Illinois General Assembly - Full Text of SB1464
Illinois General Assembly

Previous General Assemblies

Full Text of SB1464  101st General Assembly


Rep. Robert Martwick

Filed: 5/26/2019





10100SB1464ham002LRB101 09433 LNS 61200 a


2    AMENDMENT NO. ______. Amend Senate Bill 1464 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Illinois Funeral or Burial Funds Act is
5amended by changing Section 2 as follows:
6    (225 ILCS 45/2)  (from Ch. 111 1/2, par. 73.102)
7    Sec. 2. (a) If a purchaser selects a trust arrangement to
8fund the pre-need contract, all trust deposits as determined by
9Section 1b shall be made within 30 days of receipt.
10    (b) A trust established under this Act must be maintained
11with a corporate fiduciary as defined in Section 1-5.05 of the
12Corporate Fiduciary Act or with a foreign corporate fiduciary
13recognized by Article IV of the Corporate Fiduciary Act.
14    (c) Trust agreements and amendments to the trust agreements
15used to fund a pre-need contract shall be filed with the



10100SB1464ham002- 2 -LRB101 09433 LNS 61200 a

1    (d) (Blank).
2    (e) A seller or provider shall furnish to the trustee and
3depositary the name of each payor and the amount of payment on
4each such account for which deposit is being so made. Nothing
5shall prevent the trustee from commingling the deposits in any
6such trust fund for purposes of its management and the
7investment of its funds as provided in the Common Trust Fund
8Act. In addition, multiple trust funds maintained under this
9Act may be commingled or commingled with other funeral or
10burial related trust funds if all record keeping requirements
11imposed by law are met.
12    (f) (Blank).
13    (g) Upon no less than 30 days prior notice to the
14Comptroller, the seller may change the trustee of the fund.
15Failure to provide the Comptroller with timely prior notice is
16an intentional violation of this Act.
17    (h) A trustee shall at least annually furnish to each
18purchaser a statement containing: (1) the receipts,
19disbursements, and inventory of the trust, including an
20explanation of any fees or expenses charged by the trustee
21under Section 5 of this Act or otherwise, (2) an explanation of
22the purchaser's right to a refund, if any, under this Act, and
23(3) identifying the primary regulator of the trust as a
24corporate fiduciary under state or federal law.
25    (i) If a trustee has reason to believe that the contact
26information for a purchaser is no longer valid, then the



10100SB1464ham002- 3 -LRB101 09433 LNS 61200 a

1trustee shall promptly notify the seller. If a trustee has
2reason to believe that the purchaser is deceased, then the
3trustee shall promptly notify the seller. A trustee shall
4report and remit to the State Treasurer any trust funds,
5including both the principal and any accrued earnings or
6losses, less any funds allowed to be retained under subsection
7(c-5) of Section 4, relating to an individual account that is
8presumed abandoned under the Revised Uniform Unclaimed
9Property Act.
10(Source: P.A. 96-879, eff. 2-2-10; 97-593, eff. 8-26-11.)
11    Section 10. The Revised Uniform Unclaimed Property Act is
12amended by changing Sections 15-102 and 15-201 as follows:
13    (765 ILCS 1026/15-102)
14    Sec. 15-102. Definitions. In this Act:
15        (1) "Administrator" means the State Treasurer.
16        (2) "Administrator's agent" means a person with which
17    the administrator contracts to conduct an examination
18    under Article 10 on behalf of the administrator. The term
19    includes an independent contractor of the person and each
20    individual participating in the examination on behalf of
21    the person or contractor.
22        (2.5) (Blank).
23        (3) "Apparent owner" means a person whose name appears
24    on the records of a holder as the owner of property held,



