Illinois General Assembly - Bill Status for SB1096
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 Bill Status of SB1096  93rd General Assembly


Short Description:  DISPOSITON OF PROP-NON PROFIT

Senate Sponsors
Sen. Dave Sullivan

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
765 ILCS 1025/3a new
765 ILCS 1025/10.6
765 ILCS 1025/11from Ch. 141, par. 111


Synopsis As Introduced
Amends the Uniform Disposition of Unclaimed Property Act. Provides that unclaimed property payable or distributable in the course of a demutualization of an insurance company is presumed abandoned 5 years after the earlier of the date of last contact with the policyholder or the date the property became payable or distributable. Provides for an exemption from the Act for gift certificates and gift cards that contain an expiration date or expiration period issued by a nonprofit organization as defined under Section 501(c)(3) of the Internal Revenue Code. Provides that a holder or any party with information about the owner is prohibited from charging a fee or service charge to an owner in order to prevent abandonment from being presumed. Effective immediately.

Actions 
DateChamber Action
  2/19/2003SenateFiled with Secretary by Sen. Dave Sullivan
  2/19/2003SenateFirst Reading
  2/19/2003SenateReferred to Rules
  2/26/2003SenateAssigned to Executive
  3/14/2003SenateRule 3-9(a) / Re-referred to Rules
  1/11/2005SenateSession Sine Die

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