State of Illinois
91st General Assembly
Legislation

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[ Introduced ][ Enrolled ][ House Amendment 001 ]

91_HB1742eng

 
HB1742 Engrossed                               LRB9103324WHpr

 1        AN  ACT  to  amend  the  Uniform Disposition of Unclaimed
 2    Property Act by changing Section 2.

 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The Uniform Disposition of Unclaimed Property
 6    Act is amended by changing Section 2 as follows:

 7        (765 ILCS 1025/2) (from Ch. 141, par. 102)
 8        Sec.   2.  Property   held  by  financial  organizations;
 9    presumption of abandonment.  The following property  held  or
10    owing  by  a  banking  or  financial organization is presumed
11    abandoned:
12        (a)  Any demand, savings, or matured time deposit with  a
13    banking  organization, together with any interest or dividend
14    thereon, excluding any charges that may lawfully be withheld,
15    unless the owner has, within 5 years:
16             (1)  Increased  or  decreased  the  amount  of   the
17        deposit,  or  presented  the  passbook  or  other similar
18        evidence of the deposit for the crediting of interest; or
19             (2)  Corresponded  in  writing  with   the   banking
20        organization concerning the deposit; or
21             (3)  Otherwise  indicated an interest in the deposit
22        as evidenced by a memorandum on  file  with  the  banking
23        organization.
24        (b)  Any  funds  paid toward the purchase of withdrawable
25    shares or other interest in a financial organization, or  any
26    deposit   made,   and  any  interest  or  dividends  thereon,
27    excluding any charges that may be lawfully  withheld,  unless
28    the owner has within 5 years:
29             (1)  Increased or decreased the amount of the funds,
30        or  deposit,  or  presented an appropriate record for the
31        crediting of interest or dividends; or
 
HB1742 Engrossed            -2-                LRB9103324WHpr
 1             (2)  Corresponded  in  writing  with  the  financial
 2        organization concerning the funds or deposit; or
 3             (3)  Otherwise indicated an interest in the funds or
 4        deposit as evidenced by a memorandum  on  file  with  the
 5        financial organization.
 6        (c)  Any  sum payable on checks or on written instruments
 7    on which a banking  or  financial  organization  or  business
 8    association   is   directly   liable  including,  by  way  of
 9    illustration but not of limitation, certificates of  deposit,
10    drafts,  money  orders  and  travelers  checks, that with the
11    exception of travelers checks has been outstanding  for  more
12    than  5  years from the date it was payable, or from the date
13    of its issuance if payable on demand,  or,  in  the  case  of
14    travelers  checks, that has been outstanding for more than 15
15    years from the date of its issuance,  excluding  any  charges
16    that may be lawfully withheld relating to money orders issued
17    by currency exchanges, unless the owner has within 5 years or
18    within  15 years in the case of travelers checks corresponded
19    in writing with the  banking  or  financial  organization  or
20    business association concerning it, or otherwise indicated an
21    interest  as  evidenced  by  a  memorandum  on  file with the
22    banking or financial organization or business association.
23        (d)  Any funds or other personal  property,  tangible  or
24    intangible,  removed  from  a  safe  deposit box or any other
25    safekeeping repository or agency or collateral deposit box on
26    which  the  lease  or  rental  period  has  expired  due   to
27    nonpayment  of rental charges or other reason, or any surplus
28    amounts arising from the sale thereof pursuant to  law,  that
29    have  been  unclaimed by the owner for more than 5 years from
30    the date  on  which  the  lease  or  rental  period  expired,
31    subject   to  lien  of  the holder for reimbursement of costs
32    incurred in the opening of a safe deposit box  as  determined
33    by the holder's regular schedule of charges.
34        (e)  Notwithstanding any other provision of this Section,
 
HB1742 Engrossed            -3-                LRB9103324WHpr
 1    no deposit except passbook, checking, NOW accounts, super NOW
 2    accounts,  money market accounts, or such similar accounts as
 3    established by Rule of the Director, held  by  a  banking  or
 4    financial  organization  shall  be presumed abandoned if with
 5    respect to such a deposit which specifies a definite maturity
 6    date, such organization was authorized in writing  to  extend
 7    or  rollover  the  account  for an additional like period and
 8    such organization does  so  extend.  Such  deposits  are  not
 9    presumed abandoned less than 5 years from that final maturity
10    date.  Property  of any kind held in an individual retirement
11    account (IRA) is not presumed abandoned earlier than 5  years
12    after  the  owner attains the age at which distributions from
13    the account become mandatory under law.
14        (f)  Notwithstanding any other provision of this Section,
15    money of a minor deposited pursuant to Section 24-21  of  the
16    Probate  Act  of 1975 shall not be presumed abandoned earlier
17    than 5 years after the minor attains legal age.   Such  money
18    shall  be  deposited  in  an account which shall indicate the
19    birth date of the minor.
20    (Source: P.A. 89-604,  eff.  8-2-96;  90-167,  eff.  7-23-97;
21    90-796, eff. 12-15-98.)

22        Section  99.  Effective date.  This Act takes effect upon
23    becoming law.

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