Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Illinois Compiled Statutes

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

PROPERTY
(765 ILCS 1026/) Revised Uniform Unclaimed Property Act.

765 ILCS 1026/Art. 4

 
    (765 ILCS 1026/Art. 4 heading)
ARTICLE 4. REPORT BY HOLDER
(Source: P.A. 100-22, eff. 1-1-18.)

765 ILCS 1026/15-401

    (765 ILCS 1026/15-401)
    Sec. 15-401. Report required by holder.
    (a) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. A holder shall report via the internet in a format approved by the administrator, unless the administrator gives a holder specific permission to file a paper report.
    (b) A holder may contract with a third party to make the report required under subsection (a).
    (c) Whether or not a holder contracts with a third party under subsection (b), the holder is responsible:
        (1) to the administrator for the complete, accurate,
    
and timely reporting of property presumed abandoned; and
        (2) for paying or delivering to the administrator
    
property described in the report.
    (d) A business association who has no reportable property shall so report to the administrator on forms via the Internet in a format approved by the administrator if the business association has:
        (1) annual sales of more than $1,000,000;
        (2) securities that are publicly traded;
        (3) a net worth of more than $10,000,000; or
        (4) more than 100 employees.
    The administrator may increase one or more of the thresholds for filing a negative report by administrative rule.
(Source: P.A. 102-288, eff. 8-6-21.)

765 ILCS 1026/15-402

    (765 ILCS 1026/15-402)
    Sec. 15-402. Content of report.
    (a) The report required under Section 15-401 must:
        (1) be signed by or on behalf of the holder and
    
verified as to its completeness and accuracy;
        (2) if filed electronically, be in a secure format
    
approved by the administrator which protects confidential information of the apparent owner;
        (3) describe the property;
        (4) except for a traveler's check, money order, or
    
similar instrument, contain the name, if known, last-known address, if known, and Social Security number or taxpayer identification number, if known or readily ascertainable, of the apparent owner of property with a value of $5 or more;
        (5) for an amount held or owing under a life or
    
endowment insurance policy, annuity contract, or other property where ownership vests in a beneficiary upon the death of the owner, contain the name and last-known address of the insured, annuitant, or other apparent owner of the policy or contract and of the beneficiary;
        (6) for property held in or removed from a
    
safe-deposit box, indicate the location of the property, where it may be inspected by the administrator, and any amounts owed to the holder under Section 15-606;
        (7) contain the commencement date for determining
    
abandonment under Article 2;
        (8) state that the holder has complied with the
    
notice requirements of Section 15-501;
        (9) identify property that is a non-freely
    
transferable security and explain why it is a non-freely transferable security; and
        (10) contain other information the administrator
    
prescribes by rules.
    (b) A report under Section 15-401 may include in the aggregate items valued under $5 each. If the report includes items in the aggregate valued under $5 each, the administrator may not require the holder to provide the name and address of an apparent owner of an item unless the information is necessary to verify or process a claim in progress by the apparent owner.
    (c) A report under Section 15-401 may include personal information as defined in Section 15-1401(a) about the apparent owner or the apparent owner's property.
    (d) If a holder has changed its name while holding property presumed abandoned or is a successor to another person that previously held the property for the apparent owner, the holder must include in the report under Section 15-401 its former name or the name of the previous holder, if any, and the known name and address of each previous holder of the property.
(Source: P.A. 100-22, eff. 1-1-18.)

765 ILCS 1026/15-403

    (765 ILCS 1026/15-403)
    Sec. 15-403. When report to be filed.
    (a) Except as otherwise provided in subsection (b) and subject to subsection (c), the report under Section 15-401 must be filed before November 1 of each year and cover the 12 months preceding July 1 of that year. Business associations which must report under this subsection (a) include financial organizations and insurance companies other than life insurance companies; all other business associations must file under subsection (b).
    (b) Subject to subsection (c), the report under Section 15-401 to be filed by any business associations that do not report under subsection (a) must be filed before May 1 of each year for the immediately preceding calendar year.
    (c) Before the date for filing the report under Section 15-401, the holder of property presumed abandoned may request the administrator to extend the time for filing. The administrator may grant an extension. If the extension is granted, the holder may pay or make a partial payment of the amount the holder estimates ultimately will be due. The payment or partial payment terminates accrual of interest on the amount paid.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)

765 ILCS 1026/15-404

    (765 ILCS 1026/15-404)
    Sec. 15-404. Retention of records by holder. A holder required to file a report under Section 15-401 shall retain records for 10 years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter period is provided by rule of the administrator. The holder may satisfy the requirement to retain records under this Section through an agent. The records must contain:
        (1) the information required to be included in the
    
report;
        (2) the date, place, and nature of the circumstances
    
that gave rise to the property right;
        (3) the amount or value of the property;
        (4) the last address of the apparent owner, if known
    
to the holder;
        (5) sufficient records of items which were not
    
reported as unclaimed, to allow examination to determine whether the holder has complied with the Act; and
        (6) if the holder sells, issues, or provides to
    
others for sale or issue in this State traveler's checks, money orders, or similar instruments, other than third-party bank checks, on which the holder is directly liable, a record of the instruments while they remain outstanding indicating the state and date of issue.
(Source: P.A. 100-22, eff. 1-1-18.)

765 ILCS 1026/15-405

    (765 ILCS 1026/15-405)
    Sec. 15-405. Property reportable and payable or deliverable absent owner demand. Property is reportable and payable or deliverable under this Act even if the owner fails to make demand or present an instrument or document otherwise required to obtain payment.
(Source: P.A. 100-22, eff. 1-1-18.)