Illinois General Assembly - Full Text of SB1586
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Full Text of SB1586  102nd General Assembly

SB1586 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB1586

 

Introduced 2/26/2021, by Sen. Robert F. Martwick

 

SYNOPSIS AS INTRODUCED:
 
765 ILCS 1026/15-210

    Amends the Revised Uniform Unclaimed Property Act. Provides that an apparent owner's interest in property includes a deposit into or withdrawal from an account at a financial organization, including (rather than except for) a recurring Automated Clearing House debit or credit previously authorized by the apparent owner, except for (rather than or) an automatic reinvestment of dividends or interest.


LRB102 13152 LNS 18495 b

 

 

A BILL FOR

 

SB1586LRB102 13152 LNS 18495 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 Section 15-210 as follows:
 
6    (765 ILCS 1026/15-210)
7    Sec. 15-210. Indication of apparent owner interest in
8property.
9    (a) The period after which property is presumed abandoned
10is measured from the later of:
11        (1) the date the property is presumed abandoned under
12    this Article; or
13        (2) the latest indication of interest by the apparent
14    owner in the property.
15    (b) Under this Act, an indication of an apparent owner's
16interest in property includes:
17        (1) a record communicated by the apparent owner to the
18    holder or agent of the holder concerning the property or
19    the account in which the property is held;
20        (2) an oral communication by the apparent owner to the
21    holder or agent of the holder concerning the property or
22    the account in which the property is held, if the holder or
23    its agent contemporaneously makes and preserves a record

 

 

SB1586- 2 -LRB102 13152 LNS 18495 b

1    of the fact of the apparent owner's communication;
2        (3) presentment of a check or other instrument of
3    payment of a dividend, interest payment, or other
4    distribution, or evidence of receipt of a distribution
5    made by electronic or similar means, with respect to an
6    account, underlying security, or interest in a business
7    association;
8        (4) activity directed by an apparent owner in the
9    account in which the property is held, including accessing
10    the account or information concerning the account, or a
11    direction by the apparent owner to increase, decrease, or
12    otherwise change the amount or type of property held in
13    the account;
14        (5) a deposit into or withdrawal from an account at a
15    financial organization, including except for a recurring
16    Automated Clearing House (ACH) debit or credit previously
17    authorized by the apparent owner, except for or an
18    automatic reinvestment of dividends or interest; and
19        (6) subject to subsection (e), payment of a premium on
20    an insurance policy.
21    (c) An action by an agent or other representative of an
22apparent owner, other than the holder acting as the apparent
23owner's agent, is presumed to be an action on behalf of the
24apparent owner.
25    (d) A communication with an apparent owner by a person
26other than the holder or the holder's representative is not an

 

 

SB1586- 3 -LRB102 13152 LNS 18495 b

1indication of interest in the property by the apparent owner
2unless a record of the communication evidences the apparent
3owner's knowledge of a right to the property.
4    (e) If the insured dies or the insured or beneficiary of an
5insurance policy otherwise becomes entitled to the proceeds
6before depletion of the cash surrender value of the policy by
7operation of an automatic-premium-loan provision or other
8nonforfeiture provision contained in the policy, the operation
9does not prevent the policy from maturing or terminating.
10    (f) If the apparent owner has another property with the
11holder to which Section 201(6) applies, then activity directed
12by an apparent owner in any other accounts, including loan
13accounts, at a financial organization holding an inactive
14account of the apparent owner shall be an indication of
15interest in all such accounts if:
16            (A) the apparent owner engages in one or more of
17        the following activities:
18                (i) the apparent owner undertakes one or more
19            of the actions described in subsection (b) of this
20            Section regarding any account that appears on a
21            consolidated statement with the inactive account;
22                (ii) the apparent owner increases or decreases
23            the amount of funds in any other account the
24            apparent owner has with the financial
25            organization; or
26                (iii) the apparent owner engages in any other

 

 

SB1586- 4 -LRB102 13152 LNS 18495 b

1            relationship with the financial organization,
2            including payment of any amounts due on a loan;
3            and
4            (B) the foregoing apply so long as the mailing
5        address for the apparent owner in the financial
6        organization's books and records is the same for both
7        the inactive account and the active account.
8(Source: P.A. 100-22, eff. 1-1-18.)