Illinois General Assembly - Illinois Compiled Statutes

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 1026/15-905

(765 ILCS 1026/15-905)

Sec. 15-905. Allowance of claim for property.

(a) The administrator shall pay or deliver to the owner the property or pay to the owner the net proceeds of a sale of the property, together with income or gain to which the owner is entitled under Section 15-607.  On request of the owner, the administrator may sell or liquidate property and pay the net proceeds to the owner, even if the property had been held by the administrator for less than 3 years or the administrator has not complied with the notice requirements under Section 15-503.

(b) Property held under this Act by the administrator is subject to offset under Section 10.05 of the State Comptroller Act.

(c) Any warrants issued by the Comptroller pursuant to a voucher from the administrator to pay an owner under this Act that are not presented to the Treasurer within 12 months of the date of issuance shall be void pursuant to Section 10.07 of the State Comptroller Act, but the funds shall not escheat to the State and shall instead be redeposited in the Unclaimed Property Trust Fund.

(d) The administrator shall be responsible for any tax reporting required by federal law related to payments made pursuant to this Act. The administrator may contract with a vendor to assist with the tax reporting duties required by this subsection.

(Source: P.A. 102-288, eff. 8-6-21.)