Public Act 102-0734
 
SB0062 EnrolledLRB102 04262 LNS 14280 b


  
    AN ACT concerning civil law.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  


 
    Section 5. The Revised Uniform Unclaimed Property Act is 
amended  by changing Section 15-210 as follows:
 
    (765 ILCS 1026/15-210)

    Sec. 15-210. Indication of apparent owner interest in 
property.
    (a) The period after which property is presumed abandoned 
is measured from the later of: 
        (1) the date the property is presumed abandoned under 
    this Article; or 
        (2) the latest indication of interest by the apparent 
    owner in the property. 
    (b) Under this Act, an indication of an apparent owner's 
interest in property includes: 
        (1) a record communicated by the apparent owner to the 
    holder or agent of the holder concerning the property or 
    the account in which the property is held; 
        (2) an oral communication by the apparent owner to the 
    holder or agent of the holder concerning the property or 
    the account in which the property is held, if the holder or 
    its agent contemporaneously makes and preserves a record 
    of the fact of the apparent owner's communication; 
        (3) presentment of a check or other instrument of 
    payment of a dividend, interest payment, or other 
    distribution, or evidence of receipt of a distribution 
    made by electronic or similar means, with respect to an 
    account, underlying security, or interest in a business 
    association;
        (4) activity directed by an apparent owner in the 
    account in which the property is held, including accessing 
    the account or information concerning the account, or a 
    direction by the apparent owner to increase, decrease, or 
    otherwise change the amount or type of property held in 
    the account; 
        (5) a deposit into or withdrawal from an account at a 
    financial organization, except for a recurring Automated 
    Clearing House (ACH) debit or credit previously authorized 
    by the apparent owner or an automatic reinvestment of 
    dividends or interest; and
        (6) subject to subsection (e), payment of a premium on 
    an insurance policy.
    (c) An action by an agent or other representative of an 
apparent owner, other than the holder acting as the apparent 
owner's agent, is presumed to be an action on behalf of the 
apparent owner.
    (d) A communication with an apparent owner by a person 
other than the holder or the holder's representative is not an 
indication of interest in the property by the apparent owner 
unless a record of the communication evidences the apparent 
owner's knowledge of a right to the property.
    (e) If the insured dies or the insured or beneficiary of an 
insurance policy otherwise becomes entitled to the proceeds 
before depletion of the cash surrender value of the policy by 
operation of an automatic-premium-loan provision or other 
nonforfeiture provision contained in the policy, the operation 
does not prevent the policy from maturing or terminating.
    (f) If the apparent owner has another property with the 
holder to which Section 201(6) applies, then activity directed 
by an apparent owner in any other accounts, including loan 
accounts, at a financial organization holding an inactive 
account of the apparent owner shall be an indication of 
interest in all such accounts if:

        (A)      the apparent owner engages in one or more of the 
    following activities:

            (i)    the apparent owner undertakes one or more of 
        the actions described in subsection (b) of this 
        Section regarding any of the other accounts the 
        apparent owner has with the financial organization;

            (ii)    the apparent owner increases or decreases the 
        amount of funds in any other account the apparent 
        owner has with the financial organization; or

            (iii)   the apparent owner engages in any other 
        relationship with the financial organization, 
        including payment of any amounts due on a loan; and

        (B)      the foregoing apply so long as the mailing address 
    for the apparent owner in the financial organization's 
    books and records is the same for both the inactive 
    account and the active account.
    (g) For an amount held on a payroll card, an indication of 
owner interest includes wages from an employer pursuant to 
Section 14.5 of the Illinois Wage Payment and Collection Act 
in the form of a recurring ACH credit previously authorized by 
the apparent owner; however, an ACH credit is not an 
indication of owner interest if the holder assesses fees for 
account inactivity on the payroll card account.


(Source: P.A. 102-288, eff. 8-6-21.)