Illinois General Assembly - Full Text of SB0338
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Full Text of SB0338  102nd General Assembly

SB0338ham003 102ND GENERAL ASSEMBLY

Rep. Michael J. Zalewski

Filed: 5/20/2021

 

 


 

 


 
10200SB0338ham003LRB102 10796 LNS 26841 a

1
AMENDMENT TO SENATE BILL 338

2    AMENDMENT NO. ______. Amend Senate Bill 338 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The State Treasurer Act is amended by changing
5Sections 0.02 and 0.03 as follows:
 
6    (15 ILCS 505/0.02)
7    Sec. 0.02. Transfer of powers. The rights, powers, duties,
8and functions vested in the Department of Financial
9Institutions to administer the Uniform Disposition of
10Unclaimed Property Act (superseded by the Revised Uniform
11Unclaimed Property Act) are transferred to the State Treasurer
12on July 1, 1999; provided, however, that the rights, powers,
13duties, and functions involving the examination of the records
14of any person that the State Treasurer has reason to believe
15has failed to report properly under this Act shall be
16transferred to the Office of Banks and Real Estate if the

 

 

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1person is regulated by the Office of Banks and Real Estate
2under the Illinois Banking Act, the Corporate Fiduciary Act,
3the Foreign Banking Office Act, the Illinois Savings and Loan
4Act of 1985, or the Savings Bank Act and shall be retained by
5the Department of Financial Institutions if the person is
6doing business in the State under the supervision of the
7Department of Financial Institutions, the National Credit
8Union Administration, the Office of Thrift Supervision, or the
9Comptroller of the Currency.
10(Source: P.A. 100-22, eff. 1-1-18.)
 
11    (15 ILCS 505/0.03)
12    Sec. 0.03. Transfer of personnel.
13    (a) Except as provided in subsection (b), personnel
14employed by the Department of Financial Institutions on June
1530, 1999 to perform duties pertaining to the administration of
16the Uniform Disposition of Unclaimed Property Act (superseded
17by the Revised Uniform Unclaimed Property Act) are transferred
18to the State Treasurer on July 1, 1999.
19    (b) In the case of a person employed by the Department of
20Financial Institutions to perform both duties pertaining to
21the administration of the Uniform Disposition of Unclaimed
22Property Act (superseded by the Revised Uniform Unclaimed
23Property Act) and duties pertaining to a function retained by
24the Department of Financial Institutions, the State Treasurer,
25in consultation with the Director of Financial Institutions,

 

 

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1shall determine whether to transfer the employee to the Office
2of the State Treasurer; until this determination has been
3made, the transfer shall not take effect.
4    (c) The rights of State employees, the State, and its
5agencies under the Personnel Code and applicable collective
6bargaining agreements and retirement plans are not affected by
7this amendatory Act of 1999, except that all positions
8transferred to the State Treasurer shall be subject to the
9State Treasurer Employment Code effective July 1, 2000.
10    All transferred employees who are members of collective
11bargaining units shall retain their seniority, continuous
12service, salary, and accrued benefits. During the pendency of
13the existing collective bargaining agreement, the rights
14provided for under that agreement and memoranda and
15supplements to that agreement, including but not limited to,
16the rights of employees performing duties pertaining to the
17administration of the Uniform Disposition of Unclaimed
18Property Act (superseded by the Revised Uniform Unclaimed
19Property Act) to positions in other State agencies and the
20right of employees in other State agencies covered by the
21agreement to positions performing duties pertaining to the
22administration of the Uniform Disposition of Unclaimed
23Property Act (superseded by the Revised Uniform Unclaimed
24Property Act), shall not be abridged.
25    The State Treasurer shall continue to honor during their
26pendency all bargaining agreements in effect at the time of

 

 

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1the transfer and to recognize all collective bargaining
2representatives for the employees who perform or will perform
3functions transferred by this amendatory Act of 1999. For all
4purposes with respect to the management of the existing
5agreement and the negotiation and management of any successor
6agreements, the State Treasurer shall be deemed to be the
7employer of employees who perform or will perform functions
8transferred to the Office of the State Treasurer by this
9amendatory Act of 1999; provided that the Illinois Department
10of Central Management Services shall be a party to any
11grievance or arbitration proceeding held pursuant to the
12provisions of the collective bargaining agreement which
13involves the movement of employees from the Office of the
14State Treasurer to an agency under the jurisdiction of the
15Governor covered by the agreement.
16(Source: P.A. 100-22, eff. 1-1-18.)
 
17    Section 10. The Revised Uniform Unclaimed Property Act is
18amended by changing Sections 15-102, 15-201, 15-202, 15-210,
1915-213, 15-401, 15-503, 15-603, 15-607, 15-905, 15-906,
2015-1002.1, 15-1004, 15-1401, and 15-1402 as follows:
 
21    (765 ILCS 1026/15-102)
22    Sec. 15-102. Definitions. In this Act:
23        (1) "Administrator" means the State Treasurer.
24        (2) "Administrator's agent" means a person with which

 

 

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1    the administrator contracts to conduct an examination
2    under Article 10 on behalf of the administrator. The term
3    includes an independent contractor of the person and each
4    individual participating in the examination on behalf of
5    the person or contractor.
6        (2.5) (Blank).
7        (3) "Apparent owner" means a person whose name appears
8    on the records of a holder as the owner of property held,
9    issued, or owing by the holder.
10        (4) "Business association" means a corporation, joint
11    stock company, investment company, unincorporated
12    association, joint venture, limited liability company,
13    business trust, trust company, land bank, safe deposit
14    company, safekeeping depository, financial organization,
15    insurance company, federally chartered entity, utility,
16    sole proprietorship, or other business entity, whether or
17    not for profit.
18        (5) "Confidential information" means information that
19    is "personal information" under the Personal Information
20    Protection Act, "private information" under the Freedom of
21    Information Act or personal information contained within
22    public records, the disclosure of which would constitute a
23    clearly unwarranted invasion of personal privacy, unless
24    the disclosure is consented to in writing by the
25    individual subjects of the information as provided in the
26    Freedom of Information Act.

