HB1852enr 91st General Assembly


91_HB1852enr

 
HB1852 Enrolled                                LRB9104621LDmb

 1        AN ACT to amend  the  Uniform  Disposition  of  Unclaimed
 2    Property Act by changing Section 2a.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The Uniform Disposition of Unclaimed Property
 6    Act is amended by changing Section 2a as follows:

 7        (765 ILCS 1025/2a) (from Ch. 141, par. 102a)
 8        Sec.  2a.   (a)  Business  associations   shall   report,
 9    pursuant  to  Section  11  of  this Act, all property and any
10    earnings thereon to which the owner would  be  entitled  that
11    have  remained  unclaimed  for  5  years  and  are  therefore
12    presumed abandoned.  Before reporting and delivering property
13    as required under this Act, a business association may deduct
14    from  the  amount of otherwise reportable intangible personal
15    property the economic loss suffered by it in connection  with
16    that  intangible  personal property arising from transactions
17    involving the sale of tangible personal property  at  retail.
18    This property shall consist of, but is not limited to:
19             (1)  unclaimed wages;
20             (2)  deposits  or  payment for repair or purchase of
21        goods or services;
22             (3)  credit   checks   or   memos,    or    customer
23        overpayments;
24             (4)  stocks,  bonds, or any other type of securities
25        or  debt  instruments,   and   interest   and   dividends
26        therefrom;
27             (5)  unidentified       remittances,      unrefunded
28        overcharges;
29             (6)  unpaid  claims,  unpaid  accounts  payable   or
30        unpaid commissions; and
31             (7)  credit   balances-accounts  receivable,  checks
 
HB1852 Enrolled            -2-                 LRB9104621LDmb
 1        written off, employee bond buying and profit-sharing.
 2        (b)  Notwithstanding the provisions  of  subsection  (a),
 3    any  property due or owed by a business association to or for
 4    the benefit of another business association resulting from  a
 5    transaction  occurring  in  the normal and ordinary course of
 6    business shall be exempt from the provisions of this Act.
 7    (Source: P.A. 90-167, eff. 7-23-97.)

 8        Section 99.  Effective date.  This Act takes effect  upon
 9    becoming law.
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State of Illinois 91st General Assembly Legislation

State of Illinois
91st General Assembly
Legislation
