State of Illinois
91st General Assembly
Legislation

   [ Search ]   [ Legislation ]
[ Home ]   [ Back ]   [ Bottom ]


[ Introduced ][ Enrolled ][ Senate Amendment 001 ]

91_SB1586eng

 
SB1586 Engrossed                               LRB9108980DJcs

 1        AN  ACT  to  amend  the  Uniform Disposition of Unclaimed
 2    Property Act by changing Sections 1 and 17.

 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 Sections 1 and 17 as follows:

 7        (765 ILCS 1025/1) (from Ch. 141, par. 101)
 8        Sec.   1.  As  used  in  this  Act,  unless  the  context
 9    otherwise requires:
10        (a)  "Banking  organization"  means   any   bank,   trust
11    company,  savings  bank,  industrial  bank,  land  bank, safe
12    deposit company, or a private banker.
13        (b)  "Business association" means any corporation,  joint
14    stock   company,   business   trust,   partnership,   or  any
15    association, limited liability  company,  or  other  business
16    entity  consisting of one or more persons, whether or not for
17    profit.
18        (c)  "Financial organization" means any savings and  loan
19    association,  building  and  loan  association, credit union,
20    currency  exchange,  co-operative  bank,  mutual  funds,   or
21    investment company.
22        (d)  "Holder"  means any person in possession of property
23    subject to this Act belonging to another, or who  is  trustee
24    in  case  of  a  trust,  or  is  indebted  to  another  on an
25    obligation subject to this Act.
26        (e)  "Life insurance corporation" means  any  association
27    or  corporation  transacting the business of insurance on the
28    lives  of  persons   or   insurance   appertaining   thereto,
29    including,  but  not  by  way  of  limitation, endowments and
30    annuities.
31        (f)  "Owner" means a depositor in case of  a  deposit,  a
 
SB1586 Engrossed            -2-                LRB9108980DJcs
 1    beneficiary  in  case  of  a  trust, a creditor, claimant, or
 2    payee in case of other property, or any person having a legal
 3    or equitable interest in property subject to this Act, or his
 4    legal representative.
 5        (g)  "Person" means any individual, business association,
 6    financial organization, government or  political  subdivision
 7    or  agency,  public  authority,  estate,  trust, or any other
 8    legal or commercial entity.
 9        (h)  "Utility" means any person who owns or operates, for
10    public use, any plant,  equipment,  property,  franchise,  or
11    license   for  the  transmission  of  communications  or  the
12    production,  storage,  transmission,   sale,   delivery,   or
13    furnishing of electricity, water, steam, oil or gas.
14        (i)  (Blank).
15        (j)  "Insurance company" means any person transacting the
16    kinds  of  business  enumerated  in Section 4 of the Illinois
17    Insurance Code other than life insurance.
18        (k)  "Economic loss", as used in Sections  2a  and  9  of
19    this  Act  includes, but is not limited to, delivery charges,
20    mark-downs  and  write-offs,   carrying   costs,   restocking
21    charges, lay-aways, special orders, issuance of credit memos,
22    and  the  costs  of  special  services or goods provided that
23    reduce the property  value  or  that  result  in  lost  sales
24    opportunity.
25        (l)  "Reportable  property"  means  property, tangible or
26    intangible, presumed abandoned under this Act  that  must  be
27    appropriately  and timely reported and remitted to the Office
28    of the State Treasurer under this Act.  Interest,  dividends,
29    stock   splits,   warrants,   or  other  rights  that  become
30    reportable property under this  Act  include  the  underlying
31    security  or commodity giving rise to the interest, dividend,
32    split, warrant, or other right to which the  owner  would  be
33    entitled.
34        (m)  "Firearm"  has  the meaning ascribed to that term in
 
SB1586 Engrossed            -3-                LRB9108980DJcs
 1    the Firearm Owners Identification Card Act.
 2    (Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99.)