 

 

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1        (6) "Domicile" means:
2            (A) for a corporation, the state of its
3        incorporation;
4            (B) for a business association whose formation
5        requires a filing with a state, other than a
6        corporation, the state of its filing;
7            (C) for a federally chartered entity or an
8        investment company registered under the Investment
9        Company Act of 1940, the state of its home office; and
10            (D) for any other holder, the state of its
11        principal place of business.
12        (7) "Electronic" means relating to technology having
13    electrical, digital, magnetic, wireless, optical,
14    electromagnetic, or similar capabilities.
15        (8) "Electronic mail" means a communication by
16    electronic means which is automatically retained and
17    stored and may be readily accessed or retrieved.
18        (8.5) "Escheat fee" means any charge imposed solely by
19    virtue of property being reported as presumed abandoned.
20        (9) "Financial organization" means a bank, savings
21    bank, foreign bank, corporate fiduciary, currency
22    exchange, money transmitter, or credit union.
23        (10) "Game-related digital content" means digital
24    content that exists only in an electronic game or
25    electronic-game platform. The term:
26            (A) includes:

 

 

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1                (i) game-play currency such as a virtual
2            wallet, even if denominated in United States
3            currency; and
4                (ii) the following if for use or redemption
5            only within the game or platform or another
6            electronic game or electronic-game platform:
7                    (I) points sometimes referred to as gems,
8                tokens, gold, and similar names; and
9                    (II) digital codes; and
10            (B) does not include an item that the issuer:
11                (i) permits to be redeemed for use outside a
12            game or platform for:
13                    (I) money; or
14                    (II) goods or services that have more than
15                minimal value; or
16                (ii) otherwise monetizes for use outside a
17            game or platform.
18        (11) "Gift card" means a record evidencing a promise
19    made for consideration by the seller or issuer of the
20    record that goods, services, or money will be provided to
21    the owner of the record to the value or amount shown in the
22    record that is either:
23            (A) a record:
24                (i) issued on a prepaid basis primarily for
25            personal, family, or household purposes to a
26            consumer in a specified amount;

 

 

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1                (ii) the value of which does not expire;
2                (iii) that is not subject to a dormancy,
3            inactivity, or post-sale service fee;
4                (iv) that is redeemable upon presentation for
5            goods or services; and
6                (v) that, unless required by law, may not be
7            redeemed for or converted into money or otherwise
8            monetized by the issuer; or
9            (B) a prepaid commercial mobile radio service, as
10        defined in 47 CFR C.F.R. 20.3, as amended.
11        (12) "Holder" means a person obligated to hold for the
12    account of, or to deliver or pay to, the owner, property
13    subject to this Act.
14        (13) "Insurance company" means an association,
15    corporation, or fraternal or mutual-benefit organization,
16    whether or not for profit, engaged in the business of
17    providing life endowments, annuities, or insurance,
18    including accident, burial, casualty, credit-life,
19    contract-performance, dental, disability, fidelity, fire,
20    health, hospitalization, illness, life, malpractice,
21    marine, mortgage, surety, wage-protection, and
22    worker-compensation insurance.
23        (14) "Loyalty card" means a record given without
24    direct monetary consideration under an award, reward,
25    benefit, loyalty, incentive, rebate, or promotional
26    program which may be used or redeemed only to obtain goods

 

 

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1    or services or a discount on goods or services. The term
2    does not include a record that may be redeemed for money or
3    otherwise monetized by the issuer.
4        (15) "Mineral" means gas, oil, coal, oil shale, other
5    gaseous liquid or solid hydrocarbon, cement material, sand
6    and gravel, road material, building stone, chemical raw
7    material, gemstone, fissionable and nonfissionable ores,
8    colloidal and other clay, steam and other geothermal
9    resources, and any other substance defined as a mineral by
10    law of this State other than this Act.
11        (16) "Mineral proceeds" means an amount payable for
12    extraction, production, or sale of minerals, or, on the
13    abandonment of the amount, an amount that becomes payable
14    after abandonment. The term includes an amount payable:
15            (A) for the acquisition and retention of a mineral
16        lease, including a bonus, royalty, compensatory
17        royalty, shut-in royalty, minimum royalty, and delay
18        rental;
19            (B) for the extraction, production, or sale of
20        minerals, including a net revenue interest, royalty,
21        overriding royalty, extraction payment, and production
22        payment; and
23            (C) under an agreement or option, including a
24        joint-operating agreement, unit agreement, pooling
25        agreement, and farm-out agreement.
26        (17) "Money order" means a payment order for a

 

 

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1    specified amount of money. The term includes an express
2    money order and a personal money order on which the
3    remitter is the purchaser.
4        (18) "Municipal bond" means a bond or evidence of
5    indebtedness issued by a municipality or other political
6    subdivision of a state.
7        (19) "Net card value" means the original purchase
8    price or original issued value of a stored-value card,
9    plus amounts added to the original price or value, minus
10    amounts used and any service charge, fee, or dormancy
11    charge permitted by law.
12        (20) "Non-freely transferable security" means a
13    security that cannot be delivered to the administrator by
14    the Depository Trust Clearing Corporation or similar
15    custodian of securities providing post-trade clearing and
16    settlement services to financial markets or cannot be
17    delivered because there is no agent to effect transfer.
18    The term includes a worthless security.
19        (21) "Owner", unless the context otherwise requires,
20    means a person that has a legal, beneficial, or equitable
21    interest in property subject to this Act or the person's
22    legal representative when acting on behalf of the owner.
23    The term includes:
24            (A) a depositor, for a deposit;
25            (B) a beneficiary, for a trust other than a
26        deposit in trust;

 

 

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1            (C) a creditor, claimant, or payee, for other
2        property; and
3            (D) the lawful bearer of a record that may be used
4        to obtain money, a reward, or a thing of value.
5        (22) "Payroll card" means a record that evidences a
6    payroll-card account as defined in Regulation E, 12 CFR
7    Part 1005, as amended.
8        (23) "Person" means an individual, estate, business
9    association, public corporation, government or
10    governmental subdivision, agency, or instrumentality, or
11    other legal entity, whether or not for profit.
12        (24) "Property" means tangible property described in
13    Section 15-201 or a fixed and certain interest in
14    intangible property held, issued, or owed in the course of
15    a holder's business or by a government, governmental
16    subdivision, agency, or instrumentality. The term:
17            (A) includes all income from or increments to the
18        property;
19            (B) includes property referred to as or evidenced
20        by:
21                (i) money, virtual currency, interest, or a
22            dividend, check, draft, deposit, or payroll card;
23                (ii) a credit balance, customer's overpayment,
24            stored-value card, security deposit, refund,
25            credit memorandum, unpaid wage, unused ticket for
26            which the issuer has an obligation to provide a

 

 

