenue's records is the apparent | owner of unclaimed property in the custody of the | administrator. | (f) The administrator may use additional databases to | verify the identity of the person and that the person |
| currently resides at the last known address. The administrator | may utilize publicly and commercially available databases to | find and update or add information for apparent owners of | property held by the administrator. | (g) In addition to giving notice under subsection (b), | publishing the information under subsection (c)(1) and | maintaining the website or database under subsection (c)(2), | the administrator may use other printed publication, | telecommunication, the Internet, or other media to inform the | public of the existence of unclaimed property held by the | administrator. | (h) Identification of apparent owners of abandoned | property using other State databases. | (1) The administrator may enter into interagency | agreements with the Secretary of State and the Illinois | State Board of Elections to identify persons appearing to | be owners of abandoned property with databases under the | control of the Secretary of State and the Illinois State | Board of Elections. Such interagency agreements shall | include protection of confidential information, data match | rules, and other necessary and proper issues. | (2) Except as prohibited by federal law, after January | 1, 2022 the administrator may provide the Secretary of | State with names and other identifying information of | persons appearing to be owners of abandoned property. The | Secretary of State may provide the administrator with the |
| last known address as it appears in its respective records | of any person reasonably believed to be the apparent owner | of abandoned property. | (3) The Illinois State Board of Elections shall, upon | request, annually provide the administrator with | electronic data or compilations of voter registration | information. The administrator may use such electronic | data or compilations of voter registration information to | identify persons appearing to be owners of abandoned | property. | (4) The administrator may deliver, as provided under | Section 15-904, property or pay the amount owing to a | person matched under this Section without the person | filing a claim under Section 15-903 if: | (i) the value of the property that is owed the | person is $5,000 or less; | (ii) the property is not either tangible property | or securities; | (iii) the last known address for the person | according to the records of the Secretary of State or | Illinois State Board of Elections is less than 12 | months old; and | (iv) the administrator has evidence sufficient to | establish that the person who appears in the records | of the Secretary of State or Illinois State Board of | Elections is the owner of the property and the owner |
| currently resides at the last known address from the | Secretary of State or the Illinois State Board of | Elections. | (Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.) | (765 ILCS 1026/15-603) | Sec. 15-603. Payment or delivery of property to | administrator. | (a) Except as otherwise provided in this Section, on | filing a report under Section 15-401, the holder shall pay or | deliver to the administrator the property described in the | report. | (b) If property in a report under Section 15-401 is an | automatically renewable time deposit and the holder determines | that a penalty or forfeiture in the payment of interest would | result from paying the deposit to the administrator at the | time of the report, the date for reporting and delivering the | property to the administrator is extended until a penalty or | forfeiture no longer would result from delivery of the | property to the administrator. The holder shall report and | deliver the property on the next regular date prescribed for | reporting by the holder under this Act after this extended | date, and the holder shall indicate in its report to the | administrator that the property is being reported on an | extended date pursuant to this subsection (b). | (c) Tangible property in a safe-deposit box may not be |
| delivered to the administrator until a mutually agreed upon | date that is no sooner than 60 days after filing the report | under Section 15-401. | (d) If property reported to the administrator under | Section 15-401 is a security, the administrator may: | (1) make an endorsement, instruction, or entitlement | order on behalf of the apparent owner to invoke the duty of | the issuer, its transfer agent, or the securities | intermediary to transfer the security; or | (2) dispose of the security under Section 15-702. | (e) If the holder of property reported to the | administrator under Section 15-401 is the issuer of a | certificated security, the administrator may obtain a | replacement certificate in physical or book-entry form under | Section 8-405 of the Uniform Commercial Code. An indemnity | bond is not required. | (f) The administrator shall establish procedures for the | registration, issuance, method of delivery, transfer, and | maintenance of securities delivered to the administrator by a | holder. | (g) An issuer, holder, and transfer agent or other person | acting in good faith under this Section under instructions of | and on behalf of the issuer or holder is not liable to the | apparent owner for a claim arising with respect to property | after the property has been delivered to the administrator. | (h) A holder is not required to deliver to the |
