101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB2677

 

Introduced , by Rep. Michael J. Zalewski

 

SYNOPSIS AS INTRODUCED:
 
765 ILCS 1026/15-201
765 ILCS 1026/15-210
765 ILCS 1026/15-503
765 ILCS 1026/15-603
765 ILCS 1026/15-1002.1
765 ILCS 1026/15-1004
765 ILCS 1026/15-1401
765 ILCS 1026/15-1402

    Amends the Revised Uniform Unclaimed Property Act. Makes changes concerning the time and circumstances under which financial organization deposits are presumed abandoned. Makes changes in provisions governing extending the reporting date of certain reported renewable time deposits. Deletes language requiring a holder to inform the administrator to provide a telephone number to contact the administrator to inquire about or claim property. Provides that the administrator does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property if he or she reasonably believes that the Department of Revenue will be unable to provide information that would provide sufficient evidence to establish that the person in the Department of Revenue's records is the apparent owner of unclaimed property in the custody of the administrator. Provides that the State Treasurer may, at reasonable times and upon reasonable notice: (1) examine the records of specified types of financial organizations under certain conditions; (2) issue an administrative subpoena requiring the financial organization to make records available for examination; and (3) bring an action seeking judicial enforcement of the subpoena. Provides that records obtained in examinations of State-regulated financial organizations are subject to the same provisions concerning use and confidentiality as records obtained in examinations of other persons. Makes other changes. Effective immediately.


LRB101 06901 LNS 51933 b

 

 

A BILL FOR

 

HB2677LRB101 06901 LNS 51933 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Revised Uniform Unclaimed Property Act is
5amended by changing Sections 15-201, 15-210, 15-503, 15-603,
615-1002.1, 15-1004, 15-1401, and 15-1402 as follows:
 
7    (765 ILCS 1026/15-201)
8    Sec. 15-201. When property presumed abandoned. Subject to
9Section 15-210, the following property is presumed abandoned if
10it is unclaimed by the apparent owner during the period
11specified below:
12        (1) a traveler's check, 15 years after issuance;
13        (2) a money order, 3 7 years after issuance;
14        (3) any instrument on which a financial organization or
15    business association is directly liable, 3 years after
16    issuance;
17        (4) a state or municipal bond, bearer bond, or
18    original-issue-discount bond, 3 years after the earliest
19    of the date the bond matures or is called or the obligation
20    to pay the principal of the bond arises;
21        (5) a debt of a business association, 3 years after the
22    obligation to pay arises;
23        (6) financial organization deposits as follows:

 

 

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1            (i) a demand deposit, 3 years after the date of the
2        last indication of interest in the property by the
3        apparent owner;
4            (ii) a savings deposit, 3 years after the date of
5        last indication of interest in the property by the
6        apparent owner;
7            (iii) a time deposit for which the owner has not
8        consented to automatic renewal of the time deposit, 5
9        years after the date of last indication of interest in
10        the property by the apparent owner;
11            (iv) an automatically renewable time deposit for
12        which the owner consented to the automatic renewal in a
13        record on file with the holder, 5 years after the date
14        of last indication of interest in the property by the
15        apparent owner, following the completion of the
16        initial term of the time deposit and one automatic
17        renewal term of the time deposit a demand, savings, or
18        time deposit, 3 years after the later of maturity or
19        the date of the last indication of interest in the
20        property by the apparent owner, except for a deposit
21        that is automatically renewable, 3 years after its
22        initial date of maturity unless the apparent owner
23        consented in a record on file with the holder to
24        renewal at or about the time of the renewal;
25        (7) money or a credit owed to a customer as a result of
26    a retail business transaction, other than in-store credit

 

 

