SB3343sam001 103RD GENERAL ASSEMBLY

Sen. Robert F. Martwick

Filed: 3/21/2024

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 3343

2    AMENDMENT NO. ______. Amend Senate Bill 3343 by replacing
3everything after the enacting clause with the following:
 
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
8treasury.
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

 

 

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1regulations promulgated under subsection (b) of this Section,
2shall pay into the State treasury the gross amount of money so
3received on the day of actual physical receipt with respect to
4any single item of receipt exceeding $10,000, within 24 hours
5of actual physical receipt with respect to an accumulation of
6receipts of $10,000 or more, or within 48 hours of actual
7physical receipt with respect to an accumulation of receipts
8exceeding $500 but less than $10,000, disregarding holidays,
9Saturdays and Sundays, after the receipt of same, without any
10deduction on account of salaries, fees, costs, charges,
11expenses or claims of any description whatever; provided that:
12        (1) the provisions of (i) Section 2505-475 of the
13    Department of Revenue Law, (ii) any specific taxing
14    statute authorizing a claim for credit procedure instead
15    of the actual making of refunds, (iii) Section 505 of the
16    Illinois Controlled Substances Act, (iv) Section 85 of the
17    Methamphetamine Control and Community Protection Act,
18    authorizing the Director of the Illinois State Police to
19    dispose of forfeited property, which includes the sale and
20    disposition of the proceeds of the sale of forfeited
21    property, and the Department of Central Management
22    Services to be reimbursed for costs incurred with the
23    sales of forfeited vehicles, boats or aircraft and to pay
24    to bona fide or innocent purchasers, conditional sales
25    vendors or mortgagees of such vehicles, boats or aircraft
26    their interest in such vehicles, boats or aircraft, and

 

 

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1    (v) Section 6b-2 of the State Finance Act, establishing
2    procedures for handling cash receipts from the sale of
3    pari-mutuel wagering tickets, shall not be deemed to be in
4    conflict with the requirements of this Section;
5        (2) any fees received by the State Registrar of Vital
6    Records pursuant to the Vital Records Act which are
7    insufficient in amount may be returned by the Registrar as
8    provided in that Act;
9        (3) any fees received by the Department of Public
10    Health under the Food Handling Regulation Enforcement Act
11    that are submitted for renewal of an expired food service
12    sanitation manager certificate may be returned by the
13    Director as provided in that Act;
14        (3.5) examiners of unclaimed property which is
15    reported and remitted to the State Treasurer and
16    custodians contracted by the State of Illinois to hold
17    presumptively abandoned securities or virtual currency may
18    deduct fees prior to remittance in accordance with the
19    Revised Uniform Unclaimed Property Act the State Treasurer
20    may permit the deduction of fees by third-party unclaimed
21    property examiners from the property recovered by the
22    examiners for the State of Illinois during examinations of
23    holders located outside the State under which the Office
24    of the Treasurer has agreed to pay for the examinations
25    based upon a percentage, in accordance with the Revised
26    Uniform Unclaimed Property Act, of the property recovered

 

 

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1    during the examination; and
2        (4) if the amount of money received does not exceed
3    $500, such money may be retained and need not be paid into
4    the State treasury until the total amount of money so
5    received exceeds $500, or until the next succeeding 1st or
6    15th day of each month (or until the next business day if
7    these days fall on Sunday or a holiday), whichever is
8    earlier, at which earlier time such money shall be paid
9    into the State treasury, except that if a local bank or
10    savings and loan association account has been authorized
11    by law, any balances shall be paid into the State treasury
12    on Monday of each week if more than $500 is to be deposited
13    in any fund.
14Single items of receipt exceeding $10,000 received after 2
15p.m. on a working day may be deemed to have been received on
16the next working day for purposes of fulfilling the
17requirement that the item be deposited on the day of actual
18physical receipt.
19    No money belonging to or left for the use of the State
20shall be expended or applied except in consequence of an
21appropriation made by law and upon the warrant of the State
22Comptroller. However, payments made by the Comptroller to
23persons by direct deposit need not be made upon the warrant of
24the Comptroller, but if not made upon a warrant, shall be made
25in accordance with Section 9.02 of the State Comptroller Act.
26All moneys so paid into the State treasury shall, unless

