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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.