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| 1 | AMENDMENT TO SENATE BILL 338
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 338 on page 4, | ||||||
| 3 | line 12 by replacing "15-607," with "15-607, 15-905,"; and | ||||||
| 4 | on page 32, line 9, by replacing "shall" with "may"; and
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| 5 | on page 37, immediately below line 2, by inserting the | ||||||
| 6 | following: | ||||||
| 7 | "(765 ILCS 1026/15-905)
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| 8 | Sec. 15-905. Allowance of claim for property. | ||||||
| 9 | (a) The administrator shall pay or deliver to the owner | ||||||
| 10 | the property or pay to the owner the net proceeds of a sale of | ||||||
| 11 | the property, together with income or gain to which the owner | ||||||
| 12 | is entitled under Section 15-607. On request of the owner, the | ||||||
| 13 | administrator may sell or liquidate property and pay the net | ||||||
| 14 | proceeds to the owner, even if the property had been held by | ||||||
| 15 | the administrator for less than 3 years or the administrator | ||||||
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| 1 | has not complied with the notice requirements under Section | ||||||
| 2 | 15-503. | ||||||
| 3 | (b) Property held under this Act by the administrator is | ||||||
| 4 | subject to offset under Section 10.05 of the State Comptroller | ||||||
| 5 | Act. | ||||||
| 6 | (c) Any warrants issued by the Comptroller pursuant to a | ||||||
| 7 | voucher from the administrator to pay an owner under this Act | ||||||
| 8 | that are not presented to the Treasurer within 12 months of the | ||||||
| 9 | date of issuance shall be void pursuant to Section 10.07 of the | ||||||
| 10 | State Comptroller Act, but the funds shall not escheat to the | ||||||
| 11 | State and shall instead be redeposited in the Unclaimed | ||||||
| 12 | Property Trust Fund. | ||||||
| 13 | (d) The administrator shall be responsible for any tax | ||||||
| 14 | reporting required by federal law related to payments made | ||||||
| 15 | pursuant to this Act. The administrator may contract with a | ||||||
| 16 | vendor to assist with the tax reporting duties required by | ||||||
| 17 | this subsection.
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| 18 | (Source: P.A. 100-22, eff. 1-1-18.)".
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