 

 

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1required by some statute to be held in the State treasury in a
2separate or special fund, be covered into the General Revenue
3Fund in the State treasury. Moneys received in the form of
4checks, drafts or similar instruments shall be properly
5endorsed, if necessary, and delivered to the State Treasurer
6for collection. The State Treasurer shall remit such collected
7funds to the depositing officer, board, commission,
8commissioner, department, institution, arm or agency by
9Treasurers Draft or through electronic funds transfer. The
10draft or notification of the electronic funds transfer shall
11be provided to the State Comptroller to allow deposit into the
12appropriate fund.
13    (b) Different time periods for the payment of public funds
14into the State treasury or to the State Treasurer, in excess of
15the periods established in subsection (a) of this Section, but
16not in excess of 30 days after receipt of such funds, may be
17established and revised from time to time by rules or
18regulations promulgated jointly by the State Treasurer and the
19State Comptroller in accordance with the Illinois
20Administrative Procedure Act. The different time periods
21established by rule or regulation under this subsection may
22vary according to the nature and amounts of the funds
23received, the locations at which the funds are received,
24whether compliance with the deposit requirements specified in
25subsection (a) of this Section would be cost effective, and
26such other circumstances and conditions as the promulgating

 

 

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1authorities consider to be appropriate. The Treasurer and the
2Comptroller shall review all such different time periods
3established pursuant to this subsection every 2 years from the
4establishment thereof and upon such review, unless it is
5determined that it is economically unfeasible for the agency
6to comply with the provisions of subsection (a), shall repeal
7such different time period.
8(Source: P.A. 102-538, eff. 8-20-21.)
 
9    Section 7. The Illinois Trust Code is amended by changing
10Sections 809 and 810 as follows:
 
11    (760 ILCS 3/809)
12    Sec. 809. Control and protection of trust property. A
13trustee shall take reasonable steps to take control of and
14protect the trust property, including searching for and
15claiming any unclaimed or presumptively abandoned property. If
16a corporation is acting as co-trustee with one or more
17individuals, the corporate trustee shall have custody of the
18trust estate unless all the trustees otherwise agree.
19(Source: P.A. 101-48, eff. 1-1-20.)
 
20    (760 ILCS 3/810)
21    Sec. 810. Recordkeeping and identification of trust
22property.
23    (a) A trustee shall keep adequate records of the

 

 

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1administration of the trust.
2    (b) A trustee shall keep trust property separate from the
3trustee's own property.
4    (c) Except as otherwise provided in subsection (d), a
5trustee not subject to federal or state banking regulation
6shall cause the trust property to be designated so that the
7interest of the trust, to the extent feasible, appears in
8records maintained by a party other than a trustee or
9beneficiary to whom the trustee has delivered the property.
10    (d) If the trustee maintains records clearly indicating
11the respective interests, a trustee may invest as a whole the
12property of 2 or more separate trusts.
13    (e) A trustee shall maintain or cause to be maintained
14trust records for a minimum of 7 years after the dissolution of
15the trust.
16    (f) Prior to the destruction of trust records, a trustee
17shall conduct a reasonable search for any trust property that
18is presumptively abandoned or that has been reported and
19remitted to a state unclaimed property administrator.
20(Source: P.A. 101-48, eff. 1-1-20.)
 
