Illinois General Assembly - Full Text of Public Act 097-0935
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Public Act 097-0935


 

Public Act 0935 97TH GENERAL ASSEMBLY



 


 
Public Act 097-0935
 
HB4748 EnrolledLRB097 15476 AJO 60576 b

    AN ACT concerning civil law.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The State Finance Act is amended by changing
Section 6u as follows:
 
    (30 ILCS 105/6u)  (from Ch. 127, par. 142u)
    Sec. 6u. All money returned to the State Treasurer by the
paying agent for any State bonds or interest coupons by reason
of the failure of the holder to present such bonds or coupons
for payment within 2 years after maturity shall be deposited in
the Unclaimed Property Trust Fund Matured Bond and Coupon Fund.
Upon the subsequent presentation for payment of any such bond
or coupon for payment, payment shall be made from the Unclaimed
Property Trust Fund Matured Bond and Coupon Fund.
    The Treasurer shall transfer all unobligated and
unexpended moneys remaining in the Matured Bond and Coupon Fund
into the Unclaimed Property Trust Fund within 60 days after the
effective date of this amendatory Act of the 97th General
Assembly.
    Whenever the State Treasurer and the State Comptroller
determine that any such matured bonds or coupons will, in all
likelihood, never be presented for payment, they shall transfer
the amount represented by such bonds or coupons from the
Matured Bond and Coupon Fund to the General Revenue Fund.
(Source: P.A. 79-281; 79-1454.)
 
    (30 ILCS 105/5.65 rep.)
    Section 10. The State Finance Act is amended by repealing
Section 5.65.
 
    Section 15. The Uniform Disposition of Unclaimed Property
Act is amended by adding Section 1.5 as follows:
 
    (765 ILCS 1025/1.5 new)
    Sec. 1.5. Application of the Act. This Act applies to all
money returned to the Treasurer by the paying agent for any
State bonds or interest coupons by reason of the failure of the
holder to present such bonds or coupons for payment within 2
years after maturity.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/10/2012