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Full Text of SB1470  100th General Assembly

SB1470sam001 100TH GENERAL ASSEMBLY

Sen. Michael Connelly

Filed: 3/1/2017

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 1470

2    AMENDMENT NO. ______. Amend Senate Bill 1470 by replacing
3everything after the enacting clause with the following:
 
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 or she deems
15such businesses unlikely to be holding unclaimed property.
16    (b) The information shall be obtained in one or more

 

 

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1reports as required by the State Treasurer. The information
2shall be verified and shall include:
3        (1) the name, social security or federal tax
4    identification number, if known, and last known address,
5    including zip code, of each person appearing from the
6    records of the holder to be the owner of any property of
7    the value of $5 or more presumed abandoned under this Act;
8        (2) in case of unclaimed funds of life insurance
9    corporations the full name of the insured and any
10    beneficiary or annuitant and the last known address
11    according to the life insurance corporation's records;
12        (3) the date when the property became payable,
13    demandable, or returnable, and the date of the last
14    transaction with the owner with respect to the property;
15    and
16        (4) other information which the State Treasurer
17    prescribes by rule as necessary for the administration of
18    this Act.
19    (c) If the person holding property presumed abandoned is a
20successor to other persons who previously held the property for
21the owner, or if the holder has changed his or her name while
22holding the property, he or she shall file with his or her
23report all prior known names and addresses of each holder of
24the property.
25    (d) The report and remittance of the property specified in
26the report shall be filed by banking organizations, financial

 

 

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1organizations, insurance companies other than life insurance
2corporations, and governmental entities before November 1 of
3each year as of June 30 next preceding. The report and
4remittance of the property specified in the report shall be
5filed by business associations, utilities, and life insurance
6corporations before May 1 of each year as of December 31 next
7preceding. The Director may postpone the reporting date upon
8written request by any person required to file a report. The
9report and remittance of the property specified in the report
10for property subject to subsection (a) of Section 3a of this
11Act shall be filed before a date established by the State
12Treasurer that is on or after the later of: (i) 30 days after
13the effective date of this amendatory Act of the 94th General
14Assembly; or (ii) November 1, 2005.
15    (d-5) Notwithstanding the foregoing, currency exchanges
16shall be required to report and remit property specified in the
17report within 30 days after the conclusion of its annual
18examination by the Department of Financial Institutions. As
19part of the examination of a currency exchange, the Department
20of Financial Institutions shall instruct the currency exchange
21to submit a complete unclaimed property report using the State
22Treasurer's formatted diskette reporting program or an
23alternative reporting format approved by the State Treasurer.
24The Department of Financial Institutions shall provide the
25State Treasurer with an accounting of the money orders located
26in the course of the annual examination including, where

 

 

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1available, the amount of service fees deducted and the date of
2the conclusion of the examination.
3    (e) Before filing the annual report, the holder of property
4presumed abandoned under this Act shall communicate with the
5owner at his or her last known address if any address is known
6to the holder, setting forth the provisions hereof necessary to
7occur in order to prevent abandonment from being presumed.
8        (1) If the holder has not communicated with the owner
9    at his or her last known address at least 120 days before
10    the deadline for filing the annual report, the holder shall
11    mail, at least 60 days before that deadline, a letter by
12    first class mail to the owner at his or her last known
13    address unless any address is shown to be inaccurate,
14    setting forth the provisions hereof necessary to prevent
15    abandonment from being presumed.
16        (2) If the holder has not communicated with the owner
17    at his or her last known address at least 120 days before
18    the deadline for filing the annual report and the value of
19    the property is $1,000 or more, the holder shall mail, at
20    least 60 days before that deadline, a letter by United
21    States certified mail, return receipt requested, to the
22    owner at his or her last known address unless the address
23    is shown as inaccurate. A signed receipt constitutes a
24    written communication received by the holder from the owner
25    and rebuts the presumption of abandonment. The State
26    Treasurer may adopt rules allowing a holder to deduct

 

 

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1    reasonable costs incurred in sending a notice under this
2    paragraph.
3    (f) Verification, if made by a partnership, shall be
4executed by a partner; if made by an unincorporated association
5or private corporation, by an officer; and if made by a public
6corporation, by its chief fiscal officer.
7    (g) Any person who has possession of property which he or
8she has reason to believe will be reportable in the future as
9unclaimed property, may report and deliver it prior to the date
10required for such reporting in accordance with this Section and
11is then relieved of responsibility as provided in Section 14.
12    (h) (1) Records pertaining to presumptively abandoned
13property held by a trust division or trust department or by a
14trust company, or affiliate of any of the foregoing that
15provides nondealer corporate custodial services for securities
16or securities transactions, organized under the laws of this or
17another state or the United States shall be retained until the
18property is delivered to the State Treasurer.
19    As of January 1, 1998, this subdivision (h)(1) shall not be
20applicable unless the Department of Financial Institutions has
21commenced, but not finalized, an examination of the holder as
22of that date and the property is included in a final
23examination report for the period covered by the examination.
24    (2) In the case of all other holders commencing on the
25effective date of this amendatory Act of 1993, property records
26for the period required for presumptive abandonment plus the 9

 

 

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1years immediately preceding the beginning of that period shall
2be retained for 5 years after the property was reportable.
3    (i) The State Treasurer may promulgate rules establishing
4the format and media to be used by a holder in submitting
5reports required under this Act.
6    (j) Other than the Notice to Owners required by Section 12
7and other discretionary means employed by the State Treasurer
8for notifying owners of the existence of abandoned property,
9the State Treasurer shall not disclose any information provided
10in reports filed with the State Treasurer or any information
11obtained in the course of an examination by the State Treasurer
12to any person other than governmental agencies for the purposes
13of returning abandoned property to its owners or to those
14individuals who appear to be the owner of the property or
15otherwise have a valid claim to the property, unless written
16consent from the person entitled to the property is obtained by
17the State Treasurer.
18(Source: P.A. 98-495, eff. 8-16-13.)
 
19    Section 99. Effective date. This Act takes effect January
201, 2018.".