21    Section 10. The Revised Uniform Unclaimed Property Act is
22amended by changing Sections 15-201, 15-301, 15-501, 15-503,
2315-603, 15-903, 15-906, and 15-1302 as follows:
 
24    (765 ILCS 1026/15-201)

 

 

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1    Sec. 15-201. When property presumed abandoned. Subject to
2Section 15-210, the following property is presumed abandoned
3if it is unclaimed by the apparent owner during the period
4specified below:
5        (1) a traveler's check, 15 years after issuance;
6        (2) a money order, 5 years after issuance;
7        (3) any instrument on which a financial organization
8    or business association is directly liable, other than a
9    money order, 3 years after issuance;
10        (4) a corporate state or municipal bond, bearer bond,
11    or original-issue-discount bond, 3 years after the
12    earliest of the date the bond matures or is called or the
13    obligation to pay the principal of the bond arises;
14        (5) a debt of a business association, 3 years after
15    the obligation to pay arises;
16        (6) financial organization deposits as follows:
17            (i) a demand deposit, 3 years after the date of the
18        last indication of interest in the property by the
19        apparent owner;
20            (ii) a savings deposit, 3 years after the date of
21        last indication of interest in the property by the
22        apparent owner;
23            (iii) a time deposit for which the owner has not
24        consented to automatic renewal of the time deposit, 3
25        years after the later of maturity or the date of the
26        last indication of interest in the property by the

 

 

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1        apparent owner;
2            (iv) an automatically renewable time deposit for
3        which the owner consented to the automatic renewal in
4        a record on file with the holder, 3 years after the
5        date of last indication of interest in the property by
6        the apparent owner, following the completion of the
7        initial term of the time deposit and one automatic
8        renewal term of the time deposit;
9        (6.5) virtual currency, 5 years after the last
10    indication of interest in the property;
11        (7) money or a credit owed to a customer as a result of
12    a retail business transaction, other than in-store credit
13    for returned merchandise, 3 years after the obligation
14    arose;
15        (8) an amount owed by an insurance company on a life or
16    endowment insurance policy or an annuity contract that has
17    matured or terminated, 3 years after the obligation to pay
18    arose under the terms of the policy or contract or, if a
19    policy or contract for which an amount is owed on proof of
20    death has not matured by proof of the death of the insured
21    or annuitant, as follows:
22            (A) with respect to an amount owed on a life or
23        endowment insurance policy, the earlier of:
24                (i) 3 years after the death of the insured; or
25                (ii) 2 years after the insured has attained,
26            or would have attained if living, the limiting age

 

 

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1            under the mortality table on which the reserve for
2            the policy is based; and
3            (B) with respect to an amount owed on an annuity
4        contract, 3 years after the death of the annuitant.
5        (9) funds on deposit or held in trust pursuant to the
6    Illinois Funeral or Burial Funds Act, the earliest of:
7            (A) 2 years after the date of death of the
8        beneficiary;
9            (B) one year after the date the beneficiary has
10        attained, or would have attained if living, the age of
11        105 where the holder does not know whether the
12        beneficiary is deceased;
13            (C) 40 years after the contract for prepayment was
14        executed, unless the apparent owner has indicated an
15        interest in the property more than 40 years after the
16        contract for prepayment was executed, in which case, 3
17        years after the last indication of interest in the
18        property by the apparent owner;
19        (10) property distributable by a business association
20    in the course of bankruptcy or
    dissolution or
21    distributions from the termination of a retirement plan,
22    one year after the property becomes distributable;
23        (11) property held by a court, including property
24    received as proceeds of a class action, 3 years after the
25    property becomes distributable;
26        (12) property held by a government or governmental

 

 

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1    subdivision, agency, or instrumentality, including
2    municipal bond interest and unredeemed principal under the
3    administration of a paying agent or indenture trustee, 3
4    years after the property becomes distributable;
5        (12.5) amounts payable pursuant to Section 20-175 of
6    the Property Tax Code, 3 years after the property becomes
7    payable;
8        (13) wages, commissions, bonuses, or reimbursements to
9    which an employee is entitled, or other compensation for
10    personal services, including amounts held on a payroll
11    card, one year after the amount becomes payable;
12        (14) a deposit or refund owed to a subscriber by a
13    utility, one year after the deposit or refund becomes
14    payable, except that any capital credits or patronage
15    capital retired, returned, refunded or tendered to a
16    member of an electric cooperative, as defined in Section
17    3.4 of the Electric Supplier Act, or a telephone or
18    telecommunications cooperative, as defined in Section
19    13-212 of the Public Utilities Act, that has remained
20    unclaimed by the person appearing on the records of the
21    entitled cooperative for more than 2 years, shall not be
22    subject to, or governed by, any other provisions of this
23    Act, but rather shall be used by the cooperative for the
24    benefit of the general membership of the cooperative; and
25        (15) property not specified in this Section or
26    Sections 15-202 through 15-208, the earlier of 3 years

