[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
92_SB0644
LRB9205899WHcs
1 AN ACT concerning unclaimed property.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Uniform Disposition of Unclaimed Property
5 Act is amended by changing Section 1 as follows:
6 (765 ILCS 1025/1) (from Ch. 141, par. 101)
7 Sec. 1. Definitions. As used in this Act, unless the
8 context otherwise requires:
9 (a) "Banking organization" means any bank, trust
10 company, savings bank, industrial bank, land bank, safe
11 deposit company, or a private banker.
12 (b) "Business association" means any corporation, joint
13 stock company, business trust, partnership, or any
14 association, limited liability company, or other business
15 entity consisting of one or more persons, whether or not for
16 profit.
17 (c) "Financial organization" means any savings and loan
18 association, building and loan association, credit union,
19 currency exchange, co-operative bank, mutual funds, or
20 investment company.
21 (d) "Holder" means any person in possession of property
22 subject to this Act belonging to another, or who is trustee
23 in case of a trust, or is indebted to another on an
24 obligation subject to this Act.
25 (e) "Life insurance corporation" means any association
26 or corporation transacting the business of insurance on the
27 lives of persons or insurance appertaining thereto,
28 including, but not by way of limitation, endowments and
29 annuities.
30 (f) "Owner" means a depositor in case of a deposit, a
31 beneficiary in case of a trust, a creditor, claimant, or
-2- LRB9205899WHcs
1 payee in case of other property, or any person having a legal
2 or equitable interest in property subject to this Act, or his
3 legal representative.
4 (g) "Person" means any individual, business association,
5 financial organization, government or political subdivision
6 or agency, public authority, estate, trust, or any other
7 legal or commercial entity.
8 (h) "Utility" means any person who owns or operates, for
9 public use, any plant, equipment, property, franchise, or
10 license for the transmission of communications or the
11 production, storage, transmission, sale, delivery, or
12 furnishing of electricity, water, steam, oil or gas.
13 (i) (Blank).
14 (j) "Insurance company" means any person transacting the
15 kinds of business enumerated in Section 4 of the Illinois
16 Insurance Code other than life insurance.
17 (k) "Economic loss", as used in Sections 2a and 9 of
18 this Act includes, but is not limited to, delivery charges,
19 mark-downs and write-offs, carrying costs, restocking
20 charges, lay-aways, special orders, issuance of credit memos,
21 and the costs of special services or goods provided that
22 reduce the property value or that result in lost sales
23 opportunity.
24 (l) "Reportable property" means property, tangible or
25 intangible, presumed abandoned under this Act that must be
26 appropriately and timely reported and remitted to the Office
27 of the State Treasurer under this Act. Interest, dividends,
28 stock splits, warrants, or other rights that become
29 reportable property under this Act include the underlying
30 security or commodity giving rise to the interest, dividend,
31 split, warrant, or other right to which the owner would be
32 entitled.
33 (m) "Firearm" has the meaning ascribed to that term in
34 the Firearm Owners Identification Card Act.
-3- LRB9205899WHcs
1 (Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99;
2 91-748, eff. 6-2-00.)