Illinois General Assembly - Full Text of SB1470
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Full Text of SB1470  100th General Assembly



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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 or she deems
15such businesses 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 $5 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 or her name while
15holding the property, he or she shall file with his or her
16report all prior known names and addresses of each holder of
17the property.
18    (d) The report and remittance of the property specified in
19the report shall be filed by banking organizations, financial
20organizations, insurance companies other than life insurance
21corporations, and governmental entities before November 1 of
22each year as of June 30 next preceding. The report and
23remittance of the property specified in the report shall be
24filed by business associations, utilities, and life insurance
25corporations before May 1 of each year as of December 31 next
26preceding. The Director may postpone the reporting date upon



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1written request by any person required to file a report. The
2report and remittance of the property specified in the report
3for property subject to subsection (a) of Section 3a of this
4Act shall be filed before a date established by the State
5Treasurer that is on or after the later of: (i) 30 days after
6the effective date of this amendatory Act of the 94th General
7Assembly; or (ii) November 1, 2005.
8    (d-5) Notwithstanding the foregoing, currency exchanges
9shall be required to report and remit property specified in the
10report within 30 days after the conclusion of its annual
11examination by the Department of Financial Institutions. As
12part of the examination of a currency exchange, the Department
13of Financial Institutions shall instruct the currency exchange
14to submit a complete unclaimed property report using the State
15Treasurer's formatted diskette reporting program or an
16alternative reporting format approved by the State Treasurer.
17The Department of Financial Institutions shall provide the
18State Treasurer with an accounting of the money orders located
19in the course of the annual examination including, where
20available, the amount of service fees deducted and the date of
21the conclusion of the examination.
22    (e) Before filing the annual report, the holder of property
23presumed abandoned under this Act shall communicate with the
24owner at his or her last known address if any address is known
25to the holder, setting forth the provisions hereof necessary to
26occur in order to prevent abandonment from being presumed.



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1        (1) If the holder has not communicated with the owner
2    at his or her last known address at least 120 days before
3    the deadline for filing the annual report, the holder shall
4    mail, at least 60 days before that deadline, a letter by
5    first class mail to the owner at his or her last known
6    address unless any address is shown to be inaccurate,
7    setting forth the provisions hereof necessary to prevent
8    abandonment from being presumed.
9        (2) If the holder has not communicated with the owner
10    at his or her last known address at least 120 days before
11    the deadline for filing the annual report and the value of
12    the property is $1,000 or more, the holder shall mail, at
13    least 60 days before that deadline, a letter by United
14    States certified mail, return receipt requested, to the
15    owner at his or her last known address unless the address
16    is shown as inaccurate. A signed receipt constitutes a
17    written communication received by the holder from the owner
18    and rebuts the presumption of abandonment. The State
19    Treasurer may adopt rules allowing a holder to deduct
20    reasonable costs incurred in sending a notice under this
21    paragraph.
22    (f) Verification, if made by a partnership, shall be
23executed by a partner; if made by an unincorporated association
24or private corporation, by an officer; and if made by a public
25corporation, by its chief fiscal officer.
26    (g) Any person who has possession of property which he or



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1she has reason to believe will be reportable in the future as
2unclaimed property, may report and deliver it prior to the date
3required for such reporting in accordance with this Section and
4is then relieved of responsibility as provided in Section 14.
5    (h) (1) Records pertaining to presumptively abandoned
6property held by a trust division or trust department or by a
7trust company, or affiliate of any of the foregoing that
8provides nondealer corporate custodial services for securities
9or securities transactions, organized under the laws of this or
10another state or the United States shall be retained until the
11property is delivered to the State Treasurer.
12    As of January 1, 1998, this subdivision (h)(1) shall not be
13applicable unless the Department of Financial Institutions has
14commenced, but not finalized, an examination of the holder as
15of that date and the property is included in a final
16examination report for the period covered by the examination.
17    (2) In the case of all other holders commencing on the
18effective date of this amendatory Act of 1993, property records
19for the period required for presumptive abandonment plus the 9
20years immediately preceding the beginning of that period shall
21be retained for 5 years after the property was reportable.
22    (i) The State Treasurer may promulgate rules establishing
23the format and media to be used by a holder in submitting
24reports required under this Act.
25    (j) Other than the Notice to Owners required by Section 12
26and other discretionary means employed by the State Treasurer



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1for notifying owners of the existence of abandoned property,
2the State Treasurer shall not disclose any information provided
3in reports filed with the State Treasurer or any information
4obtained in the course of an examination by the State Treasurer
5to any person other than governmental agencies for the purposes
6of returning abandoned property to its owners or to those
7individuals who appear to be the owner of the property or
8otherwise have a valid claim to the property, unless written
9consent from the person entitled to the property is obtained by
10the State Treasurer.
11(Source: P.A. 98-495, eff. 8-16-13.)
12    Section 99. Effective date. This Act takes effect January
131, 2018.