093_HB2915

 
                                     LRB093 11048 LCB 11747 b

 1        AN ACT concerning unclaimed property.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Uniform Disposition of Unclaimed Property
 5    Act is amended by changing Sections 11, 12,  18,  and  20  as
 6    follows:

 7        (765 ILCS 1025/11) (from Ch. 141, par. 111)
 8        Sec.  11.  Report  of  holder.  (a)  Except  as otherwise
 9    provided in subsection (c) of Section 4, every person holding
10    funds or other property,  tangible  or  intangible,  presumed
11    abandoned under this Act shall report and remit all abandoned
12    property  specified in the report to the State Treasurer with
13    respect to the property as hereinafter provided.   The  State
14    Treasurer  may  exempt  any  businesses  from  the  reporting
15    requirement  if  he  deems  such  businesses  unlikely  to be
16    holding unclaimed property.
17        (b)  The information shall be obtained  in  one  or  more
18    reports  as required by the State Treasurer.  The information
19    shall be verified and shall include:
20             (1)  The  name,  social  security  or  federal   tax
21        identification  number, if known, and last known address,
22        including zip code, of each  person  appearing  from  the
23        records  of the holder to be the owner of any property of
24        the value of $25 or more presumed  abandoned  under  this
25        Act;
26             (2)  In  case  of  unclaimed funds of life insurance
27        corporations  the  full  name  of  the  insured  and  any
28        beneficiary or  annuitant  and  the  last  known  address
29        according to the life insurance corporation's records;
30             (3)  The  date  when  the  property  became payable,
31        demandable, or returnable,  and  the  date  of  the  last
 
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 1        transaction  with the owner with respect to the property;
 2        and
 3             (4)  Other information  which  the  State  Treasurer
 4        prescribes by rule as necessary for the administration of
 5        this Act.
 6        (c)  If the person holding property presumed abandoned is
 7    a successor to other persons who previously held the property
 8    for  the  owner,  or if the holder has changed his name while
 9    holding the property, he shall file with his report all prior
10    known names and addresses of each holder of the property.
11        (d)  The report and remittance of the property  specified
12    in  the  report  shall  be  filed  by  banking organizations,
13    financial organizations, insurance companies other than  life
14    insurance  corporations,  and  governmental  entities  before
15    November  1  of  each  year as of June 30 next preceding. The
16    report and remittance of the property specified in the report
17    shall be filed by business associations, utilities, and  life
18    insurance  corporations  before  May  1  of  each  year as of
19    December 31 next preceding.  The Director  may  postpone  the
20    reporting date upon written request by any person required to
21    file a report.
22        (d-5)  Notwithstanding  the foregoing, currency exchanges
23    shall be required to report and remit property  specified  in
24    the  report within 30 days after the conclusion of its annual
25    examination by the Department of Financial  Institutions.  As
26    part   of   the  examination  of  a  currency  exchange,  the
27    Department  of  Financial  Institutions  shall  instruct  the
28    currency exchange to submit  a  complete  unclaimed  property
29    report   using   the  State  Treasurer's  formatted  diskette
30    reporting program or an alternative reporting format approved
31    by  the  State  Treasurer.  The   Department   of   Financial
32    Institutions  shall  provide  the  State  Treasurer  with  an
33    accounting  of  the money orders located in the course of the
34    annual examination including, where available, the amount  of
 
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 1    service  fees  deducted and the date of the conclusion of the
 2    examination.
 3        (e)  Before filing  the  annual  report,  the  holder  of
 4    property  presumed abandoned under this Act shall communicate
 5    with the owner at his last known address if  any  address  is
 6    known  to  the  holder,  setting  forth the provisions hereof
 7    necessary to occur in order to prevent abandonment from being
 8    presumed. If the holder has not communicated with  the  owner
 9    at  his  last  known  address  at  least  120 days before the
10    deadline for filing the annual report, the holder shall mail,
11    at least 60 days before that  deadline,  a  letter  by  first
12    class  mail to the owner at his last known address unless any
13    address  is  shown  to  be  inaccurate,  setting  forth   the
14    provisions hereof necessary to prevent abandonment from being
15    presumed.
16        (f)  Verification,  if  made  by  a partnership, shall be
17    executed  by  a  partner;  if  made  by   an   unincorporated
18    association  or  private  corporation,  by an officer; and if
19    made by a public corporation, by its chief fiscal officer.
20        (g)  Any person who has possession of property  which  he
21    has  reason  to  believe  will be reportable in the future as
22    unclaimed property, may report and deliver it  prior  to  the
23    date  required  for  such  reporting  in accordance with this
24    Section and is then relieved of responsibility as provided in
25    Section 14.
26        (h) (1)  Records pertaining  to  presumptively  abandoned
27    property held by a trust division or trust department or by a
28    trust  company,  or  affiliate  of  any of the foregoing that
29    provides   nondealer   corporate   custodial   services   for
30    securities or securities transactions,  organized  under  the
31    laws  of  this or another state or the United States shall be
32    retained  until  the  property  is  delivered  to  the  State
33    Treasurer.
34        As of January 1, 1998, this subdivision (h)(1) shall  not
 
