Illinois Compiled Statutes - Full Text

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Illinois Compiled Statutes - Full Text

Information maintained by the Legislative Reference Bureau

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.


765 ILCS 1026/15-1301

    (765 ILCS 1026/15-1301)
    (Text of Section before amendment by P.A. 104-116)
    Sec. 15-1301. When agreement to locate property enforceable. An agreement by an apparent owner and another person, the primary purpose of which is to locate, deliver, recover, or assist in the location, delivery, or recovery of property held by the administrator, is enforceable only if the agreement:
        (1) is in a record that clearly states the nature of
    
the property and the services to be provided;
        (2) is signed by or on behalf of the apparent owner;
    
and
        (3) states the amount or value of the property
    
reasonably expected to be recovered, computed before and after a fee or other compensation to be paid to the person has been deducted.
(Source: P.A. 100-22, eff. 1-1-18.)
 
    (Text of Section after amendment by P.A. 104-116)
    Sec. 15-1301. When agreement to locate property enforceable.
    (a) An agreement by an owner or an apparent owner and a finder, the primary purpose of which is to locate, recover, or assist in the location or recovery of property held by the administrator for a fee, compensation, commission, or other remuneration, is enforceable only if the agreement:
        (1) is in a record that clearly states the nature of
    
the property and the services to be provided;
        (2) is signed by or on behalf of the owner or
    
apparent owner;
        (3) states the amount or value of the property
    
reasonably expected to be recovered, computed before and after a fee, compensation, commission, or other remuneration to be paid to the finder has been deducted;
        (4) clearly states that the property is in the
    
possession of the administrator and may be recovered from the administrator without paying a fee; and
        (5) provides the contact information for recovering
    
the property from the administrator.
    (b) In conjunction with the filing of any claim involving an agreement by an owner or apparent owner and a finder, the administrator shall receive from the claimant a full and unredacted copy of the agreement signed by the owner or apparent owner and the finder.
    (c) A finder may receive payment directly from the administrator only if the claimant provides a fully executed and unredacted copy of the agreement together with the claim and if the agreement provides for the direct payment to the finder. In all other cases, the administrator must remit the entirety of the payment to the claimant. All payments remain subject to offset as provided in Section 15-905.
(Source: P.A. 104-116, eff. 1-1-26.)