Rep. Jeanne M Ives

Filed: 3/21/2013

 

 


 

 


 
09800HB1774ham001LRB098 05733 HEP 43488 a

1
AMENDMENT TO HOUSE BILL 1774

2    AMENDMENT NO. ______. Amend House Bill 1774 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Uniform Disposition of Unclaimed Property
5Act is amended by changing Section 11 as follows:
 
6    (765 ILCS 1025/11)  (from Ch. 141, par. 111)
7    Sec. 11. Report of holder.
8    (a) Except as otherwise provided in subsection (c) of
9Section 4, every person holding funds or other property,
10tangible or intangible, presumed abandoned under this Act shall
11report and remit all abandoned property specified in the report
12to the State Treasurer with respect to the property as
13hereinafter provided. The State Treasurer may exempt any
14businesses from the reporting requirement if he deems such
15businesses unlikely to be holding unclaimed property.
16    (b) The information shall be obtained in one or more

 

 

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1reports as required by the State Treasurer. The information
2shall be verified and shall include:
3        (1) the name, social security or federal tax
4    identification number, if known, and last known address,
5    including zip code, of each person appearing from the
6    records of the holder to be the owner of any property of
7    the value of $25 or more presumed abandoned under this Act;
8        (2) in case of unclaimed funds of life insurance
9    corporations the full name of the insured and any
10    beneficiary or annuitant and the last known address
11    according to the life insurance corporation's records;
12        (3) the date when the property became payable,
13    demandable, or returnable, and the date of the last
14    transaction with the owner with respect to the property;
15    and
16        (4) other information which the State Treasurer
17    prescribes by rule as necessary for the administration of
18    this Act.
19    (b-5) Upon receipt of the information required to be
20obtained under subsection (b) of this Section, the State
21Treasurer shall attempt to locate the abandoned property owner
22by cross-checking the information provided by the holder with
23Department of Revenue databases. If the abandoned property
24owner is not deceased, the State Treasurer shall make 3
25attempts to contact the owner via certified mail before
26claiming the abandoned property.

 

 

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1    (c) If the person holding property presumed abandoned is a
2successor to other persons who previously held the property for
3the owner, or if the holder has changed his name while holding
4the property, he shall file with his report all prior known
5names and addresses of each holder of the property.
6    (d) The report and remittance of the property specified in
7the report shall be filed by banking organizations, financial
8organizations, insurance companies other than life insurance
9corporations, and governmental entities before November 1 of
10each year as of June 30 next preceding. The report and
11remittance of the property specified in the report shall be
12filed by business associations, utilities, and life insurance
13corporations before May 1 of each year as of December 31 next
14preceding. The Director may postpone the reporting date upon
15written request by any person required to file a report. The
16report and remittance of the property specified in the report
17for property subject to subsection (a) of Section 3a of this
18Act shall be filed before a date established by the State
19Treasurer that is on or after the later of: (i) 30 days after
20the effective date of this amendatory Act of the 94th General
21Assembly; or (ii) November 1, 2005.
22    (d-5) Notwithstanding the foregoing, currency exchanges
23shall be required to report and remit property specified in the
24report within 30 days after the conclusion of its annual
25examination by the Department of Financial Institutions. As
26part of the examination of a currency exchange, the Department

 

 

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1of Financial Institutions shall instruct the currency exchange
2to submit a complete unclaimed property report using the State
3Treasurer's formatted diskette reporting program or an
4alternative reporting format approved by the State Treasurer.
5The Department of Financial Institutions shall provide the
6State Treasurer with an accounting of the money orders located
7in the course of the annual examination including, where
8available, the amount of service fees deducted and the date of
9the conclusion of the examination.
10    (e) Before filing the annual report, the holder of property
11presumed abandoned under this Act shall communicate with the
12owner at his last known address if any address is known to the
13holder, setting forth the provisions hereof necessary to occur
14in order to prevent abandonment from being presumed. If the
15holder has not communicated with the owner at his last known
16address at least 120 days before the deadline for filing the
17annual report, the holder shall mail, at least 60 days before
18that deadline, a letter by first class mail to the owner at his
19last known address unless any address is shown to be
20inaccurate, setting forth the provisions hereof necessary to
21prevent abandonment from being presumed.
22    (f) Verification, if made by a partnership, shall be
23executed by a partner; if made by an unincorporated association
24or private corporation, by an officer; and if made by a public
25corporation, by its chief fiscal officer.
26    (g) Any person who has possession of property which he has

 

 

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1reason to believe will be reportable in the future as unclaimed
2property, may report and deliver it prior to the date required
3for such reporting in accordance with this Section and is then
4relieved of responsibility as provided in Section 14.
5    (h) (1) Records pertaining to presumptively abandoned
6property held by a trust division or trust department or by a
7trust company, or affiliate of any of the foregoing that
8provides nondealer corporate custodial services for securities
9or securities transactions, organized under the laws of this or
10another state or the United States shall be retained until the
11property is delivered to the State Treasurer.
12    As of January 1, 1998, this subdivision (h)(1) shall not be
13applicable unless the Department of Financial Institutions has
14commenced, but not finalized, an examination of the holder as
15of that date and the property is included in a final
16examination report for the period covered by the examination.
17    (2) In the case of all other holders commencing on the
18effective date of this amendatory Act of 1993, property records
19for the period required for presumptive abandonment plus the 9
20years immediately preceding the beginning of that period shall
21be retained for 5 years after the property was reportable.
22    (i) The State Treasurer may promulgate rules establishing
23the format and media to be used by a holder in submitting
24reports required under this Act.
25    (j) Other than the Notice to Owners required by Section 12
26and other discretionary means employed by the State Treasurer

 

 

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1for notifying owners of the existence of abandoned property,
2the State Treasurer shall not disclose any information provided
3in reports filed with the State Treasurer or any information
4obtained in the course of an examination by the State Treasurer
5to any person other than governmental agencies for the purposes
6of returning abandoned property to its owners or to those
7individuals who appear to be the owner of the property or
8otherwise have a valid claim to the property, unless written
9consent from the person entitled to the property is obtained by
10the State Treasurer.
11(Source: P.A. 93-531, eff. 8-14-03; 94-686, eff. 11-2-05.)".