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91_SB1586sam001
LRB9108980DJtmam
1 AMENDMENT TO SENATE BILL 1586
2 AMENDMENT NO. . Amend Senate Bill 1586 by replacing
3 the title with the following:
4 "AN ACT to amend the Uniform Disposition of Unclaimed
5 Property Act by changing Sections 1 and 17."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Uniform Disposition of Unclaimed
9 Property Act is amended by changing Sections 1 and 17 as
10 follows:
11 (765 ILCS 1025/1) (from Ch. 141, par. 101)
12 Sec. 1. As used in this Act, unless the context
13 otherwise requires:
14 (a) "Banking organization" means any bank, trust
15 company, savings bank, industrial bank, land bank, safe
16 deposit company, or a private banker.
17 (b) "Business association" means any corporation, joint
18 stock company, business trust, partnership, or any
19 association, limited liability company, or other business
20 entity consisting of one or more persons, whether or not for
21 profit.
22 (c) "Financial organization" means any savings and loan
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1 association, building and loan association, credit union,
2 currency exchange, co-operative bank, mutual funds, or
3 investment company.
4 (d) "Holder" means any person in possession of property
5 subject to this Act belonging to another, or who is trustee
6 in case of a trust, or is indebted to another on an
7 obligation subject to this Act.
8 (e) "Life insurance corporation" means any association
9 or corporation transacting the business of insurance on the
10 lives of persons or insurance appertaining thereto,
11 including, but not by way of limitation, endowments and
12 annuities.
13 (f) "Owner" means a depositor in case of a deposit, a
14 beneficiary in case of a trust, a creditor, claimant, or
15 payee in case of other property, or any person having a legal
16 or equitable interest in property subject to this Act, or his
17 legal representative.
18 (g) "Person" means any individual, business association,
19 financial organization, government or political subdivision
20 or agency, public authority, estate, trust, or any other
21 legal or commercial entity.
22 (h) "Utility" means any person who owns or operates, for
23 public use, any plant, equipment, property, franchise, or
24 license for the transmission of communications or the
25 production, storage, transmission, sale, delivery, or
26 furnishing of electricity, water, steam, oil or gas.
27 (i) (Blank).
28 (j) "Insurance company" means any person transacting the
29 kinds of business enumerated in Section 4 of the Illinois
30 Insurance Code other than life insurance.
31 (k) "Economic loss", as used in Sections 2a and 9 of
32 this Act includes, but is not limited to, delivery charges,
33 mark-downs and write-offs, carrying costs, restocking
34 charges, lay-aways, special orders, issuance of credit memos,
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1 and the costs of special services or goods provided that
2 reduce the property value or that result in lost sales
3 opportunity.
4 (l) "Reportable property" means property, tangible or
5 intangible, presumed abandoned under this Act that must be
6 appropriately and timely reported and remitted to the Office
7 of the State Treasurer under this Act. Interest, dividends,
8 stock splits, warrants, or other rights that become
9 reportable property under this Act include the underlying
10 security or commodity giving rise to the interest, dividend,
11 split, warrant, or other right to which the owner would be
12 entitled.
13 (m) "Firearm" has the meaning ascribed to that term in
14 the Firearm Owners Identification Card Act.
15 (Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99.)
16 (765 ILCS 1025/17) (from Ch. 141, par. 117)
17 Sec. 17. (a) All abandoned property, other than money
18 and that property exempted by paragraphs (1), and (2), and
19 (3) of this subsection, delivered to the State Treasurer
20 under this Act shall be sold within a reasonable time to the
21 highest bidder at public sale in whatever city in the State
22 affords in his or her judgment the most favorable market for
23 the property involved. The State Treasurer may decline the
24 highest bid and reoffer the property for sale if he or she
25 considers the price bid insufficient. The State Treasurer may
26 group items for auction as "box lots" if the value of the
27 individual items makes it impracticable to sell the items
28 individually. He or she need not offer any property for sale,
29 and may destroy or otherwise dispose of the property, if, in
30 his or her opinion, the probable cost of sale exceeds the
31 value of the property. Securities or commodities received by
32 the Office of the State Treasurer may be sold by the State
33 Treasurer through a broker or sales agent suitable for the
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1 sale of the type of securities or commodities being sold.
2 (1) Property which the State Treasurer determines
3 may have historical value may be, at his or her
4 discretion, loaned to a recognized exhibitor in the
5 United States where it will be kept until such time as
6 the State Treasurer orders it to be returned to his or
7 her possession.
8 (2) Property returned to the State Treasurer shall
9 be released to the rightful owner or otherwise disposed
10 of in accordance with this Act. The State Treasurer
11 shall keep identifying records of the property so loaned,
12 the name of rightful owner and the owner's last known
13 address, if available.
14 (3) The Treasurer, in cooperation with the
15 Department of State Police, shall develop a procedure to
16 determine whether a firearm delivered to the Treasurer
17 under this Act has been stolen or used in the commission
18 of a crime. The Department of State Police shall
19 determine the appropriate disposition of a firearm that
20 has been stolen or used in the commission of a crime. The
21 Treasurer shall attempt to return a firearm that has not
22 been stolen or used in the commission of a crime to the
23 rightful owner, provided that the owner may lawfully
24 possess the firearm as determined by the Department of
25 State Police.
26 If the Treasurer is unable to return a firearm to
27 its owner, the Treasurer shall transfer custody of the
28 firearm to the Department of State Police. Legal title
29 to a firearm transferred to the Department of State
30 Police under this paragraph (3) is vested in the
31 Department of State Police by operation of law:
32 (A) if the Treasurer cannot locate the owner
33 of the firearm;
34 (B) if the owner of the firearm may not
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1 lawfully possess the firearm;
2 (C) if the owner does not respond to notice
3 published under Section 12 of this Act; or
4 (D) if the owner responds to notice published
5 under Section 12 and states that he or she no longer
6 claims an interest in the firearm.
7 With respect to a firearm whose title is transferred
8 to the Department of State Police under this paragraph
9 (3), that Department may:
10 (i) retain the firearm for use by the crime
11 laboratory system, for training purposes, or for any
12 other application as deemed appropriate by the
13 Department;
14 (ii) transfer the firearm to the Illinois
15 State Museum if the firearm has historical value; or
16 (iii) destroy the firearm if it is not
17 retained pursuant to subparagraph (i) or transferred
18 pursuant to subparagraph (ii).
19 (b) Any sale held under this Section, except a sale of
20 securities or commodities, shall be preceded by a single
21 publication of notice thereof, at least 3 weeks in advance of
22 sale in an English language newspaper of general circulation
23 in the county where the property is to be sold. When property
24 fails to sell and is offered again at a subsequent sale, no
25 additional notice is required for the subsequent sale.
26 (c) The purchaser at any sale conducted by the State
27 Treasurer pursuant to this Act shall receive title to the
28 property purchased, free from all claims of the owner or
29 prior holder thereof and of all persons claiming through or
30 under them. The State Treasurer shall execute all documents
31 necessary to complete the transfer of title.
32 (d) The Office of the State Treasurer is not liable for
33 any reduction in the value of property caused by changing
34 market conditions.
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1 (Source: P.A. 91-16, eff. 7-1-99.)
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.".