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91_HB2829
LRB9102976WHdv
1 AN ACT to amend the Uniform Disposition of Unclaimed
2 Property Act by changing Section 2a.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Uniform Disposition of Unclaimed Property
6 Act is amended by changing Section 2a as follows:
7 (765 ILCS 1025/2a) (from Ch. 141, par. 102a)
8 Sec. 2a. Business associations shall report, pursuant to
9 Section 11 of this Act, all property and any earnings thereon
10 to which the owner would be entitled that have remained
11 unclaimed for 5 years and are therefore presumed abandoned.
12 Before reporting and delivering property as required under
13 this Act, a business association may deduct from the amount
14 of otherwise reportable intangible personal property the
15 economic loss suffered by it in connection with that
16 intangible personal property arising from transactions
17 involving the sale of tangible personal property at retail.
18 This property shall consist of, but is not limited to:
19 (1) unclaimed wages;
20 (2) deposits or payment for repair or purchase of
21 goods or services;
22 (3) credit checks or memos, or customer
23 overpayments;
24 (4) stocks, bonds, or any other type of securities
25 or debt instruments, and interest and dividends
26 therefrom;
27 (5) unidentified remittances, unrefunded
28 overcharges;
29 (6) unpaid claims, unpaid accounts payable or
30 unpaid commissions; and
31 (7) credit balances-accounts receivable, checks
-2- LRB9102976WHdv
1 written off, employee bond buying and profit-sharing.
2 (Source: P.A. 90-167, eff. 7-23-97.)
3 Section 99. Effective date. This Act takes effect upon
4 becoming law.