 

 

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1    after the owner first has a right to demand the property or
2    the obligation to pay or distribute the property arises.
3    Notwithstanding anything to the contrary in this Section
415-201, and subject to Section 15-210, a deceased owner cannot
5indicate interest in his or her property. If the owner is
6deceased and the abandonment period for the owner's property
7specified in this Section 15-201 is greater than 2 years, then
8the property, other than an amount owed by an insurance
9company on a life or endowment insurance policy or an annuity
10contract that has matured or terminated, shall instead be
11presumed abandoned 2 years from the date of the owner's last
12indication of interest in the property.
13(Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.)
 
14    (765 ILCS 1026/15-301)
15    Sec. 15-301. Address of apparent owner to establish
16priority. In this Article, the following rules apply:
17        (1) The last-known address of an apparent owner is any
18    description, code, or other indication of the location of
19    the apparent owner which identifies the state, even if the
20    description, code, or indication of location is not
21    sufficient to direct the delivery of first-class United
22    States mail to the apparent owner.
23        (2) If the United States postal zip code associated
24    with the apparent owner is for a post office located in
25    this State, this State is deemed to be the state of the

 

 

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1    last-known address of the apparent owner unless other
2    records associated with the apparent owner specifically
3    identify the physical address of the apparent owner to be
4    in another state.
5        (3) If the address under paragraph (2) is in another
6    state, the other state is deemed to be the state of the
7    last-known address of the apparent owner.
8        (4) The address of the apparent owner of a life or
9    endowment insurance policy or annuity contract or its
10    proceeds is presumed to be the address of the insured or
11    annuitant if a person other than the insured or annuitant
12    is entitled to the amount owed under the policy or
13    contract and the address of the other person is not known
14    by the insurance company and cannot be determined under
15    Section 15-302. The address of the apparent owner of other
16    property where ownership vests in a beneficiary upon the
17    death of the owner is presumed to be the address of the
18    now-deceased owner if the address of the beneficiary is
19    not known by the holder and cannot be determined under
20    Section 15-302.
21        (5) The address of the owner of other property where
22    ownership vests in a beneficiary upon the death of the
23    owner is presumed to be the address of the deceased owner
24    if the address of the beneficiary is not known by the
25    holder and cannot be determined under Section 15-302.
26(Source: P.A. 100-22, eff. 1-1-18.)
 

 

 

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1    (765 ILCS 1026/15-501)
2    Sec. 15-501. Notice to apparent owner by holder.
3    (a) Subject to subsections (b) and (c), the holder of
4property presumed abandoned shall send to the apparent owner
5notice by first-class United States mail that complies with
6Section 15-502 in a format acceptable to the administrator not
7more than one year nor less than 60 days before filing the
8report under Section 15-401 if:
9        (1) the holder has in its records an address for the
10    apparent owner which the holder's records do not disclose
11    to be invalid and is sufficient to direct the delivery of
12    first-class United States mail to the apparent owner; and
13        (2) the value of the property is $50 or more.
14    (b) If an apparent owner has consented to receive
15electronic-mail delivery from the holder, the holder shall
16send the notice described in subsection (a) both by
17first-class United States mail to the apparent owner's
18last-known mailing address and by electronic mail, unless the
19holder believes that the apparent owner's electronic-mail
20address is invalid.
21    (c) The holder of virtual currency or securities presumed
22abandoned under Sections 15-202, 15-203, or 15-208 shall send
23to the apparent owner notice by certified United States mail
24that complies with Section 15-502 in a format acceptable to
25the administrator not less than 60 days before filing the