10100SB1464ham002- 4 -LRB101 09433 LNS 61200 a

1    issued, or owing by the holder.
2        (4) "Business association" means a corporation, joint
3    stock company, investment company, unincorporated
4    association, joint venture, limited liability company,
5    business trust, trust company, land bank, safe deposit
6    company, safekeeping depository, financial organization,
7    insurance company, federally chartered entity, utility,
8    sole proprietorship, or other business entity, whether or
9    not for profit.
10        (5) "Confidential information" means information that
11    is "personal information" under the Personal Information
12    Protection Act, "private information" under the Freedom of
13    Information Act or personal information contained within
14    public records, the disclosure of which would constitute a
15    clearly unwarranted invasion of personal privacy, unless
16    the disclosure is consented to in writing by the individual
17    subjects of the information as provided in the Freedom of
18    Information Act.
19        (6) "Domicile" means:
20            (A) for a corporation, the state of its
21        incorporation;
22            (B) for a business association whose formation
23        requires a filing with a state, other than a
24        corporation, the state of its filing;
25            (C) for a federally chartered entity or an
26        investment company registered under the Investment



10100SB1464ham002- 5 -LRB101 09433 LNS 61200 a

1        Company Act of 1940, the state of its home office; and
2            (D) for any other holder, the state of its
3        principal place of business.
4        (7) "Electronic" means relating to technology having
5    electrical, digital, magnetic, wireless, optical,
6    electromagnetic, or similar capabilities.
7        (8) "Electronic mail" means a communication by
8    electronic means which is automatically retained and
9    stored and may be readily accessed or retrieved.
10        (8.5) "Escheat fee" means any charge imposed solely by
11    virtue of property being reported as presumed abandoned.
12        (9) "Financial organization" means a bank, savings
13    bank, foreign bank, corporate fiduciary, currency
14    exchange, money transmitter, or credit union.
15        (10) "Game-related digital content" means digital
16    content that exists only in an electronic game or
17    electronic-game platform. The term:
18            (A) includes:
19                (i) game-play currency such as a virtual
20            wallet, even if denominated in United States
21            currency; and
22                (ii) the following if for use or redemption
23            only within the game or platform or another
24            electronic game or electronic-game platform:
25                    (I) points sometimes referred to as gems,
26                tokens, gold, and similar names; and



10100SB1464ham002- 6 -LRB101 09433 LNS 61200 a

1                    (II) digital codes; and
2            (B) does not include an item that the issuer:
3                (i) permits to be redeemed for use outside a
4            game or platform for:
5                    (I) money; or
6                    (II) goods or services that have more than
7                minimal value; or
8                (ii) otherwise monetizes for use outside a
9            game or platform.
10        (11) "Gift card" means a record evidencing a promise
11    made for consideration by the seller or issuer of the
12    record that goods, services, or money will be provided to
13    the owner of the record to the value or amount shown in the
14    record that is either:
15            (A) a record:
16                (i) issued on a prepaid basis primarily for
17            personal, family, or household purposes to a
18            consumer in a specified amount;
19                (ii) the value of which does not expire;
20                (iii) that is not subject to a dormancy,
21            inactivity, or post-sale service fee;
22                (iv) that is redeemable upon presentation for
23            goods or services; and
24                (v) that, unless required by law, may not be
25            redeemed for or converted into money or otherwise
26            monetized by the issuer; or



10100SB1464ham002- 7 -LRB101 09433 LNS 61200 a

1            (B) a prepaid commercial mobile radio service, as
2        defined in 47 C.F.R. 20.3, as amended.
3        (12) "Holder" means a person obligated to hold for the
4    account of, or to deliver or pay to, the owner, property
5    subject to this Act.
6        (13) "Insurance company" means an association,
7    corporation, or fraternal or mutual-benefit organization,
8    whether or not for profit, engaged in the business of
9    providing life endowments, annuities, or insurance,
10    including accident, burial, casualty, credit-life,
11    contract-performance, dental, disability, fidelity, fire,
12    health, hospitalization, illness, life, malpractice,
13    marine, mortgage, surety, wage-protection, and
14    worker-compensation insurance.
15        (14) "Loyalty card" means a record given without direct
16    monetary consideration under an award, reward, benefit,
17    loyalty, incentive, rebate, or promotional program which
18    may be used or redeemed only to obtain goods or services or
19    a discount on goods or services. The term does not include
20    a record that may be redeemed for money or otherwise
21    monetized by the issuer.
22        (15) "Mineral" means gas, oil, coal, oil shale, other
23    gaseous liquid or solid hydrocarbon, cement material, sand
24    and gravel, road material, building stone, chemical raw
25    material, gemstone, fissionable and nonfissionable ores,
26    colloidal and other clay, steam and other geothermal



