SB3343 103RD GENERAL ASSEMBLY

 


 
103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB3343

 

Introduced 2/7/2024, by Sen. Robert F. Martwick

 

SYNOPSIS AS INTRODUCED:
 
See Index

    Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property which is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond.) If a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, requires the holder to promptly notify the administrator in writing. The administrator may direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator, or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated pursuant to this Act or there is an indication of apparent owner interest. Provides that the sole administrative and legal procedure for claiming property is under this Act. Requires compliance with this Act before exercising the exclusive judicial remedy. Any appeal from the administrator's decision under the Illinois Administrative Procedure Act must be taken under the provisions of the Administrative Review Law. In governing void agreements, provides that this Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act or with an affiliate of such firm under certain conditions. Makes other changes.


LRB103 37121 JRC 67240 b

 

 

A BILL FOR

 

SB3343LRB103 37121 JRC 67240 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Officers and Employees Money
5Disposition Act is amended by changing Section 2 as follows:
 
6    (30 ILCS 230/2)  (from Ch. 127, par. 171)
7    Sec. 2. Accounts of money received; payment into State
8treasury.
9    (a) Every officer, board, commission, commissioner,
10department, institution, arm or agency brought within the
11provisions of this Act by Section 1 shall keep in proper books
12a detailed itemized account of all moneys received for or on
13behalf of the State of Illinois, showing the date of receipt,
14the payor, and purpose and amount, and the date and manner of
15disbursement as hereinafter provided, and, unless a different
16time of payment is expressly provided by law or by rules or
17regulations promulgated under subsection (b) of this Section,
18shall pay into the State treasury the gross amount of money so
19received on the day of actual physical receipt with respect to
20any single item of receipt exceeding $10,000, within 24 hours
21of actual physical receipt with respect to an accumulation of
22receipts of $10,000 or more, or within 48 hours of actual
23physical receipt with respect to an accumulation of receipts

 

 

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1exceeding $500 but less than $10,000, disregarding holidays,
2Saturdays and Sundays, after the receipt of same, without any
3deduction on account of salaries, fees, costs, charges,
4expenses or claims of any description whatever; provided that:
5        (1) the provisions of (i) Section 2505-475 of the
6    Department of Revenue Law, (ii) any specific taxing
7    statute authorizing a claim for credit procedure instead
8    of the actual making of refunds, (iii) Section 505 of the
9    Illinois Controlled Substances Act, (iv) Section 85 of the
10    Methamphetamine Control and Community Protection Act,
11    authorizing the Director of the Illinois State Police to
12    dispose of forfeited property, which includes the sale and
13    disposition of the proceeds of the sale of forfeited
14    property, and the Department of Central Management
15    Services to be reimbursed for costs incurred with the
16    sales of forfeited vehicles, boats or aircraft and to pay
17    to bona fide or innocent purchasers, conditional sales
18    vendors or mortgagees of such vehicles, boats or aircraft
19    their interest in such vehicles, boats or aircraft, and
20    (v) Section 6b-2 of the State Finance Act, establishing
21    procedures for handling cash receipts from the sale of
22    pari-mutuel wagering tickets, shall not be deemed to be in
23    conflict with the requirements of this Section;
24        (2) any fees received by the State Registrar of Vital
25    Records pursuant to the Vital Records Act which are
26    insufficient in amount may be returned by the Registrar as

 

 

