(625 ILCS 5/7-503) (from Ch. 95 1/2, par. 7-503)
Sec. 7-503. Unclaimed Security Deposits.
During July, annually, the Secretary shall compile a list of all
securities on deposit, pursuant to this Article, for more than 3 years and
concerning which he has received no notice as to the pendency of any
judicial proceeding that could affect the disposition thereof. Thereupon,
he shall promptly send a notice to the last known address
of each depositor advising him that his deposit will be subject to escheat
to the State of Illinois if not claimed within 30 days after the mailing
date of such notice. At the expiration of such time, the Secretary of State
shall file with the State Treasurer an order directing the transfer of such
deposit to the general revenue fund in the State Treasury. Upon receipt of
such order, the State Treasurer shall make such transfer, after converting
to cash any other type of security. Thereafter any person having a legal
claim against such deposit may enforce it by appropriate proceedings in the
Court of Claims subject to the limitations prescribed for such Court. At
the expiration of such limitation period such deposit shall escheat to the
State of Illinois.
(Source: P.A. 94-239, eff. 1-1-06.)
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(625 ILCS 5/7-504)
Sec. 7-504. Emergency telephone system outages; reimbursement. Any person
who negligently causes a motor vehicle crash that causes an emergency
telephone system outage must reimburse the public safety agency that provides
personnel to answer calls or to maintain or operate an emergency telephone
system during the outage for the agency's costs associated with answering calls
or maintaining or operating the system during the outage. For the purposes of
this Section, "public safety agency" means the same as in Section 2.02 of the
Emergency Telephone System Act.
(Source: P.A. 102-982, eff. 7-1-23 .)
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(625 ILCS 5/Ch. 7 Art. VI heading) ARTICLE VI.
MANDATORY INSURANCE
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