State of Illinois
91st General Assembly

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 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.

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