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1    provided in that Act;
2        (3) any fees received by the Department of Public
3    Health under the Food Handling Regulation Enforcement Act
4    that are submitted for renewal of an expired food service
5    sanitation manager certificate may be returned by the
6    Director as provided in that Act;
7        (3.5) examiners of unclaimed property which is
8    reported and remitted to the State Treasurer and
9    custodians contracted by the State of Illinois to hold
10    presumptively abandoned securities or virtual currency may
11    deduct fees prior to remittance in accordance with the
12    Revised Uniform Unclaimed Property Act the State Treasurer
13    may permit the deduction of fees by third-party unclaimed
14    property examiners from the property recovered by the
15    examiners for the State of Illinois during examinations of
16    holders located outside the State under which the Office
17    of the Treasurer has agreed to pay for the examinations
18    based upon a percentage, in accordance with the Revised
19    Uniform Unclaimed Property Act, of the property recovered
20    during the examination; and
21        (4) if the amount of money received does not exceed
22    $500, such money may be retained and need not be paid into
23    the State treasury until the total amount of money so
24    received exceeds $500, or until the next succeeding 1st or
25    15th day of each month (or until the next business day if
26    these days fall on Sunday or a holiday), whichever is

 

 

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1    earlier, at which earlier time such money shall be paid
2    into the State treasury, except that if a local bank or
3    savings and loan association account has been authorized
4    by law, any balances shall be paid into the State treasury
5    on Monday of each week if more than $500 is to be deposited
6    in any fund.
7Single items of receipt exceeding $10,000 received after 2
8p.m. on a working day may be deemed to have been received on
9the next working day for purposes of fulfilling the
10requirement that the item be deposited on the day of actual
11physical receipt.
12    No money belonging to or left for the use of the State
13shall be expended or applied except in consequence of an
14appropriation made by law and upon the warrant of the State
15Comptroller. However, payments made by the Comptroller to
16persons by direct deposit need not be made upon the warrant of
17the Comptroller, but if not made upon a warrant, shall be made
18in accordance with Section 9.02 of the State Comptroller Act.
19All moneys so paid into the State treasury shall, unless
20required by some statute to be held in the State treasury in a
21separate or special fund, be covered into the General Revenue
22Fund in the State treasury. Moneys received in the form of
23checks, drafts or similar instruments shall be properly
24endorsed, if necessary, and delivered to the State Treasurer
25for collection. The State Treasurer shall remit such collected
26funds to the depositing officer, board, commission,

 

 

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1commissioner, department, institution, arm or agency by
2Treasurers Draft or through electronic funds transfer. The
3draft or notification of the electronic funds transfer shall
4be provided to the State Comptroller to allow deposit into the
5appropriate fund.
6    (b) Different time periods for the payment of public funds
7into the State treasury or to the State Treasurer, in excess of
8the periods established in subsection (a) of this Section, but
9not in excess of 30 days after receipt of such funds, may be
10established and revised from time to time by rules or
11regulations promulgated jointly by the State Treasurer and the
12State Comptroller in accordance with the Illinois
13Administrative Procedure Act. The different time periods
14established by rule or regulation under this subsection may
15vary according to the nature and amounts of the funds
16received, the locations at which the funds are received,
17whether compliance with the deposit requirements specified in
18subsection (a) of this Section would be cost effective, and
19such other circumstances and conditions as the promulgating
20authorities consider to be appropriate. The Treasurer and the
21Comptroller shall review all such different time periods
22established pursuant to this subsection every 2 years from the
23establishment thereof and upon such review, unless it is
24determined that it is economically unfeasible for the agency
25to comply with the provisions of subsection (a), shall repeal
26such different time period.

 

 

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1(Source: P.A. 102-538, eff. 8-20-21.)
 
2    Section 10. The Revised Uniform Unclaimed Property Act is
3amended by changing Sections 15-201, 15-301, 15-501, 15-503,
415-603, 15-903, 15-906, and 15-1302 as follows:
 
5    (765 ILCS 1026/15-201)
6    Sec. 15-201. When property presumed abandoned. Subject to
7Section 15-210, the following property is presumed abandoned
8if it is unclaimed by the apparent owner during the period
9specified below:
10        (1) a traveler's check, 15 years after issuance;
11        (2) a money order, 5 years after issuance;
12        (3) any instrument on which a financial organization
13    or business association is directly liable, other than a
14    money order, 3 years after issuance;
15        (4) a corporate state or municipal bond, bearer bond,
16    or original-issue-discount bond, 3 years after the
17    earliest of the date the bond matures or is called or the
18    obligation to pay the principal of the bond arises;
19        (5) a debt of a business association, 3 years after
20    the obligation to pay arises;
21        (6) financial organization deposits as follows:
22            (i) a demand deposit, 3 years after the date of the
23        last indication of interest in the property by the
24        apparent owner;

