SB0062 EngrossedLRB102 04262 LNS 14280 b

1    AN ACT concerning civil law.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Revised Uniform Unclaimed Property Act is
5amended by changing Section 15-210 as follows:
6    (765 ILCS 1026/15-210)
7    Sec. 15-210. Indication of apparent owner interest in
9    (a) The period after which property is presumed abandoned
10is measured from the later of:
11        (1) the date the property is presumed abandoned under
12    this Article; or
13        (2) the latest indication of interest by the apparent
14    owner in the property.
15    (b) Under this Act, an indication of an apparent owner's
16interest in property includes:
17        (1) a record communicated by the apparent owner to the
18    holder or agent of the holder concerning the property or
19    the account in which the property is held;
20        (2) an oral communication by the apparent owner to the
21    holder or agent of the holder concerning the property or
22    the account in which the property is held, if the holder or
23    its agent contemporaneously makes and preserves a record



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1    of the fact of the apparent owner's communication;
2        (3) presentment of a check or other instrument of
3    payment of a dividend, interest payment, or other
4    distribution, or evidence of receipt of a distribution
5    made by electronic or similar means, with respect to an
6    account, underlying security, or interest in a business
7    association;
8        (4) activity directed by an apparent owner in the
9    account in which the property is held, including accessing
10    the account or information concerning the account, or a
11    direction by the apparent owner to increase, decrease, or
12    otherwise change the amount or type of property held in
13    the account;
14        (5) a deposit into or withdrawal from an account at a
15    financial organization, except for a recurring Automated
16    Clearing House (ACH) debit or credit previously authorized
17    by the apparent owner or an automatic reinvestment of
18    dividends or interest; and
19        (6) subject to subsection (e), payment of a premium on
20    an insurance policy.
21    (c) An action by an agent or other representative of an
22apparent owner, other than the holder acting as the apparent
23owner's agent, is presumed to be an action on behalf of the
24apparent owner.
25    (d) A communication with an apparent owner by a person
26other than the holder or the holder's representative is not an



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1indication of interest in the property by the apparent owner
2unless a record of the communication evidences the apparent
3owner's knowledge of a right to the property.
4    (e) If the insured dies or the insured or beneficiary of an
5insurance policy otherwise becomes entitled to the proceeds
6before depletion of the cash surrender value of the policy by
7operation of an automatic-premium-loan provision or other
8nonforfeiture provision contained in the policy, the operation
9does not prevent the policy from maturing or terminating.
10    (f) If the apparent owner has another property with the
11holder to which Section 201(6) applies, then activity directed
12by an apparent owner in any other accounts, including loan
13accounts, at a financial organization holding an inactive
14account of the apparent owner shall be an indication of
15interest in all such accounts if:
16        (A) the apparent owner engages in one or more of the
17    following activities:
18            (i) the apparent owner undertakes one or more of
19        the actions described in subsection (b) of this
20        Section regarding any of the other accounts the
21        apparent owner has with the financial organization;
22            (ii) the apparent owner increases or decreases the
23        amount of funds in any other account the apparent
24        owner has with the financial organization; or
25            (iii) the apparent owner engages in any other
26        relationship with the financial organization,



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1        including payment of any amounts due on a loan; and
2        (B) the foregoing apply so long as the mailing address
3    for the apparent owner in the financial organization's
4    books and records is the same for both the inactive
5    account and the active account.
6    (g) For an amount held on a payroll card, an indication of
7owner interest includes wages from an employer pursuant to
8Section 14.5 of the Illinois Wage Payment and Collection Act
9in the form of a recurring ACH credit previously authorized by
10the apparent owner; however, an ACH credit is not an
11indication of owner interest if the holder assesses fees for
12account inactivity on the payroll card account.
13(Source: P.A. 102-288, eff. 8-6-21.)