SB2769 94TH GENERAL ASSEMBLY

LRB094 18669 AJO 54029 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB2769

Introduced 1/20/2006, by Sen. Dan Rutherford

SYNOPSIS AS INTRODUCED:

765 ILCS 1025/15	from Ch. 141, par. 115
765 ILCS 1025/20	from Ch. 141, par. 120

Amends the Uniform Disposition of Unclaimed Property Act. Provides that interest earned on property held in the unclaimed property trust fund or the State pensions fund may be paid to the owner, at the discretion of the State Treasurer. Provides that if a claim for unclaimed property is allowed, the Treasurer may (now, shall) deduct $20 or less to cover expenses. Provides that the State Treasurer shall pay the allowed claim as soon as practicable (now, forthwith).

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Uniform Disposition of Unclaimed Property Act is amended by changing Sections 15 and 20 as follows:

(765 ILCS 1025/15) (from Ch. 141, par. 115)

Sec. 15. When property is paid or delivered to the State Treasurer under this Act, the owner is not entitled to receive income or other increments accruing thereafter, except that income accruing on unliquidated stock and mutual funds after July 1, 1993, and interest earned on property held in the unclaimed property trust fund or the State pensions fund may be paid to the owner at the discretion of the State Treasurer.

(Source: P.A. 91-16, eff. 7-1-99.)

(765 ILCS 1025/20) (from Ch. 141, par. 120)

Sec. 20. Determination of claims.

(a) The State Treasurer shall consider any claim filed under this Act and may, in his discretion, hold a hearing and receive evidence concerning it. Such hearing shall be conducted by the State Treasurer or by a hearing officer designated by him. No hearings shall be held if the payment of the claim is ordered by a court, if the claimant is under court jurisdiction, or if the claim is paid under Article XXV of the Probate Act of 1975. The State Treasurer or hearing officer shall prepare a finding and a decision in writing on each hearing, stating the substance of any evidence heard by him, his findings of fact in respect thereto, and the reasons for his decision. The State Treasurer shall review the findings and decision of each hearing conducted by a hearing officer and issue a final written decision. The final decision shall be a public record. Any claim of an interest in property that is filed pursuant to this Act shall be considered and a finding and decision shall be issued by the Office of the State Treasurer in a timely and expeditious manner.

(b) If the claim is allowed, the State Treasurer may deduct and after deducting an amount not to exceed $20 to cover the cost of notice publication and related clerical expenses. The , the State Treasurer shall make payment to the claimant as soon as practicable forthwith.

(c) In order to carry out the purpose of this Act, no person or company shall be entitled to a fee for discovering presumptively abandoned property until it has been in the custody of the Unclaimed Property Division of the Office of the State Treasurer for at least 24 months. Fees for discovering property that has been in the custody of that division for more than 24 months shall be limited to not more than 10% of the amount collected.

(d) A person or company attempting to collect a contingent fee for discovering, on behalf of an owner, presumptively abandoned property must be licensed as a private detective pursuant to the Private Detective, Private Alarm, Private Security, and Locksmith Act of 1993.

(e) This Section shall not apply to the fees of an attorney at law duly appointed to practice in a state of the United States who is employed by a claimant with regard to probate matters on a contractual basis.

(Source: P.A. 93-531, eff. 8-14-03.)