Illinois General Assembly - Bill Status for SB1464

Amends the Presumption of Abandonment Article of the Revised Uniform Unclaimed Property Act. Provides that funds on deposit or held in trust in relation to a prepayment contract are presumed abandoned 40 years after the contract for prepayment was executed, unless the apparent owner has indicated an interest in the property more than 40 years after the contract for prepayment was executed, in which case, 3 years after the last indication of interest in the property by the apparent owner. Amends the Illinois Funeral or Burial Funds Act and the Illinois Pre-Need Cemetery Sales Act. Provides that if a trustee has a reason to believe that the contact information for a purchaser is no longer valid or the purchaser is deceased, then the trustee shall promptly notify the seller. Provides that a trustee shall report and remit any trust funds relating to an individual account that is presumed abandoned to the State Treasurer.

Replaces everything after the enacting clause with the provisions of the engrossed bill, and makes the following changes: Makes changes in the Illinois Funeral or Burial Fund Act. In the Revised Uniform Unclaimed Property Act, excludes funds on deposit or held in trust under the Illinois Pre-Need Cemetery Sales Act from the definition of "property". In the Illinois Pre-Need Cemetery Sales Act, provides that funds on deposit or held in trust attributable to undelivered cemetery merchandise and unperformed cemetery services are presumed abandoned if they are unclaimed by the apparent owner during the period 2 years after the earlier of specified events. Provides that if the seller is licensed to hold care funds, then within 30 days of receiving notice that pre-need trust funds are presumed abandoned, the trustee of the pre-need trust fund shall remit the presumptively abandoned property to the trustee for a care fund. Provides that if the seller has retained an independent trustee, then any funds remitted shall be remitted to the independent trustee. Provides that if the seller is not licensed to hold a care fund, the trustee of pre-need trust funds shall remit the presumptively abandoned trust funds to the Comptroller semiannually for deposit into the Cemetery Consumer Protection Fund. Provides that the only penalties that may be imposed are those provided in the Revised Uniform Unclaimed Property Act.

Date	Chamber	Action
8/23/2019	Senate	Public Act . . . . . . . . . 101-0552

Date	Chamber	Action
2/13/2019	Senate	Filed with Secretary by Sen. Antonio Muñoz
2/13/2019	Senate	First Reading
2/13/2019	Senate	Referred to Assignments
2/20/2019	Senate	Assigned to Financial Institutions
3/20/2019	Senate	Do Pass Financial Institutions; 007-000-000
3/20/2019	Senate	Placed on Calendar Order of 2nd Reading March 21, 2019
3/28/2019	Senate	Second Reading
3/28/2019	Senate	Placed on Calendar Order of 3rd Reading April 3, 2019
4/12/2019	Senate	Third Reading - Passed; 055-000-000
4/12/2019	House	Arrived in House
4/12/2019	House	Chief House Sponsor Rep. Jerry Costello, II
4/12/2019	House	First Reading
4/12/2019	House	Referred to Rules Committee
4/30/2019	House	Assigned to Revenue & Finance Committee
5/8/2019	House	Alternate Chief Sponsor Changed to Rep. Robert Martwick
5/9/2019	House	Do Pass / Short Debate Revenue & Finance Committee; 015-000-000
5/9/2019	House	Placed on Calendar 2nd Reading - Short Debate
5/17/2019	House	House Floor Amendment No. 1 Filed with Clerk by Rep. Robert Martwick
5/17/2019	House	House Floor Amendment No. 1 Referred to Rules Committee
5/20/2019	House	House Floor Amendment No. 1 Rules Refers to Revenue & Finance Committee
5/22/2019	House	House Floor Amendment No. 1 Recommends Be Adopted Revenue & Finance Committee; 015-000-000
5/22/2019	House	Second Reading - Short Debate
5/22/2019	House	Held on Calendar Order of Second Reading - Short Debate
5/24/2019	House	Final Action Deadline Extended-9(b) May 31, 2019
5/26/2019	House	House Floor Amendment No. 2 Filed with Clerk by Rep. Robert Martwick
5/26/2019	House	House Floor Amendment No. 2 Referred to Rules Committee
5/28/2019	House	House Floor Amendment No. 2 Rules Refers to Revenue & Finance Committee
5/28/2019	House	House Floor Amendment No. 2 Recommends Be Adopted Revenue & Finance Committee; 015-000-000
5/30/2019	House	House Floor Amendment No. 1 Withdrawn by Rep. Robert Martwick
5/30/2019	House	House Floor Amendment No. 2 Adopted
5/30/2019	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/30/2019	House	Third Reading - Short Debate - Passed 070-045-000
5/30/2019	House	Added Alternate Chief Co-Sponsor Rep. Debbie Meyers-Martin
5/30/2019	Senate	Secretary's Desk - Concurrence House Amendment(s) 2
5/30/2019	Senate	Placed on Calendar Order of Concurrence House Amendment(s) 2 - May 31, 2019
5/30/2019	Senate	House Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Antonio Muñoz
5/30/2019	Senate	House Floor Amendment No. 2 Motion to Concur Referred to Assignments
5/30/2019	Senate	House Floor Amendment No. 2 Motion to Concur Assignments Referred to Executive
5/31/2019	Senate	House Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Executive; 012-000-000
5/31/2019	Senate	House Floor Amendment No. 2 Senate Concurs 059-000-000
5/31/2019	Senate	Senate Concurs
5/31/2019	Senate	Passed Both Houses
6/28/2019	Senate	Sent to the Governor
8/23/2019	Senate	Governor Approved
8/23/2019	Senate	Effective Date January 1, 2020
8/23/2019	Senate	Public Act . . . . . . . . . 101-0552

	Adds reference to:
	765 ILCS 1026/15-102