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1            refund, mineral proceeds, or unidentified
2            remittance;
3                (iii) a security except for:
4                    (I) a worthless security; or
5                    (II) a security that is subject to a lien,
6                legal hold, or restriction evidenced on the
7                records of the holder or imposed by operation
8                of law, if the lien, legal hold, or
9                restriction restricts the holder's or owner's
10                ability to receive, transfer, sell, or
11                otherwise negotiate the security;
12                (iv) a bond, debenture, note, or other
13            evidence of indebtedness;
14                (v) money deposited to redeem a security, make
15            a distribution, or pay a dividend;
16                (vi) an amount due and payable under an
17            annuity contract or insurance policy;
18                (vii) an amount distributable from a trust or
19            custodial fund established under a plan to provide
20            health, welfare, pension, vacation, severance,
21            retirement, death, stock purchase, profit-sharing,
22            employee-savings, supplemental-unemployment
23            insurance, or a similar benefit; and
24                (viii) any instrument on which a financial
25            organization or business association is directly
26            liable; and

 

 

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1            (C) does not include:
2                (i) game-related digital content;
3                (ii) a loyalty card;
4                (iii) a gift card; or
5                (iv) funds on deposit or held in trust
6            pursuant to Section 16 of the Illinois Pre-Need
7            Cemetery Sales Act.
8        (25) "Putative holder" means a person believed by the
9    administrator to be a holder, until the person pays or
10    delivers to the administrator property subject to this Act
11    or the administrator or a court makes a final
12    determination that the person is or is not a holder.
13        (26) "Record" means information that is inscribed on a
14    tangible medium or that is stored in an electronic or
15    other medium and is retrievable in perceivable form. The
16    phrase "records of the holder" includes records maintained
17    by a third party that has contracted with the holder.
18        (27) "Security" means:
19            (A) a security as defined in Article 8 of the
20        Uniform Commercial Code;
21            (B) a security entitlement as defined in Article 8
22        of the Uniform Commercial Code, including a customer
23        security account held by a registered broker-dealer,
24        to the extent the financial assets held in the
25        security account are not:
26                (i) registered on the books of the issuer in

 

 

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1            the name of the person for which the broker-dealer
2            holds the assets;
3                (ii) payable to the order of the person; or
4                (iii) specifically indorsed to the person; or
5            (C) an equity interest in a business association
6        not included in subparagraph (A) or (B).
7        (28) "Sign" means, with present intent to authenticate
8    or adopt a record:
9            (A) to execute or adopt a tangible symbol; or
10            (B) to attach to or logically associate with the
11        record an electronic symbol, sound, or process.
12        (29) "State" means a state of the United States, the
13    District of Columbia, the Commonwealth of Puerto Rico, the
14    United States Virgin Islands, or any territory or insular
15    possession subject to the jurisdiction of the United
16    States.
17        (30) "Stored-value card" means a card, code, or other
18    device that is:
19            (A) issued on a prepaid basis primarily for
20        personal, family, or household purposes to a consumer
21        in a specified amount, whether or not that amount may
22        be increased or reloaded in exchange for payment; and
23            (B) redeemable upon presentation at multiple
24        unaffiliated merchants for goods or services or usable
25        at automated teller machines; and
26        "Stored-value card" does not include a gift card,

 

 

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1    payroll card, loyalty card, or game-related digital
2    content.
3        (31) "Utility" means a person that owns or operates
4    for public use a plant, equipment, real property,
5    franchise, or license for the following public services:
6            (A) transmission of communications or information;
7            (B) production, storage, transmission, sale,
8        delivery, or furnishing of electricity, water, steam,
9        or gas; or
10            (C) provision of sewage or septic services, or
11        trash, garbage, or recycling disposal.
12        (32) "Virtual currency" means any type of a digital
13    unit, including cryptocurrency, representation of value
14    used as a medium of exchange, unit of account, or a form of
15    digitally stored store of value, which does not have legal
16    tender status recognized by the United States. The term
17    does not include:
18            (A) the software or protocols governing the
19        transfer of the digital representation of value;
20            (B) game-related digital content; or
21            (C) a loyalty card or gift card.
22        (33) "Worthless security" means a security whose cost
23    of liquidation and delivery to the administrator would
24    exceed the value of the security on the date a report is
25    due under this Act.
26(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18;

 

 

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1101-552, eff. 1-1-20.)
 
2    (765 ILCS 1026/15-201)
3    Sec. 15-201. When property presumed abandoned. Subject to
4Section 15-210, the following property is presumed abandoned
5if it is unclaimed by the apparent owner during the period
6specified below:
7        (1) a traveler's check, 15 years after issuance;
8        (2) a money order, 5 7 years after issuance;
9        (3) any instrument on which a financial organization
10    or business association is directly liable, other than a
11    money order, 3 years after issuance;
12        (4) a state or municipal bond, bearer bond, or
13    original-issue-discount bond, 3 years after the earliest
14    of the date the bond matures or is called or the obligation
15    to pay the principal of the bond arises;
16        (5) a debt of a business association, 3 years after
17    the obligation to pay arises;
18        (6) financial organization deposits as follows:
19            (i) a demand deposit, 3 years after the date of the
20        last indication of interest in the property by the
21        apparent owner;
22            (ii) a savings deposit, 3 years after the date of
23        last indication of interest in the property by the
24        apparent owner;
25            (iii) a time deposit for which the owner has not

 

 

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1        consented to automatic renewal of the time deposit, 3
2        years after the date of last indication of interest in
3        the property by the apparent owner;
4            (iv) an automatically renewable time deposit for
5        which the owner consented to the automatic renewal in
6        a record on file with the holder, 3 years after the
7        date of last indication of interest in the property by
8        the apparent owner, following the completion of the
9        initial term of the time deposit and one automatic
10        renewal term of the time deposit a demand, savings, or
11        time deposit, 3 years after the later of maturity or
12        the date of the last indication of interest in the
13        property by the apparent owner, except for a deposit
14        that is automatically renewable, 3 years after its
15        initial date of maturity unless the apparent owner
16        consented in a record on file with the holder to
17        renewal at or about the time of the renewal;
18        (6.5) virtual currency, 5 years after the last
19    indication of interest in the property;
20        (7) money or a credit owed to a customer as a result of
21    a retail business transaction, other than in-store credit
22    for returned merchandise, 3 years after the obligation
23    arose;
24        (8) an amount owed by an insurance company on a life or
25    endowment insurance policy or an annuity contract that has
26    matured or terminated, 3 years after the obligation to pay

 

 

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

 

 