 

 

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1            (ii) a savings deposit, 3 years after the date of
2        last indication of interest in the property by the
3        apparent owner;
4            (iii) a time deposit for which the owner has not
5        consented to automatic renewal of the time deposit, 3
6        years after the later of maturity or the date of the
7        last indication of interest in the property by the
8        apparent owner;
9            (iv) an automatically renewable time deposit for
10        which the owner consented to the automatic renewal in
11        a record on file with the holder, 3 years after the
12        date of last indication of interest in the property by
13        the apparent owner, following the completion of the
14        initial term of the time deposit and one automatic
15        renewal term of the time deposit;
16        (6.5) virtual currency, 5 years after the last
17    indication of interest in the property;
18        (7) money or a credit owed to a customer as a result of
19    a retail business transaction, other than in-store credit
20    for returned merchandise, 3 years after the obligation
21    arose;
22        (8) an amount owed by an insurance company on a life or
23    endowment insurance policy or an annuity contract that has
24    matured or terminated, 3 years after the obligation to pay
25    arose under the terms of the policy or contract or, if a
26    policy or contract for which an amount is owed on proof of

 

 

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1    death has not matured by proof of the death of the insured
2    or annuitant, as follows:
3            (A) with respect to an amount owed on a life or
4        endowment insurance policy, the earlier of:
5                (i) 3 years after the death of the insured; or
6                (ii) 2 years after the insured has attained,
7            or would have attained if living, the limiting age
8            under the mortality table on which the reserve for
9            the policy is based; and
10            (B) with respect to an amount owed on an annuity
11        contract, 3 years after the death of the annuitant.
12        (9) funds on deposit or held in trust pursuant to the
13    Illinois Funeral or Burial Funds Act, the earliest of:
14            (A) 2 years after the date of death of the
15        beneficiary;
16            (B) one year after the date the beneficiary has
17        attained, or would have attained if living, the age of
18        105 where the holder does not know whether the
19        beneficiary is deceased;
20            (C) 40 years after the contract for prepayment was
21        executed, unless the apparent owner has indicated an
22        interest in the property more than 40 years after the
23        contract for prepayment was executed, in which case, 3
24        years after the last indication of interest in the
25        property by the apparent owner;
26        (10) property distributable by a business association

 

 

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1    in the course bankruptcy or of dissolution or
2    distributions from the termination of a retirement plan,
3    one year after the property becomes distributable;
4        (11) property held by a court, including property
5    received as proceeds of a class action, 3 years after the
6    property becomes distributable;
7        (12) property held by a government or governmental
8    subdivision, agency, or instrumentality, including
9    municipal bond interest and unredeemed principal under the
10    administration of a paying agent or indenture trustee, 3
11    years after the property becomes distributable;
12        (12.5) amounts payable pursuant to Section 20-175 of
13    the Property Tax Code, 3 years after the property becomes
14    payable;
15        (13) wages, commissions, bonuses, or reimbursements to
16    which an employee is entitled, or other compensation for
17    personal services, including amounts held on a payroll
18    card, one year after the amount becomes payable;
19        (14) a deposit or refund owed to a subscriber by a
20    utility, one year after the deposit or refund becomes
21    payable, except that any capital credits or patronage
22    capital retired, returned, refunded or tendered to a
23    member of an electric cooperative, as defined in Section
24    3.4 of the Electric Supplier Act, or a telephone or
25    telecommunications cooperative, as defined in Section
26    13-212 of the Public Utilities Act, that has remained

 

 

