State of Illinois
91st General Assembly
Public Acts

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Public Act 91-0688

HB1852 Enrolled                                LRB9104621LDmb

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

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

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

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

    Section 99.  Effective date.  This Act takes effect  upon
becoming law.

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