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1 | AN ACT concerning abandoned 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 Residential Mortgage License Act of 1987 is | |||||||||||||||||||||
5 | amended by changing Section 3-9 as follows:
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6 | (205 ILCS 635/3-9) (from Ch. 17, par. 2323-9)
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7 | Sec. 3-9. Escrow Funds. The Commissioner may promulgate | |||||||||||||||||||||
8 | rules with
respect to placement in escrow accounts by any | |||||||||||||||||||||
9 | licensee of any money, fund,
deposit, check or draft entrusted | |||||||||||||||||||||
10 | to it by any persons dealing with it as a
residential mortgage | |||||||||||||||||||||
11 | licensee. The Commissioner shall provide for the transfer of | |||||||||||||||||||||
12 | any real estate escrow funds that are determined to be | |||||||||||||||||||||
13 | abandoned under Section 2 of the Uniform Disposition of | |||||||||||||||||||||
14 | Unclaimed Property Act to the State Treasurer.
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15 | (Source: P.A. 85-735.)
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16 | Section 10. The Uniform Disposition of Unclaimed Property | |||||||||||||||||||||
17 | Act is amended by changing Section 2 as follows:
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18 | (765 ILCS 1025/2) (from Ch. 141, par. 102)
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19 | Sec. 2. Property held by financial organizations; | |||||||||||||||||||||
20 | presumption of
abandonment. The following property held or | |||||||||||||||||||||
21 | owing by a banking or financial
organization is presumed | |||||||||||||||||||||
22 | abandoned:
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23 | (a) Any demand, savings, or matured time deposit with
a | |||||||||||||||||||||
24 | banking organization, together with any interest or dividend | |||||||||||||||||||||
25 | thereon,
excluding any charges that may lawfully be withheld, | |||||||||||||||||||||
26 | unless the owner has,
within 5 years:
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27 | (1) Increased or decreased the amount of the deposit, | |||||||||||||||||||||
28 | or presented the
passbook or other similar evidence of the | |||||||||||||||||||||
29 | deposit for the crediting of
interest; or
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30 | (2) Corresponded in writing with the banking |
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1 | organization concerning the
deposit; or
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2 | (3) Otherwise indicated an interest in the deposit as | ||||||
3 | evidenced by a
memorandum on file with the banking | ||||||
4 | organization.
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5 | (b) Any funds paid toward the purchase of withdrawable
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6 | shares
or other interest in a financial organization, or any | ||||||
7 | deposit made, and any interest or dividends thereon, excluding | ||||||
8 | any charges
that may be lawfully withheld, unless the owner has | ||||||
9 | within 5 years:
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10 | (1) Increased or decreased the amount of the funds, or | ||||||
11 | deposit, or
presented an appropriate record for the | ||||||
12 | crediting of interest or dividends; or
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13 | (2) Corresponded in writing with the financial | ||||||
14 | organization concerning
the funds or deposit; or
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15 | (3) Otherwise indicated an interest in the funds or | ||||||
16 | deposit as evidenced
by a memorandum on file with the | ||||||
17 | financial organization.
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18 | (c) Any sum payable on checks or on written
instruments on | ||||||
19 | which a banking or financial
organization
or business | ||||||
20 | association is directly liable including, by way of | ||||||
21 | illustration
but not of limitation, certificates of deposit, | ||||||
22 | drafts, money orders and
travelers checks, that with the | ||||||
23 | exception of travelers checks has been
outstanding for more | ||||||
24 | than 5 years from the date it was payable, or from the
date of | ||||||
25 | its issuance if payable on demand, or, in the case of travelers | ||||||
26 | checks,
that has been outstanding for more than 15 years from | ||||||
27 | the date of its issuance,
excluding any charges that may be | ||||||
28 | lawfully withheld
relating to money orders issued by currency | ||||||
29 | exchanges,
unless the owner has within 5 years or within 15 | ||||||
30 | years in the case of travelers
checks corresponded in writing | ||||||
31 | with the banking or financial organization or
business | ||||||
32 | association concerning it, or otherwise indicated an interest | ||||||
33 | as
evidenced by a memorandum on file with the banking or | ||||||
34 | financial organization or
business association.
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35 | (d) Any funds or other personal property, tangible or | ||||||
36 | intangible, removed
from a safe deposit box or any other |
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1 | safekeeping repository or agency or
collateral deposit box on | ||||||
2 | which the lease or rental period
has expired due to nonpayment | ||||||
3 | of rental charges or other reason, or any
surplus amounts | ||||||
4 | arising from the sale thereof pursuant to law, that have
been | ||||||
5 | unclaimed by the owner for more than 5 years from the date on | ||||||
6 | which
the lease or rental period expired, subject to lien of | ||||||
7 | the holder for
reimbursement of costs incurred in the opening | ||||||
8 | of a safe deposit box as
determined by the holder's regular | ||||||
9 | schedule of charges.
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10 | (d-5) Any real estate escrow funds that are held by a third | ||||||
11 | party, individual, or entity charged with the fiduciary | ||||||
12 | obligation for holding escrow funds on a residential or | ||||||
13 | commercial real estate contract, pending payout of those funds | ||||||
14 | in accordance with the terms of the contract, that have been | ||||||
15 | unclaimed by the contracting parties for more than 5 years from | ||||||
16 | the date on which the funds were deposited into the real estate | ||||||
17 | escrow account.
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18 | (e) Notwithstanding any other provision of this Section, no | ||||||
19 | deposit
except passbook, checking, NOW accounts, super NOW | ||||||
20 | accounts, money market
accounts, or such similar accounts as | ||||||
21 | established by Rule of the
State Treasurer,
held by a banking | ||||||
22 | or financial organization shall be presumed abandoned if
with | ||||||
23 | respect to such a deposit which specifies a definite maturity | ||||||
24 | date,
such organization was authorized in writing to extend or | ||||||
25 | rollover the
account for an additional like period and such | ||||||
26 | organization does so extend.
Such deposits are not presumed | ||||||
27 | abandoned less than 5 years from that final
maturity date.
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28 | Property of any kind held in an individual retirement account | ||||||
29 | (IRA) is
not presumed abandoned earlier than 5 years after the | ||||||
30 | owner attains the age at
which distributions from the account | ||||||
31 | become mandatory under law.
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32 | (f) Notwithstanding any other provision of this Section, | ||||||
33 | money of a minor
deposited pursuant to Section 24-21 of the | ||||||
34 | Probate Act of 1975 shall not be
presumed abandoned earlier | ||||||
35 | than 5 years after the minor attains legal age.
Such money | ||||||
36 | shall be deposited in an account which shall indicate the birth |
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1 | date
of the minor.
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2 | (Source: P.A. 91-16, eff.
7-1-99; 91-316, eff. 7-29-99; 92-16, | ||||||
3 | eff. 6-28-01.)
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