10100SB1464ham002- 8 -LRB101 09433 LNS 61200 a

1    resources, and any other substance defined as a mineral by
2    law of this State other than this Act.
3        (16) "Mineral proceeds" means an amount payable for
4    extraction, production, or sale of minerals, or, on the
5    abandonment of the amount, an amount that becomes payable
6    after abandonment. The term includes an amount payable:
7            (A) for the acquisition and retention of a mineral
8        lease, including a bonus, royalty, compensatory
9        royalty, shut-in royalty, minimum royalty, and delay
10        rental;
11            (B) for the extraction, production, or sale of
12        minerals, including a net revenue interest, royalty,
13        overriding royalty, extraction payment, and production
14        payment; and
15            (C) under an agreement or option, including a
16        joint-operating agreement, unit agreement, pooling
17        agreement, and farm-out agreement.
18        (17) "Money order" means a payment order for a
19    specified amount of money. The term includes an express
20    money order and a personal money order on which the
21    remitter is the purchaser.
22        (18) "Municipal bond" means a bond or evidence of
23    indebtedness issued by a municipality or other political
24    subdivision of a state.
25        (19) "Net card value" means the original purchase price
26    or original issued value of a stored-value card, plus



10100SB1464ham002- 9 -LRB101 09433 LNS 61200 a

1    amounts added to the original price or value, minus amounts
2    used and any service charge, fee, or dormancy charge
3    permitted by law.
4        (20) "Non-freely transferable security" means a
5    security that cannot be delivered to the administrator by
6    the Depository Trust Clearing Corporation or similar
7    custodian of securities providing post-trade clearing and
8    settlement services to financial markets or cannot be
9    delivered because there is no agent to effect transfer. The
10    term includes a worthless security.
11        (21) "Owner", unless the context otherwise requires,
12    means a person that has a legal, beneficial, or equitable
13    interest in property subject to this Act or the person's
14    legal representative when acting on behalf of the owner.
15    The term includes:
16            (A) a depositor, for a deposit;
17            (B) a beneficiary, for a trust other than a deposit
18        in trust;
19            (C) a creditor, claimant, or payee, for other
20        property; and
21            (D) the lawful bearer of a record that may be used
22        to obtain money, a reward, or a thing of value.
23        (22) "Payroll card" means a record that evidences a
24    payroll-card account as defined in Regulation E, 12 CFR
25    Part 1005, as amended.
26        (23) "Person" means an individual, estate, business



10100SB1464ham002- 10 -LRB101 09433 LNS 61200 a

1    association, public corporation, government or
2    governmental subdivision, agency, or instrumentality, or
3    other legal entity, whether or not for profit.
4        (24) "Property" means tangible property described in
5    Section 15-201 or a fixed and certain interest in
6    intangible property held, issued, or owed in the course of
7    a holder's business or by a government, governmental
8    subdivision, agency, or instrumentality. The term:
9            (A) includes all income from or increments to the
10        property;
11            (B) includes property referred to as or evidenced
12        by:
13                (i) money, virtual currency, interest, or a
14            dividend, check, draft, deposit, or payroll card;
15                (ii) a credit balance, customer's overpayment,
16            stored-value card, security deposit, refund,
17            credit memorandum, unpaid wage, unused ticket for
18            which the issuer has an obligation to provide a
19            refund, mineral proceeds, or unidentified
20            remittance;
21                (iii) a security except for:
22                    (I) a worthless security; or
23                    (II) a security that is subject to a lien,
24                legal hold, or restriction evidenced on the
25                records of the holder or imposed by operation
26                of law, if the lien, legal hold, or restriction



