Illinois General Assembly - Bill Status for SB3343
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 Bill Status of SB3343  103rd General Assembly


Short Description:  FINANCE-RUUPA

Senate Sponsors
Sen. Robert F. Martwick and Michael E. Hastings

House Sponsors
(Rep. Marcus C. Evans, Jr.)

Last Action
DateChamber Action
  4/11/2024HouseReferred to Rules Committee

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.

Senate Floor Amendment No. 1
Adds reference to:
760 ILCS 3/809
760 ILCS 3/810

Replaces everything after the enacting clause with the bill as introduced. Requires a trustee to search for and claim any unclaimed or presumptively abandoned property. Requires a trustee to maintain trust records for a minimum of 7 years after the dissolution of the trust. Provides that before trust records can be destructed, 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.

Actions 
DateChamber Action
  2/7/2024SenateFiled with Secretary by Sen. Robert F. Martwick
  2/7/2024SenateFirst Reading
  2/7/2024SenateReferred to Assignments
  2/20/2024SenateAssigned to Judiciary
  3/6/2024SenateDo Pass Judiciary; 008-000-000
  3/6/2024SenatePlaced on Calendar Order of 2nd Reading March 7, 2024
  3/13/2024SenateAdded as Co-Sponsor Sen. Michael E. Hastings
  3/14/2024SenateSecond Reading
  3/14/2024SenatePlaced on Calendar Order of 3rd Reading March 20, 2024
  3/21/2024SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Robert F. Martwick
  3/21/2024SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/9/2024SenateSenate Floor Amendment No. 1 Assignments Refers to Judiciary
  4/10/2024SenateSenate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 008-000-000
  4/10/2024SenateRecalled to Second Reading
  4/10/2024SenateSenate Floor Amendment No. 1 Adopted
  4/10/2024SenatePlaced on Calendar Order of 3rd Reading
  4/10/2024SenateThird Reading - Passed; 058-000-000
  4/10/2024HouseArrived in House
  4/11/2024HouseChief House Sponsor Rep. Marcus C. Evans, Jr.
  4/11/2024HouseFirst Reading
  4/11/2024HouseReferred to Rules Committee

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