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1    unclaimed by the person appearing on the records of the
2    entitled cooperative for more than 2 years, shall not be
3    subject to, or governed by, any other provisions of this
4    Act, but rather shall be used by the cooperative for the
5    benefit of the general membership of the cooperative; and
6        (15) property not specified in this Section or
7    Sections 15-202 through 15-208, the earlier of 3 years
8    after the owner first has a right to demand the property or
9    the obligation to pay or distribute the property arises.
10    Notwithstanding anything to the contrary in this Section
1115-201, and subject to Section 15-210, a deceased owner cannot
12indicate interest in his or her property. If the owner is
13deceased and the abandonment period for the owner's property
14specified in this Section 15-201 is greater than 2 years, then
15the property, other than an amount owed by an insurance
16company on a life or endowment insurance policy or an annuity
17contract that has matured or terminated, shall instead be
18presumed abandoned 2 years from the date of the owner's last
19indication of interest in the property.
20(Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.)
 
21    (765 ILCS 1026/15-301)
22    Sec. 15-301. Address of apparent owner to establish
23priority. In this Article, the following rules apply:
24        (1) The last-known address of an apparent owner is any
25    description, code, or other indication of the location of

 

 

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1    the apparent owner which identifies the state, even if the
2    description, code, or indication of location is not
3    sufficient to direct the delivery of first-class United
4    States mail to the apparent owner.
5        (2) If the United States postal zip code associated
6    with the apparent owner is for a post office located in
7    this State, this State is deemed to be the state of the
8    last-known address of the apparent owner unless other
9    records associated with the apparent owner specifically
10    identify the physical address of the apparent owner to be
11    in another state.
12        (3) If the address under paragraph (2) is in another
13    state, the other state is deemed to be the state of the
14    last-known address of the apparent owner.
15        (4) The address of the apparent owner of a life or
16    endowment insurance policy or annuity contract or its
17    proceeds is presumed to be the address of the insured or
18    annuitant if a person other than the insured or annuitant
19    is entitled to the amount owed under the policy or
20    contract and the address of the other person is not known
21    by the insurance company and cannot be determined under
22    Section 15-302. The address of the apparent owner of other
23    property where ownership vests in a beneficiary upon the
24    death of the owner is presumed to be the address of the
25    now-deceased owner if the address of the beneficiary is
26    not known by the holder and cannot be determined under

 

 

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1    Section 15-302.
2        (5) The address of the owner of other property where
3    ownership vests in a beneficiary upon the death of the
4    owner is presumed to be the address of the deceased owner
5    if the address of the beneficiary is not known by the
6    holder and cannot be determined under Section 15-302.
7(Source: P.A. 100-22, eff. 1-1-18.)
 
8    (765 ILCS 1026/15-501)
9    Sec. 15-501. Notice to apparent owner by holder.
10    (a) Subject to subsections (b) and (c), the holder of
11property presumed abandoned shall send to the apparent owner
12notice by first-class United States mail that complies with
13Section 15-502 in a format acceptable to the administrator not
14more than one year nor less than 60 days before filing the
15report under Section 15-401 if:
16        (1) the holder has in its records an address for the
17    apparent owner which the holder's records do not disclose
18    to be invalid and is sufficient to direct the delivery of
19    first-class United States mail to the apparent owner; and
20        (2) the value of the property is $50 or more.
21    (b) If an apparent owner has consented to receive
22electronic-mail delivery from the holder, the holder shall
23send the notice described in subsection (a) both by
24first-class United States mail to the apparent owner's
25last-known mailing address and by electronic mail, unless the

 

 

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1holder believes that the apparent owner's electronic-mail
2address is invalid.
3    (c) The holder of virtual currency or securities presumed
4abandoned under Sections 15-202, 15-203, or 15-208 shall send
5to the apparent owner notice by certified United States mail
6that complies with Section 15-502 in a format acceptable to
7the administrator not less than 60 days before filing the
8report under Section 15-401 if:
9        (1) the holder has in its records an address for the
10    apparent owner which the holder's records do not disclose
11    to be invalid and is sufficient to direct the delivery of
12    United States mail to the apparent owner; and
13        (2) the value of the property is $1,000 or more.
14    (d) In addition to other indications of an apparent
15owner's interest in property pursuant to Section 15-210, a
16signed return receipt in response to a notice sent pursuant to
17this Section by certified United States mail shall constitute
18a record communicated by the apparent owner to the holder
19concerning the property or the account in which the property
20is held.
21    (e) The administrator may adopt rules allowing a holder to
22deduct reasonable costs incurred in sending a notice by United
23States mail under this Section.
24(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
 