 

 

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1report under Section 15-401 if:
2        (1) the holder has in its records an address for the
3    apparent owner which the holder's records do not disclose
4    to be invalid and is sufficient to direct the delivery of
5    United States mail to the apparent owner; and
6        (2) the value of the property is $1,000 or more.
7    (d) In addition to other indications of an apparent
8owner's interest in property pursuant to Section 15-210, a
9signed return receipt in response to a notice sent pursuant to
10this Section by certified United States mail shall constitute
11a record communicated by the apparent owner to the holder
12concerning the property or the account in which the property
13is held.
14    (e) The administrator may adopt rules allowing a holder to
15deduct reasonable costs incurred in sending a notice by United
16States mail under this Section.
17(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
 
18    (765 ILCS 1026/15-503)
19    Sec. 15-503. Notice by administrator.
20    (a) The administrator shall give notice to an apparent
21owner that property presumed abandoned and appears to be owned
22by the apparent owner is held by the administrator under this
23Act.
24    (b) In providing notice under subsection (a), the
25administrator shall:

 

 

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1        (1) except as otherwise provided in paragraph (2),
2    send written notice by first-class United States mail to
3    each apparent owner of property valued at $100 or more
4    held by the administrator, unless the administrator
5    determines that a mailing by first-class United States
6    mail would not be received by the apparent owner, and, in
7    the case of a security held in an account for which the
8    apparent owner had consented to receiving electronic mail
9    from the holder, send notice by electronic mail if the
10    electronic-mail address of the apparent owner is known to
11    the administrator instead of by first-class United States
12    mail; or
13        (2) send the notice to the apparent owner's
14    electronic-mail address if the administrator does not have
15    a valid United States mail address for an apparent owner,
16    but has an electronic-mail address that the administrator
17    does not know to be invalid.
18    (c) In addition to the notice under subsection (b), the
19administrator shall:
20        (1) publish twice every year every 6 months in at
21    least one English language newspaper of general
22    circulation in each county in this State notice of
23    property held by the administrator which must include:
24            (A) an estimate of the total value of property
25        available to be claimed from received by the
26        administrator during the preceding 6-month period,

 

 

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1        taken from the reports under Section 15-401;
2            (B) the approximate total value of claims paid by
3        the administrator during the preceding fiscal year
4        6-month period;
5            (C) the Internet web address of the unclaimed
6        property website maintained by the administrator;
7            (D) an electronic-mail address to contact the
8        administrator to inquire about or claim property; and
9            (E) a statement that a person may access the
10        Internet by a computer to search for unclaimed
11        property and a computer may be available as a service
12        to the public at a local public library.
13        (2) The administrator shall maintain a website
14    accessible by the public and electronically searchable
15    which contains the names reported to the administrator of
16    apparent owners for whom property is being held by the
17    administrator. The administrator need not list property on
18    such website when: no owner name was reported, a claim has
19    been initiated or is pending for the property, the
20    administrator has made direct contact with the apparent
21    owner of the property, and in other instances where the
22    administrator reasonably believes exclusion of the
23    property is in the best interests of both the State and the
24    owner of the property.
25    (d) The website or database maintained under subsection
26(c)(2) must include instructions for filing with the

 

 

