093_HB3222

 
                                     LRB093 07848 LCB 08037 b

 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 2a as follows:

 6        (765 ILCS 1025/2a) (from Ch. 141, par. 102a)
 7        Sec.  2a.   (a)  Business  associations   shall   report,
 8    pursuant  to  Section  11  of  this Act, all property and any
 9    earnings thereon to which the owner would  be  entitled  that
10    have  remained  unclaimed  for  5  years  and  are  therefore
11    presumed  abandoned, except in the case of unclaimed wages of
12    $50 or less,  which  shall  be  presumed  abandoned  after  6
13    months.  Before reporting and delivering property as required
14    under  this  Act,  a business association may deduct from the
15    amount of otherwise reportable intangible  personal  property
16    the  economic  loss  suffered  by  it in connection with that
17    intangible  personal  property  arising   from   transactions
18    involving  the  sale of tangible personal property at retail.
19    This property shall consist of, but is not limited to:
20             (1)  unclaimed wages;
21             (2)  deposits or payment for repair or  purchase  of
22        goods or services;
23             (3)  credit    checks    or   memos,   or   customer
24        overpayments;
25             (4)  stocks, bonds, or any other type of  securities
26        or   debt   instruments,   and   interest  and  dividends
27        therefrom;
28             (5)  unidentified      remittances,       unrefunded
29        overcharges;
30             (6)  unpaid   claims,  unpaid  accounts  payable  or
31        unpaid commissions; and
 
                            -2-      LRB093 07848 LCB 08037 b
 1             (7)  credit balances - accounts  receivable,  checks
 2        written off, employee bond buying and profit-sharing.
 3        (b)  Notwithstanding  the  provisions  of subsection (a),
 4    any property due or owed by a business association to or  for
 5    the  benefit of another business association resulting from a
 6    transaction occurring in the normal and  ordinary  course  of
 7    business shall be exempt from the provisions of this Act.
 8    (Source: P.A. 90-167, eff. 7-23-97; 91-688, eff. 3-23-00.)

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