25    (765 ILCS 1026/15-503)

 

 

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1    Sec. 15-503. Notice by administrator.
2    (a) The administrator shall give notice to an apparent
3owner that property presumed abandoned and appears to be owned
4by the apparent owner is held by the administrator under this
5Act.
6    (b) In providing notice under subsection (a), the
7administrator shall:
8        (1) except as otherwise provided in paragraph (2),
9    send written notice by first-class United States mail to
10    each apparent owner of property valued at $100 or more
11    held by the administrator, unless the administrator
12    determines that a mailing by first-class United States
13    mail would not be received by the apparent owner, and, in
14    the case of a security held in an account for which the
15    apparent owner had consented to receiving electronic mail
16    from the holder, send notice by electronic mail if the
17    electronic-mail address of the apparent owner is known to
18    the administrator instead of by first-class United States
19    mail; or
20        (2) send the notice to the apparent owner's
21    electronic-mail address if the administrator does not have
22    a valid United States mail address for an apparent owner,
23    but has an electronic-mail address that the administrator
24    does not know to be invalid.
25    (c) In addition to the notice under subsection (b), the
26administrator shall:

 

 

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1        (1) publish twice every year every 6 months in at
2    least one English language newspaper of general
3    circulation in each county in this State notice of
4    property held by the administrator which must include:
5            (A) an estimate of the total value of property
6        available to be claimed from received by the
7        administrator during the preceding 6-month period,
8        taken from the reports under Section 15-401;
9            (B) the approximate total value of claims paid by
10        the administrator during the preceding fiscal year
11        6-month period;
12            (C) the Internet web address of the unclaimed
13        property website maintained by the administrator;
14            (D) an electronic-mail address to contact the
15        administrator to inquire about or claim property; and
16            (E) a statement that a person may access the
17        Internet by a computer to search for unclaimed
18        property and a computer may be available as a service
19        to the public at a local public library.
20        (2) The administrator shall maintain a website
21    accessible by the public and electronically searchable
22    which contains the names reported to the administrator of
23    apparent owners for whom property is being held by the
24    administrator. The administrator need not list property on
25    such website when: no owner name was reported, a claim has
26    been initiated or is pending for the property, the

 

 

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1    administrator has made direct contact with the apparent
2    owner of the property, and in other instances where the
3    administrator reasonably believes exclusion of the
4    property is in the best interests of both the State and the
5    owner of the property.
6    (d) The website or database maintained under subsection
7(c)(2) must include instructions for filing with the
8administrator a claim to property and an online claim form
9with instructions. The website may also provide a printable
10claim form with instructions for its use.
11    (e) Tax return identification of apparent owners of
12abandoned property.
13        (1) At least annually the administrator shall notify
14    the Department of Revenue of the names of persons
15    appearing to be owners of abandoned property under this
16    Section. The administrator shall also provide to the
17    Department of Revenue the social security numbers of the
18    persons, if available.
19        (2) The Department of Revenue shall notify the
20    administrator if any person under subsection (e)(1) has
21    filed an Illinois income tax return and shall provide the
22    administrator with the last known address of the person as
23    it appears in Department of Revenue records, except as
24    prohibited by federal law. The Department of Revenue may
25    also provide additional addresses for the same taxpayer
26    from the records of the Department, except as prohibited

 

 

