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91_SB1941
LRB9113031WHcs
1 AN ACT to amend the Uniform Disposition of Unclaimed
2 Property Act by changing Section 2.
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 2 as follows:
7 (765 ILCS 1025/2) (from Ch. 141, par. 102)
8 Sec. 2. Property held by financial organizations;
9 presumption of abandonment. The following property held or
10 owing by a banking or financial organization is presumed
11 abandoned:
12 (a) Any demand, savings, or matured time deposit with a
13 banking organization, together with any interest or dividend
14 thereon, excluding any charges that may lawfully be withheld,
15 unless the owner has, within 5 years:
16 (1) Increased or decreased the amount of the
17 deposit, or presented the passbook or other similar
18 evidence of the deposit for the crediting of interest; or
19 (2) Corresponded in writing with the banking
20 organization concerning the deposit; or
21 (3) Otherwise indicated an interest in the deposit
22 as evidenced by a memorandum on file with the banking
23 organization.
24 (b) Any funds paid toward the purchase of withdrawable
25 shares or other interest in a financial organization, or any
26 deposit made, and any interest or dividends thereon,
27 excluding any charges that may be lawfully withheld, unless
28 the owner has within 5 years:
29 (1) Increased or decreased the amount of the funds,
30 or deposit, or presented an appropriate record for the
31 crediting of interest or dividends; or
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1 (2) Corresponded in writing with the financial
2 organization concerning the funds or deposit; or
3 (3) Otherwise indicated an interest in the funds or
4 deposit as evidenced by a memorandum on file with the
5 financial organization.
6 (c) Any sum payable on checks or on written instruments
7 on which a banking or financial organization or business
8 association is directly liable including, by way of
9 illustration but not of limitation, certificates of deposit,
10 drafts, money orders and travelers checks, that with the
11 exception of travelers checks and money orders has been
12 outstanding for more than 5 years from the date it was
13 payable, or from the date of its issuance if payable on
14 demand, or, in the case of travelers checks, that has been
15 outstanding for more than 15 years from the date of its
16 issuance, or, in the case of money orders, that has been
17 outstanding for more than 7 years from the date of its
18 issuance, excluding any charges that may be lawfully withheld
19 relating to money orders issued by currency exchanges, unless
20 the owner has within 5 years or within 15 years in the case
21 of travelers checks or within 7 years in the case of money
22 orders corresponded in writing with the banking or financial
23 organization or business association concerning it, or
24 otherwise indicated an interest as evidenced by a memorandum
25 on file with the banking or financial organization or
26 business association.
27 (d) Any funds or other personal property, tangible or
28 intangible, removed from a safe deposit box or any other
29 safekeeping repository or agency or collateral deposit box on
30 which the lease or rental period has expired due to
31 nonpayment of rental charges or other reason, or any surplus
32 amounts arising from the sale thereof pursuant to law, that
33 have been unclaimed by the owner for more than 5 years from
34 the date on which the lease or rental period expired,
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1 subject to lien of the holder for reimbursement of costs
2 incurred in the opening of a safe deposit box as determined
3 by the holder's regular schedule of charges.
4 (e) Notwithstanding any other provision of this Section,
5 no deposit except passbook, checking, NOW accounts, super NOW
6 accounts, money market accounts, or such similar accounts as
7 established by Rule of the State Treasurer, held by a banking
8 or financial organization shall be presumed abandoned if with
9 respect to such a deposit which specifies a definite maturity
10 date, such organization was authorized in writing to extend
11 or rollover the account for an additional like period and
12 such organization does so extend. Such deposits are not
13 presumed abandoned less than 5 years from that final maturity
14 date. Property of any kind held in an individual retirement
15 account (IRA) is not presumed abandoned earlier than 5 years
16 after the owner attains the age at which distributions from
17 the account become mandatory under law.
18 (f) Notwithstanding any other provision of this Section,
19 money of a minor deposited pursuant to Section 24-21 of the
20 Probate Act of 1975 shall not be presumed abandoned earlier
21 than 5 years after the minor attains legal age. Such money
22 shall be deposited in an account which shall indicate the
23 birth date of the minor.
24 (Source: P.A. 90-167, eff. 7-23-97; 90-796, eff. 12-15-98;
25 91-16, eff. 7-1-99; 91-316, eff. 7-29-99; revised 10-15-99.)
26 Section 99. Effective date. This Act takes effect upon
27 becoming law.