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1 | AN ACT concerning property.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Uniform Disposition of Unclaimed Property | ||||||
5 | Act is amended by changing Section 20 as follows:
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6 | (765 ILCS 1025/20) (from Ch. 141, par. 120)
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7 | Sec. 20. Determination of claims.
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8 | (a) The State Treasurer shall consider any claim filed | ||||||
9 | under this
Act and may, in his discretion, hold a hearing and | ||||||
10 | receive evidence
concerning it. Such hearing shall be conducted | ||||||
11 | by the State Treasurer or by a
hearing officer designated by | ||||||
12 | him. No hearings shall be held if the
payment of the claim is | ||||||
13 | ordered by a court, if the claimant is under court
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14 | jurisdiction, or if the claim is paid under Article XXV of the | ||||||
15 | Probate Act
of 1975. The State Treasurer or hearing officer | ||||||
16 | shall prepare a finding and a
decision in writing on each | ||||||
17 | hearing, stating the substance of any evidence
heard by him, | ||||||
18 | his findings of fact in respect thereto, and the reasons for
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19 | his decision. The State Treasurer shall review the findings and | ||||||
20 | decision of
each hearing conducted by a hearing officer and | ||||||
21 | issue a final written decision.
The final decision shall be a | ||||||
22 | public record. Any claim of an interest in
property that is | ||||||
23 | filed pursuant to this Act shall be considered and a finding
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1 | and decision shall be issued by the Office of the State | ||||||
2 | Treasurer in a timely
and expeditious manner.
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3 | (b) If the claim is allowed, and after deducting an amount | ||||||
4 | not to
exceed $20 to cover the cost of notice publication and | ||||||
5 | related clerical
expenses, the State Treasurer shall make | ||||||
6 | payment forthwith.
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7 | (c) In order to carry out the purpose of this Act, no | ||||||
8 | person or company
shall be entitled to a fee for discovering | ||||||
9 | presumptively abandoned property
until it has been in the | ||||||
10 | custody of the Unclaimed Property Division
of the Office of the | ||||||
11 | State Treasurer for at least 24 months. Fees
for discovering | ||||||
12 | property that has been in the custody of that division for
more | ||||||
13 | than 24 months shall be limited to not more than 10% of the | ||||||
14 | amount
collected.
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15 | (d) A person or company attempting to collect a contingent | ||||||
16 | fee for
discovering, on behalf of an owner, presumptively | ||||||
17 | abandoned property must be
licensed as a private detective | ||||||
18 | pursuant to the Private Detective, Private
Alarm, Private | ||||||
19 | Security, Fingerprint Vendor, and Locksmith Act of 2004.
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20 | (e) This Section shall not apply to the fees of an attorney | ||||||
21 | at law duly
appointed to practice in a state of the United | ||||||
22 | States who is employed by a
claimant with regard to probate | ||||||
23 | matters on a contractual basis.
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24 | (f) Any person or company offering to identify, discover, | ||||||
25 | or collect presumptively abandoned property or property which | ||||||
26 | may become presumptively abandoned on behalf of the putative |
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1 | owner of such property in exchange for a fee, must provide the | ||||||
2 | owner with a written disclosure. The disclosure shall be set | ||||||
3 | forth in a clear and conspicuous manner and at a minimum shall | ||||||
4 | state the following: | ||||||
5 | Each state maintains an office of unclaimed property. | ||||||
6 | Generally, if for a number of years an owner of property | ||||||
7 | has not communicated directly with the holder of the | ||||||
8 | property, and has not otherwise indicated an interest in or | ||||||
9 | claimed the property, the property will be delivered to a | ||||||
10 | state administered unclaimed property program. Upon such | ||||||
11 | delivery, the owner will be able to recover the property | ||||||
12 | from the state administered program without charge by the | ||||||
13 | state. The unclaimed asset referred to in this Agreement | ||||||
14 | has not yet been reported or remitted to any state | ||||||
15 | unclaimed property office. Since you reside (or resided) in | ||||||
16 | Illinois, you may obtain information about the Illinois | ||||||
17 | unclaimed property program by logging onto its website at | ||||||
18 | www.treasurer.il.gov. | ||||||
19 | A person or company may not charge a fee greater than | ||||||
20 | 25% of the property's value for the recovery of that | ||||||
21 | property where the property is not yet reportable under | ||||||
22 | this Act and the designated owner of that property, as | ||||||
23 | reflected within the books and records of the holder, is | ||||||
24 | living. | ||||||
25 | A person or company may not charge a fee greater than | ||||||
26 | 33% of the property's value for the recovery of that |
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1 | property where the property is not yet reportable under | ||||||
2 | this Act and the recovery of that property involves | ||||||
3 | documentation of the owner's death or any elements of | ||||||
4 | estate or trust administration. | ||||||
5 | (Source: P.A. 95-613, eff. 9-11-07.)
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