Illinois General Assembly - Full Text of HB5143
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Full Text of HB5143  103rd General Assembly



HB5143 EngrossedLRB103 37054 JRC 67171 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 State Officers and Employees Money
5Disposition Act is amended by changing Section 2 as follows:
6    (30 ILCS 230/2)  (from Ch. 127, par. 171)
7    Sec. 2. Accounts of money received; payment into State
9    (a) Every officer, board, commission, commissioner,
10department, institution, arm or agency brought within the
11provisions of this Act by Section 1 shall keep in proper books
12a detailed itemized account of all moneys received for or on
13behalf of the State of Illinois, showing the date of receipt,
14the payor, and purpose and amount, and the date and manner of
15disbursement as hereinafter provided, and, unless a different
16time of payment is expressly provided by law or by rules or
17regulations promulgated under subsection (b) of this Section,
18shall pay into the State treasury the gross amount of money so
19received on the day of actual physical receipt with respect to
20any single item of receipt exceeding $10,000, within 24 hours
21of actual physical receipt with respect to an accumulation of
22receipts of $10,000 or more, or within 48 hours of actual
23physical receipt with respect to an accumulation of receipts



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1exceeding $500 but less than $10,000, disregarding holidays,
2Saturdays and Sundays, after the receipt of same, without any
3deduction on account of salaries, fees, costs, charges,
4expenses or claims of any description whatever; provided that:
5        (1) the provisions of (i) Section 2505-475 of the
6    Department of Revenue Law, (ii) any specific taxing
7    statute authorizing a claim for credit procedure instead
8    of the actual making of refunds, (iii) Section 505 of the
9    Illinois Controlled Substances Act, (iv) Section 85 of the
10    Methamphetamine Control and Community Protection Act,
11    authorizing the Director of the Illinois State Police to
12    dispose of forfeited property, which includes the sale and
13    disposition of the proceeds of the sale of forfeited
14    property, and the Department of Central Management
15    Services to be reimbursed for costs incurred with the
16    sales of forfeited vehicles, boats or aircraft and to pay
17    to bona fide or innocent purchasers, conditional sales
18    vendors or mortgagees of such vehicles, boats or aircraft
19    their interest in such vehicles, boats or aircraft, and
20    (v) Section 6b-2 of the State Finance Act, establishing
21    procedures for handling cash receipts from the sale of
22    pari-mutuel wagering tickets, shall not be deemed to be in
23    conflict with the requirements of this Section;
24        (2) any fees received by the State Registrar of Vital
25    Records pursuant to the Vital Records Act which are
26    insufficient in amount may be returned by the Registrar as



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1    provided in that Act;
2        (3) any fees received by the Department of Public
3    Health under the Food Handling Regulation Enforcement Act
4    that are submitted for renewal of an expired food service
5    sanitation manager certificate may be returned by the
6    Director as provided in that Act;
7        (3.5) examiners of unclaimed property which is
8    reported and remitted to the State Treasurer and
9    custodians contracted by the State of Illinois to hold
10    presumptively abandoned securities or virtual currency may
11    deduct fees prior to remittance in accordance with the
12    Revised Uniform Unclaimed Property Act the State Treasurer
13    may permit the deduction of fees by third-party unclaimed
14    property examiners from the property recovered by the
15    examiners for the State of Illinois during examinations of
16    holders located outside the State under which the Office
17    of the Treasurer has agreed to pay for the examinations
18    based upon a percentage, in accordance with the Revised
19    Uniform Unclaimed Property Act, of the property recovered
20    during the examination; and
21        (4) if the amount of money received does not exceed
22    $500, such money may be retained and need not be paid into
23    the State treasury until the total amount of money so
24    received exceeds $500, or until the next succeeding 1st or
25    15th day of each month (or until the next business day if
26    these days fall on Sunday or a holiday), whichever is