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1    by federal law.
2        (3) In order to facilitate the return of property
3    under this subsection, the administrator and the
4    Department of Revenue may enter into an interagency
5    agreement concerning protection of confidential
6    information, data match rules, and other issues.
7        (4) The administrator may deliver, as provided under
8    Section 15-904 of this Act, property or pay the amount
9    owing to a person matched under this Section without the
10    person filing a claim under Section 15-903 of this Act if
11    the following conditions are met:
12            (A) the value of the property that is owed the
13        person is $5,000 or less;
14            (B) the property is not either tangible property
15        or securities;
16            (C) the last known address for the person
17        according to the Department of Revenue records is less
18        than 12 months old; and
19            (D) the administrator has evidence sufficient to
20        establish that the person who appears in Department of
21        Revenue records is the owner of the property and the
22        owner currently resides at the last known address from
23        the Department of Revenue.
24        (5) If the value of the property that is owed the
25    person is greater than $5,000, or is tangible property or
26    securities the administrator shall provide notice to the

 

 

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1    person, informing the person that he or she is the owner of
2    abandoned property held by the State and may file a claim
3    with the administrator for return of the property.
4        (6) The administrator does not need to notify the
5    Department of Revenue of the names or social security
6    numbers of apparent owners of abandoned property if the
7    administrator reasonably believes that the Department of
8    Revenue will be unable to provide information that would
9    provide sufficient evidence to establish that the person
10    in the Department of Revenue's records is the apparent
11    owner of unclaimed property in the custody of the
12    administrator.
13    (f) The administrator may use additional databases to
14verify the identity of the person and that the person
15currently resides at the last known address. The administrator
16may utilize publicly and commercially available databases to
17find and update or add information for apparent owners of
18property held by the administrator.
19    (g) In addition to giving notice under subsection (b),
20publishing the information under subsection (c)(1) and
21maintaining the website or database under subsection (c)(2),
22the administrator may use other printed publication,
23telecommunication, the Internet, or other media to inform the
24public of the existence of unclaimed property held by the
25administrator.
26    (h) Identification of apparent owners of abandoned

 

 

SB3343- 19 -LRB103 37121 JRC 67240 b

1property using other State databases.
2        (1) The administrator may enter into interagency
3    agreements with the Secretary of State and the Illinois
4    State Board of Elections to identify persons appearing to
5    be owners of abandoned property with databases under the
6    control of the Secretary of State and the Illinois State
7    Board of Elections. Such interagency agreements shall
8    include protection of confidential information, data match
9    rules, and other necessary and proper issues.
10        (2) Except as prohibited by federal law, after January
11    1, 2022 the administrator may provide the Secretary of
12    State with names and other identifying information of
13    persons appearing to be owners of abandoned property. The
14    Secretary of State may provide the administrator with the
15    last known address as it appears in its respective records
16    of any person reasonably believed to be the apparent owner
17    of abandoned property.
18        (3) The Illinois State Board of Elections shall, upon
19    request, annually provide the administrator with
20    electronic data or compilations of voter registration
21    information. The administrator may use such electronic
22    data or compilations of voter registration information to
23    identify persons appearing to be owners of abandoned
24    property.
25        (4) The administrator may deliver, as provided under
26    Section 15-904, property or pay the amount owing to a

 

 

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1    person matched under this Section without the person
2    filing a claim under Section 15-903 if:
3            (i) the value of the property that is owed the
4        person is $5,000 or less;
5            (ii) the property is not either tangible property
6        or securities;
7            (iii) the last known address for the person
8        according to the records of the Secretary of State or
9        Illinois State Board of Elections is less than 12
10        months old; and
11            (iv) the administrator has evidence sufficient to
12        establish that the person who appears in the records
13        of the Secretary of State or Illinois State Board of
14        Elections is the owner of the property and the owner
15        currently resides at the last known address from the
16        Secretary of State or the Illinois State Board of
17        Elections.
18(Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.)
 
19    (765 ILCS 1026/15-603)
20    Sec. 15-603. Payment or delivery of property to
21administrator.
22    (a) Except as otherwise provided in this Section, on
23filing a report under Section 15-401, the holder shall pay or
24deliver to the administrator the property described in the
25report.

