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 Bill Status of HB4137  100th General Assembly


Short Description:  UNCLAIMED PROPERTY-INTEREST

House Sponsors
Rep. Michael J. Zalewski

Last Action
DateChamber Action
  10/25/2017HouseReferred to Rules Committee

Statutes Amended In Order of Appearance
765 ILCS 1026/15-607


Synopsis As Introduced
Amends the Revised Uniform Unclaimed Property Act. Provides that if an interest-bearing demand, savings, or time deposit is paid or delivered to the State Treasurer (the administrator) on or after July 1, 2018, then the administrator shall pay interest to the owner at a rate that is the lesser of (i) the percentage increase, if any, in the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor (CPI-U); or (ii) the rate the property earned while in the possession of the holder and reported to the administrator. Provides that interest begins to accrue when the property is delivered to the administrator and ends on the earlier of the expiration of 10 years after its delivery or the date on which payment is made to the owner. Provides that the administrator may adopt administrative rules establishing more detailed methodologies for calculating the amount of interest to be paid to an owner using CPI-U or the rate the property earned while in the possession of the holder.

Actions 
DateChamber Action
  10/25/2017HouseFiled with the Clerk by Rep. Michael J. Zalewski
  10/25/2017HouseFirst Reading
  10/25/2017HouseReferred to Rules Committee

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