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1    earlier, at which earlier time such money shall be paid
2    into the State treasury, except that if a local bank or
3    savings and loan association account has been authorized
4    by law, any balances shall be paid into the State treasury
5    on Monday of each week if more than $500 is to be deposited
6    in any fund.
7Single items of receipt exceeding $10,000 received after 2
8p.m. on a working day may be deemed to have been received on
9the next working day for purposes of fulfilling the
10requirement that the item be deposited on the day of actual
11physical receipt.
12    No money belonging to or left for the use of the State
13shall be expended or applied except in consequence of an
14appropriation made by law and upon the warrant of the State
15Comptroller. However, payments made by the Comptroller to
16persons by direct deposit need not be made upon the warrant of
17the Comptroller, but if not made upon a warrant, shall be made
18in accordance with Section 9.02 of the State Comptroller Act.
19All moneys so paid into the State treasury shall, unless
20required by some statute to be held in the State treasury in a
21separate or special fund, be covered into the General Revenue
22Fund in the State treasury. Moneys received in the form of
23checks, drafts or similar instruments shall be properly
24endorsed, if necessary, and delivered to the State Treasurer
25for collection. The State Treasurer shall remit such collected
26funds to the depositing officer, board, commission,



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1commissioner, department, institution, arm or agency by
2Treasurers Draft or through electronic funds transfer. The
3draft or notification of the electronic funds transfer shall
4be provided to the State Comptroller to allow deposit into the
5appropriate fund.
6    (b) Different time periods for the payment of public funds
7into the State treasury or to the State Treasurer, in excess of
8the periods established in subsection (a) of this Section, but
9not in excess of 30 days after receipt of such funds, may be
10established and revised from time to time by rules or
11regulations promulgated jointly by the State Treasurer and the
12State Comptroller in accordance with the Illinois
13Administrative Procedure Act. The different time periods
14established by rule or regulation under this subsection may
15vary according to the nature and amounts of the funds
16received, the locations at which the funds are received,
17whether compliance with the deposit requirements specified in
18subsection (a) of this Section would be cost effective, and
19such other circumstances and conditions as the promulgating
20authorities consider to be appropriate. The Treasurer and the
21Comptroller shall review all such different time periods
22established pursuant to this subsection every 2 years from the
23establishment thereof and upon such review, unless it is
24determined that it is economically unfeasible for the agency
25to comply with the provisions of subsection (a), shall repeal
26such different time period.



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1(Source: P.A. 102-538, eff. 8-20-21.)
2    Section 7. The Illinois Trust Code is amended by changing
3Sections 809 and 810 as follows:
4    (760 ILCS 3/809)
5    Sec. 809. Control and protection of trust property. A
6trustee shall take reasonable steps to take control of and
7protect the trust property, including searching for and
8claiming any unclaimed or presumptively abandoned property. If
9a corporation is acting as co-trustee with one or more
10individuals, the corporate trustee shall have custody of the
11trust estate unless all the trustees otherwise agree.
12(Source: P.A. 101-48, eff. 1-1-20.)
13    (760 ILCS 3/810)
14    Sec. 810. Recordkeeping and identification of trust
16    (a) A trustee shall keep adequate records of the
17administration of the trust.
18    (b) A trustee shall keep trust property separate from the
19trustee's own property.
20    (c) Except as otherwise provided in subsection (d), a
21trustee not subject to federal or state banking regulation
22shall cause the trust property to be designated so that the
23interest of the trust, to the extent feasible, appears in



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1records maintained by a party other than a trustee or
2beneficiary to whom the trustee has delivered the property.
3    (d) If the trustee maintains records clearly indicating
4the respective interests, a trustee may invest as a whole the
5property of 2 or more separate trusts.
6    (e) A trustee shall maintain or cause to be maintained
7trust records for a minimum of 7 years after the dissolution of
8the trust.
9    (f) Prior to the destruction of trust records, a trustee
10shall conduct a reasonable search for any trust property that
11is presumptively abandoned or that has been reported and
12remitted to a state unclaimed property administrator.
13(Source: P.A. 101-48, eff. 1-1-20.)
14    Section 10. The Revised Uniform Unclaimed Property Act is
15amended by changing Sections 15-201, 15-301, 15-501, 15-503,
1615-603, 15-903, 15-906, and 15-1302 as follows:
17    (765 ILCS 1026/15-201)
18    Sec. 15-201. When property presumed abandoned. Subject to
19Section 15-210, the following property is presumed abandoned
20if it is unclaimed by the apparent owner during the period
21specified below:
22        (1) a traveler's check, 15 years after issuance;
23        (2) a money order, 5 years after issuance;
24        (3) any instrument on which a financial organization