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1    for returned merchandise, 3 years after the obligation
2    arose;
3        (8) an amount owed by an insurance company on a life or
4    endowment insurance policy or an annuity contract that has
5    matured or terminated, 3 years after the obligation to pay
6    arose under the terms of the policy or contract or, if a
7    policy or contract for which an amount is owed on proof of
8    death has not matured by proof of the death of the insured
9    or annuitant, as follows:
10            (A) with respect to an amount owed on a life or
11        endowment insurance policy, the earlier of:
12                (i) 3 years after the death of the insured; or
13                (ii) 2 years after the insured has attained, or
14            would have attained if living, the limiting age
15            under the mortality table on which the reserve for
16            the policy is based; and
17            (B) with respect to an amount owed on an annuity
18        contract, 3 years after the death of the annuitant.
19        (9) funds on deposit or held in trust pursuant to the
20    Illinois Funeral or Burial Funds Act, the earliest of:
21            (A) 2 years after the date of death of the
22        beneficiary;
23            (B) one year after the date the beneficiary has
24        attained, or would have attained if living, the age of
25        105 where the holder does not know whether the
26        beneficiary is deceased;

 

 

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1            (C) 40 years after the contract for prepayment was
2        executed;
3        (10) property distributable by a business association
4    in the course of dissolution or distributions from the
5    termination of a retirement plan, one year after the
6    property becomes distributable;
7        (11) property held by a court, including property
8    received as proceeds of a class action, 3 years after the
9    property becomes distributable;
10        (12) property held by a government or governmental
11    subdivision, agency, or instrumentality, including
12    municipal bond interest and unredeemed principal under the
13    administration of a paying agent or indenture trustee, 3
14    years after the property becomes distributable;
15        (13) wages, commissions, bonuses, or reimbursements to
16    which an employee is entitled, or other compensation for
17    personal services, including amounts held on a payroll
18    card, one year after the amount becomes payable;
19        (14) a deposit or refund owed to a subscriber by a
20    utility, one year after the deposit or refund becomes
21    payable, except that any capital credits or patronage
22    capital retired, returned, refunded or tendered to a member
23    of an electric cooperative, as defined in Section 3.4 of
24    the Electric Supplier Act, or a telephone or
25    telecommunications cooperative, as defined in Section
26    13-212 of the Public Utilities Act, that has remained

 

 

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1    unclaimed by the person appearing on the records of the
2    entitled cooperative for more than 2 years, shall not be
3    subject to, or governed by, any other provisions of this
4    Act, but rather shall be used by the cooperative for the
5    benefit of the general membership of the cooperative; and
6        (15) property not specified in this Section or Sections
7    15-202 through 15-208, the earlier of 3 years after the
8    owner first has a right to demand the property or the
9    obligation to pay or distribute the property arises.
10    Notwithstanding anything to the contrary in this Section
1115-201, and subject to Section 15-210, a deceased owner cannot
12indicate interest in his or her property. If the owner is
13deceased and the abandonment period for the owner's property
14specified in this Section 15-201 is greater than 2 years, then
15the property, other than an amount owed by an insurance company
16on a life or endowment insurance policy or an annuity contract
17that has matured or terminated, shall instead be presumed
18abandoned 2 years from the date of the owner's last indication
19of interest in the property.
20(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
 
21    (765 ILCS 1026/15-210)
22    Sec. 15-210. Indication of apparent owner interest in
23property.
24    (a) The period after which property is presumed abandoned
25is measured from the later of:

 

 

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1        (1) the date the property is presumed abandoned under
2    this Article; or
3        (2) the latest indication of interest by the apparent
4    owner in the property.
5    (b) Under this Act, an indication of an apparent owner's
6interest in property includes:
7        (1) a record communicated by the apparent owner to the
8    holder or agent of the holder concerning the property or
9    the account in which the property is held;
10        (2) an oral communication by the apparent owner to the
11    holder or agent of the holder concerning the property or
12    the account in which the property is held, if the holder or
13    its agent contemporaneously makes and preserves a record of
14    the fact of the apparent owner's communication;
15        (3) presentment of a check or other instrument of
16    payment of a dividend, interest payment, or other
17    distribution, or evidence of receipt of a distribution made
18    by electronic or similar means, with respect to an account,
19    underlying security, or interest in a business
20    association;
21        (4) activity directed by an apparent owner in the
22    account in which the property is held, including accessing
23    the account or information concerning the account, or a
24    direction by the apparent owner to increase, decrease, or
25    otherwise change the amount or type of property held in the
26    account;

 

 

