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: |
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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.
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| | A BILL FOR |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Revised Uniform Unclaimed Property Act is | 5 | | amended by changing Section 15-210 as follows: | 6 | | (765 ILCS 1026/15-210)
| 7 | | Sec. 15-210. Indication of apparent owner interest in | 8 | | property. | 9 | | (a) The period after which property is presumed abandoned | 10 | | is 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 | 16 | | interest 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 |
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| 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 | 23 | | apparent owner, other than the holder acting as the apparent | 24 | | owner's agent, is presumed to be an action on behalf of the | 25 | | apparent owner. | 26 | | (d) A communication with an apparent owner by a person |
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| 1 | | other than the holder or the holder's representative is not an | 2 | | indication of interest in the property by the apparent owner | 3 | | unless a record of the communication evidences the apparent | 4 | | owner's knowledge of a right to the property. | 5 | | (e) If the insured dies or the insured or beneficiary of an | 6 | | insurance policy otherwise becomes entitled to the proceeds | 7 | | before depletion of the cash surrender value of the policy by | 8 | | operation of an automatic-premium-loan provision or other | 9 | | nonforfeiture provision contained in the policy, the operation | 10 | | does not prevent the policy from maturing or terminating. | 11 | | (f) If the apparent owner has another property with the | 12 | | holder to which Section 201(6) applies, then activity directed | 13 | | by an apparent owner in any other accounts, including loan | 14 | | accounts, at a financial organization holding an inactive | 15 | | account of the apparent owner shall be an indication of | 16 | | interest 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
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| 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 .)
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