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1    or business association is directly liable, other than a
2    money order, 3 years after issuance;
3        (4) a corporate state or municipal bond, bearer bond,
4    or original-issue-discount bond, 3 years after the
5    earliest of the date the bond matures or is called or the
6    obligation to pay the principal of the bond arises;
7        (5) a debt of a business association, 3 years after
8    the obligation to pay arises;
9        (6) financial organization deposits as follows:
10            (i) a demand deposit, 3 years after the date of the
11        last indication of interest in the property by the
12        apparent owner;
13            (ii) a savings deposit, 3 years after the date of
14        last indication of interest in the property by the
15        apparent owner;
16            (iii) a time deposit for which the owner has not
17        consented to automatic renewal of the time deposit, 3
18        years after the later of maturity or the date of the
19        last indication of interest in the property by the
20        apparent owner;
21            (iv) an automatically renewable time deposit for
22        which the owner consented to the automatic renewal in
23        a record on file with the holder, 3 years after the
24        date of last indication of interest in the property by
25        the apparent owner, following the completion of the
26        initial term of the time deposit and one automatic



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1        renewal term of the time deposit;
2        (6.5) virtual currency, 5 years after the last
3    indication of interest in the property;
4        (7) money or a credit owed to a customer as a result of
5    a retail business transaction, other than in-store credit
6    for returned merchandise, 3 years after the obligation
7    arose;
8        (8) an amount owed by an insurance company on a life or
9    endowment insurance policy or an annuity contract that has
10    matured or terminated, 3 years after the obligation to pay
11    arose under the terms of the policy or contract or, if a
12    policy or contract for which an amount is owed on proof of
13    death has not matured by proof of the death of the insured
14    or annuitant, as follows:
15            (A) with respect to an amount owed on a life or
16        endowment insurance policy, the earlier of:
17                (i) 3 years after the death of the insured; or
18                (ii) 2 years after the insured has attained,
19            or would have attained if living, the limiting age
20            under the mortality table on which the reserve for
21            the policy is based; and
22            (B) with respect to an amount owed on an annuity
23        contract, 3 years after the death of the annuitant.
24        (9) funds on deposit or held in trust pursuant to the
25    Illinois Funeral or Burial Funds Act, the earliest of:
26            (A) 2 years after the date of death of the



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1        beneficiary;
2            (B) one year after the date the beneficiary has
3        attained, or would have attained if living, the age of
4        105 where the holder does not know whether the
5        beneficiary is deceased;
6            (C) 40 years after the contract for prepayment was
7        executed, unless the apparent owner has indicated an
8        interest in the property more than 40 years after the
9        contract for prepayment was executed, in which case, 3
10        years after the last indication of interest in the
11        property by the apparent owner;
12        (10) property distributable by a business association
13    in the course of bankruptcy or dissolution or
14    distributions from the termination of a retirement plan,
15    one year after the property becomes distributable;
16        (11) property held by a court, including property
17    received as proceeds of a class action, 3 years after the
18    property becomes distributable;
19        (12) property held by a government or governmental
20    subdivision, agency, or instrumentality, including
21    municipal bond interest and unredeemed principal under the
22    administration of a paying agent or indenture trustee, 3
23    years after the property becomes distributable;
24        (12.5) amounts payable pursuant to Section 20-175 of
25    the Property Tax Code, 3 years after the property becomes
26    payable;



