HB4748 EnrolledLRB097 15476 AJO 60576 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
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
17into the Unclaimed Property Trust Fund within 60 days after the
18effective date of this amendatory Act of the 97th General
19Assembly.
20    Whenever the State Treasurer and the State Comptroller
21determine that any such matured bonds or coupons will, in all
22likelihood, never be presented for payment, they shall transfer
23the amount represented by such bonds or coupons from the

 

 

HB4748 Enrolled- 2 -LRB097 15476 AJO 60576 b

1Matured Bond and Coupon Fund to the General Revenue Fund.
2(Source: P.A. 79-281; 79-1454.)
 
3    (30 ILCS 105/5.65 rep.)
4    Section 10. The State Finance Act is amended by repealing
5Section 5.65.
 
6    Section 15. The Uniform Disposition of Unclaimed Property
7Act is amended by adding Section 1.5 as follows:
 
8    (765 ILCS 1025/1.5 new)
9    Sec. 1.5. Application of the Act. This Act applies to all
10money returned to the Treasurer by the paying agent for any
11State bonds or interest coupons by reason of the failure of the
12holder to present such bonds or coupons for payment within 2
13years after maturity.
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.