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

SB0338sam001 102ND GENERAL ASSEMBLY

Sen. Rachelle Crowe

Filed: 3/23/2021

 

 


 

 


 
10200SB0338sam001LRB102 10796 LNS 23986 a

1
AMENDMENT TO SENATE BILL 338

2    AMENDMENT NO. ______. Amend Senate Bill 338 on page 4,
3line 12 by replacing "15-607," with "15-607, 15-905,"; and
 
4on page 32, line 9, by replacing "shall" with "may"; and
 
5on page 37, immediately below line 2, by inserting the
6following:
 
7    "(765 ILCS 1026/15-905)
8    Sec. 15-905. Allowance of claim for property.
9    (a) The administrator shall pay or deliver to the owner
10the property or pay to the owner the net proceeds of a sale of
11the property, together with income or gain to which the owner
12is entitled under Section 15-607. On request of the owner, the
13administrator may sell or liquidate property and pay the net
14proceeds to the owner, even if the property had been held by
15the administrator for less than 3 years or the administrator

 

 

10200SB0338sam001- 2 -LRB102 10796 LNS 23986 a

1has not complied with the notice requirements under Section
215-503.
3    (b) Property held under this Act by the administrator is
4subject to offset under Section 10.05 of the State Comptroller
5Act.
6    (c) Any warrants issued by the Comptroller pursuant to a
7voucher from the administrator to pay an owner under this Act
8that are not presented to the Treasurer within 12 months of the
9date of issuance shall be void pursuant to Section 10.07 of the
10State Comptroller Act, but the funds shall not escheat to the
11State and shall instead be redeposited in the Unclaimed
12Property Trust Fund.
13    (d) The administrator shall be responsible for any tax
14reporting required by federal law related to payments made
15pursuant to this Act. The administrator may contract with a
16vendor to assist with the tax reporting duties required by
17this subsection.
18(Source: P.A. 100-22, eff. 1-1-18.)".