Illinois General Assembly - Full Text of HB0019
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Full Text of HB0019  97th General Assembly




HB0019 EngrossedLRB097 02842 AJO 42864 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 Uniform Disposition of Unclaimed Property
5Act is amended by changing Section 11 as follows:
6    (765 ILCS 1025/11)  (from Ch. 141, par. 111)
7    Sec. 11. Report of holder.
8    (a) Except as otherwise provided in subsection (c) of
9Section 4, every person holding funds or other property,
10tangible or intangible, presumed abandoned under this Act shall
11report and remit all abandoned property specified in the report
12to the State Treasurer with respect to the property as
13hereinafter provided. The State Treasurer may exempt any
14businesses from the reporting requirement if he deems such
15businesses unlikely to be holding unclaimed property.
16    (b) The information shall be obtained in one or more
17reports as required by the State Treasurer. The information
18shall be verified and shall include:
19        (1) the name, social security or federal tax
20    identification number, if known, and last known address,
21    including zip code, of each person appearing from the
22    records of the holder to be the owner of any property of
23    the value of $25 or more presumed abandoned under this Act;



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1        (2) in case of unclaimed funds of life insurance
2    corporations the full name of the insured and any
3    beneficiary or annuitant and the last known address
4    according to the life insurance corporation's records;
5        (3) the date when the property became payable,
6    demandable, or returnable, and the date of the last
7    transaction with the owner with respect to the property;
8    and
9        (4) other information which the State Treasurer
10    prescribes by rule as necessary for the administration of
11    this Act.
12    (c) If the person holding property presumed abandoned is a
13successor to other persons who previously held the property for
14the owner, or if the holder has changed his name while holding
15the property, he shall file with his report all prior known
16names and addresses of each holder of the property.
17    (d) The report and remittance of the property specified in
18the report shall be filed by banking organizations, financial
19organizations, insurance companies other than life insurance
20corporations, and governmental entities before November 1 of
21each year as of June 30 next preceding. The report and
22remittance of the property specified in the report shall be
23filed by business associations, utilities, and life insurance
24corporations before May 1 of each year as of December 31 next
25preceding. The Director may postpone the reporting date upon
26written request by any person required to file a report. The



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1report and remittance of the property specified in the report
2for property subject to subsection (a) of Section 3a of this
3Act shall be filed before a date established by the State
4Treasurer that is on or after the later of: (i) 30 days after
5the effective date of this amendatory Act of the 94th General
6Assembly; or (ii) November 1, 2005.
7    (d-5) Notwithstanding the foregoing, currency exchanges
8shall be required to report and remit property specified in the
9report within 30 days after the conclusion of its annual
10examination by the Department of Financial Institutions. As
11part of the examination of a currency exchange, the Department
12of Financial Institutions shall instruct the currency exchange
13to submit a complete unclaimed property report using the State
14Treasurer's formatted diskette reporting program or an
15alternative reporting format approved by the State Treasurer.
16The Department of Financial Institutions shall provide the
17State Treasurer with an accounting of the money orders located
18in the course of the annual examination including, where
19available, the amount of service fees deducted and the date of
20the conclusion of the examination.
21    (e) Before filing the annual report, the holder of property
22presumed abandoned under this Act shall communicate with the
23owner at his last known address if any address is known to the
24holder, setting forth the provisions hereof necessary to occur
25in order to prevent abandonment from being presumed. If the
26holder has not communicated with the owner at his last known



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1address at least 120 days before the deadline for filing the
2annual report, the holder shall mail, at least 60 days before
3that deadline, a letter by first class mail to the owner at his
4last known address unless any address is shown to be
5inaccurate, setting forth the provisions hereof necessary to
6prevent abandonment from being presumed. Additionally, if the
7value of the property exceeds $1,000, a copy of the letter
8shall be sent by certified mail.
9    (f) Verification, if made by a partnership, shall be
10executed by a partner; if made by an unincorporated association
11or private corporation, by an officer; and if made by a public
12corporation, by its chief fiscal officer.
13    (g) Any person who has possession of property which he has
14reason to believe will be reportable in the future as unclaimed
15property, may report and deliver it prior to the date required
16for such reporting in accordance with this Section and is then
17relieved of responsibility as provided in Section 14.
18    (h) (1) Records pertaining to presumptively abandoned
19property held by a trust division or trust department or by a
20trust company, or affiliate of any of the foregoing that
21provides nondealer corporate custodial services for securities
22or securities transactions, organized under the laws of this or
23another state or the United States shall be retained until the
24property is delivered to the State Treasurer.
25    As of January 1, 1998, this subdivision (h)(1) shall not be
26applicable unless the Department of Financial Institutions has



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1commenced, but not finalized, an examination of the holder as
2of that date and the property is included in a final
3examination report for the period covered by the examination.
4    (2) In the case of all other holders commencing on the
5effective date of this amendatory Act of 1993, property records
6for the period required for presumptive abandonment plus the 9
7years immediately preceding the beginning of that period shall
8be retained for 5 years after the property was reportable.
9    (i) The State Treasurer may promulgate rules establishing
10the format and media to be used by a holder in submitting
11reports required under this Act.
12    (j) Other than the Notice to Owners required by Section 12
13and other discretionary means employed by the State Treasurer
14for notifying owners of the existence of abandoned property,
15the State Treasurer shall not disclose any information provided
16in reports filed with the State Treasurer or any information
17obtained in the course of an examination by the State Treasurer
18to any person other than governmental agencies for the purposes
19of returning abandoned property to its owners or to those
20individuals who appear to be the owner of the property or
21otherwise have a valid claim to the property, unless written
22consent from the person entitled to the property is obtained by
23the State Treasurer.
24(Source: P.A. 93-531, eff. 8-14-03; 94-686, eff. 11-2-05.)
25    Section 99. Effective date. This Act takes effect upon
26becoming law.