10100SB1464ham002- 11 -LRB101 09433 LNS 61200 a

1                restricts the holder's or owner's ability to
2                receive, transfer, sell, or otherwise
3                negotiate the security;
4                (iv) a bond, debenture, note, or other
5            evidence of indebtedness;
6                (v) money deposited to redeem a security, make
7            a distribution, or pay a dividend;
8                (vi) an amount due and payable under an annuity
9            contract or insurance policy;
10                (vii) an amount distributable from a trust or
11            custodial fund established under a plan to provide
12            health, welfare, pension, vacation, severance,
13            retirement, death, stock purchase, profit-sharing,
14            employee-savings, supplemental-unemployment
15            insurance, or a similar benefit; and
16                (viii) any instrument on which a financial
17            organization or business association is directly
18            liable; and
19            (C) does not include:
20                (i) game-related digital content;
21                (ii) a loyalty card; or
22                (iii) a gift card; or .
23                (iv) funds on deposit or held in trust pursuant
24            to Section 16 of the Illinois Pre-Need Cemetery
25            Sales Act.
26        (25) "Putative holder" means a person believed by the



10100SB1464ham002- 12 -LRB101 09433 LNS 61200 a

1    administrator to be a holder, until the person pays or
2    delivers to the administrator property subject to this Act
3    or the administrator or a court makes a final determination
4    that the person is or is not a holder.
5        (26) "Record" means information that is inscribed on a
6    tangible medium or that is stored in an electronic or other
7    medium and is retrievable in perceivable form. The phrase
8    "records of the holder" includes records maintained by a
9    third party that has contracted with the holder.
10        (27) "Security" means:
11            (A) a security as defined in Article 8 of the
12        Uniform Commercial Code;
13            (B) a security entitlement as defined in Article 8
14        of the Uniform Commercial Code, including a customer
15        security account held by a registered broker-dealer,
16        to the extent the financial assets held in the security
17        account are not:
18                (i) registered on the books of the issuer in
19            the name of the person for which the broker-dealer
20            holds the assets;
21                (ii) payable to the order of the person; or
22                (iii) specifically indorsed to the person; or
23            (C) an equity interest in a business association
24        not included in subparagraph (A) or (B).
25        (28) "Sign" means, with present intent to authenticate
26    or adopt a record:



10100SB1464ham002- 13 -LRB101 09433 LNS 61200 a

1            (A) to execute or adopt a tangible symbol; or
2            (B) to attach to or logically associate with the
3        record an electronic symbol, sound, or process.
4        (29) "State" means a state of the United States, the
5    District of Columbia, the Commonwealth of Puerto Rico, the
6    United States Virgin Islands, or any territory or insular
7    possession subject to the jurisdiction of the United
8    States.
9        (30) "Stored-value card" means a card, code, or other
10    device that is:
11            (A) issued on a prepaid basis primarily for
12        personal, family, or household purposes to a consumer
13        in a specified amount, whether or not that amount may
14        be increased or reloaded in exchange for payment; and
15            (B) redeemable upon presentation at multiple
16        unaffiliated merchants for goods or services or usable
17        at automated teller machines; and
18        "Stored-value card" does not include a gift card,
19    payroll card, loyalty card, or game-related digital
20    content.
21        (31) "Utility" means a person that owns or operates for
22    public use a plant, equipment, real property, franchise, or
23    license for the following public services:
24            (A) transmission of communications or information;
25            (B) production, storage, transmission, sale,
26        delivery, or furnishing of electricity, water, steam,



10100SB1464ham002- 14 -LRB101 09433 LNS 61200 a

1        or gas; or
2            (C) provision of sewage or septic services, or
3        trash, garbage, or recycling disposal.
4        (32) "Virtual currency" means a digital representation
5    of value used as a medium of exchange, unit of account, or
6    store of value, which does not have legal tender status
7    recognized by the United States. The term does not include:
8            (A) the software or protocols governing the
9        transfer of the digital representation of value;
10            (B) game-related digital content; or
11            (C) a loyalty card or gift card.
12        (33) "Worthless security" means a security whose cost
13    of liquidation and delivery to the administrator would
14    exceed the value of the security on the date a report is
15    due under this Act.
16(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
17    (765 ILCS 1026/15-201)
18    Sec. 15-201. When property presumed abandoned. Subject to
19Section 15-210, the following property is presumed abandoned if
20it is unclaimed by the apparent owner during the period
21specified below:
22        (1) a traveler's check, 15 years after issuance;
23        (2) a money order, 7 years after issuance;
24        (3) any instrument on which a financial organization or
25    business association is directly liable, 3 years after