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1        (13) wages, commissions, bonuses, or reimbursements to
2    which an employee is entitled, or other compensation for
3    personal services, including amounts held on a payroll
4    card, one year after the amount becomes payable;
5        (14) a deposit or refund owed to a subscriber by a
6    utility, one year after the deposit or refund becomes
7    payable, except that any capital credits or patronage
8    capital retired, returned, refunded or tendered to a
9    member of an electric cooperative, as defined in Section
10    3.4 of the Electric Supplier Act, or a telephone or
11    telecommunications cooperative, as defined in Section
12    13-212 of the Public Utilities Act, that has remained
13    unclaimed by the person appearing on the records of the
14    entitled cooperative for more than 2 years, shall not be
15    subject to, or governed by, any other provisions of this
16    Act, but rather shall be used by the cooperative for the
17    benefit of the general membership of the cooperative; and
18        (15) property not specified in this Section or
19    Sections 15-202 through 15-208, the earlier of 3 years
20    after the owner first has a right to demand the property or
21    the obligation to pay or distribute the property arises.
22    Notwithstanding anything to the contrary in this Section
2315-201, and subject to Section 15-210, a deceased owner cannot
24indicate interest in his or her property. If the owner is
25deceased and the abandonment period for the owner's property
26specified in this Section 15-201 is greater than 2 years, then



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1the property, other than an amount owed by an insurance
2company on a life or endowment insurance policy or an annuity
3contract that has matured or terminated, shall instead be
4presumed abandoned 2 years from the date of the owner's last
5indication of interest in the property.
6(Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.)
7    (765 ILCS 1026/15-301)
8    Sec. 15-301. Address of apparent owner to establish
9priority. In this Article, the following rules apply:
10        (1) The last-known address of an apparent owner is any
11    description, code, or other indication of the location of
12    the apparent owner which identifies the state, even if the
13    description, code, or indication of location is not
14    sufficient to direct the delivery of first-class United
15    States mail to the apparent owner.
16        (2) If the United States postal zip code associated
17    with the apparent owner is for a post office located in
18    this State, this State is deemed to be the state of the
19    last-known address of the apparent owner unless other
20    records associated with the apparent owner specifically
21    identify the physical address of the apparent owner to be
22    in another state.
23        (3) If the address under paragraph (2) is in another
24    state, the other state is deemed to be the state of the
25    last-known address of the apparent owner.



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1        (4) The address of the apparent owner of a life or
2    endowment insurance policy or annuity contract or its
3    proceeds is presumed to be the address of the insured or
4    annuitant if a person other than the insured or annuitant
5    is entitled to the amount owed under the policy or
6    contract and the address of the other person is not known
7    by the insurance company and cannot be determined under
8    Section 15-302. The address of the apparent owner of other
9    property where ownership vests in a beneficiary upon the
10    death of the owner is presumed to be the address of the
11    now-deceased owner if the address of the beneficiary is
12    not known by the holder and cannot be determined under
13    Section 15-302.
14        (5) The address of the owner of other property where
15    ownership vests in a beneficiary upon the death of the
16    owner is presumed to be the address of the deceased owner
17    if the address of the beneficiary is not known by the
18    holder and cannot be determined under Section 15-302.
19(Source: P.A. 100-22, eff. 1-1-18.)
20    (765 ILCS 1026/15-501)
21    Sec. 15-501. Notice to apparent owner by holder.
22    (a) Subject to subsections (b) and (c), the holder of
23property presumed abandoned shall send to the apparent owner
24notice by first-class United States mail that complies with
25Section 15-502 in a format acceptable to the administrator not



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1more than one year nor less than 60 days before filing the
2report under Section 15-401 if:
3        (1) the holder has in its records an address for the
4    apparent owner which the holder's records do not disclose
5    to be invalid and is sufficient to direct the delivery of
6    first-class United States mail to the apparent owner; and
7        (2) the value of the property is $50 or more.
8    (b) If an apparent owner has consented to receive
9electronic-mail delivery from the holder, the holder shall
10send the notice described in subsection (a) both by
11first-class United States mail to the apparent owner's
12last-known mailing address and by electronic mail, unless the
13holder believes that the apparent owner's electronic-mail
14address is invalid.
15    (c) The holder of virtual currency or securities presumed
16abandoned under Sections 15-202, 15-203, or 15-208 shall send
17to the apparent owner notice by certified United States mail
18that complies with Section 15-502 in a format acceptable to
19the administrator not less than 60 days before filing the
20report under Section 15-401 if:
21        (1) the holder has in its records an address for the
22    apparent owner which the holder's records do not disclose
23    to be invalid and is sufficient to direct the delivery of
24    United States mail to the apparent owner; and
25        (2) the value of the property is $1,000 or more.
26    (d) In addition to other indications of an apparent



