765 ILCS 1026/ Revised Uniform Unclaimed Property Act.

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765 ILCS 1026/Art. 8

(765 ILCS 1026/Art. 8 heading)

ARTICLE 8. ADMINISTRATION OF PROPERTY

(Source: P.A. 100-22, eff. 1-1-18.)

765 ILCS 1026/15-801

(765 ILCS 1026/15-801)

Sec. 15-801. Deposit of funds by administrator.

(a) Except as otherwise provided in this Section, the administrator shall deposit in the Unclaimed Property Trust Fund all funds received under this Act, including proceeds from the sale of property under Article 7.  The administrator may deposit any amount in the Unclaimed Property Trust Fund into the State Pensions Fund during the fiscal year at his or her discretion; however, he or she shall, on April 15 and October 15 of each year, deposit any amount in the Unclaimed Property Trust Fund exceeding $2,500,000 into the State Pensions Fund. If on either April 15 or October 15, the administrator determines that a balance of $2,500,000 is insufficient for the prompt payment of unclaimed property claims authorized under this Act, the administrator may retain more than $2,500,000 in the Unclaimed Property Trust Fund in order to ensure the prompt payment of claims. Beginning in State fiscal year 2025, all amounts that are deposited into the State Pensions Fund from the Unclaimed Property Trust Fund shall be apportioned to the designated retirement systems as provided in subsection (c-6) of Section 8.12 of the State Finance Act to reduce their actuarial reserve deficiencies.

(b) The administrator shall make prompt payment of claims he or she duly allows as provided for in this Act from the Unclaimed Property Trust Fund. This shall constitute an irrevocable and continuing appropriation of all amounts in the Unclaimed Property Trust Fund necessary to make prompt payment of claims duly allowed by the administrator pursuant to this Act.

(Source: P.A. 102-16, eff. 6-17-21; 102-699, eff. 4-19-22; 103-8, eff. 6-7-23.)

765 ILCS 1026/15-802

(765 ILCS 1026/15-802)

Sec. 15-802. Administrator to retain records of property. The administrator shall:
(1) record and retain the name and last-known address

of each person shown on a report filed under Section 15-401 to be the apparent owner of property delivered to the administrator;

(2) record and retain the name and last-known address

of each insured or annuitant and beneficiary shown on the report;

(3) for each policy of insurance or annuity contract

listed in the report of an insurance company, record and retain the policy or account number, the name of the company, and the amount due or paid shown on the report;

(4) for each apparent owner listed in the report,

record and retain the name of the holder that filed the report and the amount due or paid; and

(5) maintain records sufficient to indicate the

filing of reports required under Section 15-401 and the payment or delivery of property to the administrator under Section 15-603.

Records created or maintained pursuant to this Section are subject to the requirements of the Illinois State Records Act.

(Source: P.A. 100-22, eff. 1-1-18.)

765 ILCS 1026/15-803

(765 ILCS 1026/15-803)

Sec. 15-803. Expenses and service charges of administrator.

Before making a deposit of funds received under this Act to the Unclaimed Property Trust Fund, the administrator may deduct expenses incurred in examining records of or collecting property from a putative holder or holder as provided in the State Officers and Employees Money Disposition Act.

(Source: P.A. 100-22, eff. 1-1-18.)

765 ILCS 1026/15-804

(765 ILCS 1026/15-804)

Sec. 15-804. Administrator holds property as custodian for owner.

Upon the payment or delivery of abandoned property to the administrator, the State shall assume custody and shall be responsible for the safekeeping thereof in perpetuity unless otherwise claimed for the benefit of the owner or the owner's successors in interest.

(Source: P.A. 103-148, eff. 6-30-23.)