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1        (5) a deposit into or withdrawal from an account at a
2    financial organization, except for a recurring Automated
3    Clearing House (ACH) debit or credit previously authorized
4    by the apparent owner or an automatic reinvestment of
5    dividends or interest; and
6        (6) subject to subsection (e), payment of a premium on
7    an insurance policy.
8    (c) An action by an agent or other representative of an
9apparent owner, other than the holder acting as the apparent
10owner's agent, is presumed to be an action on behalf of the
11apparent owner.
12    (d) A communication with an apparent owner by a person
13other than the holder or the holder's representative is not an
14indication of interest in the property by the apparent owner
15unless a record of the communication evidences the apparent
16owner's knowledge of a right to the property.
17    (e) If the insured dies or the insured or beneficiary of an
18insurance policy otherwise becomes entitled to the proceeds
19before depletion of the cash surrender value of the policy by
20operation of an automatic-premium-loan provision or other
21nonforfeiture provision contained in the policy, the operation
22does not prevent the policy from maturing or terminating.
23    (f) If the apparent owner has another property with the
24holder to which Section 201(6) applies, then activity directed
25by an apparent owner in any other accounts, including loan
26accounts, at a financial organization holding an inactive

 

 

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1account of the apparent owner shall be an indication of
2interest in all such accounts if:
3            (A) the apparent owner engages in one or more of
4        the following activities:
5                (i) the apparent owner undertakes one or more
6            of the actions described in subsection (b) of this
7            Section regarding any of the other accounts the
8            apparent owner has with the financial organization
9            account that appears on a consolidated statement
10            with the inactive account;
11                (ii) the apparent owner increases or decreases
12            the amount of funds in any other account the
13            apparent owner has with the financial
14            organization; or
15                (iii) the apparent owner engages in any other
16            relationship with the financial organization,
17            including payment of any amounts due on a loan; and
18            (B) the foregoing apply so long as the mailing
19        address for the apparent owner in the financial
20        organization's books and records is the same for both
21        the inactive account and the active account.
22(Source: P.A. 100-22, eff. 1-1-18.)
 
23    (765 ILCS 1026/15-503)
24    Sec. 15-503. Notice by administrator.
25    (a) The administrator shall give notice to an apparent

 

 

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1owner that property presumed abandoned and appears to be owned
2by the apparent owner is held by the administrator under this
3Act.
4    (b) In providing notice under subsection (a), the
5administrator shall:
6        (1) except as otherwise provided in paragraph (2), send
7    written notice by first-class United States mail to each
8    apparent owner of property valued at $100 or more held by
9    the administrator, unless the administrator determines
10    that a mailing by first-class United States mail would not
11    be received by the apparent owner, and, in the case of a
12    security held in an account for which the apparent owner
13    had consented to receiving electronic mail from the holder,
14    send notice by electronic mail if the electronic-mail
15    address of the apparent owner is known to the administrator
16    instead of by first-class United States mail; or
17        (2) send the notice to the apparent owner's
18    electronic-mail address if the administrator does not have
19    a valid United States mail address for an apparent owner,
20    but has an electronic-mail address that the administrator
21    does not know to be invalid.
22    (c) In addition to the notice under subsection (b), the
23administrator shall:
24        (1) publish every 6 months in at least one English
25    language newspaper of general circulation in each county in
26    this State notice of property held by the administrator

 

 

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1    which must include:
2            (A) the total value of property received by the
3        administrator during the preceding 6-month period,
4        taken from the reports under Section 15-401;
5            (B) the total value of claims paid by the
6        administrator during the preceding 6-month period;
7            (C) the Internet web address of the unclaimed
8        property website maintained by the administrator;
9            (D) an a telephone number and electronic-mail
10        address to contact the administrator to inquire about
11        or claim property; and
12            (E) a statement that a person may access the
13        Internet by a computer to search for unclaimed property
14        and a computer may be available as a service to the
15        public at a local public library.
16        (2) The administrator shall maintain a website
17    accessible by the public and electronically searchable
18    which contains the names reported to the administrator of
19    apparent owners for whom property is being held by the
20    administrator. The administrator need not list property on
21    such website when: no owner name was reported, a claim has
22    been initiated or is pending for the property, the
23    administrator has made direct contact with the apparent
24    owner of the property, and in other instances where the
25    administrator reasonably believes exclusion of the
26    property is in the best interests of both the State and the

