(765 ILCS 1026/15-102)
In this Act:
(1) "Administrator" means the State Treasurer.
(2) "Administrator's agent" means a person with which
the administrator contracts to conduct an examination under Article 10 on behalf of the administrator. The term includes an independent contractor of the person and each individual participating in the examination on behalf of the person or contractor.
(3) "Apparent owner" means a person whose name
appears on the records of a holder as the owner of property held, issued, or owing by the holder.
(4) "Business association" means a corporation, joint
stock company, investment company, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, insurance company, federally chartered entity, utility, sole proprietorship, or other business entity, whether or not for profit.
(5) "Confidential information" means information that
is "personal information" under the Personal Information Protection Act, "private information" under the Freedom of Information Act or personal information contained within public records, the disclosure of which would constitute a clearly unwarranted invasion of personal privacy, unless the disclosure is consented to in writing by the individual subjects of the information as provided in the Freedom of Information Act.
(6) "Domicile" means:
(A) for a corporation, the state of its
(B) for a business association whose formation
requires a filing with a state, other than a corporation, the state of its filing;
(C) for a federally chartered entity or an
investment company registered under the Investment Company Act of 1940, the state of its home office; and
(D) for any other holder, the state of its
principal place of business.
(7) "Electronic" means relating to technology having
electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
(8) "Electronic mail" means a communication by
electronic means which is automatically retained and stored and may be readily accessed or retrieved.
(8.5) "Escheat fee" means any charge imposed solely
by virtue of property being reported as presumed abandoned.
(9) "Financial organization" means a bank, savings
bank, foreign bank, corporate fiduciary, currency exchange, money transmitter, or credit union.
(10) "Game-related digital content" means digital
content that exists only in an electronic game or electronic-game platform. The term:
(i) game-play currency such as a virtual
wallet, even if denominated in United States currency; and
(ii) the following if for use or redemption
only within the game or platform or another electronic game or electronic-game platform:
(I) points sometimes referred to as gems,
tokens, gold, and similar names; and
(II) digital codes; and
(B) does not include an item that the issuer:
(i) permits to be redeemed for use outside a
(I) money; or
(II) goods or services that have more
(ii) otherwise monetizes for use outside a
(11) "Gift card" means a record evidencing a promise
made for consideration by the seller or issuer of the record that goods, services, or money will be provided to the owner of the record to the value or amount shown in the record that is either:
(A) a record:
(i) issued on a prepaid basis primarily
for personal, family, or household purposes to a consumer in a specified amount;
(ii) the value of which does not expire;
(iii) that is not subject to a dormancy,
inactivity, or post-sale service fee;
(iv) that is redeemable upon presentation
for goods or services; and
(v) that, unless required by law, may not
be redeemed for or converted into money or otherwise monetized by the issuer; or
(B) a prepaid commercial mobile radio service, as
defined in 47 C.F.R. 20.3, as amended.
(12) "Holder" means a person obligated to hold for
the account of, or to deliver or pay to, the owner, property subject to this Act.
(13) "Insurance company" means an association,
corporation, or fraternal or mutual-benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including accident, burial, casualty, credit-life, contract-performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage-protection, and worker-compensation insurance.
(14) "Loyalty card" means a record given without
direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program which may be used or redeemed only to obtain goods or services or a discount on goods or services. The term does not include a record that may be redeemed for money or otherwise monetized by the issuer.
(15) "Mineral" means gas, oil, coal, oil shale, other
gaseous liquid or solid hydrocarbon, cement material, sand and gravel, road material, building stone, chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other geothermal resources, and any other substance defined as a mineral by law of this State other than this Act.
(16) "Mineral proceeds" means an amount payable for
extraction, production, or sale of minerals, or, on the abandonment of the amount, an amount that becomes payable after abandonment. The term includes an amount payable:
(A) for the acquisition and retention of a
mineral lease, including a bonus, royalty, compensatory royalty, shut-in royalty, minimum royalty, and delay rental;
(B) for the extraction, production, or sale of
minerals, including a net revenue interest, royalty, overriding royalty, extraction payment, and production payment; and
(C) under an agreement or option, including a
joint-operating agreement, unit agreement, pooling agreement, and farm-out agreement.
(17) "Money order" means a payment order for a
specified amount of money. The term includes an express money order and a personal money order on which the remitter is the purchaser.