 

 

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1    (b) If property in a report under Section 15-401 is an
2automatically renewable time deposit and the holder determines
3that a penalty or forfeiture in the payment of interest would
4result from paying the deposit to the administrator at the
5time of the report, the date for reporting and delivering the
6property to the administrator is extended until a penalty or
7forfeiture no longer would result from delivery of the
8property to the administrator. The holder shall report and
9deliver the property on the next regular date prescribed for
10reporting by the holder under this Act after this extended
11date, and the holder shall indicate in its report to the
12administrator that the property is being reported on an
13extended date pursuant to this subsection (b).
14    (c) Tangible property in a safe-deposit box may not be
15delivered to the administrator until a mutually agreed upon
16date that is no sooner than 60 days after filing the report
17under Section 15-401.
18    (d) If property reported to the administrator under
19Section 15-401 is a security, the administrator may:
20        (1) make an endorsement, instruction, or entitlement
21    order on behalf of the apparent owner to invoke the duty of
22    the issuer, its transfer agent, or the securities
23    intermediary to transfer the security; or
24        (2) dispose of the security under Section 15-702.
25    (e) If the holder of property reported to the
26administrator under Section 15-401 is the issuer of a

 

 

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1certificated security, the administrator may obtain a
2replacement certificate in physical or book-entry form under
3Section 8-405 of the Uniform Commercial Code. An indemnity
4bond is not required.
5    (f) The administrator shall establish procedures for the
6registration, issuance, method of delivery, transfer, and
7maintenance of securities delivered to the administrator by a
8holder.
9    (g) An issuer, holder, and transfer agent or other person
10acting in good faith under this Section under instructions of
11and on behalf of the issuer or holder is not liable to the
12apparent owner for a claim arising with respect to property
13after the property has been delivered to the administrator.
14    (h) A holder is not required to deliver to the
15administrator a security identified by the holder as a
16non-freely transferable security in a report filed under
17Section 15-401. If the administrator or holder determines that
18a security is no longer a non-freely transferable security,
19the holder shall report and deliver the security on the next
20regular date prescribed for delivery of securities by the
21holder under this Act. The holder shall make a determination
22annually whether a security identified in a report filed under
23Section 15-401 as a non-freely transferable security is no
24longer a non-freely transferable security.
25    (i) Virtual currency.
26        (1) If property reported to the administrator is

 

 

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1    virtual currency, the holder shall liquidate the virtual
2    currency and remit the proceeds to the administrator.
3        (2) The liquidation shall occur anytime within 30 days
4    prior to the filing of the report under Section 15-401.
5    The owner shall not have recourse against the holder or
6    the administrator to recover any gain in value that occurs
7    after the liquidation of the virtual currency under this
8    subsection.
9        (3) If a holder cannot liquidate virtual currency and
10    cannot otherwise cause virtual currency to be liquidated,
11    the holder shall promptly notify the administrator in
12    writing and explain the reasons why the virtual currency
13    cannot be liquidated. The administrator, in his or her
14    absolute and sole discretion, may direct the holder to
15    either (1) transfer the virtual currency that cannot be
16    liquidated to a custodian selected by the administrator,
17    or (2) continue to hold the virtual currency until the
18    administrator or the holder determines that the virtual
19    currency can be liquidated pursuant to this
     Act or there
20    is an indication of apparent owner interest pursuant to
21    Section 15-210.
22(Source: P.A. 102-288, eff. 8-6-21.)
 
23    (765 ILCS 1026/15-903)
24    Sec. 15-903. Claim for property by person claiming to be
25owner.

