Public Act 90-0167 of the 90th General Assembly
Public Act 90-0167
HB2210 Enrolled LRB9004658SMcwA
AN ACT regarding the disposition of unclaimed property.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Uniform Disposition of Unclaimed Property
Act is amended by changing Sections 1, 2, 2a, 4, 5, 6, 7, 7a,
8, 8.1, 9, 10.5, 11, 12, 13, 21, 23, 23.5, 24, and 25.5 as
follows:
(765 ILCS 1025/1) (from Ch. 141, par. 101)
Sec. 1. As used in this Act, unless the context
otherwise requires:
(a) "Banking organization" means any bank, trust
company, savings bank, industrial bank, land bank, safe
deposit company, or a private banker engaged in business in
this State.
(b) "Business association" means any corporation, joint
stock company, business trust, partnership, or any
association, limited liability company, or other business
entity consisting of one or more persons, whether or not for
profit for business purposes of 2 or more individuals.
(c) "Financial organization" means any savings and loan
association, building and loan association, credit union,
currency exchange, co-operative bank, mutual funds, or
investment company, engaged in business in this State.
(d) "Holder" means any person in possession of property
subject to this Act belonging to another, or who is trustee
in case of a trust, or is indebted to another on an
obligation subject to this Act.
(e) "Life insurance corporation" means any association
or corporation transacting within this State the business of
insurance on the lives of persons or insurance appertaining
thereto, including, but not by way of limitation, endowments
and annuities.
(f) "Owner" means a depositor in case of a deposit, a
beneficiary in case of a trust, a creditor, claimant, or
payee in case of other property choses in action, or any
person having a legal or equitable interest in property
subject to this Act, or his legal representative.
(g) "Person" means any individual, business association,
financial organization, government or political subdivision
or agency, public corporation, public authority, estate,
trust, 2 or more persons having a joint or common interest,
or any other legal or commercial entity.
(h) "Utility" means any person who owns or operates
within this State, for public use, any plant, equipment,
property, franchise, or license for the transmission of
communications or the production, storage, transmission,
sale, delivery, or furnishing of electricity, water, steam,
oil or gas.
(i) "Director" means the Director of the Illinois
Department of Financial Institutions.
(j) "Insurance company" means any person transacting the
kinds of business enumerated in Section 4 of the Illinois
Insurance Code other than life insurance.
(k) "Economic loss", as used in Sections 2a and 9 of
this Act includes, but is not limited to, delivery charges,
mark-downs and write-offs, carrying costs, restocking
charges, lay-aways, special orders, issuance of credit memos,
and the costs of special services or goods provided that
reduce the property value or that result in lost sales
opportunity.
(l) "Reportable property" means property, tangible or
intangible, presumed abandoned under this Act that must be
appropriately and timely reported and remitted to the
Department under this Act. Interest, dividends, stock splits,
warrants, or other rights that become reportable property
under this Act include the underlying security or commodity
giving rise to the interest, dividend, split, warrant, or
other right to which the owner would be entitled.
(Source: P.A. 88-435; 89-604, eff. 8-2-96.)
(765 ILCS 1025/2) (from Ch. 141, par. 102)
Sec. 2. The following property held or owing by a
banking or financial organization is presumed abandoned:
(a) Any demand, savings, or matured time deposit made in
this State with a banking organization, together with any
interest or dividend thereon, excluding any charges that may
lawfully be withheld, unless the owner has, within 5 years:
(1) Increased or decreased the amount of the
deposit, or presented the passbook or other similar
evidence of the deposit for the crediting of interest; or
(2) Corresponded in writing with the banking
organization concerning the deposit; or
(3) Otherwise indicated an interest in the deposit
as evidenced by a memorandum on file with the banking
organization.
(b) Any funds paid in this State toward the purchase of
withdrawable shares or other interest in a financial
organization, or any deposit made therewith in this State,
and any interest or dividends thereon, excluding any charges
that may be lawfully withheld, unless the owner has within 5
years:
(1) Increased or decreased the amount of the funds,
or deposit, or presented an appropriate record for the
crediting of interest or dividends; or
(2) Corresponded in writing with the financial
organization concerning the funds or deposit; or
(3) Otherwise indicated an interest in the funds or
deposit as evidenced by a memorandum on file with the
financial organization.
(c) Any sum payable on checks certified in this State or
on written instruments issued in this State on which a
banking or financial organization or business association is
directly liable including, by way of illustration but not of
limitation, certificates of deposit, drafts, money orders and
travelers checks, that with the exception of travelers checks
has been outstanding for more than 5 years from the date it
was payable, or from the date of its issuance if payable on
demand, or, in the case of travelers checks, that has been
outstanding for more than 15 years from the date of its
issuance, unless the owner has within 5 years or within 15
years in the case of travelers checks corresponded in writing
with the banking or financial organization or business
association concerning it, or otherwise indicated an interest
as evidenced by a memorandum on file with the banking or
financial organization or business association.
