Full Text of SB2636 95th General Assembly
SB2636 95TH GENERAL ASSEMBLY
|
|
|
95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 SB2636
Introduced 2/15/2008, by Sen. Don Harmon SYNOPSIS AS INTRODUCED: |
|
765 ILCS 1025/20 |
from Ch. 141, par. 120 |
815 ILCS 505/2BBB new |
|
|
Amends the Uniform Disposition of Unclaimed Property Act. Provides that a person or company offering to identify, discover, or collect presumptively abandoned property or property that may become presumptively abandoned on behalf of the putative owner in exchange for a contingent fee must provide the owner with a written disclosure that includes, at a minimum, the identity of the holder of the property, the date the property became or will become reportable, and a statement indicating that the Office of the State Treasurer does not charge fees for the recovery of any property transferred to its custody under the Act. Provides that a person or company may not charge a contingent fee greater than 10% for the recovery of property that is not yet reportable property under the Act. Amends the Consumer Fraud and Deceptive Practices Act. Provides that a person offering to identify, discover, or collect property, held or likely to be reported to any public agency, on behalf of the putative owner in exchange for a contingent fee must provide the owner with a written disclosure that includes, at a minimum, the identity of the holder of the property, the date the property came into the possession of the public agency or will become reportable to the agency, and a statement indicating the public agency does not charge fees for the recovery of any property transferred to its custody under the Uniform Disposition of Unclaimed Property Act. Provides that a person who violates this provision commits an unlawful practice. Effective immediately.
|
| |
|
|
A BILL FOR
|
|
|
|
|
SB2636 |
|
LRB095 18910 AJO 45542 b |
|
| 1 |
| AN ACT concerning property.
| 2 |
| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 5. The Uniform Disposition of Unclaimed Property | 5 |
| Act is amended by changing Section 20 as follows:
| 6 |
| (765 ILCS 1025/20) (from Ch. 141, par. 120)
| 7 |
| Sec. 20. Determination of claims.
| 8 |
| (a) The State Treasurer shall consider any claim filed | 9 |
| under this
Act and may, in his discretion, hold a hearing and | 10 |
| receive evidence
concerning it. Such hearing shall be conducted | 11 |
| by the State Treasurer or by a
hearing officer designated by | 12 |
| him. No hearings shall be held if the
payment of the claim is | 13 |
| ordered by a court, if the claimant is under court
| 14 |
| jurisdiction, or if the claim is paid under Article XXV of the | 15 |
| Probate Act
of 1975. The State Treasurer or hearing officer | 16 |
| shall prepare a finding and a
decision in writing on each | 17 |
| hearing, stating the substance of any evidence
heard by him, | 18 |
| his findings of fact in respect thereto, and the reasons for
| 19 |
| his decision. The State Treasurer shall review the findings and | 20 |
| decision of
each hearing conducted by a hearing officer and | 21 |
| issue a final written decision.
The final decision shall be a | 22 |
| public record. Any claim of an interest in
property that is | 23 |
| filed pursuant to this Act shall be considered and a finding
|
|
|
|
SB2636 |
- 2 - |
LRB095 18910 AJO 45542 b |
|
| 1 |
| and decision shall be issued by the Office of the State | 2 |
| Treasurer in a timely
and expeditious manner.
| 3 |
| (b) If the claim is allowed, and after deducting an amount | 4 |
| not to
exceed $20 to cover the cost of notice publication and | 5 |
| related clerical
expenses, the State Treasurer shall make | 6 |
| payment forthwith.
| 7 |
| (c) In order to carry out the purpose of this Act, no | 8 |
| person or company
shall be entitled to a fee for discovering | 9 |
| presumptively abandoned property
until it has been in the | 10 |
| custody of the Unclaimed Property Division
of the Office of the | 11 |
| State Treasurer for at least 24 months. Fees
for discovering | 12 |
| property that has been in the custody of that division for
more | 13 |
| than 24 months shall be limited to not more than 10% of the | 14 |
| amount
collected.
| 15 |
| (d) A person or company attempting to collect a contingent | 16 |
| fee for
discovering, on behalf of an owner, presumptively | 17 |
| abandoned property must be
licensed as a private detective | 18 |
| pursuant to the Private Detective, Private
Alarm, Private | 19 |
| Security, Fingerprint Vendor, and Locksmith Act of 2004.
| 20 |
| (e) This Section shall not apply to the fees of an attorney | 21 |
| at law duly
appointed to practice in a state of the United | 22 |
| States who is employed by a
claimant with regard to probate | 23 |
| matters on a contractual basis.
| 24 |
| (f) Any person or company offering to identify, discover, | 25 |
| or collect presumptively abandoned property or property which | 26 |
| may become presumptively abandoned on behalf of the putative |
|
|
|
SB2636 |
- 3 - |
LRB095 18910 AJO 45542 b |
|
| 1 |
| owner of such property in exchange for a fee contingent upon | 2 |
| the successful collection by the owner of such property, must | 3 |
| provide the owner with a written disclosure. This disclosure | 4 |
| shall include, at a minimum, the identity of the holder of the | 5 |
| property, the date the property became or will become | 6 |
| reportable, and a statement indicating that the Office of the | 7 |
| State Treasurer does not charge fees for the recovery of any | 8 |
| property transferred or to be transferred to its custody under | 9 |
| this Act. A person or company may not charge a contingent fee | 10 |
| greater than 10% for the recovery of property that is not yet | 11 |
| reportable property under this Act. | 12 |
| (Source: P.A. 95-613, eff. 9-11-07.)
| 13 |
| Section 10. The Consumer Fraud and Deceptive Business | 14 |
| Practices Act is amended by adding Section 2BBB as follows: | 15 |
| (815 ILCS 505/2BBB new)
| 16 |
| Sec. 2BBB. Contingent fees. Any person or company offering | 17 |
| to identify, discover, or collect presumptively abandoned | 18 |
| property or property which may become presumptively abandoned | 19 |
| on behalf of the putative owner of such property in exchange | 20 |
| for a fee contingent upon the successful collection by the | 21 |
| owner of such property, must provide the owner with a written | 22 |
| disclosure. This disclosure shall include, at a minimum, the | 23 |
| identity of the holder of the property, the date the property | 24 |
| came into the possession of the public agency or will become |
|
|
|
SB2636 |
- 4 - |
LRB095 18910 AJO 45542 b |
|
| 1 |
| reportable to the agency, and a statement indicating the public | 2 |
| agency does not charge fees for the recovery of any property | 3 |
| transferred or to be transferred to its custody under the | 4 |
| Uniform Disposition of Unclaimed Property Act. "Public agency" | 5 |
| has the meaning ascribed to it in Section 1 of the Public Funds | 6 |
| Investment Act. | 7 |
| Any person who violates this Section commits an unlawful | 8 |
| practice within the meaning of this Act.
| 9 |
| Section 99. Effective date. This Act takes effect upon | 10 |
| becoming law.
|
|