SB1988 EngrossedLRB098 06531 JDS 36574 b

1    AN ACT concerning government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Uniform Disposition of Unclaimed Property
5Act is amended by changing Section 11 as follows:
 
6    (765 ILCS 1025/11)  (from Ch. 141, par. 111)
7    Sec. 11. Report of holder.
8    (a) Except as otherwise provided in subsection (c) of
9Section 4, every person holding funds or other property,
10tangible or intangible, presumed abandoned under this Act shall
11report and remit all abandoned property specified in the report
12to the State Treasurer with respect to the property as
13hereinafter provided. The State Treasurer may exempt any
14businesses from the reporting requirement if he deems such
15businesses unlikely to be holding unclaimed property.
16    (b) The information shall be obtained in one or more
17reports as required by the State Treasurer. The information
18shall be verified and shall include:
19        (1) the name, social security or federal tax
20    identification number, if known, and last known address,
21    including zip code, of each person appearing from the
22    records of the holder to be the owner of any property of
23    the value of $5 $25 or more presumed abandoned under this

 

 

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1    Act;
2        (2) in case of unclaimed funds of life insurance
3    corporations the full name of the insured and any
4    beneficiary or annuitant and the last known address
5    according to the life insurance corporation's records;
6        (3) the date when the property became payable,
7    demandable, or returnable, and the date of the last
8    transaction with the owner with respect to the property;
9    and
10        (4) other information which the State Treasurer
11    prescribes by rule as necessary for the administration of
12    this Act.
13    (c) If the person holding property presumed abandoned is a
14successor to other persons who previously held the property for
15the owner, or if the holder has changed his name while holding
16the property, he shall file with his report all prior known
17names and addresses of each holder of the property.
18    (d) The report and remittance of the property specified in
19the report shall be filed by banking organizations, financial
20organizations, insurance companies other than life insurance
21corporations, and governmental entities before November 1 of
22each year as of June 30 next preceding. The report and
23remittance of the property specified in the report shall be
24filed by business associations, utilities, and life insurance
25corporations before May 1 of each year as of December 31 next
26preceding. The Director may postpone the reporting date upon

 

 

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1written request by any person required to file a report. The
2report and remittance of the property specified in the report
3for property subject to subsection (a) of Section 3a of this
4Act shall be filed before a date established by the State
5Treasurer that is on or after the later of: (i) 30 days after
6the effective date of this amendatory Act of the 94th General
7Assembly; or (ii) November 1, 2005.
8    (d-5) Notwithstanding the foregoing, currency exchanges
9shall be required to report and remit property specified in the
10report within 30 days after the conclusion of its annual
11examination by the Department of Financial Institutions. As
12part of the examination of a currency exchange, the Department
13of Financial Institutions shall instruct the currency exchange
14to submit a complete unclaimed property report using the State
15Treasurer's formatted diskette reporting program or an
16alternative reporting format approved by the State Treasurer.
17The Department of Financial Institutions shall provide the
18State Treasurer with an accounting of the money orders located
19in the course of the annual examination including, where
20available, the amount of service fees deducted and the date of
21the conclusion of the examination.
22    (e) Before filing the annual report, the holder of property
23presumed abandoned under this Act shall communicate with the
24owner at his last known address if any address is known to the
25holder, setting forth the provisions hereof necessary to occur
26in order to prevent abandonment from being presumed. If the

 

 

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1holder has not communicated with the owner at his last known
2address at least 120 days before the deadline for filing the
3annual report, the holder shall mail, at least 60 days before
4that deadline, a letter by first class mail to the owner at his
5last known address unless any address is shown to be
6inaccurate, setting forth the provisions hereof necessary to
7prevent abandonment from being presumed.
8    (f) Verification, if made by a partnership, shall be
9executed by a partner; if made by an unincorporated association
10or private corporation, by an officer; and if made by a public
11corporation, by its chief fiscal officer.
12    (g) Any person who has possession of property which he has
13reason to believe will be reportable in the future as unclaimed
14property, may report and deliver it prior to the date required
15for such reporting in accordance with this Section and is then
16relieved of responsibility as provided in Section 14.
17    (h) (1) Records pertaining to presumptively abandoned
18property held by a trust division or trust department or by a
19trust company, or affiliate of any of the foregoing that
20provides nondealer corporate custodial services for securities
21or securities transactions, organized under the laws of this or
22another state or the United States shall be retained until the
23property is delivered to the State Treasurer.
24    As of January 1, 1998, this subdivision (h)(1) shall not be
25applicable unless the Department of Financial Institutions has
26commenced, but not finalized, an examination of the holder as

 

 

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1of that date and the property is included in a final
2examination report for the period covered by the examination.
3    (2) In the case of all other holders commencing on the
4effective date of this amendatory Act of 1993, property records
5for the period required for presumptive abandonment plus the 9
6years immediately preceding the beginning of that period shall
7be retained for 5 years after the property was reportable.
8    (i) The State Treasurer may promulgate rules establishing
9the format and media to be used by a holder in submitting
10reports required under this Act.
11    (j) Other than the Notice to Owners required by Section 12
12and other discretionary means employed by the State Treasurer
13for notifying owners of the existence of abandoned property,
14the State Treasurer shall not disclose any information provided
15in reports filed with the State Treasurer or any information
16obtained in the course of an examination by the State Treasurer
17to any person other than governmental agencies for the purposes
18of returning abandoned property to its owners or to those
19individuals who appear to be the owner of the property or
20otherwise have a valid claim to the property, unless written
21consent from the person entitled to the property is obtained by
22the State Treasurer.
23(Source: P.A. 93-531, eff. 8-14-03; 94-686, eff. 11-2-05.)
 
24    Section 99. Effective date. This Act takes effect upon
25becoming law.