 3        (765 ILCS 1025/17) (from Ch. 141, par. 117)
 4        Sec. 17.  (a) All abandoned property,  other  than  money
 5    and  that  property  exempted by paragraphs (1), and (2), and
 6    (3) of this subsection,  delivered  to  the  State  Treasurer
 7    under  this Act shall be sold within a reasonable time to the
 8    highest bidder at public sale in whatever city in  the  State
 9    affords  in his or her judgment the most favorable market for
10    the property involved. The State Treasurer  may  decline  the
11    highest  bid  and  reoffer the property for sale if he or she
12    considers the price bid insufficient. The State Treasurer may
13    group items for auction as "box lots" if  the  value  of  the
14    individual  items  makes  it  impracticable to sell the items
15    individually. He or she need not offer any property for sale,
16    and may destroy or otherwise dispose of the property, if,  in
17    his  or  her  opinion,  the probable cost of sale exceeds the
18    value of the property. Securities or commodities received  by
19    the  Office  of  the State Treasurer may be sold by the State
20    Treasurer through a broker or sales agent  suitable  for  the
21    sale of the type of securities or commodities being sold.
22             (1)  Property  which  the State Treasurer determines
23        may  have  historical  value  may  be,  at  his  or   her
24        discretion,  loaned  to  a  recognized  exhibitor  in the
25        United States where it will be kept until  such  time  as
26        the  State  Treasurer  orders it to be returned to his or
27        her possession.
28             (2)  Property returned to the State Treasurer  shall
29        be  released  to the rightful owner or otherwise disposed
30        of in accordance with  this  Act.   The  State  Treasurer
31        shall keep identifying records of the property so loaned,
32        the  name  of  rightful  owner and the owner's last known
33        address, if available.
 
SB1586 Engrossed            -4-                LRB9108980DJcs
 1             (3)  The  Treasurer,   in   cooperation   with   the
 2        Department  of State Police, shall develop a procedure to
 3        determine whether a firearm delivered  to  the  Treasurer
 4        under  this Act has been stolen or used in the commission
 5        of  a  crime.  The  Department  of  State  Police   shall
 6        determine  the  appropriate disposition of a firearm that
 7        has been stolen or used in the commission of a crime. The
 8        Treasurer shall attempt to return a firearm that has  not
 9        been  stolen  or used in the commission of a crime to the
10        rightful owner, provided  that  the  owner  may  lawfully
11        possess  the  firearm  as determined by the Department of
12        State  Police.
13             If the Treasurer is unable to return  a  firearm  to
14        its  owner,  the  Treasurer shall transfer custody of the
15        firearm to the Department of State Police.   Legal  title
16        to  a  firearm  transferred  to  the  Department of State
17        Police  under  this  paragraph  (3)  is  vested  in   the
18        Department of State Police by operation of law:
19                  (A)  if  the  Treasurer cannot locate the owner
20             of the firearm;
21                  (B)  if  the  owner  of  the  firearm  may  not
22             lawfully possess the firearm;
23                  (C)  if the owner does not  respond  to  notice
24             published under Section 12 of this Act; or
25                  (D)  if  the owner responds to notice published
26             under Section 12 and states that he or she no longer
27             claims an interest in the firearm.
28             With respect to a firearm whose title is transferred
29        to the Department of State Police  under  this  paragraph
30        (3), that Department may:
31                  (i)  retain  the  firearm  for use by the crime
32             laboratory system, for training purposes, or for any
33             other  application  as  deemed  appropriate  by  the
34             Department;
 
SB1586 Engrossed            -5-                LRB9108980DJcs
 1                  (ii)      transfer the firearm to the  Illinois
 2             State Museum if the firearm has historical value; or
 3                  (iii)  destroy   the   firearm  if  it  is  not
 4             retained pursuant to subparagraph (i) or transferred
 5             pursuant to subparagraph (ii).
 6        (b)  Any sale held under this Section, except a  sale  of
 7    securities  or  commodities,  shall  be  preceded by a single
 8    publication of notice thereof, at least 3 weeks in advance of
 9    sale in an English language newspaper of general  circulation
10    in the county where the property is to be sold. When property
11    fails  to  sell and is offered again at a subsequent sale, no
12    additional notice is required for the subsequent sale.
13        (c)  The purchaser at any sale  conducted  by  the  State
14    Treasurer  pursuant  to  this  Act shall receive title to the
15    property purchased, free from all  claims  of  the  owner  or
16    prior  holder  thereof and of all persons claiming through or
17    under them. The State Treasurer shall execute  all  documents
18    necessary to complete the transfer of title.
19        (d)  The  Office of the State Treasurer is not liable for
20    any reduction in the value of  property  caused  by  changing
21    market conditions.
22    (Source: P.A. 91-16, eff. 7-1-99.)

23        Section  99.  Effective date.  This Act takes effect upon
24    becoming law.

[ Top ]