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1        property by the apparent owner;
2        (10) property distributable by a business association
3    in the course of dissolution or distributions from the
4    termination of a retirement plan, one year after the
5    property becomes distributable;
6        (11) property held by a court, including property
7    received as proceeds of a class action, 3 years after the
8    property becomes distributable;
9        (12) property held by a government or governmental
10    subdivision, agency, or instrumentality, including
11    municipal bond interest and unredeemed principal under the
12    administration of a paying agent or indenture trustee, 3
13    years after the property becomes distributable;
14        (13) wages, commissions, bonuses, or reimbursements to
15    which an employee is entitled, or other compensation for
16    personal services, including amounts held on a payroll
17    card, one year after the amount becomes payable;
18        (14) a deposit or refund owed to a subscriber by a
19    utility, one year after the deposit or refund becomes
20    payable, except that any capital credits or patronage
21    capital retired, returned, refunded or tendered to a
22    member of an electric cooperative, as defined in Section
23    3.4 of the Electric Supplier Act, or a telephone or
24    telecommunications cooperative, as defined in Section
25    13-212 of the Public Utilities Act, that has remained
26    unclaimed by the person appearing on the records of the

 

 

10200SB0338ham003- 20 -LRB102 10796 LNS 26841 a

1    entitled cooperative for more than 2 years, shall not be
2    subject to, or governed by, any other provisions of this
3    Act, but rather shall be used by the cooperative for the
4    benefit of the general membership of the cooperative; and
5        (15) property not specified in this Section or
6    Sections 15-202 through 15-208, the earlier of 3 years
7    after the owner first has a right to demand the property or
8    the obligation to pay or distribute the property arises.
9    Notwithstanding anything to the contrary in this Section
1015-201, and subject to Section 15-210, a deceased owner cannot
11indicate interest in his or her property. If the owner is
12deceased and the abandonment period for the owner's property
13specified in this Section 15-201 is greater than 2 years, then
14the property, other than an amount owed by an insurance
15company on a life or endowment insurance policy or an annuity
16contract that has matured or terminated, shall instead be
17presumed abandoned 2 years from the date of the owner's last
18indication of interest in the property.
19(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18;
20101-552, eff. 1-1-20.)
 
21    (765 ILCS 1026/15-202)
22    Sec. 15-202. When tax-deferred and tax-exempt retirement
23accounts account presumed abandoned.
24    (a) Subject to Section 15-210, property held in a pension
25account or retirement account that qualifies for tax deferral

 

 

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1or tax exemption under the income-tax laws of the United
2States is presumed abandoned if it is unclaimed by the
3apparent owner after the later of:
4        (1) 3 years after the following dates:
5            (A) except as in subparagraph (B), the date a
6        communication sent by the holder by first-class United
7        States mail to the apparent owner is returned to the
8        holder undelivered by the United States Postal
9        Service; or
10            (B) if such communication is re-sent within 30
11        days after the date the first communication is
12        returned undelivered, the date the second
13        communication was returned undelivered by the United
14        States Postal Service; or
15        (2) the earlier of the following dates:
16            (A) 3 years after the date the apparent owner
17        becomes 72 70.5 years of age, if determinable by the
18        holder; or
19            (B) one year after the date of mandatory
20        distribution following death if the Internal Revenue
21        Code requires distribution to avoid a tax penalty and
22        the holder:
23                (i) receives confirmation of the death of the
24            apparent owner in the ordinary course of its
25            business; or
26                (ii) confirms the death of the apparent owner

 

 

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1            under subsection (b).
2    (b) If a holder in the ordinary course of its business
3receives notice or an indication of the death of an apparent
4owner and subsection (a)(2) applies, the holder shall attempt
5not later than 90 days after receipt of the notice or
6indication to confirm whether the apparent owner is deceased.
7    (c) If the holder does not send communications to the
8apparent owner of an account described in subsection (a) by
9first-class United States mail on at least an annual basis,
10the holder shall attempt to confirm the apparent owner's
11interest in the property by sending the apparent owner an
12electronic-mail communication not later than 2 years after the
13apparent owner's last indication of interest in the property.
14However, the holder promptly shall attempt to contact the
15apparent owner by first-class United States mail if:
16        (1) the holder does not have information needed to
17    send the apparent owner an electronic mail communication
18    or the holder believes that the apparent owner's
19    electronic mail address in the holder's records is not
20    valid;
21        (2) the holder receives notification that the
22    electronic-mail communication was not received; or
23        (3) the apparent owner does not respond to the
24    electronic-mail communication within 30 days after the
25    communication was sent.
26    (d) If first-class United States mail sent under

 

 

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1subsection (c) is returned to the holder undelivered by the
2United States Postal Service, the property is presumed
3abandoned 3 years after the later of:
4        (1) except as in paragraph (2), the date a
5    communication to contact the apparent owner sent by
6    first-class United States mail is returned to the holder
7    undelivered;
8        (2) if such communication is re-sent within 30 days
9    after the date the first communication is returned
10    undelivered, the date the second communication was
11    returned undelivered; or
12        (3) the date established by subsection (a)(2).
13(Source: P.A. 100-22, eff. 1-1-18.)
 
14    (765 ILCS 1026/15-210)
15    Sec. 15-210. Indication of apparent owner interest in
16property.
17    (a) The period after which property is presumed abandoned
18is measured from the later of:
19        (1) the date the property is presumed abandoned under
20    this Article; or
21        (2) the latest indication of interest by the apparent
22    owner in the property.
23    (b) Under this Act, an indication of an apparent owner's
24interest in property includes:
25        (1) a record communicated by the apparent owner to the

 

 

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1    holder or agent of the holder concerning the property or
2    the account in which the property is held;
3        (2) an oral communication by the apparent owner to the
4    holder or agent of the holder concerning the property or
5    the account in which the property is held, if the holder or
6    its agent contemporaneously makes and preserves a record
7    of the fact of the apparent owner's communication;
8        (3) presentment of a check or other instrument of
9    payment of a dividend, interest payment, or other
10    distribution, or evidence of receipt of a distribution
11    made by electronic or similar means, with respect to an
12    account, underlying security, or interest in a business
13    association;
14        (4) activity directed by an apparent owner in the
15    account in which the property is held, including accessing
16    the account or information concerning the account, or a
17    direction by the apparent owner to increase, decrease, or
18    otherwise change the amount or type of property held in
19    the account;
20        (5) a deposit into or withdrawal from an account at a
21    financial organization, except for a recurring Automated
22    Clearing House (ACH) debit or credit previously authorized
23    by the apparent owner or an automatic reinvestment of
24    dividends or interest; and
25        (6) subject to subsection (e), payment of a premium on
26    an insurance policy.

