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Public Act 91-0688
HB1852 Enrolled LRB9104621LDmb
AN ACT to amend the Uniform Disposition of Unclaimed
Property Act by changing Section 2a.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Uniform Disposition of Unclaimed Property
Act is amended by changing Section 2a as follows:
(765 ILCS 1025/2a) (from Ch. 141, par. 102a)
Sec. 2a. (a) Business associations shall report,
pursuant to Section 11 of this Act, all property and any
earnings thereon to which the owner would be entitled that
have remained unclaimed for 5 years and are therefore
presumed abandoned. Before reporting and delivering property
as required under this Act, a business association may deduct
from the amount of otherwise reportable intangible personal
property the economic loss suffered by it in connection with
that intangible personal property arising from transactions
involving the sale of tangible personal property at retail.
This property shall consist of, but is not limited to:
(1) unclaimed wages;
(2) deposits or payment for repair or purchase of
goods or services;
(3) credit checks or memos, or customer
overpayments;
(4) stocks, bonds, or any other type of securities
or debt instruments, and interest and dividends
therefrom;
(5) unidentified remittances, unrefunded
overcharges;
(6) unpaid claims, unpaid accounts payable or
unpaid commissions; and
(7) credit balances-accounts receivable, checks
written off, employee bond buying and profit-sharing.
(b) Notwithstanding the provisions of subsection (a),
any property due or owed by a business association to or for
the benefit of another business association resulting from a
transaction occurring in the normal and ordinary course of
business shall be exempt from the provisions of this Act.
(Source: P.A. 90-167, eff. 7-23-97.)
Section 99. Effective date. This Act takes effect upon
becoming law.
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