| administrator a security identified by the holder as a | non-freely transferable security in a report filed under | Section 15-401. If the administrator or holder determines that | a security is no longer a non-freely transferable security, | the holder shall report and deliver the security on the next | regular date prescribed for delivery of securities by the | holder under this Act. The holder shall make a determination | annually whether a security identified in a report filed under | Section 15-401 as a non-freely transferable security is no | longer a non-freely transferable security. | (i) Virtual currency. | (1) If property reported to the administrator is | virtual currency, the holder shall liquidate the virtual | currency and remit the proceeds to the administrator. | (2) The liquidation shall occur anytime within 30 days | prior to the filing of the report under Section 15-401. | The owner shall not have recourse against the holder or | the administrator to recover any gain in value that occurs | after the liquidation of the virtual currency under this | subsection. | (3) If a holder cannot liquidate virtual currency and | cannot otherwise cause virtual currency to be liquidated, | the holder shall promptly notify the administrator in | writing and explain the reasons why the virtual currency | cannot be liquidated. The administrator, in his or her | absolute and sole discretion, may direct the holder to |
| either (1) transfer the virtual currency that cannot be | liquidated to a custodian selected by the administrator, | or (2) continue to hold the virtual currency until the | administrator or the holder determines that the virtual | currency can be liquidated pursuant to this Act or there | is an indication of apparent owner interest pursuant to | Section 15-210. | (Source: P.A. 102-288, eff. 8-6-21.) | (765 ILCS 1026/15-903) | Sec. 15-903. Claim for property by person claiming to be | owner. | (a) A person claiming to be the owner of property held | under this Act by the administrator or to the proceeds from the | sale thereof may file a claim for the property on a form | prescribed by the administrator. The claimant must verify the | claim as to its completeness and accuracy. | (b) The administrator may waive the requirement in | subsection (a) and may pay or deliver property directly to a | person if: | (1) the person receiving the property or payment is | shown to be the apparent owner included on a report filed | under Section 15-401; | (2) the administrator reasonably believes the person | is entitled to receive the property or payment; and | (3) the property has a value of less than $5,000 |
| $2,000 . | (c) The administrator may change the maximum value in | subsection (b) by administrative rule. | (d) This Section is the sole administrative and legal | procedure for claiming property under this Act. Compliance | with this Section is required prior to exercising the | exclusive judicial remedy found in Section 15-906. | (Source: P.A. 102-835, eff. 5-13-22.) | (765 ILCS 1026/15-906) | Sec. 15-906. Action by person whose claim is denied. Not | later than one year after filing a claim under subsection (a) | of Section 15-903, the claimant may commence a contested case | pursuant to the Illinois Administrative Procedure Act to | establish a claim by the preponderance of the evidence after | either receiving notice under subsection (b) of Section 15-904 | or the claim is deemed denied under subsection (b) of Section | 15-904. Any appeal from the administrator's decision pursuant | to the Illinois Administrative Procedure Act must be taken via | the provisions of the Administrative Review Law. | (Source: P.A. 102-288, eff. 8-6-21.) | (765 ILCS 1026/15-1302) | Sec. 15-1302. When agreement to locate property void. | (a) Subject to subsection (b), an agreement under Section | 15-1301 is void if it is entered into during the period |
| beginning on the date the property was presumed abandoned | under this Act and ending 24 months after the payment or | delivery of the property to the administrator. | (b) If a provision in an agreement described in Section | 15-1301 applies to mineral proceeds for which compensation is | to be paid to the other person based in whole or in part on a | part of the underlying minerals or mineral proceeds not then | presumed abandoned, the provision is void regardless of when | the agreement was entered into. | (c) An agreement under this Article 13 which provides for | compensation in an amount that is more than 10% of the amount | collected is unenforceable except by the apparent owner. | (d) An apparent owner or the administrator may assert that | an agreement described in this Article 13 is void on a ground | other than it provides for payment of unconscionable | compensation. | (e) A person attempting to collect a contingent fee for | discovering, on behalf of an apparent owner, presumptively | abandoned property must be licensed as a private detective | pursuant to the Private Detective, Private Alarm, Private | Security, Fingerprint Vendor, and Locksmith Act of 2004. | (f) This Section does not apply to an apparent owner's | agreement between an owner and with an attorney to pursue a | claim for recovery of specifically identified property held by | the administrator or to contest the administrator's denial of | a claim for recovery of the property where the attorney has an |
| attorney-client relationship with the owner . | (g) This Section does not apply to an apparent owner's | agreement with a CPA firm licensed under the Illinois Public | Accounting Act, or with an affiliate of such firm, if all of | the following apply: | (1) the CPA firm has registered with the administrator | and is in good standing with the Illinois Department of | Financial and Professional Regulation; | (2) the apparent owner is not a natural person; and | (3) the CPA firm, or with an affiliate of such firm, | also provides the apparent owner professional services to | assist with the apparent owner's compliance with the | reporting requirements of this Act. The administrator | shall adopt rules to implement and administer the | registration of CPA firms and the claims process under | this paragraph (g). | (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.) |
Effective Date: 1/1/2025
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