(d) Any funds or other personal property, tangible or
intangible, removed from a safe deposit box or any other
safekeeping repository or agency or collateral deposit box in
this State on which the lease or rental period has expired
due to nonpayment of rental charges or other reason, or any
surplus amounts arising from the sale thereof pursuant to
law, that have been unclaimed by the owner for more than 5
years from the date on which the lease or rental period
expired, subject to lien of the holder for reimbursement of
costs incurred in the opening of a safe deposit box as
determined by the holder's regular schedule of charges.
(e) Notwithstanding any other provision of this Section,
no deposit except passbook, checking, NOW accounts, super NOW
accounts, money market accounts, or such similar accounts as
established by Rule of the Director, held by a banking or
financial organization shall be presumed abandoned if with
respect to such a deposit which specifies a definite maturity
date, such organization was authorized in writing to extend
or rollover the account for an additional like period and
such organization does so extend. Such deposits are not
presumed abandoned less than 5 years from that final maturity
date. Property of any kind held in an individual retirement
account (IRA) is not presumed abandoned earlier than 5 years
after the owner attains the age at which distributions from
the account become mandatory under law.
(Source: P.A. 89-604, eff. 8-2-96.)
(765 ILCS 1025/2a) (from Ch. 141, par. 102a)
Sec. 2a. Business associations shall report, pursuant to
Section 11 of this Act, all property and any earnings thereon
to which the owner would be entitled that have remained
unclaimed for 5 years and are therefore presumed abandoned.
Before reporting and delivering property as required under
this Act, a business association may deduct from the amount
of otherwise reportable intangible personal property the
economic loss suffered by it in connection with that
intangible personal property arising from transactions
involving the sale of tangible personal property at retail.
This property shall consist of, but is not limited to:
(1) unclaimed wages;
(2) deposits or payment for repair or purchase of
goods or services;
(3) credit checks or memos, or customer
overpayments;
(4) stocks, bonds, or any other type of securities
or debt instruments, and interest and dividends
therefrom;
(5) unidentified remittances, unrefunded
overcharges;
(6) unpaid claims, unpaid accounts payable or
unpaid commissions; and
(7) credit balances-accounts receivable, checks
written off, employee bond buying and profit-sharing.
(Source: P.A. 87-925; 88-435.)
(765 ILCS 1025/4) (from Ch. 141, par. 104)
Sec. 4. The following funds held or owing by any utility
are presumed abandoned:
(a) Any deposit made by a subscriber with a utility to
secure payment for, or any sum paid in advance for, utility
services to be furnished in this State, less any lawful
deduction, that has remained unclaimed by the person
appearing on the records of the utility entitled thereto for
more than 5 years after the termination of the services for
which the deposit or advance payment was made.
(b) Any sum which a utility has been ordered to refund
and which was received for utility services rendered in this
State, together with any interest thereon, less any lawful
deductions, that has remained unclaimed by the person
appearing on the records of the utility entitled thereto for
more than 5 years after the date it became payable in
accordance with the final determination or order providing
for the refund.
(c) Any capital credits or patronage capital retired,
returned, refunded or tendered to a member of an electric
cooperative as defined in Section 3.4 of the Electric
Supplier Act or a telephone or telecommunications cooperative
as defined in Section 13-212 of the Public Utilities Act that
have remained unclaimed by the person appearing on the
records of the cooperative entitled thereto for more than 2
years. Such unclaimed capital credits or patronage capital
shall not be subject to, or governed by, any other provisions
of this Act, but rather shall be used by the cooperative for
the benefit of the general membership of the cooperative.
(Source: P.A. 86-1421; 87-925.)
(765 ILCS 1025/5) (from Ch. 141, par. 105)
Sec. 5. The provisions of this Act shall not apply to any
amount held or owing by a banking organization as agent, or
as trustee of an express trust, for the purpose of making
payment to holders of, or in respect of stocks, bonds, or
other securities of a governmental or other public issuer, or
of a business association other than a business association
which shall have discontinued the conduct of its business, or
the corporate existence of which shall have terminated,
without the right to receive such amount having passed to a
successor or successors.
As of January 1, 1998, this Section shall not be
applicable unless the Department has commenced, but not
finalized, an examination of the holder as of that date and
the property is included in a final examination report for
the period covered by the examination.
(Source: Laws 1961, p. 3426.)
(765 ILCS 1025/6) (from Ch. 141, par. 106)
Sec. 6. All intangible personal property distributable in
the course of a voluntary dissolution of a business
association, banking organization, or financial organization
organized under the laws of or created in this State, that is
unclaimed by the owner within 2 years after the date for
final distribution, is presumed abandoned.
(Source: Laws 1961, p. 3426.)
(765 ILCS 1025/7) (from Ch. 141, par. 107)
Sec. 7. All intangible personal property and any income
or increment thereon, held in a fiduciary capacity (other
than as trustee of an active express trust) for the benefit
of another person is presumed abandoned unless the owner has,
within 5 years after it becomes payable or distributable,
increased or decreased the principal, accepted payment of
principal or income, corresponded in writing concerning the
property, or otherwise indicated an interest as evidenced by
a memorandum on file with the fiduciary.;
A fiduciary may deduct any actual cost incurred in
connection with the administration of suspense, abeyant, and
similar accounts arising out of its fiduciary, stock
transfer, corporation trust, and securities processing
activities but not to exceed 8% of the property remitted.
