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91_HB3860
LRB9112089STsb
1 AN ACT to amend the 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 by changing Section 2a as follows:
7 (765 ILCS 1025/2a) (from Ch. 141, par. 102a)
8 Sec. 2a. Report of unclaimed property and earnings.
9 (a) Business associations shall report, pursuant to
10 Section 11 of this Act, all property and any earnings thereon
11 to which the owner would be entitled that have remained
12 unclaimed for 5 years and are therefore presumed abandoned.
13 Before reporting and delivering property as required under
14 this Act, a business association may deduct from the amount
15 of otherwise reportable intangible personal property the
16 economic loss suffered by it in connection with that
17 intangible personal property arising from transactions
18 involving the sale of tangible personal property at retail.
19 This property shall consist of, but is not limited to:
20 (1) unclaimed wages;
21 (2) deposits or payment for repair or purchase of
22 goods or services;
23 (3) credit checks or memos, or customer
24 overpayments;
25 (4) stocks, bonds, or any other type of securities
26 or debt instruments, and interest and dividends
27 therefrom;
28 (5) unidentified remittances, unrefunded
29 overcharges;
30 (6) unpaid claims, unpaid accounts payable or
31 unpaid commissions; and
-2- LRB9112089STsb
1 (7) credit balances-accounts receivable, checks
2 written off, employee bond buying and profit-sharing.
3 (b) Notwithstanding the provisions of subsection (a),
4 any property due or owed by a business association or a
5 banking organization which is to or for the benefit of
6 another business association or banking organization
7 resulting from a transaction occurring in the normal and
8 ordinary course of business shall be exempt from the
9 provisions of this Act.
10 (Source: P.A. 90-167, eff. 7-23-97.)
11 Section 99. Effective date. This Act takes effect upon
12 becoming law.