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 1    be applicable unless the Department of Financial Institutions
 2    has  commenced,  but  not  finalized,  an  examination of the
 3    holder as of that date and the  property  is  included  in  a
 4    final  examination  report  for  the  period  covered  by the
 5    examination.
 6        (2)  In the case of all other holders commencing  on  the
 7    effective  date  of  this  amendatory  Act  of 1993, property
 8    records for the period required for  presumptive  abandonment
 9    plus  the 9 years immediately preceding the beginning of that
10    period shall be retained for 5 years after the  property  was
11    reportable.
12        (i)  The    State    Treasurer   may   promulgate   rules
13    establishing the format and media to be used by a  holder  in
14    submitting reports required under this Act.
15        (j)  Other  than the Notice to Owners required by Section
16    12 and  other  discretionary  means  employed  by  the  State
17    Treasurer  for notifying owners of the existence of abandoned
18    property,  the  State  Treasurer  shall  not   disclose   any
19    information   provided   in  reports  filed  with  the  State
20    Treasurer or any information obtained in  the  course  of  an
21    examination  by  the State Treasurer to any person other than
22    governmental agencies for the purposes of returning abandoned
23    property to its owners or to those individuals who appear  to
24    be  the owner of the property or otherwise have a valid claim
25    to the property,  unless  written  consent  from  the  person
26    entitled to the property is obtained by the State Treasurer.
27    (Source: P.A. 91-16, eff. 7-1-99; 92-271, eff. 8-7-01.)

28        (765 ILCS 1025/12) (from Ch. 141, par. 112)
29        Sec. 12.  Notice to owners.
30        (a)  For  property  reportable  by  May  1, as identified
31    Within 120 days from the filing  of  the  annual  report  and
32    delivery of the abandoned property specified in the report as
33    required  by  Section  11,  the  State  Treasurer shall cause
 
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 1    notice to be published once in an English language  newspaper
 2    of  general  circulation in the county in this State in which
 3    is located the last known address of any person to  be  named
 4    in  the notice on or before November 1 of the same year.  For
 5    property reportable by November 1, as identified  by  Section
 6    11,  the  State  Treasurer shall cause notice to be published
 7    once in an English language newspaper of general  circulation
 8    in  the  county  in  this  State in which is located the last
 9    known address of any person named in the notice on or  before
10    May  1  of  the next year.  If no address is listed or if the
11    address is outside this State, the notice shall be  published
12    in  the  county in which the holder of the abandoned property
13    has his  principal  place  of  business  within  this  State.
14    However, if an out-of-state address is in a state that is not
15    a  party to a reciprocal agreement with this State concerning
16    abandoned property,  the  notice  may  be  published  in  the
17    Illinois Register.
18        (b)  The  published  notice  shall be entitled "Notice of
19    Names  of  Persons  Appearing  to  be  Owners  of   Abandoned
20    Property", and shall contain:
21             (1)  The  names in alphabetical order and last known
22        addresses, if any, of persons listed in  the  report  and
23        entitled  to  notice  within  the  county as hereinbefore
24        specified.
25             (2)  A statement  that  information  concerning  the
26        amount  or  description  of the property and the name and
27        address of the holder may  be  obtained  by  any  persons
28        possessing  an  interest in the property by addressing an
29        inquiry to the State Treasurer.
30             (3)  A statement that  the  abandoned  property  has
31        been placed in the custody of the State Treasurer to whom
32        all further claims must thereafter be directed.
33        (c)  The  State  Treasurer  is not required to publish in
34    such notice any item of less than $100 or any item for  which
 
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 1    the  address of the last known owner is in a state that has a
 2    reciprocal agreement with  this  State  concerning  abandoned
 3    property unless he deems such publication to be in the public
 4    interest.
 5    (Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99.)