10100SB1464ham002- 15 -LRB101 09433 LNS 61200 a

1    issuance;
2        (4) a state or municipal bond, bearer bond, or
3    original-issue-discount bond, 3 years after the earliest
4    of the date the bond matures or is called or the obligation
5    to pay the principal of the bond arises;
6        (5) a debt of a business association, 3 years after the
7    obligation to pay arises;
8        (6) a demand, savings, or time deposit, 3 years after
9    the later of maturity or the date of the last indication of
10    interest in the property by the apparent owner, except for
11    a deposit that is automatically renewable, 3 years after
12    its initial date of maturity unless the apparent owner
13    consented in a record on file with the holder to renewal at
14    or about the time of the renewal;
15        (7) money or a credit owed to a customer as a result of
16    a retail business transaction, other than in-store credit
17    for returned merchandise, 3 years after the obligation
18    arose;
19        (8) an amount owed by an insurance company on a life or
20    endowment insurance policy or an annuity contract that has
21    matured or terminated, 3 years after the obligation to pay
22    arose under the terms of the policy or contract or, if a
23    policy or contract for which an amount is owed on proof of
24    death has not matured by proof of the death of the insured
25    or annuitant, as follows:
26            (A) with respect to an amount owed on a life or



10100SB1464ham002- 16 -LRB101 09433 LNS 61200 a

1        endowment insurance policy, the earlier of:
2                (i) 3 years after the death of the insured; or
3                (ii) 2 years after the insured has attained, or
4            would have attained if living, the limiting age
5            under the mortality table on which the reserve for
6            the policy is based; and
7            (B) with respect to an amount owed on an annuity
8        contract, 3 years after the death of the annuitant.
9        (9) funds on deposit or held in trust pursuant to the
10    Illinois Funeral or Burial Funds Act, the earliest of:
11            (A) 2 years after the date of death of the
12        beneficiary;
13            (B) one year after the date the beneficiary has
14        attained, or would have attained if living, the age of
15        105 where the holder does not know whether the
16        beneficiary is deceased;
17            (C) 40 years after the contract for prepayment was
18        executed, unless the apparent owner has indicated an
19        interest in the property more than 40 years after the
20        contract for prepayment was executed, in which case, 3
21        years after the last indication of interest in the
22        property by the apparent owner;
23        (10) property distributable by a business association
24    in the course of dissolution or distributions from the
25    termination of a retirement plan, one year after the
26    property becomes distributable;



10100SB1464ham002- 17 -LRB101 09433 LNS 61200 a

1        (11) property held by a court, including property
2    received as proceeds of a class action, 3 years after the
3    property becomes distributable;
4        (12) property held by a government or governmental
5    subdivision, agency, or instrumentality, including
6    municipal bond interest and unredeemed principal under the
7    administration of a paying agent or indenture trustee, 3
8    years after the property becomes distributable;
9        (13) wages, commissions, bonuses, or reimbursements to
10    which an employee is entitled, or other compensation for
11    personal services, including amounts held on a payroll
12    card, one year after the amount becomes payable;
13        (14) a deposit or refund owed to a subscriber by a
14    utility, one year after the deposit or refund becomes
15    payable, except that any capital credits or patronage
16    capital retired, returned, refunded or tendered to a member
17    of an electric cooperative, as defined in Section 3.4 of
18    the Electric Supplier Act, or a telephone or
19    telecommunications cooperative, as defined in Section
20    13-212 of the Public Utilities Act, that has remained
21    unclaimed by the person appearing on the records of the
22    entitled cooperative for more than 2 years, shall not be
23    subject to, or governed by, any other provisions of this
24    Act, but rather shall be used by the cooperative for the
25    benefit of the general membership of the cooperative; and
26        (15) property not specified in this Section or Sections