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1owner's interest in property pursuant to Section 15-210, a
2signed return receipt in response to a notice sent pursuant to
3this Section by certified United States mail shall constitute
4a record communicated by the apparent owner to the holder
5concerning the property or the account in which the property
6is held.
7    (e) The administrator may adopt rules allowing a holder to
8deduct reasonable costs incurred in sending a notice by United
9States mail under this Section.
10(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
11    (765 ILCS 1026/15-503)
12    Sec. 15-503. Notice by administrator.
13    (a) The administrator shall give notice to an apparent
14owner that property presumed abandoned and appears to be owned
15by the apparent owner is held by the administrator under this
17    (b) In providing notice under subsection (a), the
18administrator shall:
19        (1) except as otherwise provided in paragraph (2),
20    send written notice by first-class United States mail to
21    each apparent owner of property valued at $100 or more
22    held by the administrator, unless the administrator
23    determines that a mailing by first-class United States
24    mail would not be received by the apparent owner, and, in
25    the case of a security held in an account for which the



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1    apparent owner had consented to receiving electronic mail
2    from the holder, send notice by electronic mail if the
3    electronic-mail address of the apparent owner is known to
4    the administrator instead of by first-class United States
5    mail; or
6        (2) send the notice to the apparent owner's
7    electronic-mail address if the administrator does not have
8    a valid United States mail address for an apparent owner,
9    but has an electronic-mail address that the administrator
10    does not know to be invalid.
11    (c) In addition to the notice under subsection (b), the
12administrator shall:
13        (1) publish twice every year every 6 months in at
14    least one English language newspaper of general
15    circulation in each county in this State notice of
16    property held by the administrator which must include:
17            (A) an estimate of the total value of property
18        available to be claimed from received by the
19        administrator during the preceding 6-month period,
20        taken from the reports under Section 15-401;
21            (B) the approximate total value of claims paid by
22        the administrator during the preceding fiscal year
23        6-month period;
24            (C) the Internet web address of the unclaimed
25        property website maintained by the administrator;
26            (D) an electronic-mail address to contact the



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1        administrator to inquire about or claim property; and
2            (E) a statement that a person may access the
3        Internet by a computer to search for unclaimed
4        property and a computer may be available as a service
5        to the public at a local public library.
6        (2) The administrator shall maintain a website
7    accessible by the public and electronically searchable
8    which contains the names reported to the administrator of
9    apparent owners for whom property is being held by the
10    administrator. The administrator need not list property on
11    such website when: no owner name was reported, a claim has
12    been initiated or is pending for the property, the
13    administrator has made direct contact with the apparent
14    owner of the property, and in other instances where the
15    administrator reasonably believes exclusion of the
16    property is in the best interests of both the State and the
17    owner of the property.
18    (d) The website or database maintained under subsection
19(c)(2) must include instructions for filing with the
20administrator a claim to property and an online claim form
21with instructions. The website may also provide a printable
22claim form with instructions for its use.
23    (e) Tax return identification of apparent owners of
24abandoned property.
25        (1) At least annually the administrator shall notify
26    the Department of Revenue of the names of persons



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1    appearing to be owners of abandoned property under this
2    Section. The administrator shall also provide to the
3    Department of Revenue the social security numbers of the
4    persons, if available.
5        (2) The Department of Revenue shall notify the
6    administrator if any person under subsection (e)(1) has
7    filed an Illinois income tax return and shall provide the
8    administrator with the last known address of the person as
9    it appears in Department of Revenue records, except as
10    prohibited by federal law. The Department of Revenue may
11    also provide additional addresses for the same taxpayer
12    from the records of the Department, except as prohibited
13    by federal law.
14        (3) In order to facilitate the return of property
15    under this subsection, the administrator and the
16    Department of Revenue may enter into an interagency
17    agreement concerning protection of confidential
18    information, data match rules, and other issues.
19        (4) The administrator may deliver, as provided under
20    Section 15-904 of this Act, property or pay the amount
21    owing to a person matched under this Section without the
22    person filing a claim under Section 15-903 of this Act if
23    the following conditions are met:
24            (A) the value of the property that is owed the
25        person is $5,000 or less;
26            (B) the property is not either tangible property