 6        (765 ILCS 1025/18) (from Ch. 141, par. 118)
 7        Sec. 18.  Deposit of funds received under the Act.
 8        (a)  The  State Treasurer shall retain all funds received
 9    under this Act, including  the  proceeds  from  the  sale  of
10    abandoned  property  under  Section  17,  in a trust fund and
11    shall, on April 15 and October 15 of each year,  deposit  any
12    amount  in  the  trust  fund  exceeding $2,500,000 into shall
13    forthwith be deposited in the State  Pensions  Fund.  in  the
14    state  treasury, except that the State Treasurer shall retain
15    in a separate trust fund an amount not  exceeding  $2,500,000
16    from  which  He or she shall make prompt payment of claims he
17    or she duly allows as hereinafter provided for  in  this  Act
18    for  the trust fund.  However, should any claim be allowed or
19    any refund ordered under  the  provisions  of  this  Act,  in
20    excess  of $2,500,000, the State Treasurer shall increase the
21    amount of such separate trust fund to an amount necessary for
22    prompt payment of such claim in excess of $2,500,000 and make
23    prompt payment thereof.  Before making the deposit the  State
24    Treasurer  shall  record  the  name and last known address of
25    each  person  appearing  from  the  holders'  reports  to  be
26    entitled to the  abandoned  property.  The  record  shall  be
27    available  for  public  inspection  during  at all reasonable
28    business hours.
29        (b)  Before making any deposit to the credit of the State
30    Pensions Fund, the State Treasurer may deduct: (1) any  costs
31    in  connection with sale of abandoned property, (2) any costs
32    of mailing and publication in connection with  any  abandoned
33    property,   and   (3)   any  costs  in  connection  with  the
 
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 1    maintenance of records or disposition of claims made pursuant
 2    to this Act.  The State Treasurer shall semiannually file  an
 3    itemized  report  of  all  such expenses with the Legislative
 4    Audit Commission.
 5    (Source: P.A. 91-16, eff. 7-1-99.)

 6        (765 ILCS 1025/20) (from Ch. 141, par. 120)
 7        Sec. 20.  Determination of claims.
 8        (a) The State Treasurer shall consider  any  claim  filed
 9    under this Act and may, in his discretion, hold a hearing and
10    receive  evidence  concerning  it.   Such  hearing  shall  be
11    conducted  by  the  State  Treasurer  or by a hearing officer
12    designated by him.  No hearings shall be held if the  payment
13    of  the claim is ordered by a court, if the claimant is under
14    court jurisdiction, or if the claim is paid under Article XXV
15    of the Probate Act of 1975. The State  Treasurer  or  hearing
16    officer  shall prepare a finding and a decision in writing on
17    each hearing, stating the substance of any evidence heard  by
18    him, his findings of fact in respect thereto, and the reasons
19    for  his  decision.   The  State  Treasurer  shall review the
20    findings and decision of each hearing conducted by a  hearing
21    officer  and  issue  a  final  written  decision.   The final
22    decision shall be a public record. Any claim of  an  interest
23    in  property  that  is  filed  pursuant  to this Act shall be
24    considered and a finding and decision shall be issued by  the
25    Office  of  the  State  Treasurer in a timely and expeditious
26    manner.
27        (b)  If the claim is  allowed,  and  after  deducting  an
28    amount  not  to  exceed  $20  to  cover  the  cost  of notice
29    publication  and  related  clerical   expenses,   the   State
30    Treasurer shall make payment forthwith.
31        (c)  In  order  to  carry out the purpose of this Act, no
32    person or company shall be entitled to a fee for  discovering
33    presumptively  abandoned  property  until  it has been in the
 
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 1    custody of the Unclaimed Property Division of the  Office  of
 2    the  State  Treasurer  for  at  least  24  months.   Fees for
 3    discovering property that has been in  the  custody  of  that
 4    division for more than 24 months shall be limited to not more
 5    than 10% of the amount collected.
 6        (d)  A   person   or  company  attempting  to  collect  a
 7    contingent fee  for  discovering,  on  behalf  of  an  owner,
 8    presumptively  abandoned  property  must  be  licensed  as  a
 9    private  detective pursuant to the Private Detective, Private
10    Alarm, Private Security, and Locksmith Act of 1993.
11        (e)  This Section shall not  apply  to  the  fees  of  an
12    attorney  at law duly appointed to practice in a state of the
13    United States who is employed by a claimant  with  regard  to
14    probate matters on a contractual basis.
15    (Source: P.A. 91-16, eff. 7-1-99.)

16        Section  99.  Effective date.  This Act takes effect upon
17    becoming law.