10100SB1464ham002- 18 -LRB101 09433 LNS 61200 a

1    15-202 through 15-208, the earlier of 3 years after the
2    owner first has a right to demand the property or the
3    obligation to pay or distribute the property arises.
4    Notwithstanding anything to the contrary in this Section
515-201, and subject to Section 15-210, a deceased owner cannot
6indicate interest in his or her property. If the owner is
7deceased and the abandonment period for the owner's property
8specified in this Section 15-201 is greater than 2 years, then
9the property, other than an amount owed by an insurance company
10on a life or endowment insurance policy or an annuity contract
11that has matured or terminated, shall instead be presumed
12abandoned 2 years from the date of the owner's last indication
13of interest in the property.
14(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
15    Section 15. The Illinois Pre-Need Cemetery Sales Act is
16amended by changing Section 16 and by adding Section 18.5 as
18    (815 ILCS 390/16)  (from Ch. 21, par. 216)
19    Sec. 16. Trust funds; disbursements.
20    (a) A trustee shall make no disbursements from the trust
21fund except as provided in this Act.
22    (b) A trustee has a duty to invest and manage the trust
23assets pursuant to the Prudent Investor Rule under the Trusts
24and Trustees Act. Whenever the seller changes trustees pursuant



10100SB1464ham002- 19 -LRB101 09433 LNS 61200 a

1to this Act, the trustee must provide written notice of the
2change in trustees to the Comptroller no less than 28 days
3prior to the effective date of such a change in trustee. The
4trustee has an ongoing duty to provide the Comptroller with a
5current and true copy of the trust agreement under which the
6trust funds are held pursuant to this Act.
7    (c) The trustee may rely upon certifications and affidavits
8made to it under the provisions of this Act, and shall not be
9liable to any person for such reliance.
10    (d) A trustee shall be allowed to withdraw from the trust
11funds maintained pursuant to this Act a reasonable fee pursuant
12to the Trusts and Trustees Act.
13    (e) The trust shall be a single-purpose trust fund. In the
14event of the seller's bankruptcy, insolvency or assignment for
15the benefit of creditors, or an adverse judgment, the trust
16funds shall not be available to any creditor as assets of the
17seller or to pay any expenses of any bankruptcy or similar
18proceeding, but shall be distributed to the purchasers or
19managed for their benefit by the trustee holding the funds.
20Except in an action by the Comptroller to revoke a license
21issued pursuant to this Act and for creation of a receivership
22as provided in this Act, the trust shall not be subject to
23judgment, execution, garnishment, attachment, or other seizure
24by process in bankruptcy or otherwise, nor to sale, pledge,
25mortgage, or other alienation, and shall not be assignable
26except as approved by the Comptroller. The changes made by this



10100SB1464ham002- 20 -LRB101 09433 LNS 61200 a

1amendatory Act of the 91st General Assembly are intended to
2clarify existing law regarding the inability of licensees to
3pledge the trust.
4    (f) Because it is not known at the time of deposit or at
5the time that income is earned on the trust account to whom the
6principal and the accumulated earnings will be distributed, for
7purposes of determining the Illinois Income Tax due on these
8trust funds, the principal and any accrued earnings or losses
9relating to each individual account shall be held in suspense
10until the final determination is made as to whom the account
11shall be paid.
12    (g) A trustee shall at least annually furnish to each
13purchaser a statement identifying: (1) the receipts,
14disbursements, and inventory of the trust, including an
15explanation of any fees or expenses charged by the trustee
16under paragraph (d) of this Section or otherwise, (2) an
17explanation of the purchaser's right to a refund, if any, under
18this Act, and (3) the primary regulator of the trust as a
19corporate fiduciary under state or federal law.
20    (h) If the trustee has reason to believe that the contact
21information for a purchaser is no longer valid, then the
22trustee shall promptly notify the seller. If the trustee has
23reason to believe that the purchaser is deceased, then the
24trustee shall promptly notify the seller. A trustee shall remit
25as provided in Section 18.5 of this Act any pre-need trust
26funds, including both the principal and any accrued earnings or



