Full Text of SB3121 93rd General Assembly
SB3121 93RD GENERAL ASSEMBLY
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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 SB3121
Introduced 2/6/2004, by Dan Rutherford - Frank C. Watson SYNOPSIS AS INTRODUCED: |
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765 ILCS 1025/1 |
from Ch. 141, par. 101 |
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Amends the Uniform Disposition of Unclaimed Property Act. Adds a caption to
the
definitions Section of the Act.
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A BILL FOR
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SB3121 |
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LRB093 19165 LCB 44900 b |
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| AN ACT concerning unclaimed property.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Uniform Disposition of Unclaimed Property | 5 |
| Act is amended by
changing Section 1 as follows:
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| (765 ILCS 1025/1) (from Ch. 141, par. 101)
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| Sec. 1. Definitions. As used in this Act, unless the | 8 |
| context otherwise
requires:
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| (a) "Banking organization" means any bank, trust company, | 10 |
| savings bank,
industrial bank, land bank, safe deposit company, | 11 |
| or a private banker.
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| (b) "Business association" means any corporation, joint | 13 |
| stock company,
business trust, partnership, or any
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| association, limited liability company, or other business | 15 |
| entity consisting
of one or more persons, whether or not for | 16 |
| profit.
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| (c) "Financial organization" means any savings and loan | 18 |
| association,
building and loan association, credit union, | 19 |
| currency exchange,
co-operative bank, mutual funds, or | 20 |
| investment company.
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| (d) "Holder" means any person in possession of property | 22 |
| subject to this
Act belonging to another, or who is trustee in | 23 |
| case of a trust, or is
indebted to another on an obligation | 24 |
| subject to this Act.
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| (e) "Life insurance corporation" means any association or | 26 |
| corporation
transacting the business of insurance on the lives | 27 |
| of
persons or insurance appertaining thereto, including, but | 28 |
| not by way of
limitation, endowments and annuities.
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| (f) "Owner" means a depositor in case of a deposit, a | 30 |
| beneficiary in
case of a trust, a creditor, claimant, or payee | 31 |
| in case of other property, or any person having a legal or | 32 |
| equitable interest in property
subject to this Act, or his |
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SB3121 |
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LRB093 19165 LCB 44900 b |
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| legal representative.
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| (g) "Person" means any individual, business association, | 3 |
| financial
organization, government or
political subdivision or | 4 |
| agency, public authority,
estate, trust, or any other legal or
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| commercial entity.
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| (h) "Utility" means any person who owns or operates,
for | 7 |
| public use, any plant, equipment, property, franchise, or | 8 |
| license for
the transmission of communications or the | 9 |
| production, storage,
transmission, sale, delivery, or | 10 |
| furnishing of electricity, water,
steam, oil or gas.
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| (i) (Blank).
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| (j) "Insurance company" means any person transacting the | 13 |
| kinds of
business enumerated in Section 4 of the Illinois | 14 |
| Insurance Code other than
life insurance.
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| (k) "Economic loss", as used in Sections 2a and 9 of this | 16 |
| Act includes,
but is not limited to,
delivery charges, | 17 |
| mark-downs and write-offs, carrying
costs, restocking charges, | 18 |
| lay-aways, special orders, issuance of credit memos,
and the | 19 |
| costs of special services or goods
provided that reduce the | 20 |
| property value or that result in lost sales
opportunity.
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| (l) "Reportable property" means property, tangible or | 22 |
| intangible, presumed
abandoned under this Act that must be | 23 |
| appropriately and timely reported and
remitted to the Office of | 24 |
| the State Treasurer under this
Act. Interest, dividends, stock | 25 |
| splits,
warrants, or other rights that become reportable | 26 |
| property under this Act
include the underlying security or | 27 |
| commodity giving rise to the interest,
dividend, split, | 28 |
| warrant, or other right to which the owner would be entitled.
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| (m) "Firearm" has the meaning ascribed to that term in the | 30 |
| Firearm Owners
Identification Card Act.
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| (Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99; 91-748, | 32 |
| eff. 6-2-00.)
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