Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Illinois Compiled Statutes

 ILCS Listing   Public Acts  Search   Guide   Disclaimer

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

765 ILCS 1026/15-401

    (765 ILCS 1026/15-401)
    Sec. 15-401. Report required by holder.
    (a) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. A holder shall report via the internet in a format approved by the administrator, unless the administrator gives a holder specific permission to file a paper report.
    (b) A holder may contract with a third party to make the report required under subsection (a).
    (c) Whether or not a holder contracts with a third party under subsection (b), the holder is responsible:
        (1) to the administrator for the complete, accurate,
and timely reporting of property presumed abandoned; and
        (2) for paying or delivering to the administrator
property described in the report.
    (d) A business association who has no reportable property shall so report to the administrator on forms via the Internet in a format approved by the administrator if the business association has:
        (1) annual sales of more than $1,000,000;
        (2) securities that are publicly traded;
        (3) a net worth of more than $10,000,000; or
        (4) more than 100 employees.
    The administrator may increase one or more of the thresholds for filing a negative report by administrative rule.
(Source: P.A. 102-288, eff. 8-6-21.)