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1administrator a claim to property and an online claim form
2with instructions. The website may also provide a printable
3claim form with instructions for its use.
4    (e) Tax return identification of apparent owners of
5abandoned property.
6        (1) At least annually the administrator shall notify
7    the Department of Revenue of the names of persons
8    appearing to be owners of abandoned property under this
9    Section. The administrator shall also provide to the
10    Department of Revenue the social security numbers of the
11    persons, if available.
12        (2) The Department of Revenue shall notify the
13    administrator if any person under subsection (e)(1) has
14    filed an Illinois income tax return and shall provide the
15    administrator with the last known address of the person as
16    it appears in Department of Revenue records, except as
17    prohibited by federal law. The Department of Revenue may
18    also provide additional addresses for the same taxpayer
19    from the records of the Department, except as prohibited
20    by federal law.
21        (3) In order to facilitate the return of property
22    under this subsection, the administrator and the
23    Department of Revenue may enter into an interagency
24    agreement concerning protection of confidential
25    information, data match rules, and other issues.
26        (4) The administrator may deliver, as provided under

 

 

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1    Section 15-904 of this Act, property or pay the amount
2    owing to a person matched under this Section without the
3    person filing a claim under Section 15-903 of this Act if
4    the following conditions are met:
5            (A) the value of the property that is owed the
6        person is $5,000 or less;
7            (B) the property is not either tangible property
8        or securities;
9            (C) the last known address for the person
10        according to the Department of Revenue records is less
11        than 12 months old; and
12            (D) the administrator has evidence sufficient to
13        establish that the person who appears in Department of
14        Revenue records is the owner of the property and the
15        owner currently resides at the last known address from
16        the Department of Revenue.
17        (5) If the value of the property that is owed the
18    person is greater than $5,000, or is tangible property or
19    securities the administrator shall provide notice to the
20    person, informing the person that he or she is the owner of
21    abandoned property held by the State and may file a claim
22    with the administrator for return of the property.
23        (6) The administrator does not need to notify the
24    Department of Revenue of the names or social security
25    numbers of apparent owners of abandoned property if the
26    administrator reasonably believes that the Department of

 

 

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1    Revenue will be unable to provide information that would
2    provide sufficient evidence to establish that the person
3    in the Department of Revenue's records is the apparent
4    owner of unclaimed property in the custody of the
5    administrator.
6    (f) The administrator may use additional databases to
7verify the identity of the person and that the person
8currently resides at the last known address. The administrator
9may utilize publicly and commercially available databases to
10find and update or add information for apparent owners of
11property held by the administrator.
12    (g) In addition to giving notice under subsection (b),
13publishing the information under subsection (c)(1) and
14maintaining the website or database under subsection (c)(2),
15the administrator may use other printed publication,
16telecommunication, the Internet, or other media to inform the
17public of the existence of unclaimed property held by the
18administrator.
19    (h) Identification of apparent owners of abandoned
20property using other State databases.
21        (1) The administrator may enter into interagency
22    agreements with the Secretary of State and the Illinois
23    State Board of Elections to identify persons appearing to
24    be owners of abandoned property with databases under the
25    control of the Secretary of State and the Illinois State
26    Board of Elections. Such interagency agreements shall

 

 

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1    include protection of confidential information, data match
2    rules, and other necessary and proper issues.
3        (2) Except as prohibited by federal law, after January
4    1, 2022 the administrator may provide the Secretary of
5    State with names and other identifying information of
6    persons appearing to be owners of abandoned property. The
7    Secretary of State may provide the administrator with the
8    last known address as it appears in its respective records
9    of any person reasonably believed to be the apparent owner
10    of abandoned property.
11        (3) The Illinois State Board of Elections shall, upon
12    request, annually provide the administrator with
13    electronic data or compilations of voter registration
14    information. The administrator may use such electronic
15    data or compilations of voter registration information to
16    identify persons appearing to be owners of abandoned
17    property.
18        (4) The administrator may deliver, as provided under
19    Section 15-904, property or pay the amount owing to a
20    person matched under this Section without the person
21    filing a claim under Section 15-903 if:
22            (i) the value of the property that is owed the
23        person is $5,000 or less;
24            (ii) the property is not either tangible property
25        or securities;
26            (iii) the last known address for the person

 

 

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1        according to the records of the Secretary of State or
2        Illinois State Board of Elections is less than 12
3        months old; and
4            (iv) the administrator has evidence sufficient to
5        establish that the person who appears in the records
6        of the Secretary of State or Illinois State Board of
7        Elections is the owner of the property and the owner
8        currently resides at the last known address from the
9        Secretary of State or the Illinois State Board of
10        Elections.
11(Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.)
 