 

 

HB2677- 11 -LRB101 06901 LNS 51933 b

1    owner of the property.
2    (d) The website or database maintained under subsection
3(c)(2) must include instructions for filing with the
4administrator a claim to property and an online claim form with
5instructions. The website may also provide a printable claim
6form with instructions for its use.
7    (e) Tax return identification of apparent owners of
8abandoned property.
9        (1) At least annually the administrator shall notify
10    the Department of Revenue of the names of persons appearing
11    to be owners of abandoned property under this Section. The
12    administrator shall also provide to the Department of
13    Revenue the social security numbers of the persons, if
14    available. The administrator does not need to notify the
15    Department of Revenue of the names or social security
16    numbers of apparent owners of abandoned property if he or
17    she reasonably believes that the Department of Revenue will
18    be unable to provide information that would provide
19    sufficient evidence to establish that the person in the
20    Department of Revenue's records is the apparent owner of
21    unclaimed property in the custody of the administrator.
22        (2) The Department of Revenue shall notify the
23    administrator if any person under subsection (e)(1) has
24    filed an Illinois income tax return and shall provide the
25    administrator with the last known address of the person as
26    it appears in Department of Revenue records, except as

 

 

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1    prohibited by federal law. The Department of Revenue may
2    also provide additional addresses for the same taxpayer
3    from the records of the Department, except as prohibited by
4    federal law.
5        (3) In order to facilitate the return of property under
6    this subsection, the administrator and the Department of
7    Revenue may enter into an interagency agreement concerning
8    protection of confidential information, data match rules,
9    and other issues.
10        (4) The administrator may deliver, as provided under
11    Section 15-904 of this Act, property or pay the amount
12    owing to a person matched under this Section without the
13    person filing a claim under Section 15-903 of this Act if
14    the following conditions are met:
15            (A) the value of the property that is owed the
16        person is $2,000 or less;
17            (B) the property is not either tangible property or
18        securities;
19            (C) the last known address for the person according
20        to the Department of Revenue records is less than 12
21        months old; and
22            (D) the administrator has evidence sufficient to
23        establish that the person who appears in Department of
24        Revenue records is the owner of the property and the
25        owner currently resides at the last known address from
26        the Department of Revenue.

 

 

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1        (5) If the value of the property that is owed the
2    person is greater than $2,000, or is tangible property or
3    securities the administrator shall provide notice to the
4    person, informing the person that he or she is the owner of
5    abandoned property held by the State and may file a claim
6    with the administrator for return of the property.
7    (f) The administrator may use additional databases to
8verify the identity of the person and that the person currently
9resides at the last known address. The administrator may
10utilize publicly and commercially available databases to find
11and update or add information for apparent owners of property
12held by the administrator.
13    (g) In addition to giving notice under subsection (b),
14publishing the information under subsection (c)(1) and
15maintaining the website or database under subsection (c)(2),
16the administrator may use other printed publication,
17telecommunication, the Internet, or other media to inform the
18public of the existence of unclaimed property held by the
19administrator.
20(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
 
21    (765 ILCS 1026/15-603)
22    Sec. 15-603. Payment or delivery of property to
23administrator.
24    (a) Except as otherwise provided in this Section, on filing
25a report under Section 15-401, the holder shall pay or deliver

 

 

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1to the administrator the property described in the report.
2    (b) If property in a report under Section 15-401 is an
3automatically renewable time deposit and the holder determines
4that a penalty or forfeiture in the payment of interest would
5result from paying the deposit to the administrator at the time
6of the report, the date for reporting and delivering payment of
7the property to the administrator is extended until a penalty
8or forfeiture no longer would result from delivery of the
9property to the administrator. The holder shall report and
10deliver the property on the next regular date prescribed for
11reporting by the holder under this Act after this extended
12date, and the holder shall indicate in its report to the
13administrator that the property is being reported on an
14extended date pursuant to this subsection (b) payment, if the
15holder informs the administrator of the extended date.
16    (c) Tangible property in a safe-deposit box may not be
17delivered to the administrator until a mutually agreed upon
18date that is no sooner than 60 days after filing the report
19under Section 15-401.
20    (d) If property reported to the administrator under Section
2115-401 is a security, the administrator may:
22        (1) make an endorsement, instruction, or entitlement
23    order on behalf of the apparent owner to invoke the duty of
24    the issuer, its transfer agent, or the securities
25    intermediary to transfer the security; or
26        (2) dispose of the security under Section 15-702.