 

 

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1    (c) An action by an agent or other representative of an
2apparent owner, other than the holder acting as the apparent
3owner's agent, is presumed to be an action on behalf of the
4apparent owner.
5    (d) A communication with an apparent owner by a person
6other than the holder or the holder's representative is not an
7indication of interest in the property by the apparent owner
8unless a record of the communication evidences the apparent
9owner's knowledge of a right to the property.
10    (e) If the insured dies or the insured or beneficiary of an
11insurance policy otherwise becomes entitled to the proceeds
12before depletion of the cash surrender value of the policy by
13operation of an automatic-premium-loan provision or other
14nonforfeiture provision contained in the policy, the operation
15does not prevent the policy from maturing or terminating.
16    (f) If the apparent owner has another property with the
17holder to which Section 201(6) applies, then activity directed
18by an apparent owner in any other accounts, including loan
19accounts, at a financial organization holding an inactive
20account of the apparent owner shall be an indication of
21interest in all such accounts if:
22            (A) the apparent owner engages in one or more of
23        the following activities:
24                (i) the apparent owner undertakes one or more
25            of the actions described in subsection (b) of this
26            Section regarding any of the other accounts the

 

 

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1            apparent owner has with the financial organization
2            account that appears on a consolidated statement
3            with the inactive account;
4                (ii) the apparent owner increases or decreases
5            the amount of funds in any other account the
6            apparent owner has with the financial
7            organization; or
8                (iii) the apparent owner engages in any other
9            relationship with the financial organization,
10            including payment of any amounts due on a loan;
11            and
12            (B) the foregoing apply so long as the mailing
13        address for the apparent owner in the financial
14        organization's books and records is the same for both
15        the inactive account and the active account.
16(Source: P.A. 100-22, eff. 1-1-18.)
 
17    (765 ILCS 1026/15-213)
18    Sec. 15-213. United States savings bonds.
19    (a) As used in this Section, "United States savings bond"
20means property, tangible or intangible, in the form of a
21savings bond issued by the United States Treasury, whether in
22paper, electronic, or paperless form, along with all proceeds
23thereof in the possession of the administrator.
24    (b) Notwithstanding any provision of this Act to the
25contrary, a United States savings bond subject to this Section

 

 

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1or held or owing in this State by any person is presumed
2abandoned when such bond has remained unclaimed and unredeemed
3for 5 years after its date of final extended maturity.
4    (c) United States savings bonds that are presumed
5abandoned and unclaimed under subsection (b) shall escheat to
6the State of Illinois and all property rights and legal title
7to and ownership of the United States savings bonds, or
8proceeds from the bonds, including all rights, powers, and
9privileges of survivorship of any owner, co-owner, or
10beneficiary, shall vest solely in the State according to the
11procedure set forth in subsections (d) through (f).
12    (d) Within 180 days after a United States savings bond has
13been presumed abandoned, in the absence of a claim having been
14filed with the administrator for the savings bond, the
15administrator shall commence a civil action in the Circuit
16Court of Sangamon County for a determination that the United
17States savings bonds has escheated to the State. The
18administrator may postpone the bringing of the action until
19sufficient United States savings bonds have accumulated in the
20administrator's custody to justify the expense of the
21proceedings.
22    (e) The administrator shall make service by publication in
23the civil action in accordance with Sections 2-206 and 2-207
24of the Code of Civil Procedure, which shall include the filing
25with the Circuit Court of Sangamon County of the affidavit
26required in Section 2-206 of that Code by an employee of the

 

 

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1administrator with personal knowledge of the efforts made to
2contact the owners of United States savings bonds presumed
3abandoned under this Section. In addition to the diligent
4inquiries made pursuant to Section 2-206 of the Code of Civil
5Procedure, the administrator may also utilize additional
6discretionary means to attempt to provide notice to persons
7who may own a United States savings bond registered to a person
8with a last known address in the State of Illinois subject to a
9civil action pursuant to subsection (d).
10    (f) The owner of a United States savings bond registered
11to a person with a last known address in the State of Illinois
12subject to a civil action pursuant to subsection (d) may file a
13claim for such United States savings bond with either the
14administrator or by filing a claim in the civil action in the
15Circuit Court of Sangamon County in which the savings bond
16registered to that person is at issue prior to the entry of a
17final judgment by the Circuit Court pursuant to this
18subsection, and unless the Circuit Court determines that such
19United States savings bond is not owned by the claimant, then
20such United States savings bond shall no longer be presumed
21abandoned. If no person files a claim or appears at the hearing
22to substantiate a disputed claim or if the court determines
23that a claimant is not entitled to the property claimed by the
24claimant, then the court, if satisfied by evidence that the
25administrator has substantially complied with the laws of this
26State, shall enter a judgment that the United States savings

 

 

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1bonds have escheated to this State, and all property rights
2and legal title to and ownership of such United States savings
3bonds or proceeds from such bonds, including all rights,
4powers, and privileges of survivorship of any owner, co-owner,
5or beneficiary, shall vest in this State.
6    (g) The administrator shall redeem from the Bureau of the
7Fiscal Service of the United States Treasury the United States
8savings bonds escheated to the State and deposit the proceeds
9from the redemption of United States savings bonds into the
10Unclaimed Property Trust Fund.
11    (h) Any person making a claim for the United States
12savings bonds escheated to the State under this subsection, or
13for the proceeds from such bonds, may file a claim with the
14administrator. Upon providing sufficient proof of the validity
15of such person's claim, the administrator may, in his or her
16sole discretion, pay such claim. If payment has been made to
17any claimant, no action thereafter may be maintained by any
18other claimant against the State or any officer thereof for or
19on account of such funds.
20(Source: P.A. 100-22, eff. 1-1-18.)
 
21    (765 ILCS 1026/15-401)
22    Sec. 15-401. Report required by holder.
23    (a) A holder of property presumed abandoned and subject to
24the custody of the administrator shall report in a record to
25the administrator concerning the property. A holder shall

 

 

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1report via the internet in a format approved by the
2administrator, unless the administrator gives a holder
3specific permission to file a paper report.
4    (b) A holder may contract with a third party to make the
5report required under subsection (a).
6    (c) Whether or not a holder contracts with a third party
7under subsection (b), the holder is responsible:
8        (1) to the administrator for the complete, accurate,
9    and timely reporting of property presumed abandoned; and
10        (2) for paying or delivering to the administrator
11    property described in the report.
12    (d) A business association who has no reportable property
13shall so report to the administrator on forms via the Internet
14in a format approved by the administrator if the business
15association has:
16        (1) annual sales of more than $1,000,000;
17        (2) securities that are publicly traded;
18        (3) a net worth of more than $10,000,000; or
19        (4) more than 100 employees.
20    The administrator may increase one or more of the
21thresholds for filing a negative report by administrative
22rule.
23(Source: P.A. 100-22, eff. 1-1-18.)
 
24    (765 ILCS 1026/15-503)
25    Sec. 15-503. Notice by administrator.

