Illinois General Assembly - Full Text of HB2823
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Full Text of HB2823  102nd General Assembly

HB2823 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2823

 

Introduced 2/19/2021, by Rep. Keith P. Sommer

 

SYNOPSIS AS INTRODUCED:
 
765 ILCS 1026/15-210

    Amends the Revised Uniform Unclaimed Property Act. Provides that an indication of an apparent owner's interest in property includes (rather than excludes) an automatic reinvestment of dividends or interest.


LRB102 10748 LNS 16077 b

 

 

A BILL FOR

 

HB2823LRB102 10748 LNS 16077 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Revised Uniform Unclaimed Property Act is
5amended by changing Section 15-210 as follows:
 
6    (765 ILCS 1026/15-210)
7    Sec. 15-210. Indication of apparent owner interest in
8property.
9    (a) The period after which property is presumed abandoned
10is measured from the later of:
11        (1) the date the property is presumed abandoned under
12    this Article; or
13        (2) the latest indication of interest by the apparent
14    owner in the property.
15    (b) Under this Act, an indication of an apparent owner's
16interest in property includes:
17        (1) a record communicated by the apparent owner to the
18    holder or agent of the holder concerning the property or
19    the account in which the property is held;
20        (2) an oral communication by the apparent owner to the
21    holder or agent of the holder concerning the property or
22    the account in which the property is held, if the holder or
23    its agent contemporaneously makes and preserves a record

 

 

HB2823- 2 -LRB102 10748 LNS 16077 b

1    of the fact of the apparent owner's communication;
2        (3) presentment of a check or other instrument of
3    payment of a dividend, interest payment, or other
4    distribution, or evidence of receipt of a distribution
5    made by electronic or similar means, with respect to an
6    account, underlying security, or interest in a business
7    association;
8        (4) activity directed by an apparent owner in the
9    account in which the property is held, including accessing
10    the account or information concerning the account, or a
11    direction by the apparent owner to increase, decrease, or
12    otherwise change the amount or type of property held in
13    the account;
14        (5) a deposit into or withdrawal from an account at a
15    financial organization, including an automatic
16    reinvestment of dividends or interest, except for a
17    recurring Automated Clearing House (ACH) debit or credit
18    previously authorized by the apparent owner or an
19    automatic reinvestment of dividends or interest; and
20        (6) subject to subsection (e), payment of a premium on
21    an insurance policy.
22    (c) An action by an agent or other representative of an
23apparent owner, other than the holder acting as the apparent
24owner's agent, is presumed to be an action on behalf of the
25apparent owner.
26    (d) A communication with an apparent owner by a person

 

 

HB2823- 3 -LRB102 10748 LNS 16077 b

1other than the holder or the holder's representative is not an
2indication of interest in the property by the apparent owner
3unless a record of the communication evidences the apparent
4owner's knowledge of a right to the property.
5    (e) If the insured dies or the insured or beneficiary of an
6insurance policy otherwise becomes entitled to the proceeds
7before depletion of the cash surrender value of the policy by
8operation of an automatic-premium-loan provision or other
9nonforfeiture provision contained in the policy, the operation
10does not prevent the policy from maturing or terminating.
11    (f) If the apparent owner has another property with the
12holder to which Section 201(6) applies, then activity directed
13by an apparent owner in any other accounts, including loan
14accounts, at a financial organization holding an inactive
15account of the apparent owner shall be an indication of
16interest in all such accounts if:
17            (A) the apparent owner engages in one or more of
18        the following activities:
19                (i) the apparent owner undertakes one or more
20            of the actions described in subsection (b) of this
21            Section regarding any account that appears on a
22            consolidated statement with the inactive account;
23                (ii) the apparent owner increases or decreases
24            the amount of funds in any other account the
25            apparent owner has with the financial
26            organization; or

 

 

HB2823- 4 -LRB102 10748 LNS 16077 b

1                (iii) the apparent owner engages in any other
2            relationship with the financial organization,
3            including payment of any amounts due on a loan;
4            and
5            (B) the foregoing apply so long as the mailing
6        address for the apparent owner in the financial
7        organization's books and records is the same for both
8        the inactive account and the active account.
9(Source: P.A. 100-22, eff. 1-1-18.)