 

 

HB2677- 15 -LRB101 06901 LNS 51933 b

1    (e) If the holder of property reported to the administrator
2under Section 15-401 is the issuer of a certificated security,
3the administrator may obtain a replacement certificate in
4physical or book-entry form under Section 8-405 of the Uniform
5Commercial Code. An indemnity bond is not required.
6    (f) The administrator shall establish procedures for the
7registration, issuance, method of delivery, transfer, and
8maintenance of securities delivered to the administrator by a
9holder.
10    (g) An issuer, holder, and transfer agent or other person
11acting in good faith under this Section under instructions of
12and on behalf of the issuer or holder is not liable to the
13apparent owner for a claim arising with respect to property
14after the property has been delivered to the administrator.
15    (h) A holder is not required to deliver to the
16administrator a security identified by the holder as a
17non-freely transferable security in a report filed under
18Section 15-401. If the administrator or holder determines that
19a security is no longer a non-freely transferable security, the
20holder shall report and deliver the security on the next
21regular date prescribed for delivery of securities by the
22holder under this Act. The holder shall make a determination
23annually whether a security identified in a report filed under
24Section 15-401 as a non-freely transferable security is no
25longer a non-freely transferable security.
26(Source: P.A. 100-22, eff. 1-1-18.)
 

 

 

HB2677- 16 -LRB101 06901 LNS 51933 b

1    (765 ILCS 1026/15-1002.1)
2    Sec. 15-1002.1. Examination of State-regulated financial
3organizations.
4    (a) Notwithstanding Section 15-1002 of this Act, for any
5financial organization for which the Department of Financial
6and Professional Regulation is the primary prudential
7regulator, the administrator shall not examine such financial
8institution unless the administrator has consulted with the
9Secretary of Financial and Professional Regulation and the
10Department of Financial and Professional Regulation has not
11examined such financial organization for compliance with this
12Act within the past 5 years. The Secretary of Financial and
13Professional Regulation may waive in writing the provisions of
14this subsection (a) in order to permit the administrator to
15examine a financial organization or group of financial
16organizations for compliance with this Act.
17    (b) Nothing in this Section shall be construed to prohibit
18the administrator from examining a financial organization for
19which the Department of Financial and Professional Regulation
20is not the primary prudential regulator. Further, nothing in is
21this Act shall be construed to limit the authority of the
22Department of Financial and Professional Regulation to examine
23financial organizations.
24    (c) Notwithstanding Section 15-1002, the administrator
25may, at reasonable times and upon reasonable notice:

 

 

HB2677- 17 -LRB101 06901 LNS 51933 b

1        (1) examine the records of a financial organization
2    that is a federally chartered bank, savings bank, or credit
3    union if the administrator has reason to believe that the
4    financial organization has failed to comply with this Act;
5        (2) issue an administrative subpoena requiring the
6    financial organization or an agent of the financial
7    organization to make records available for examination;
8    and
9        (3) bring an action seeking judicial enforcement of the
10    subpoena.
11    The administrator may adopt administrative rules that
12specify conditions under which the administrator has a reason
13to believe that a financial organization is not in compliance
14with this Act.
15(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18;
16revised 10-4-18.)
 