10100SB1464ham002- 21 -LRB101 09433 LNS 61200 a

1losses, relating to an individual account that is presumed
2abandoned under Section 18.5.
3(Source: P.A. 96-879, eff. 2-2-10.)
4    (815 ILCS 390/18.5 new)
5    Sec. 18.5. Presumptively abandoned trust funds.
6    (a) After final payment on a pre-need contract, the entire
7amount held in trust attributable to undelivered cemetery
8merchandise and unperformed cemetery services, including
9undistributed interest earned thereon, is presumptively
10abandoned 2 years after the earlier of:
11        (A) the later of:
12            (i) the date the seller in the ordinary course of
13        its business receives notice or an indication of the
14        death of a beneficiary; or
15            (ii) 10 years after the death of a beneficiary if a
16        beneficiary is cremated and the purchaser or the heir
17        or assign, or other beneficiaries if any, or a duly
18        authorized representative of the purchaser or a
19        beneficiary, has not indicated an interest in the trust
20        funds;
21        (B) the date a beneficiary has attained, or would have
22    attained if living, the age of 105 where both the trustee
23    and the seller do not know whether a beneficiary is
24    deceased; or
25        (C) 50 years after the pre-need contract was executed,



10100SB1464ham002- 22 -LRB101 09433 LNS 61200 a

1    unless the purchaser or the heir or assign, or a duly
2    authorized representative of the purchaser or a
3    beneficiary, has indicated an interest in the property more
4    than 50 years after the pre-need contract was executed, in
5    which case, 3 years after the last indication of interest
6    by the purchaser or the heir or assign, or a beneficiary,
7    or a duly authorized representative of a purchaser or a
8    beneficiary.
9    (b) The period after which trust funds are presumed
10abandoned is measured from the later of: (1) the date the trust
11funds are presumed abandoned under this Section; or (2) the
12latest indication of interest by the apparent owner in the
13trust funds. If more than one beneficiary is included in a
14pre-need contract, an indication of interest by any one or more
15of the beneficiaries requires that the presumption of
16abandonment under paragraphs (A) and (B) of subsection (a) be
17evaluated based on the beneficiary's information. An
18indication of interest in the trust funds includes any one or
19more of the actions listed in subsection (b) of Section 15-210
20of the Revised Uniform Unclaimed Property Act.
21    (c) The seller shall notify the trustee of the pre-need
22trust funds in writing when any trust funds are presumed
23abandoned under this Section.
24    (d) If the seller is licensed to hold care funds under the
25Cemetery Care Act, then within 30 days of receiving notice that
26pre-need trust funds are presumed abandoned under this Section,



10100SB1464ham002- 23 -LRB101 09433 LNS 61200 a

1the trustee of the pre-need trust funds shall remit the
2presumptively abandoned pre-need trust funds to the trustee for
3the care fund held pursuant to the Cemetery Care Act for
4deposit into such care fund. If the seller has retained an
5independent trustee pursuant to the Cemetery Care Act, then any
6funds remitted pursuant to this Section shall be remitted to
7the independent trustee. If the purchaser or beneficiary of
8pre-need trust funds presumed abandoned under this Section and
9deposited into a care fund makes a claim, then the seller shall
10direct the trustee of the care funds held pursuant to the
11Cemetery Care Act to refund the purchaser or beneficiary the
12amount that was deposited into the care fund.
13    (e) If the seller is not licensed to hold care funds under
14the Cemetery Care Act, the trustee of pre-need trust funds
15shall remit presumptively abandoned trust funds to the
16Comptroller semi-annually within 30 days after the end of June
17and December for deposit into the Cemetery Consumer Protection
18Fund. If the purchaser or beneficiary of pre-need trust funds
19that were presumed abandoned under this Section and deposited
20into the Cemetery Consumer Protection Fund makes a claim, then
21either the seller shall request restitution or reimbursement
22from the Cemetery Consumer Protection Fund as provided in
23Section 22 and provide the cemetery merchandise or cemetery
24services pursuant to the pre-need contract, or the purchaser or
25beneficiary shall request restitution or reimbursement from
26the Cemetery Consumer Protection Fund as provided in Section



10100SB1464ham002- 24 -LRB101 09433 LNS 61200 a

2    (f) Notwithstanding any provision of this Act, the only
3penalties that may be imposed in connection with the
4administration of this Section are those provided in the
5Revised Uniform Unclaimed Property Act.".