HB5373ham002 95TH GENERAL ASSEMBLY

Rep. Harry Osterman

Filed: 4/15/2008

09500HB5373ham002 LRB095 18856 AJO 49550 a

AMENDMENT TO HOUSE BILL 5373

AMENDMENT NO. ______. Amend House Bill 5373 on page 3, by replacing lines 1 through 11 with the following:

"owner of such property in exchange for a fee must provide the owner with a written disclosure. The disclosure shall be set forth in a clear and conspicuous manner and at a minimum shall state the following:

Each state maintains an office of unclaimed property. Generally, if for a number of years an owner of property has not communicated directly with the holder of the property, and has not otherwise indicated an interest in or claimed the property, the property will be delivered to a state administered unclaimed property program. Upon such delivery, the owner will be able to recover the property from the state administered program without charge by the state. The unclaimed asset referred to in this Agreement has not yet been reported or remitted to any state unclaimed property office. Since you reside (or resided) in Illinois, you may obtain information about the Illinois unclaimed property program by logging onto its website at www.treasurer.il.gov.

A person or company may not charge a fee greater than 25% of the property's value for the recovery of that property where the property is not yet reportable under this Act and the designated owner of that property, as reflected within the books and records of the holder, is living.

A person or company may not charge a fee greater than 33% of the property's value for the recovery of that property where the property is not yet reportable under this Act and the recovery of that property involves documentation of the owner's death or any elements of estate or trust administration."; and

on page 3 by replacing lines 16 through 24 with the following:

"Sec. 2BBB. Abandoned property recovery fee. Any person or company offering to identify, discover, or collect property held by a public agency, as that term is defined by the Public Funds Investment Act, on behalf of a consumer in exchange for a fee must provide the owner of the property with a written disclosure. This disclosure shall include, at a minimum, a statement indicating the public agency does not charge fees for the recovery of any property. A person or company may not charge a fee greater than 25% for the recovery of property held by a public agency. Any person who violates this Section commits an unlawful practice within the meaning of this Act. This Section is not applicable to any category of property that is, or will become, reportable pursuant to the Uniform Disposition of Unclaimed Property Act."; and

on page 4, by deleting lines 1 through 10.