17    (765 ILCS 1026/15-1004)
18    Sec. 15-1004. Records obtained in examination. Records
19obtained and records, including work papers, compiled by the
20administrator or administrator's agent in the course of
21conducting an examination under Section 15-1002 or Section
2215-1002.1:
23        (1) are subject to the confidentiality and security
24    provisions of Article 14 and are exempt from disclosure
25    under the Freedom of Information Act;

 

 

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1        (2) may be used by the administrator in an action to
2    collect property or otherwise enforce this Act;
3        (3) may be used in a joint examination conducted with
4    another state, the United States, a foreign country or
5    subordinate unit of a foreign country, or any other
6    governmental entity if the governmental entity conducting
7    the examination is legally bound to maintain the
8    confidentiality and security of information obtained from
9    a person subject to examination in a manner substantially
10    equivalent to Article 14;
11        (4) may be disclosed, on request, to the person that
12    administers the unclaimed property law of another state for
13    that state's use in circumstances equivalent to
14    circumstances described in this Article, if the other state
15    is required to maintain the confidentiality and security of
16    information obtained in a manner substantially equivalent
17    to Article 14;
18        (5) must be produced by the administrator under an
19    administrative or judicial subpoena or administrative or
20    court order; and
21        (6) must be produced by the administrator on request of
22    the person subject to the examination in an administrative
23    or judicial proceeding relating to the property.
24(Source: P.A. 100-22, eff. 1-1-18.)
 
25    (765 ILCS 1026/15-1401)

 

 

HB2677- 19 -LRB101 06901 LNS 51933 b

1    Sec. 15-1401. Confidential information.
2    (a) Except as otherwise provided in this Section,
3information that is confidential under law of this State other
4than this Act, another state, or the United States, including
5"private information" as defined in the Freedom of Information
6Act and "personal information" as defined in the Personal
7Information Protection Act, continues to be confidential when
8disclosed or delivered under this Act to the administrator or
9administrator's agent.
10    (b) Information provided in reports filed pursuant to
11Section 15-401, information obtained in the course of an
12examination pursuant to Section 15-1002 or Section 15-1002.1,
13and the database required by Section 15-503 is exempt from
14disclosure under the Freedom of Information Act.
15    (c) If reasonably necessary to enforce or implement this
16Act, the administrator or the administrator's agent may
17disclose confidential information concerning property held by
18the administrator or the administrator's agent to:
19        (1) an apparent owner or the apparent owner's
20    representative under the Probate Act of 1975, attorney,
21    other legal representative, or relative;
22        (2) the representative under the Probate Act of 1975,
23    other legal representative, relative of a deceased
24    apparent owner, or a person entitled to inherit from the
25    deceased apparent owner;
26        (3) another department or agency of this State or the

 

 

HB2677- 20 -LRB101 06901 LNS 51933 b

1    United States;
2        (4) the person that administers the unclaimed property
3    law of another state, if the other state accords
4    substantially reciprocal privileges to the administrator
5    of this State if the other state is required to maintain
6    the confidentiality and security of information obtained
7    in a manner substantially equivalent to Article 14;
8        (5) a person subject to an examination as required by
9    Section 15-1004; and
10        (6) an agent of the administrator.
11    (d) The administrator may include on the website or in the
12database the names and addresses of apparent owners of property
13held by the administrator as provided in Section 15-503. The
14administrator may include in published notices, printed
15publications, telecommunications, the Internet, or other media
16and on the website or in the database additional information
17concerning the apparent owner's property if the administrator
18believes the information will assist in identifying and
19returning property to the owner and does not disclose personal
20information as defined in the Personal Information Protection
21Act.
22    (e) The administrator and the administrator's agent may not
23use confidential information provided to them or in their
24possession except as expressly authorized by this Act or
25required by law other than this Act.
26(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
 

 

 

HB2677- 21 -LRB101 06901 LNS 51933 b

1    (765 ILCS 1026/15-1402)
2    Sec. 15-1402. Confidentiality agreement. A person to be
3examined under Section 15-1002 or Section 15-1002.1 may
4require, as a condition of disclosure of the records of the
5person to be examined, that the administrator or the
6administrator's agent execute and deliver to the person to be
7examined a confidentiality agreement that:
8        (1) is in a form that is reasonably satisfactory to the
9    administrator; and
10        (2) requires the person having access to the records to
11    comply with the provisions of this Article applicable to
12    the person.
13(Source: P.A. 100-22, eff. 1-1-18.)
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.