Illinois General Assembly - Bill Status for HB5143
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 Bill Status of HB5143  103rd General Assembly

Short Description:  FINANCE-RUUPA

House Sponsors
Rep. Marcus C. Evans, Jr., Mark L. Walker and Amy Elik

Senate Sponsors
(Sen. Robert F. Martwick)

Last Action
DateChamber Action
  4/17/2024SenateReferred to Assignments

Statutes Amended In Order of Appearance
30 ILCS 230/2from Ch. 127, par. 171
765 ILCS 1026/15-201
765 ILCS 1026/15-301
765 ILCS 1026/15-501
765 ILCS 1026/15-503
765 ILCS 1026/15-603
765 ILCS 1026/15-903
765 ILCS 1026/15-906
765 ILCS 1026/15-1302

Synopsis As Introduced
Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property which is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond.) If a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, requires the holder to promptly notify the administrator in writing. The administrator may direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator, or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated pursuant to this Act or there is an indication of apparent owner interest. Provides that the sole administrative and legal procedure for claiming property is under this Act. Requires compliance with this Act before exercising the exclusive judicial remedy. Any appeal from the administrator's decision under the Illinois Administrative Procedure Act must be taken under the provisions of the Administrative Review Law. In governing void agreements, provides that this Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act or with an affiliate of such firm under certain conditions. Makes other changes.

House Floor Amendment No. 2
Adds reference to:
760 ILCS 3/809
760 ILCS 3/810

Amends the Illinois Trust Code. Requires a trustee to search for and claim any unclaimed or presumptively abandoned property. Requires a trustee to maintain or cause to be maintained trust records for a minimum of 7 years after the dissolution of the trust. Provides that, before destruction of trust records, a trustee must conduct a reasonable search for any trust property that is presumptively abandoned or that has been reported and remitted to a state unclaimed property administrator.

DateChamber Action
  2/8/2024HouseFiled with the Clerk by Rep. Marcus C. Evans, Jr.
  2/9/2024HouseFirst Reading
  2/9/2024HouseReferred to Rules Committee
  3/5/2024HouseAssigned to Financial Institutions and Licensing Committee
  3/11/2024HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Marcus C. Evans, Jr.
  3/11/2024HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/12/2024HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
  3/13/2024HousePlaced on Calendar 2nd Reading - Short Debate
  3/27/2024HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Marcus C. Evans, Jr.
  3/27/2024HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  4/2/2024HouseHouse Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee
  4/2/2024HouseHouse Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 012-000-000
  4/10/2024HouseAdded Co-Sponsor Rep. Mark L. Walker
  4/12/2024HouseSecond Reading - Short Debate
  4/12/2024HouseHouse Floor Amendment No. 2 Adopted
  4/12/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/12/2024HouseAdded Co-Sponsor Rep. Amy Elik
  4/16/2024HouseThird Reading - Short Debate - Passed 110-000-000
  4/17/2024SenateArrive in Senate
  4/17/2024SenatePlaced on Calendar Order of First Reading
  4/17/2024SenateChief Senate Sponsor Sen. Robert F. Martwick
  4/17/2024SenateFirst Reading
  4/17/2024SenateReferred to Assignments

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