Rep. Raymond Poe

Filed: 3/1/2012

 

 


 

 


 
09700HB4748ham001LRB097 15476 AJO 65482 a

1
AMENDMENT TO HOUSE BILL 4748

2    AMENDMENT NO. ______. Amend House Bill 4748 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The State Finance Act is amended by changing
5Section 6u as follows:
 
6    (30 ILCS 105/6u)  (from Ch. 127, par. 142u)
7    Sec. 6u. All money returned to the State Treasurer by the
8paying agent for any State bonds or interest coupons by reason
9of the failure of the holder to present such bonds or coupons
10for payment within 2 years after maturity shall be deposited in
11the Unclaimed Property Trust Fund Matured Bond and Coupon Fund.
12Upon the subsequent presentation for payment of any such bond
13or coupon for payment, payment shall be made from the Unclaimed
14Property Trust Fund Matured Bond and Coupon Fund.
15    The Treasurer shall transfer all unobligated and
16unexpended moneys remaining in the Matured Bond and Coupon Fund

 

 

09700HB4748ham001- 2 -LRB097 15476 AJO 65482 a

1into the Unclaimed Property Trust Fund within 60 days after the
2effective date of this amendatory Act of the 97th General
3Assembly.
4    Whenever the State Treasurer and the State Comptroller
5determine that any such matured bonds or coupons will, in all
6likelihood, never be presented for payment, they shall transfer
7the amount represented by such bonds or coupons from the
8Matured Bond and Coupon Fund to the General Revenue Fund.
9(Source: P.A. 79-281; 79-1454.)
 
10    (30 ILCS 105/5.65 rep.)
11    Section 10. The State Finance Act is amended by repealing
12Section 5.65.
 
13    Section 15. The Uniform Disposition of Unclaimed Property
14Act is amended by adding Section 1.5 as follows:
 
15    (765 ILCS 1025/1.5 new)
16    Sec. 1.5. Application of the Act. This Act applies to all
17money returned to the Treasurer by the paying agent for any
18State bonds or interest coupons by reason of the failure of the
19holder to present such bonds or coupons for payment within 2
20years after maturity.
 
21    Section 99. Effective date. This Act takes effect upon
22becoming law.".