 

 

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1    (a) The administrator shall give notice to an apparent
2owner that property presumed abandoned and appears to be owned
3by the apparent owner is held by the administrator under this
4Act.
5    (b) In providing notice under subsection (a), the
6administrator shall:
7        (1) except as otherwise provided in paragraph (2),
8    send written notice by first-class United States mail to
9    each apparent owner of property valued at $100 or more
10    held by the administrator, unless the administrator
11    determines that a mailing by first-class United States
12    mail would not be received by the apparent owner, and, in
13    the case of a security held in an account for which the
14    apparent owner had consented to receiving electronic mail
15    from the holder, send notice by electronic mail if the
16    electronic-mail address of the apparent owner is known to
17    the administrator instead of by first-class United States
18    mail; or
19        (2) send the notice to the apparent owner's
20    electronic-mail address if the administrator does not have
21    a valid United States mail address for an apparent owner,
22    but has an electronic-mail address that the administrator
23    does not know to be invalid.
24    (c) In addition to the notice under subsection (b), the
25administrator shall:
26        (1) publish every 6 months in at least one English

 

 

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1    language newspaper of general circulation in each county
2    in this State notice of property held by the administrator
3    which must include:
4            (A) the total value of property received by the
5        administrator during the preceding 6-month period,
6        taken from the reports under Section 15-401;
7            (B) the total value of claims paid by the
8        administrator during the preceding 6-month period;
9            (C) the Internet web address of the unclaimed
10        property website maintained by the administrator;
11            (D) an a telephone number and electronic-mail
12        address to contact the administrator to inquire about
13        or claim property; and
14            (E) a statement that a person may access the
15        Internet by a computer to search for unclaimed
16        property and a computer may be available as a service
17        to the public at a local public library.
18        (2) The administrator shall maintain a website
19    accessible by the public and electronically searchable
20    which contains the names reported to the administrator of
21    apparent owners for whom property is being held by the
22    administrator. The administrator need not list property on
23    such website when: no owner name was reported, a claim has
24    been initiated or is pending for the property, the
25    administrator has made direct contact with the apparent
26    owner of the property, and in other instances where the

 

 

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1    administrator reasonably believes exclusion of the
2    property is in the best interests of both the State and the
3    owner of the property.
4    (d) The website or database maintained under subsection
5(c)(2) must include instructions for filing with the
6administrator a claim to property and an online claim form
7with instructions. The website may also provide a printable
8claim form with instructions for its use.
9    (e) Tax return identification of apparent owners of
10abandoned property.
11        (1) At least annually the administrator shall notify
12    the Department of Revenue of the names of persons
13    appearing to be owners of abandoned property under this
14    Section. The administrator shall also provide to the
15    Department of Revenue the social security numbers of the
16    persons, if available.
17        (2) The Department of Revenue shall notify the
18    administrator if any person under subsection (e)(1) has
19    filed an Illinois income tax return and shall provide the
20    administrator with the last known address of the person as
21    it appears in Department of Revenue records, except as
22    prohibited by federal law. The Department of Revenue may
23    also provide additional addresses for the same taxpayer
24    from the records of the Department, except as prohibited
25    by federal law.
26        (3) In order to facilitate the return of property

 

 

10200SB0338ham003- 34 -LRB102 10796 LNS 26841 a

1    under this subsection, the administrator and the
2    Department of Revenue may enter into an interagency
3    agreement concerning protection of confidential
4    information, data match rules, and other issues.
5        (4) The administrator may deliver, as provided under
6    Section 15-904 of this Act, property or pay the amount
7    owing to a person matched under this Section without the
8    person filing a claim under Section 15-903 of this Act if
9    the following conditions are met:
10            (A) the value of the property that is owed the
11        person is $2,000 or less;
12            (B) the property is not either tangible property
13        or securities;
14            (C) the last known address for the person
15        according to the Department of Revenue records is less
16        than 12 months old; and
17            (D) the administrator has evidence sufficient to
18        establish that the person who appears in Department of
19        Revenue records is the owner of the property and the
20        owner currently resides at the last known address from
21        the Department of Revenue.
22        (5) If the value of the property that is owed the
23    person is greater than $2,000, or is tangible property or
24    securities the administrator shall provide notice to the
25    person, informing the person that he or she is the owner of
26    abandoned property held by the State and may file a claim

 

 

10200SB0338ham003- 35 -LRB102 10796 LNS 26841 a

1    with the administrator for return of the property.
2        (6) The administrator does not need to notify the
3    Department of Revenue of the names or social security
4    numbers of apparent owners of abandoned property if the
5    administrator reasonably believes that the Department of
6    Revenue will be unable to provide information that would
7    provide sufficient evidence to establish that the person
8    in the Department of Revenue's records is the apparent
9    owner of unclaimed property in the custody of the
10    administrator.
11    (f) The administrator may use additional databases to
12verify the identity of the person and that the person
13currently resides at the last known address. The administrator
14may utilize publicly and commercially available databases to
15find and update or add information for apparent owners of
16property held by the administrator.
17    (g) In addition to giving notice under subsection (b),
18publishing the information under subsection (c)(1) and
19maintaining the website or database under subsection (c)(2),
20the administrator may use other printed publication,
21telecommunication, the Internet, or other media to inform the
22public of the existence of unclaimed property held by the
23administrator.
24    (h) Identification of apparent owners of abandoned
25property using other State databases.
26    (1) The administrator may enter into interagency

 

 

10200SB0338ham003- 36 -LRB102 10796 LNS 26841 a

1agreements with the Secretary of State and the Illinois State
2Board of Elections to identify persons appearing to be owners
3of abandoned property with databases under the control of the
4Secretary of State and the Illinois State Board of Elections.
5Such interagency agreements shall include protection of
6confidential information, data match rules, and other
7necessary and proper issues.
8    (2) Except as prohibited by federal law, after January 1,
92022 the administrator may provide the Secretary of State with
10names and other identifying information of persons appearing
11to be owners of abandoned property. The Secretary of State may
12provide the administrator with the last known address as it
13appears in its respective records of any person reasonably
14believed to be the apparent owner of abandoned property.
15    (3) The Illinois State Board of Elections shall, upon
16request, annually provide the administrator with electronic
17data or compilations of voter registration information. The
18administrator may use such electronic data or compilations of
19voter registration information to identify persons appearing
20to be owners of abandoned property.
21    (4) The administrator may deliver, as provided under
22Section 15-904, property or pay the amount owing to a person
23matched under this Section without the person filing a claim
24under Section 15-903 if:
25        (i) the value of the property that is owed the person
26    is $2,000 or less;

 

 

