SB0155sam001 99TH GENERAL ASSEMBLY

Sen. William R. Haine

Filed: 4/1/2015

09900SB0155sam001 LRB099 03384 KTG 33593 a

AMENDMENT TO SENATE BILL 155

AMENDMENT NO. ______. Amend Senate Bill 155 by replacing everything after the enacting clause with the following:

"Section 5. The Uniform Disposition of Unclaimed Property Act is amended by changing Section 8.1 as follows:

(765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)

Sec. 8.1. Property held by governments.

(a) All tangible personal property or intangible personal property and all debts owed or entrusted funds or other property held by any federal, state or local government or governmental subdivision, agency, entity, officer or appointee thereof, shall be presumed abandoned if the property has remained unclaimed for 7 years.

(b) This Section applies to all abandoned property held by any federal, state or local government or governmental subdivision, agency, entity, officer or appointee thereof, on the effective date of this amendatory Act of 1991 or at any time thereafter, regardless of when the property became or becomes presumptively abandoned.

(c) United States savings bonds.

(1) Notwithstanding any provision of this Act to the contrary, a United States savings bond that has fully matured and has ceased bearing interest and that is presumed abandoned under this Section shall escheat to the State and all property rights to the United States savings bond or proceeds from the bond shall vest solely in the State of Illinois.

(2) Within 180 days after a United States savings bond has been presumed abandoned, in the absence of a claim having been filed with the Treasurer for the savings bond, the Treasurer shall commence a civil action in the Circuit Court of Sangamon County for a determination that the savings bond has escheated to the State. The Treasurer may postpone the bringing of the action until sufficient savings bonds have accumulated in the Treasurer's custody to justify the expense of the proceedings.

(3) If no person files a claim or appears at the hearing to substantiate a claim or if the court determines that a claimant is not entitled to the property claimed by the claimant, then the court, if satisfied by evidence that the Treasurer has substantially complied with the laws of this State, shall enter a judgment that the United States savings bond has escheated to the State.

(4) The Treasurer shall redeem from the Bureau of the Fiscal Service of the United States Treasury the United States savings bonds escheated to the State and deposit the proceeds from the redemption of United States savings bonds into the Unclaimed Property Trust Fund.

(Source: P.A. 90-167, eff. 7-23-97; 91-357, eff. 7-29-99.)".