Illinois General Assembly - Bill Status for HB 2853

Amends the Revised Uniform Unclaimed Property Act. Makes changes concerning the time and circumstances under which financial organization deposits are presumed abandoned. Provides that compensation held on a payroll card is reportable one year after the date of the last indication of interest in the property by the apparent owner, except if the payroll card becomes a demand deposit, then 3 years after the date of the last indication of interest in the property by the apparent owner. Provides that the administrator does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property if he or she reasonably believes that the Department of Revenue will be unable to provide information that would provide sufficient evidence to establish that the person in the Department of Revenue's records is the apparent owner of unclaimed property in the custody of the administrator. Provides that the State Treasurer shall examine a financial organization in compliance with the visitation standards established in the National Bank Act or the Federal Credit Union Act, if applicable. Provides that records obtained in examinations of State-regulated financial organizations are subject to the same provisions concerning use and confidentiality as records obtained in examinations of other persons. Makes other changes. Effective immediately.

Date	Chamber	Action
1/13/2021	House	Session Sine Die

Date	Chamber	Action
2/14/2019	House	Filed with the Clerk by Rep. Michael J. Zalewski
2/14/2019	House	First Reading
2/14/2019	House	Referred to Rules Committee
2/26/2019	House	Assigned to Revenue & Finance Committee
3/6/2019	House	To Property Tax Subcommittee
3/29/2019	House	Rule 19(a) / Re-referred to Rules Committee
1/13/2021	House	Session Sine Die