Illinois General Assembly - Bill Status for SB2142
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 Bill Status of SB2142  103rd General Assembly


Senate Sponsors
Sen. Dan McConchie

Last Action
DateChamber Action
  1/10/2023SenateSession Sine Die

Statutes Amended In Order of Appearance
765 ILCS 1026/15-201
765 ILCS 1026/15-610
765 ILCS 1026/15-1006
765 ILCS 1026/15-1009
765 ILCS 1026/15-1503

Synopsis As Introduced
Amends the Revised Uniform Unclaimed Property Act. Provides that property due or owed by a business association resulting from a transaction occurring in the normal and ordinary course of business is exempt from the Act. Provides that an action or proceeding may not be maintained by the administrator more than 10 years after the holder filed a nonfraudulent report with the administrator (rather than after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property). Deletes language regarding the tolling of the period of limitation. Provides instead that the parties may agree to extend the period of limitation. Provides that the administrator may not commence an action, proceeding, or examination with respect to a duty of a holder more than 10 years after the duty arose. Provides that if a person subject to examination does not retain the records, the administrator may use specific estimation techniques to determine the amount of unclaimed property and shall incorporate a net method of extrapolation (rather than determine the value of property due using a reasonable method of estimation based on all information available to the administrator). Deletes language providing that a payment made based on estimation is a penalty for failure to maintain the records and does not relieve a person from an obligation to report and deliver property to a State in which the holder is domiciled. Provides that a holder may request a hearing to contest the use or validity of the estimation technique. Provides that the examination is final upon the failure of the holder to request a hearing. Provides that if a hearing is held, the State Treasurer shall issue an order approving or disapproving the use or validity of the estimation techniques. Deletes language providing that if the administrator contracts with a person, the contract may provide for compensation of the person based on a contingent fee. Deletes language providing that an initial report filed for property that was not required to be reported before the Act took effect must include all items of property that would have been presumed abandoned during the 5-year period preceding the effective date as if the Act had been in effect during that period.

DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Dan McConchie
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/16/2021SenateAssigned to Judiciary
  4/16/2021SenateRule 2-10 Committee Deadline Established As April 23, 2021
  4/23/2021SenateRule 2-10 Committee/3rd Reading Deadline Established As April 30, 2021
  4/30/2021SenateRule 2-10 Committee/3rd Reading Deadline Established As May 7, 2021
  5/7/2021SenateRule 3-9(a) / Re-referred to Assignments
  5/10/2021SenateRule 2-10 Committee Deadline Established As May 21, 2021
  5/10/2021SenateRe-assigned to Judiciary
  5/21/2021SenateRule 3-9(a) / Re-referred to Assignments
  1/10/2023SenateSession Sine Die

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