Rep. Harry Osterman

Filed: 4/15/2008

 

 


 

 


 
09500HB5373ham002 LRB095 18856 AJO 49550 a

1
AMENDMENT TO HOUSE BILL 5373

2     AMENDMENT NO. ______. Amend House Bill 5373 on page 3, by
3 replacing lines 1 through 11 with the following:
 
4 "owner of such property in exchange for a fee must provide the
5 owner with a written disclosure. The disclosure shall be set
6 forth in a clear and conspicuous manner and at a minimum shall
7 state the following:
8         Each state maintains an office of unclaimed property.
9     Generally, if for a number of years an owner of property
10     has not communicated directly with the holder of the
11     property, and has not otherwise indicated an interest in or
12     claimed the property, the property will be delivered to a
13     state administered unclaimed property program. Upon such
14     delivery, the owner will be able to recover the property
15     from the state administered program without charge by the
16     state. The unclaimed asset referred to in this Agreement
17     has not yet been reported or remitted to any state

 

 

09500HB5373ham002 - 2 - LRB095 18856 AJO 49550 a

1     unclaimed property office. Since you reside (or resided) in
2     Illinois, you may obtain information about the Illinois
3     unclaimed property program by logging onto its website at
4     www.treasurer.il.gov.
5         A person or company may not charge a fee greater than
6     25% of the property's value for the recovery of that
7     property where the property is not yet reportable under
8     this Act and the designated owner of that property, as
9     reflected within the books and records of the holder, is
10     living.
11         A person or company may not charge a fee greater than
12     33% of the property's value for the recovery of that
13     property where the property is not yet reportable under
14     this Act and the recovery of that property involves
15     documentation of the owner's death or any elements of
16     estate or trust administration."; and
 
17 on page 3 by replacing lines 16 through 24 with the following:
 
18     "Sec. 2BBB. Abandoned property recovery fee. Any person or
19 company offering to identify, discover, or collect property
20 held by a public agency, as that term is defined by the Public
21 Funds Investment Act, on behalf of a consumer in exchange for a
22 fee must provide the owner of the property with a written
23 disclosure. This disclosure shall include, at a minimum, a
24 statement indicating the public agency does not charge fees for

 

 

09500HB5373ham002 - 3 - LRB095 18856 AJO 49550 a

1 the recovery of any property. A person or company may not
2 charge a fee greater than 25% for the recovery of property held
3 by a public agency. Any person who violates this Section
4 commits an unlawful practice within the meaning of this Act.
5 This Section is not applicable to any category of property that
6 is, or will become, reportable pursuant to the Uniform
7 Disposition of Unclaimed Property Act."; and
 
8 on page 4, by deleting lines 1 through 10.