Illinois General Assembly - Bill Status for SB0384
Illinois General Assembly

Previous General Assemblies

 Bill Status of SB0384  94th General Assembly


Short Description:  UNCLAIMED PROP-DEMUTUALIZATION

Senate Sponsors
Sen. Terry Link - Iris Y. Martinez

Last Action
DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
765 ILCS 1025/3a new
765 ILCS 1025/11from Ch. 141, par. 111
765 ILCS 1025/12from Ch. 141, par. 112
30 ILCS 105/5.640 new
30 ILCS 105/8h
30 ILCS 105/8j


Synopsis As Introduced
Amends the Uniform Disposition of Unclaimed Property Act. Provides that funds and stock distributable in the course of a demutualization, rehabilitation, or related reorganization of an insurance company shall be deemed abandoned in the listed time frames. Provides that funds and stock deemed abandoned in the course of a demutualization, rehabilitation, or related reorganization of an insurance company shall be held in the Demutualization Trust Fund. Provides that the State Treasurer shall set a date that the required report and remittance of the funds and stock deemed abandoned in the course of a demutualization, rehabilitation, or related reorganization of an insurance company shall be filed. Provides that the names of owners that are identified and contacted directly by the State Treasurer do not have to be published as required under the notice requirements. Amends the State Finance Act. Creates the Demutualization Trust Fund. Exempts the Demutualization Trust Fund from transfers to the General Revenue Fund. Effective immediately.

Actions 
DateChamber Action
  2/15/2005SenateFiled with Secretary by Sen. Terry Link
  2/15/2005SenateFirst Reading
  2/15/2005SenateReferred to Rules
  2/17/2005SenateAssigned to Insurance
  2/25/2005SenateAdded as Chief Co-Sponsor Sen. Todd Sieben
  3/2/2005SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez
  3/3/2005SenateSponsor Removed Sen. Todd Sieben
  3/9/2005SenatePostponed - Insurance
  3/17/2005SenatePostponed - Insurance
  3/18/2005SenateRule 3-9(a) / Re-referred to Rules
  1/9/2007SenateSession Sine Die

Back To Top