10200SB0338ham003- 37 -LRB102 10796 LNS 26841 a

1        (ii) the property is not either tangible property or
2    securities;
3        (iii) the last known address for the person according
4    to the records of the Secretary of State or Illinois State
5    Board of Elections is less than 12 months old; and
6        (iv) the administrator has evidence sufficient to
7    establish that the person who appears in the records of
8    the Secretary of State or Illinois State Board of
9    Elections is the owner of the property and the owner
10    currently resides at the last known address from the
11    Secretary of State or the Illinois State Board of
12    Elections.
13(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
 
14    (765 ILCS 1026/15-603)
15    Sec. 15-603. Payment or delivery of property to
16administrator.
17    (a) Except as otherwise provided in this Section, on
18filing a report under Section 15-401, the holder shall pay or
19deliver to the administrator the property described in the
20report.
21    (b) If property in a report under Section 15-401 is an
22automatically renewable time deposit and the holder determines
23that a penalty or forfeiture in the payment of interest would
24result from paying the deposit to the administrator at the
25time of the report, the date for reporting and delivering

 

 

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1payment of the property to the administrator is extended until
2a penalty or forfeiture no longer would result from delivery
3of the property to the administrator. The holder shall report
4and deliver the property on the next regular date prescribed
5for reporting by the holder under this Act after this extended
6date, and the holder shall indicate in its report to the
7administrator that the property is being reported on an
8extended date pursuant to this subsection (b) payment, if the
9holder informs the administrator of the extended date.
10    (c) Tangible property in a safe-deposit box may not be
11delivered to the administrator until a mutually agreed upon
12date that is no sooner than 60 days after filing the report
13under Section 15-401.
14    (d) If property reported to the administrator under
15Section 15-401 is a security, the administrator may:
16        (1) make an endorsement, instruction, or entitlement
17    order on behalf of the apparent owner to invoke the duty of
18    the issuer, its transfer agent, or the securities
19    intermediary to transfer the security; or
20        (2) dispose of the security under Section 15-702.
21    (e) If the holder of property reported to the
22administrator under Section 15-401 is the issuer of a
23certificated security, the administrator may obtain a
24replacement certificate in physical or book-entry form under
25Section 8-405 of the Uniform Commercial Code. An indemnity
26bond is not required.

 

 

10200SB0338ham003- 39 -LRB102 10796 LNS 26841 a

1    (f) The administrator shall establish procedures for the
2registration, issuance, method of delivery, transfer, and
3maintenance of securities delivered to the administrator by a
4holder.
5    (g) An issuer, holder, and transfer agent or other person
6acting in good faith under this Section under instructions of
7and on behalf of the issuer or holder is not liable to the
8apparent owner for a claim arising with respect to property
9after the property has been delivered to the administrator.
10    (h) A holder is not required to deliver to the
11administrator a security identified by the holder as a
12non-freely transferable security in a report filed under
13Section 15-401. If the administrator or holder determines that
14a security is no longer a non-freely transferable security,
15the holder shall report and deliver the security on the next
16regular date prescribed for delivery of securities by the
17holder under this Act. The holder shall make a determination
18annually whether a security identified in a report filed under
19Section 15-401 as a non-freely transferable security is no
20longer a non-freely transferable security.
21    (i) If property reported to the administrator is virtual
22currency, the holder shall liquidate the virtual currency and
23remit the proceeds to the administrator. The liquidation shall
24occur anytime within 30 days prior to the filing of the report
25under Section 15-401. The owner shall not have recourse
26against the holder or the administrator to recover any gain in

 

 

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1value that occurs after the liquidation of the virtual
2currency under this subsection.
3(Source: P.A. 100-22, eff. 1-1-18.)
 
4    (765 ILCS 1026/15-607)
5    Sec. 15-607. Crediting income or gain to owner's account.
6    (a) If property other than money is delivered to the
7administrator, the owner is entitled to receive from the
8administrator income or gain realized or accrued on the
9property before the property is sold.
10    (b) Before August 22, 2017 Except as provided in
11subsection (c), interest on money is not payable to an owner
12for periods where the property is in the possession of the
13administrator.
14    (c) Beginning on August 22, 2017, If an interest-bearing
15demand, savings, or time deposit is paid or delivered to the
16administrator on or after July 1, 2018, then the administrator
17shall pay interest to the owner of property in the form of
18money at the greater lesser of: (i) the percentage increase,
19if any, in the Consumer Price Index for All Urban Consumers for
20all items published by the United States Department of Labor
21(CPI-U); or (ii) the actual rate of return the State Treasurer
22earned on the Unclaimed Property Trust Fund property earned
23while in the possession of the holder and reported to the
24administrator. Interest begins to accrue when the property in
25the form of money is delivered to the administrator or when the

 

 

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1administrator converts property to money pursuant to Article 7
2and ends on the earlier of the expiration of 10 years after the
3property begins to accrue interest its delivery or the date on
4which payment is made to the owner. The administrator may
5establish by administrative rule more detailed methodologies
6for calculating the amount of interest to be paid to an owner
7under this Section using CPI-U or the rate the property earned
8while in the possession of the holder.
9    (d) When paying interest to an owner pursuant to
10subsection (c), the administrator shall charge a one-time
11administrative fee of $5, deductible only from interest.
12(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
 
13    (765 ILCS 1026/15-905)
14    Sec. 15-905. Allowance of claim for property.
15    (a) The administrator shall pay or deliver to the owner
16the property or pay to the owner the net proceeds of a sale of
17the property, together with income or gain to which the owner
18is entitled under Section 15-607. On request of the owner, the
19administrator may sell or liquidate property and pay the net
20proceeds to the owner, even if the property had been held by
21the administrator for less than 3 years or the administrator
22has not complied with the notice requirements under Section
2315-503.
24    (b) Property held under this Act by the administrator is
25subject to offset under Section 10.05 of the State Comptroller

 

 

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1Act.
2    (c) Any warrants issued by the Comptroller pursuant to a
3voucher from the administrator to pay an owner under this Act
4that are not presented to the Treasurer within 12 months of the
5date of issuance shall be void pursuant to Section 10.07 of the
6State Comptroller Act, but the funds shall not escheat to the
7State and shall instead be redeposited in the Unclaimed
8Property Trust Fund.
9    (d) The administrator shall be responsible for any tax
10reporting required by federal law related to payments made
11pursuant to this Act. The administrator may contract with a
12vendor to assist with the tax reporting duties required by
13this subsection.
14(Source: P.A. 100-22, eff. 1-1-18.)
 