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1        or securities;
2            (C) the last known address for the person
3        according to the Department of Revenue records is less
4        than 12 months old; and
5            (D) the administrator has evidence sufficient to
6        establish that the person who appears in Department of
7        Revenue records is the owner of the property and the
8        owner currently resides at the last known address from
9        the Department of Revenue.
10        (5) If the value of the property that is owed the
11    person is greater than $5,000, or is tangible property or
12    securities the administrator shall provide notice to the
13    person, informing the person that he or she is the owner of
14    abandoned property held by the State and may file a claim
15    with the administrator for return of the property.
16        (6) The administrator does not need to notify the
17    Department of Revenue of the names or social security
18    numbers of apparent owners of abandoned property if the
19    administrator reasonably believes that the Department of
20    Revenue will be unable to provide information that would
21    provide sufficient evidence to establish that the person
22    in the Department of Revenue's records is the apparent
23    owner of unclaimed property in the custody of the
24    administrator.
25    (f) The administrator may use additional databases to
26verify the identity of the person and that the person



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1currently resides at the last known address. The administrator
2may utilize publicly and commercially available databases to
3find and update or add information for apparent owners of
4property held by the administrator.
5    (g) In addition to giving notice under subsection (b),
6publishing the information under subsection (c)(1) and
7maintaining the website or database under subsection (c)(2),
8the administrator may use other printed publication,
9telecommunication, the Internet, or other media to inform the
10public of the existence of unclaimed property held by the
12    (h) Identification of apparent owners of abandoned
13property using other State databases.
14        (1) The administrator may enter into interagency
15    agreements with the Secretary of State and the Illinois
16    State Board of Elections to identify persons appearing to
17    be owners of abandoned property with databases under the
18    control of the Secretary of State and the Illinois State
19    Board of Elections. Such interagency agreements shall
20    include protection of confidential information, data match
21    rules, and other necessary and proper issues.
22        (2) Except as prohibited by federal law, after January
23    1, 2022 the administrator may provide the Secretary of
24    State with names and other identifying information of
25    persons appearing to be owners of abandoned property. The
26    Secretary of State may provide the administrator with the



HB5143 Engrossed- 21 -LRB103 37054 JRC 67171 b

1    last known address as it appears in its respective records
2    of any person reasonably believed to be the apparent owner
3    of abandoned property.
4        (3) The Illinois State Board of Elections shall, upon
5    request, annually provide the administrator with
6    electronic data or compilations of voter registration
7    information. The administrator may use such electronic
8    data or compilations of voter registration information to
9    identify persons appearing to be owners of abandoned
10    property.
11        (4) The administrator may deliver, as provided under
12    Section 15-904, property or pay the amount owing to a
13    person matched under this Section without the person
14    filing a claim under Section 15-903 if:
15            (i) the value of the property that is owed the
16        person is $5,000 or less;
17            (ii) the property is not either tangible property
18        or securities;
19            (iii) the last known address for the person
20        according to the records of the Secretary of State or
21        Illinois State Board of Elections is less than 12
22        months old; and
23            (iv) the administrator has evidence sufficient to
24        establish that the person who appears in the records
25        of the Secretary of State or Illinois State Board of
26        Elections is the owner of the property and the owner



