House Sponsors: RUTHERFORD-FLOWERS-OSMOND-DAVIS,MONIQUE-BASSI. Senate Sponsors: SULLIVAN-SIEBEN-GEO-KARIS-MAITLAND-MYERS,J Short description: UNCLAIMED PROPRTY TO TREASURER Synopsis of Bill as introduced: Amends the State Treasurer Act and the Uniform Disposition of Unclaimed Property Act to transfer the administration of the Uniform Disposition of Unclaimed Property Act from the Department of Financial Institutions to the State Treasurer. Amends the Financial Institutions Code, the Illinois Banking Act, the Illinois Credit Union Act, the Currency Exchange Act, the Corporate Fiduciary Act, the Illinois Insurance Code, the Probate Act of 1975, the Business Corporation Act of 1983, and the General Not For Profit Corporation Act of 1986 to make corresponding changes. Effective July 1, 1999, but the provisions authorizing the transfer on July 1, 1999 take effect immediately. FISCAL NOTE (State Treasurer) HB1281 will have no impact on the State's resources. HOUSE AMENDMENT NO. 1. Deletes reference to: 20 ILCS 1205/7 Adds reference to: 30 ILCS 105/8.12 from Ch. 17, par. 359 205 ILCS 5/48 Provides that, rather than be transferred to the State Treasurer, the rights, powers, duties, and functions involving the examination of the records of any person that the State Treasurer has reason to believe has failed to report properly under this Act shall be transferred to the Office of Banks and Real Estate if the person is doing business in the State under the supervision of the Office of Banks and Real Estate and shall be retained by the Department of Financial Institutions if the person is doing business in the State under the supervision of the Department of Financial Institutions, the National Credit Union Administration, the Office of Thrift Supervision, or the Comptroller of the Currency. Makes provision for the rights of transferred employees under collective bargaining agreements. Makes other changes to reflect the administration of the Act by the 3 different agencies. Amends the State Finance Act. In provisions authorizing the General Assembly to appropriate funds from the State Pension Fund for the administration of the Uniform Disposition of Unclaimed Property Act provides that the State Treasurer and the State Comptroller shall transfer funds from the State Pension Fund to other Funds to reimburse the Office of Banks and Real Estate and the Department of Financial Institutions for conducting unclaimed property examinations. Further amends the Illinois Banking Act. In provisions setting Call Report Fees for bank inspections, provides that an examination conducted at the request of the State Treasurer pursuant to the Uniform Disposition of Unclaimed Property Act shall not be deemed to be an additional examination under these provisions. Provides that included in the Commissioner of Banks and Real Estate's contingent fee are any amounts transferred into the Bank and Trust Company Fund from the State Pensions Fund for that year. Last action on Bill: PUBLIC ACT.............................. 91-0016 Last action date: 99-06-04 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status