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| Public Act 095-1003 |
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AN ACT concerning property.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Uniform Disposition of Unclaimed Property | ||||
Act is amended by changing Section 20 as follows:
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(765 ILCS 1025/20) (from Ch. 141, par. 120)
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Sec. 20. Determination of claims.
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(a) The State Treasurer shall consider any claim filed | ||||
under this
Act and may, in his discretion, hold a hearing and | ||||
receive evidence
concerning it. Such hearing shall be conducted | ||||
by the State Treasurer or by a
hearing officer designated by | ||||
him. No hearings shall be held if the
payment of the claim is | ||||
ordered by a court, if the claimant is under court
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jurisdiction, or if the claim is paid under Article XXV of the | ||||
Probate Act
of 1975. The State Treasurer or hearing officer | ||||
shall prepare a finding and a
decision in writing on each | ||||
hearing, stating the substance of any evidence
heard by him, | ||||
his findings of fact in respect thereto, and the reasons for
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his decision. The State Treasurer shall review the findings and | ||||
decision of
each hearing conducted by a hearing officer and | ||||
issue a final written decision.
The final decision shall be a | ||||
public record. Any claim of an interest in
property that is | ||||
filed pursuant to this Act shall be considered and a finding
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and decision shall be issued by the Office of the State | ||
Treasurer in a timely
and expeditious manner.
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(b) If the claim is allowed, and after deducting an amount | ||
not to
exceed $20 to cover the cost of notice publication and | ||
related clerical
expenses, the State Treasurer shall make | ||
payment forthwith.
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(c) In order to carry out the purpose of this Act, no | ||
person or company
shall be entitled to a fee for discovering | ||
presumptively abandoned property
until it has been in the | ||
custody of the Unclaimed Property Division
of the Office of the | ||
State Treasurer for at least 24 months. Fees
for discovering | ||
property that has been in the custody of that division for
more | ||
than 24 months shall be limited to not more than 10% of the | ||
amount
collected.
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(d) A person or company attempting to collect a contingent | ||
fee for
discovering, on behalf of an owner, presumptively | ||
abandoned property must be
licensed as a private detective | ||
pursuant to the Private Detective, Private
Alarm, Private | ||
Security, Fingerprint Vendor, and Locksmith Act of 2004.
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(e) This Section shall not apply to the fees of an attorney | ||
at law duly
appointed to practice in a state of the United | ||
States who is employed by a
claimant with regard to probate | ||
matters on a contractual basis.
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(f) Any person or company offering to identify, discover, | ||
or collect presumptively abandoned property or property which | ||
may become presumptively abandoned on behalf of the putative | ||
owner of such property in exchange for a fee, must provide the | ||
owner with a written disclosure. The disclosure shall be set | ||
forth in a clear and conspicuous manner and at a minimum shall | ||
state the following: | ||
Each state maintains an office of unclaimed property. | ||
Generally, if for a number of years an owner of property | ||
has not communicated directly with the holder of the | ||
property, and has not otherwise indicated an interest in or | ||
claimed the property, the property will be delivered to a | ||
state administered unclaimed property program. Upon such | ||
delivery, the owner will be able to recover the property | ||
from the state administered program without charge by the | ||
state. The unclaimed asset referred to in this Agreement | ||
has not yet been reported or remitted to any state | ||
unclaimed property office. Since you reside (or resided) in | ||
Illinois, you may obtain information about the Illinois | ||
unclaimed property program by logging onto its website at | ||
www.treasurer.il.gov. | ||
A person or company may not charge a fee greater than | ||
25% of the property's value for the recovery of that | ||
property where the property is not yet reportable under | ||
this Act and the designated owner of that property, as | ||
reflected within the books and records of the holder, is | ||
living. | ||
A person or company may not charge a fee greater than | ||
33% of the property's value for the recovery of that | ||
property where the property is not yet reportable under | ||
this Act and the recovery of that property involves | ||
documentation of the owner's death or any elements of | ||
estate or trust administration. | ||
(Source: P.A. 95-613, eff. 9-11-07.)
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