(18) "Municipal bond" means a bond or evidence of
indebtedness issued by a municipality or other political subdivision of a state.
(19) "Net card value" means the original purchase
price or original issued value of a stored-value card, plus amounts added to the original price or value, minus amounts used and any service charge, fee, or dormancy charge permitted by law.
(20) "Non-freely transferable security" means a
security that cannot be delivered to the administrator by the Depository Trust Clearing Corporation or similar custodian of securities providing post-trade clearing and settlement services to financial markets or cannot be delivered because there is no agent to effect transfer. The term includes a worthless security.
(21) "Owner", unless the context otherwise requires,
means a person that has a legal, beneficial, or equitable interest in property subject to this Act or the person's legal representative when acting on behalf of the owner. The term includes:
(A) a depositor, for a deposit;
(B) a beneficiary, for a trust other than a
(C) a creditor, claimant, or payee, for other
(D) the lawful bearer of a record that may be
used to obtain money, a reward, or a thing of value.
(22) "Payroll card" means a record that evidences a
payroll-card account as defined in Regulation E, 12 CFR Part 1005, as amended.
(23) "Person" means an individual, estate, business
association, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity, whether or not for profit.
(24) "Property" means tangible property described in
Section 15-201 or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality. The term:
(A) includes all income from or increments to the
(B) includes property referred to as or evidenced
(i) money, virtual currency, interest, or a
dividend, check, draft, deposit, or payroll card;
(ii) a credit balance, customer's
overpayment, stored-value card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance;
(iii) a security except for:
(I) a worthless security; or
(II) a security that is subject to a
lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;
(iv) a bond, debenture, note, or other
evidence of indebtedness;
(v) money deposited to redeem a security,
make a distribution, or pay a dividend;
(vi) an amount due and payable under an
annuity contract or insurance policy;
(vii) an amount distributable from a trust or
custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit; and
(viii) any instrument on which a financial
organization or business association is directly liable; and
(C) does not include:
(i) game-related digital content;
(ii) a loyalty card;
(iii) a gift card; or
(iv) funds on deposit or held in trust
pursuant to Section 16 of the Illinois Pre-Need Cemetery Sales Act.
(25) "Putative holder" means a person believed by the
administrator to be a holder, until the person pays or delivers to the administrator property subject to this Act or the administrator or a court makes a final determination that the person is or is not a holder.
(26) "Record" means information that is inscribed on
a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. The phrase "records of the holder" includes records maintained by a third party that has contracted with the holder.
(27) "Security" means:
(A) a security as defined in Article 8 of the
(B) a security entitlement as defined in Article
8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:
(i) registered on the books of the issuer in
the name of the person for which the broker-dealer holds the assets;
(ii) payable to the order of the person; or
(iii) specifically indorsed to the person; or
(C) an equity interest in a business association
not included in subparagraph (A) or (B).
(28) "Sign" means, with present intent to
authenticate or adopt a record:
(A) to execute or adopt a tangible symbol; or
(B) to attach to or logically associate with the
record an electronic symbol, sound, or process.
(29) "State" means a state of the United States, the
District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.
(30) "Stored-value card" means a card, code, or other
(A) issued on a prepaid basis primarily for
personal, family, or household purposes to a consumer in a specified amount, whether or not that amount may be increased or reloaded in exchange for payment; and
(B) redeemable upon presentation at multiple
unaffiliated merchants for goods or services or usable at automated teller machines; and
"Stored-value card" does not include a gift card,
payroll card, loyalty card, or game-related digital content.
(31) "Utility" means a person that owns or operates
for public use a plant, equipment, real property, franchise, or license for the following public services:
(A) transmission of communications or information;
(B) production, storage, transmission, sale,
delivery, or furnishing of electricity, water, steam, or gas; or
(C) provision of sewage or septic services, or
trash, garbage, or recycling disposal.
(32) "Virtual currency" means a digital
representation of value used as a medium of exchange, unit of account, or store of value, which does not have legal tender status recognized by the United States. The term does not include:
(A) the software or protocols governing the
transfer of the digital representation of value;
(B) game-related digital content; or
(C) a loyalty card or gift card.
(33) "Worthless security" means a security whose cost
of liquidation and delivery to the administrator would exceed the value of the security on the date a report is due under this Act.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18; 101-552, eff. 1-1-20