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Illinois Compiled Statutes - Full Text
Information maintained by the Legislative Reference Bureau
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(765 ILCS 1026/15-1302) (Text of Section before amendment by P.A. 104-116) Sec. 15-1302. When agreement to locate property void. (a) Subject to subsection (b), an agreement under Section 15-1301 is void if it is entered into during the period beginning on the date the property was presumed abandoned under this Act and ending 24 months after the payment or delivery of the property to the administrator. (b) If a provision in an agreement described in Section 15-1301 applies to mineral proceeds for which compensation is to be paid to the other person based in whole or in part on a part of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void regardless of when the agreement was entered into. (c) An agreement under this Article 13 which provides for compensation in an amount that is more than 10% of the amount collected is unenforceable except by the apparent owner. (d) An apparent owner or the administrator may assert that an agreement described in this Article 13 is void on a ground other than it provides for payment of unconscionable compensation. (e) A person attempting to collect a contingent fee for discovering, on behalf of an apparent owner, presumptively abandoned property must be licensed as a private detective pursuant to the Private Detective, Private Alarm, Private Security, Fingerprint Vendor, and Locksmith Act of 2004. (f) This Section does not apply to an agreement between an owner and an attorney to pursue a claim for recovery of specifically identified property held by the administrator or to contest the administrator's denial of a claim for recovery of the property where the attorney has an attorney-client relationship with the owner. (g) This Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act, or with an affiliate of such firm, if all of the following apply: (1) the CPA firm has registered with the | ||
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(2) the apparent owner is not a natural person; and (3) the CPA firm, or with an affiliate of such firm, | ||
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(Source: P.A. 103-977, eff. 1-1-25.) (Text of Section after amendment by P.A. 104-116) Sec. 15-1302. When agreement to locate property void. (a) Time period. Subject to subsection (b), an agreement under Section 15-1301 is void if it is entered into during the period beginning on the date the property was presumed abandoned under this Act and ending 24 months after the payment or delivery of the property to the administrator. (b) Prohibition on future assignments. If a provision in an agreement described in Section 15-1301 applies to an obligation that did not exist or was not owed to the assignor at the time of execution of the agreement, the provision is void regardless of when the agreement was entered into. (c) Limit on fees. An agreement under this Article 13 that provides for a fee, compensation, commission, or other remuneration in an amount that is more than 10% of the amount collected is unenforceable except by the apparent owner. The purchase, assignment, or other conveyance of unclaimed property to a finder, resulting in a net fee, compensation, commission, remuneration, or other profit to the finder in excess of 10% of the amount collected is prohibited. (d) Other grounds for being void. An apparent owner or the administrator may assert that an agreement described in this Article 13 is void on a ground other than it provides for payment of compensation in excess of the amount authorized by paragraph (c) of this Section. (e) License required. On or after January 1, 2026, a person attempting or seeking to act as a finder must be licensed as a finder by the administrator pursuant to Section 15-1503. (f) Attorneys. This Section does not apply to an agreement between an owner and an attorney to pursue a claim for recovery of specifically identified property held by the administrator or to contest the administrator's denial of a claim for recovery of the property where the attorney has an attorney-client relationship with the owner. (g) CPA firms. This Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act, or with an affiliate of such firm, if all of the following apply: (1) the CPA firm has registered with the | ||
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(2) the apparent owner is not a natural person; and (3) the CPA firm, or with an affiliate of such firm, | ||
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(h) Enforcement. The administrator may use all the powers under Section 15-1002 to determine compliance with this Article. (Source: P.A. 103-977, eff. 1-1-25; 104-116, eff. 1-1-26.) |