 

 

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1    (a) A person claiming to be the owner of property held
2under this Act by the administrator or to the proceeds from the
3sale thereof may file a claim for the property on a form
4prescribed by the administrator. The claimant must verify the
5claim as to its completeness and accuracy.
6    (b) The administrator may waive the requirement in
7subsection (a) and may pay or deliver property directly to a
8person if:
9        (1) the person receiving the property or payment is
10    shown to be the apparent owner included on a report filed
11    under Section 15-401;
12        (2) the administrator reasonably believes the person
13    is entitled to receive the property or payment; and
14        (3) the property has a value of less than $5,000
15    $2,000.
16    (c) The administrator may change the maximum value in
17subsection (b) by administrative rule.
18    (d) This Section is the sole administrative and legal
19procedure for claiming property under this Act. Compliance
20with this Section is required prior to exercising the
21exclusive judicial remedy found in Section 15-906.
22(Source: P.A. 102-835, eff. 5-13-22.)
 
23    (765 ILCS 1026/15-906)
24    Sec. 15-906. Action by person whose claim is denied. Not
25later than one year after filing a claim under subsection (a)

 

 

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1of Section 15-903, the claimant may commence a contested case
2pursuant to the Illinois Administrative Procedure Act to
3establish a claim by the preponderance of the evidence after
4either receiving notice under subsection (b) of Section 15-904
5or the claim is deemed denied under subsection (b) of Section
615-904. Any appeal from the administrator's decision pursuant
7to the Illinois Administrative Procedure Act must be taken via
8the provisions of the Administrative Review Law.
9(Source: P.A. 102-288, eff. 8-6-21.)
 
10    (765 ILCS 1026/15-1302)
11    Sec. 15-1302. When agreement to locate property void.
12    (a) Subject to subsection (b), an agreement under Section
1315-1301 is void if it is entered into during the period
14beginning on the date the property was presumed abandoned
15under this Act and ending 24 months after the payment or
16delivery of the property to the administrator.
17    (b) If a provision in an agreement described in Section
1815-1301 applies to mineral proceeds for which compensation is
19to be paid to the other person based in whole or in part on a
20part of the underlying minerals or mineral proceeds not then
21presumed abandoned, the provision is void regardless of when
22the agreement was entered into.
23    (c) An agreement under this Article 13 which provides for
24compensation in an amount that is more than 10% of the amount
25collected is unenforceable except by the apparent owner.

 

 

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1    (d) An apparent owner or the administrator may assert that
2an agreement described in this Article 13 is void on a ground
3other than it provides for payment of unconscionable
4compensation.
5    (e) A person attempting to collect a contingent fee for
6discovering, on behalf of an apparent owner, presumptively
7abandoned property must be licensed as a private detective
8pursuant to the Private Detective, Private Alarm, Private
9Security, Fingerprint Vendor, and Locksmith Act of 2004.
10    (f) This Section does not apply to an apparent owner's
11agreement between an owner and with an attorney to pursue a
12claim for recovery of specifically identified property held by
13the administrator or to contest the administrator's denial of
14a claim for recovery of the property where the attorney has an
15attorney-client relationship with the owner.
16    (g) This Section does not apply to an apparent owner's
17agreement with a CPA firm licensed under the Illinois Public
18Accounting Act, or with an affiliate of such firm, if all of
19the following apply:
20        (1) the CPA firm has registered with the administrator
21    and is in good standing with the Illinois Department of
22    Financial and Professional Regulation;
23        (2) the apparent owner is not a natural person; and
24        (3) the CPA firm, or with an affiliate of such firm,
25    also provides the apparent owner professional services to
26    assist with the apparent owner's compliance with the

 

 

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1    reporting requirements of this Act. The administrator
2    shall adopt rules to implement and administer the
3    registration of CPA firms and the claims process under
4    this paragraph (g).
5(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)

 

 

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1 INDEX
2 Statutes amended in order of appearance
3    30 ILCS 230/2from Ch. 127, par. 171
4    765 ILCS 1026/15-201
5    765 ILCS 1026/15-301
6    765 ILCS 1026/15-501
7    765 ILCS 1026/15-503
8    765 ILCS 1026/15-603
9    765 ILCS 1026/15-903
10    765 ILCS 1026/15-906
11    765 ILCS 1026/15-1302