15    (765 ILCS 1026/15-906)
16    Sec. 15-906. Action by person whose claim is denied. Not
17later than one year after filing a claim under subsection (a)
18of Section 15-903, the claimant may commence a contested case
19pursuant to the Illinois Administrative Procedure Act to
20establish a claim by the preponderance of the evidence after
21either receiving notice under subsection (b) of Section 15-904
2215-903 or the claim is deemed denied under subsection (b) (d)
23of Section 15-904 15-903.
24(Source: P.A. 100-22, eff. 1-1-18.)
 

 

 

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1    (765 ILCS 1026/15-1002.1)
2    Sec. 15-1002.1. Examination of State-regulated financial
3organizations.
4    (a) Notwithstanding Section 15-1002 of this Act, for any
5financial organization for which the Department of Financial
6and Professional Regulation is the primary prudential
7regulator, the administrator shall not examine such financial
8institution unless the administrator has consulted with the
9Secretary of Financial and Professional Regulation and the
10Department of Financial and Professional Regulation has not
11examined such financial organization for compliance with this
12Act within the past 5 years. The Secretary of Financial and
13Professional Regulation may waive in writing the provisions of
14this subsection (a) in order to permit the administrator to
15examine a financial organization or group of financial
16organizations for compliance with this Act.
17    (b) Nothing in this Section shall be construed to prohibit
18the administrator from examining a financial organization for
19which the Department of Financial and Professional Regulation
20is not the primary prudential regulator. Further, nothing in
21this Act shall be construed to limit the authority of the
22Department of Financial and Professional Regulation to examine
23financial organizations.
24    (c) Notwithstanding Section 15-1002, the administrator
25may, at reasonable times and upon reasonable notice:
26        (1) examine the records of a financial organization

 

 

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1    that is a federally chartered bank, savings bank, or
2    credit union if the administrator has reason to believe
3    that the financial organization has failed to comply with
4    this Act;
5        (2) issue an administrative subpoena requiring the
6    financial organization or an agent of the financial
7    organization to make records available for examination;
8    and
9        (3) bring an action seeking judicial enforcement of
10    the subpoena.
11    The administrator may adopt administrative rules that
12specify conditions under which the administrator has a reason
13to believe that a financial organization is not in compliance
14with this Act.
15(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18;
16101-81, eff. 7-12-19.)
 
17    (765 ILCS 1026/15-1004)
18    Sec. 15-1004. Records obtained in examination. Records
19obtained and records, including work papers, compiled by the
20administrator or administrator's agent in the course of
21conducting an examination under Section 15-1002 or Section
2215-1002.1:
23        (1) are subject to the confidentiality and security
24    provisions of Article 14 and are exempt from disclosure
25    under the Freedom of Information Act;

 

 

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1        (2) may be used by the administrator in an action to
2    collect property or otherwise enforce this Act;
3        (3) may be used in a joint examination conducted with
4    another state, the United States, a foreign country or
5    subordinate unit of a foreign country, or any other
6    governmental entity if the governmental entity conducting
7    the examination is legally bound to maintain the
8    confidentiality and security of information obtained from
9    a person subject to examination in a manner substantially
10    equivalent to Article 14;
11        (4) may be disclosed, on request, to the person that
12    administers the unclaimed property law of another state
13    for that state's use in circumstances equivalent to
14    circumstances described in this Article, if the other
15    state is required to maintain the confidentiality and
16    security of information obtained in a manner substantially
17    equivalent to Article 14;
18        (5) must be produced by the administrator under an
19    administrative or judicial subpoena or administrative or
20    court order; and
21        (6) must be produced by the administrator on request
22    of the person subject to the examination in an
23    administrative or judicial proceeding relating to the
24    property.
25(Source: P.A. 100-22, eff. 1-1-18.)
 

 

 

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1    (765 ILCS 1026/15-1401)
2    Sec. 15-1401. Confidential information.
3    (a) Except as otherwise provided in this Section,
4information that is confidential under law of this State other
5than this Act, another state, or the United States, including
6"private information" as defined in the Freedom of Information
7Act and "personal information" as defined in the Personal
8Information Protection Act, continues to be confidential when
9disclosed or delivered under this Act to the administrator or
10administrator's agent.
11    (b) Information provided in reports filed pursuant to
12Section 15-401, information obtained in the course of an
13examination pursuant to Section 15-1002 or Section 15-1002.1,
14and the database required by Section 15-503 is exempt from
15disclosure under the Freedom of Information Act.
16    (c) If reasonably necessary to enforce or implement this
17Act, the administrator or the administrator's agent may
18disclose confidential information concerning property held by
19the administrator or the administrator's agent to:
20        (1) an apparent owner or the apparent owner's
21    representative under the Probate Act of 1975, attorney,
22    other legal representative, or relative;
23        (2) the representative under the Probate Act of 1975,
24    other legal representative, relative of a deceased
25    apparent owner, or a person entitled to inherit from the
26    deceased apparent owner;

 

 

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1        (3) another department or agency of this State or the
2    United States;
3        (4) the person that administers the unclaimed property
4    law of another state, if the other state accords
5    substantially reciprocal privileges to the administrator
6    of this State if the other state is required to maintain
7    the confidentiality and security of information obtained
8    in a manner substantially equivalent to Article 14;
9        (5) a person subject to an examination as required by
10    Section 15-1004; and
11        (6) an agent of the administrator.
12    (d) The administrator may include on the website or in the
13database the names and addresses of apparent owners of
14property held by the administrator as provided in Section
1515-503. The administrator may include in published notices,
16printed publications, telecommunications, the Internet, or
17other media and on the website or in the database additional
18information concerning the apparent owner's property if the
19administrator believes the information will assist in
20identifying and returning property to the owner and does not
21disclose personal information as defined in the Personal
22Information Protection Act.
23    (e) The administrator and the administrator's agent may
24not use confidential information provided to them or in their
25possession except as expressly authorized by this Act or
26required by law other than this Act.

 

 

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1(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
 
2    (765 ILCS 1026/15-1402)
3    Sec. 15-1402. Confidentiality agreement. A person to be
4examined under Section 15-1002 or Section 15-1002.1 may
5require, as a condition of disclosure of the records of the
6person to be examined, that the administrator or the
7administrator's agent execute and deliver to the person to be
8examined a confidentiality agreement that:
9        (1) is in a form that is reasonably satisfactory to
10    the administrator; and
11        (2) requires the person having access to the records
12    to comply with the provisions of this Article applicable
13    to the person.
14(Source: P.A. 100-22, eff. 1-1-18.)
 
15    (15 ILCS 505/0.04 rep.)
16    (15 ILCS 505/0.05 rep.)
17    Section 15. The State Treasurer Act is amended by
18repealing Sections 0.04 and 0.05.
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.".