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1        currently resides at the last known address from the
2        Secretary of State or the Illinois State Board of
3        Elections.
4(Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.)
5    (765 ILCS 1026/15-603)
6    Sec. 15-603. Payment or delivery of property to
8    (a) Except as otherwise provided in this Section, on
9filing a report under Section 15-401, the holder shall pay or
10deliver to the administrator the property described in the
12    (b) If property in a report under Section 15-401 is an
13automatically renewable time deposit and the holder determines
14that a penalty or forfeiture in the payment of interest would
15result from paying the deposit to the administrator at the
16time of the report, the date for reporting and delivering the
17property to the administrator is extended until a penalty or
18forfeiture no longer would result from delivery of the
19property to the administrator. The holder shall report and
20deliver the property on the next regular date prescribed for
21reporting by the holder under this Act after this extended
22date, and the holder shall indicate in its report to the
23administrator that the property is being reported on an
24extended date pursuant to this subsection (b).
25    (c) Tangible property in a safe-deposit box may not be



HB5143 Engrossed- 23 -LRB103 37054 JRC 67171 b

1delivered to the administrator until a mutually agreed upon
2date that is no sooner than 60 days after filing the report
3under Section 15-401.
4    (d) If property reported to the administrator under
5Section 15-401 is a security, the administrator may:
6        (1) make an endorsement, instruction, or entitlement
7    order on behalf of the apparent owner to invoke the duty of
8    the issuer, its transfer agent, or the securities
9    intermediary to transfer the security; or
10        (2) dispose of the security under Section 15-702.
11    (e) If the holder of property reported to the
12administrator under Section 15-401 is the issuer of a
13certificated security, the administrator may obtain a
14replacement certificate in physical or book-entry form under
15Section 8-405 of the Uniform Commercial Code. An indemnity
16bond is not required.
17    (f) The administrator shall establish procedures for the
18registration, issuance, method of delivery, transfer, and
19maintenance of securities delivered to the administrator by a
21    (g) An issuer, holder, and transfer agent or other person
22acting in good faith under this Section under instructions of
23and on behalf of the issuer or holder is not liable to the
24apparent owner for a claim arising with respect to property
25after the property has been delivered to the administrator.
26    (h) A holder is not required to deliver to the



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1administrator a security identified by the holder as a
2non-freely transferable security in a report filed under
3Section 15-401. If the administrator or holder determines that
4a security is no longer a non-freely transferable security,
5the holder shall report and deliver the security on the next
6regular date prescribed for delivery of securities by the
7holder under this Act. The holder shall make a determination
8annually whether a security identified in a report filed under
9Section 15-401 as a non-freely transferable security is no
10longer a non-freely transferable security.
11    (i) Virtual currency.
12        (1) If property reported to the administrator is
13    virtual currency, the holder shall liquidate the virtual
14    currency and remit the proceeds to the administrator.
15        (2) The liquidation shall occur anytime within 30 days
16    prior to the filing of the report under Section 15-401.
17    The owner shall not have recourse against the holder or
18    the administrator to recover any gain in value that occurs
19    after the liquidation of the virtual currency under this
20    subsection.
21        (3) If a holder cannot liquidate virtual currency and
22    cannot otherwise cause virtual currency to be liquidated,
23    the holder shall promptly notify the administrator in
24    writing and explain the reasons why the virtual currency
25    cannot be liquidated. The administrator, in his or her
26    absolute and sole discretion, may direct the holder to



HB5143 Engrossed- 25 -LRB103 37054 JRC 67171 b

1    either (1) transfer the virtual currency that cannot be
2    liquidated to a custodian selected by the administrator,
3    or (2) continue to hold the virtual currency until the
4    administrator or the holder determines that the virtual
5    currency can be liquidated pursuant to this
     Act or there
6    is an indication of apparent owner interest pursuant to
7    Section 15-210.
8(Source: P.A. 102-288, eff. 8-6-21.)
9    (765 ILCS 1026/15-903)
10    Sec. 15-903. Claim for property by person claiming to be
12    (a) A person claiming to be the owner of property held
13under this Act by the administrator or to the proceeds from the
14sale thereof may file a claim for the property on a form
15prescribed by the administrator. The claimant must verify the
16claim as to its completeness and accuracy.
17    (b) The administrator may waive the requirement in
18subsection (a) and may pay or deliver property directly to a
19person if:
20        (1) the person receiving the property or payment is
21    shown to be the apparent owner included on a report filed
22    under Section 15-401;
23        (2) the administrator reasonably believes the person
24    is entitled to receive the property or payment; and
25        (3) the property has a value of less than $5,000