12    (765 ILCS 1026/15-603)
13    Sec. 15-603. Payment or delivery of property to
14administrator.
15    (a) Except as otherwise provided in this Section, on
16filing a report under Section 15-401, the holder shall pay or
17deliver to the administrator the property described in the
18report.
19    (b) If property in a report under Section 15-401 is an
20automatically renewable time deposit and the holder determines
21that a penalty or forfeiture in the payment of interest would
22result from paying the deposit to the administrator at the
23time of the report, the date for reporting and delivering the
24property to the administrator is extended until a penalty or
25forfeiture no longer would result from delivery of the

 

 

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1property to the administrator. The holder shall report and
2deliver the property on the next regular date prescribed for
3reporting by the holder under this Act after this extended
4date, and the holder shall indicate in its report to the
5administrator that the property is being reported on an
6extended date pursuant to this subsection (b).
7    (c) Tangible property in a safe-deposit box may not be
8delivered to the administrator until a mutually agreed upon
9date that is no sooner than 60 days after filing the report
10under Section 15-401.
11    (d) If property reported to the administrator under
12Section 15-401 is a security, the administrator may:
13        (1) make an endorsement, instruction, or entitlement
14    order on behalf of the apparent owner to invoke the duty of
15    the issuer, its transfer agent, or the securities
16    intermediary to transfer the security; or
17        (2) dispose of the security under Section 15-702.
18    (e) If the holder of property reported to the
19administrator under Section 15-401 is the issuer of a
20certificated security, the administrator may obtain a
21replacement certificate in physical or book-entry form under
22Section 8-405 of the Uniform Commercial Code. An indemnity
23bond is not required.
24    (f) The administrator shall establish procedures for the
25registration, issuance, method of delivery, transfer, and
26maintenance of securities delivered to the administrator by a

 

 

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1holder.
2    (g) An issuer, holder, and transfer agent or other person
3acting in good faith under this Section under instructions of
4and on behalf of the issuer or holder is not liable to the
5apparent owner for a claim arising with respect to property
6after the property has been delivered to the administrator.
7    (h) A holder is not required to deliver to the
8administrator a security identified by the holder as a
9non-freely transferable security in a report filed under
10Section 15-401. If the administrator or holder determines that
11a security is no longer a non-freely transferable security,
12the holder shall report and deliver the security on the next
13regular date prescribed for delivery of securities by the
14holder under this Act. The holder shall make a determination
15annually whether a security identified in a report filed under
16Section 15-401 as a non-freely transferable security is no
17longer a non-freely transferable security.
18    (i) Virtual currency.
19        (1) If property reported to the administrator is
20    virtual currency, the holder shall liquidate the virtual
21    currency and remit the proceeds to the administrator.
22        (2) The liquidation shall occur anytime within 30 days
23    prior to the filing of the report under Section 15-401.
24    The owner shall not have recourse against the holder or
25    the administrator to recover any gain in value that occurs
26    after the liquidation of the virtual currency under this

 

 

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1    subsection.
2        (3) If a holder cannot liquidate virtual currency and
3    cannot otherwise cause virtual currency to be liquidated,
4    the holder shall promptly notify the administrator in
5    writing and explain the reasons why the virtual currency
6    cannot be liquidated. The administrator, in his or her
7    absolute and sole discretion, may direct the holder to
8    either (1) transfer the virtual currency that cannot be
9    liquidated to a custodian selected by the administrator,
10    or (2) continue to hold the virtual currency until the
11    administrator or the holder determines that the virtual
12    currency can be liquidated pursuant to this Act or there
13    is an indication of apparent owner interest pursuant to
14    Section 15-210.
15(Source: P.A. 102-288, eff. 8-6-21.)
 