HB5143 Engrossed- 26 -LRB103 37054 JRC 67171 b

1    $2,000.
2    (c) The administrator may change the maximum value in
3subsection (b) by administrative rule.
4    (d) This Section is the sole administrative and legal
5procedure for claiming property under this Act. Compliance
6with this Section is required prior to exercising the
7exclusive judicial remedy found in Section 15-906.
8(Source: P.A. 102-835, eff. 5-13-22.)
9    (765 ILCS 1026/15-906)
10    Sec. 15-906. Action by person whose claim is denied. Not
11later than one year after filing a claim under subsection (a)
12of Section 15-903, the claimant may commence a contested case
13pursuant to the Illinois Administrative Procedure Act to
14establish a claim by the preponderance of the evidence after
15either receiving notice under subsection (b) of Section 15-904
16or the claim is deemed denied under subsection (b) of Section
1715-904. Any appeal from the administrator's decision pursuant
18to the Illinois Administrative Procedure Act must be taken via
19the provisions of the Administrative Review Law.
20(Source: P.A. 102-288, eff. 8-6-21.)
21    (765 ILCS 1026/15-1302)
22    Sec. 15-1302. When agreement to locate property void.
23    (a) Subject to subsection (b), an agreement under Section
2415-1301 is void if it is entered into during the period



HB5143 Engrossed- 27 -LRB103 37054 JRC 67171 b

1beginning on the date the property was presumed abandoned
2under this Act and ending 24 months after the payment or
3delivery of the property to the administrator.
4    (b) If a provision in an agreement described in Section
515-1301 applies to mineral proceeds for which compensation is
6to be paid to the other person based in whole or in part on a
7part of the underlying minerals or mineral proceeds not then
8presumed abandoned, the provision is void regardless of when
9the agreement was entered into.
10    (c) An agreement under this Article 13 which provides for
11compensation in an amount that is more than 10% of the amount
12collected is unenforceable except by the apparent owner.
13    (d) An apparent owner or the administrator may assert that
14an agreement described in this Article 13 is void on a ground
15other than it provides for payment of unconscionable
17    (e) A person attempting to collect a contingent fee for
18discovering, on behalf of an apparent owner, presumptively
19abandoned property must be licensed as a private detective
20pursuant to the Private Detective, Private Alarm, Private
21Security, Fingerprint Vendor, and Locksmith Act of 2004.
22    (f) This Section does not apply to an apparent owner's
23agreement between an owner and with an attorney to pursue a
24claim for recovery of specifically identified property held by
25the administrator or to contest the administrator's denial of
26a claim for recovery of the property where the attorney has an



HB5143 Engrossed- 28 -LRB103 37054 JRC 67171 b

1attorney-client relationship with the owner.
2    (g) This Section does not apply to an apparent owner's
3agreement with a CPA firm licensed under the Illinois Public
4Accounting Act, or with an affiliate of such firm, if all of
5the following apply:
6        (1) the CPA firm has registered with the administrator
7    and is in good standing with the Illinois Department of
8    Financial and Professional Regulation;
9        (2) the apparent owner is not a natural person; and
10        (3) the CPA firm, or with an affiliate of such firm,
11    also provides the apparent owner professional services to
12    assist with the apparent owner's compliance with the
13    reporting requirements of this Act. The administrator
14    shall adopt rules to implement and administer the
15    registration of CPA firms and the claims process under
16    this paragraph (g).
17(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)



HB5143 Engrossed- 29 -LRB103 37054 JRC 67171 b

2 Statutes amended in order of appearance
3    30 ILCS 230/2from Ch. 127, par. 171
4    765 ILCS 1026/15-201
5    765 ILCS 1026/15-301
6    765 ILCS 1026/15-501
7    765 ILCS 1026/15-503
8    765 ILCS 1026/15-603
9    765 ILCS 1026/15-903
10    765 ILCS 1026/15-906
11    765 ILCS 1026/15-1302