16    (765 ILCS 1026/15-903)
17    Sec. 15-903. Claim for property by person claiming to be
18owner.
19    (a) A person claiming to be the owner of property held
20under this Act by the administrator or to the proceeds from the
21sale thereof may file a claim for the property on a form
22prescribed by the administrator. The claimant must verify the
23claim as to its completeness and accuracy.
24    (b) The administrator may waive the requirement in
25subsection (a) and may pay or deliver property directly to a

 

 

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1person if:
2        (1) the person receiving the property or payment is
3    shown to be the apparent owner included on a report filed
4    under Section 15-401;
5        (2) the administrator reasonably believes the person
6    is entitled to receive the property or payment; and
7        (3) the property has a value of less than $5,000
8    $2,000.
9    (c) The administrator may change the maximum value in
10subsection (b) by administrative rule.
11    (d) This Section is the sole administrative and legal
12procedure for claiming property under this Act. Compliance
13with this Section is required prior to exercising the
14exclusive judicial remedy found in Section 15-906.
15(Source: P.A. 102-835, eff. 5-13-22.)
 
16    (765 ILCS 1026/15-906)
17    Sec. 15-906. Action by person whose claim is denied. Not
18later than one year after filing a claim under subsection (a)
19of Section 15-903, the claimant may commence a contested case
20pursuant to the Illinois Administrative Procedure Act to
21establish a claim by the preponderance of the evidence after
22either receiving notice under subsection (b) of Section 15-904
23or the claim is deemed denied under subsection (b) of Section
2415-904. Any appeal from the administrator's decision pursuant
25to the Illinois Administrative Procedure Act must be taken via

 

 

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1the provisions of the Administrative Review Law.
2(Source: P.A. 102-288, eff. 8-6-21.)
 
3    (765 ILCS 1026/15-1302)
4    Sec. 15-1302. When agreement to locate property void.
5    (a) Subject to subsection (b), an agreement under Section
615-1301 is void if it is entered into during the period
7beginning on the date the property was presumed abandoned
8under this Act and ending 24 months after the payment or
9delivery of the property to the administrator.
10    (b) If a provision in an agreement described in Section
1115-1301 applies to mineral proceeds for which compensation is
12to be paid to the other person based in whole or in part on a
13part of the underlying minerals or mineral proceeds not then
14presumed abandoned, the provision is void regardless of when
15the agreement was entered into.
16    (c) An agreement under this Article 13 which provides for
17compensation in an amount that is more than 10% of the amount
18collected is unenforceable except by the apparent owner.
19    (d) An apparent owner or the administrator may assert that
20an agreement described in this Article 13 is void on a ground
21other than it provides for payment of unconscionable
22compensation.
23    (e) A person attempting to collect a contingent fee for
24discovering, on behalf of an apparent owner, presumptively
25abandoned property must be licensed as a private detective

 

 

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1pursuant to the Private Detective, Private Alarm, Private
2Security, Fingerprint Vendor, and Locksmith Act of 2004.
3    (f) This Section does not apply to an apparent owner's
4agreement between an owner and with an attorney to pursue a
5claim for recovery of specifically identified property held by
6the administrator or to contest the administrator's denial of
7a claim for recovery of the property where the attorney has an
8attorney-client relationship with the owner.
9    (g) This Section does not apply to an apparent owner's
10agreement with a CPA firm licensed under the Illinois Public
11Accounting Act, or with an affiliate of such firm, if all of
12the following apply:
13        (1) the CPA firm has registered with the administrator
14    and is in good standing with the Illinois Department of
15    Financial and Professional Regulation;
16        (2) the apparent owner is not a natural person; and
17        (3) the CPA firm, or with an affiliate of such firm,
18    also provides the apparent owner professional services to
19    assist with the apparent owner's compliance with the
20    reporting requirements of this Act. The administrator
21    shall adopt rules to implement and administer the
22    registration of CPA firms and the claims process under
23    this paragraph (g).
24(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)".