(a) If the property is held by a banking organization or
a financial organization, or by a business association
organized under the laws of or created in this State; or
(b) If it is held by a business association, doing
business in this State, but not organized under the laws of
or created in this State, and the records of the business
association indicate that the last known address of the
person entitled thereto is in this State; or
(c) If it is held in this State by any other person.
(Source: P.A. 87-925.)
(765 ILCS 1025/7a) (from Ch. 141, par. 107a)
Sec. 7a. The provisions of this Act shall not apply to an
active express trust.
As of January 1, 1998, this Section shall not be
applicable unless the Department has commenced, but not
finalized, an examination of the holder as of that date and
the property is included in a final examination report for
the period covered by the examination.
(Source: Laws 1961, p. 3426.)
(765 ILCS 1025/8) (from Ch. 141, par. 108)
Sec. 8. All funds and intangible personal property held
for the owner by any court, public corporation, public
authority, or public officer of this State, or a political
subdivision thereof, that has remained unclaimed by the owner
for more than 7 years is presumed abandoned. This Section
does not apply to deposits made to municipalities as a
condition for the issuance of a building permit.
(Source: P.A. 88-355.)
(765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)
Sec. 8.1. Property held by governments.
(a) All tangible personal property or intangible
personal property, including choses in action in amounts
certain, and all debts owed or entrusted funds or other
property held by any federal, state or local government or
governmental subdivision, agency, entity, officer or
appointee thereof, shall be presumed abandoned if in this
State if the last known address of the owner of the property
is in this State and the property has remained unclaimed for
7 years.
This Section applies to all abandoned property held by
any federal, state or local government or governmental
subdivision, agency, entity, officer or appointee thereof, on
the effective date of this amendatory Act of 1991 or at any
time thereafter, regardless of when the property became or
becomes presumptively abandoned.
(Source: P.A. 87-206.)
(765 ILCS 1025/9) (from Ch. 141, par. 109)
Sec. 9. All intangible personal property, not otherwise
covered by this Act, including any income or increment
thereon that the owner would be entitled to and deducting any
lawful charges, that is held or owing in this State in the
ordinary course of the holder's business and has remained
unclaimed by the owner for more than 5 years after it became
payable or distributable is presumed abandoned. Before
reporting and delivering property as required under this Act,
a business association may deduct from the amount of
otherwise reportable intangible personal property the
economic loss suffered by it in connection with that
intangible personal property arising from transactions
involving the sale of tangible personal property at retail.
Except as provided in Section 10.5, this provision shall not
apply to intangible personal property held prior to October
1, 1968 by business associations. Property remitted to the
State pursuant to this Act, prior to the effective date of
this amendatory Act of 1982, shall not be affected by this
amendatory Act of 1982.
(Source: P.A. 87-925; 88-435.)
(765 ILCS 1025/10.5)
Sec. 10.5. Nonapplicability of Act.
(a) Unless the tangible or intangible personal property
was identified in a final examination report by the Director
issued pursuant to a duly authorized examination and the
final examination report was received by the holder on or
before May 1, 1993, this Act does not apply to (i) travelers
checks reportable as unclaimed property before July 1, 1973,
(ii) funds held by any federal, state, or local government or
governmental subdivision, agency, entity, officer, or
appointee thereof reportable as unclaimed property before
July 1, 1981, or (iii) any other tangible or intangible
personal property reportable as unclaimed property before
July 1, 1985, based upon the presumptive abandonment period
in effect on that date.
(b) For reports required to be filed after December 31,
1993, this Act does not apply to any reportable tangible or
intangible personal property held prior to for the period
required for presumptive abandonment of the property plus the
9 years immediately preceding the beginning of that period.
(c) Subsections (a) and (b) do not apply to property
held by a trust division or trust department or by a trust
company, or affiliate of any of the foregoing that provides
nondealer corporate custodial services for securities or
securities transactions, organized under the laws of this or
another state or the United States. Nothing in this
subsection shall exempt from subsections (a) and (b) any
reportable property generated from the functions of an
affiliate of a trust division, trust department, or trust
company that is a bank, other than those functions of a bank
limited to providing nondealer corporate custodial services
for securities or securities transactions.
As of January 1, 1998, this subsection shall not be
applicable unless the Department has commenced, but not
finalized, an examination of the holder as of that date and
the property is included in a final examination report for
the period covered by the examination.
(d) Subsections (a) and (b) do not apply to property
held by a holder who files a fraudulent report or fails to
file a report.
(e) Subsections (a) and (b) do not apply if, as a result
of their application, another state would have a legal right
to delivery of the property and such other state has
commenced proceedings with respect to the property.
(Source: P.A. 88-435.)
(765 ILCS 1025/11) (from Ch. 141, par. 111)
Sec. 11. (a) Except as otherwise provided in subsection
(c) of Section 4, every person holding funds or other
property, tangible or intangible, presumed abandoned under
this Act shall report and remit all abandoned property
specified in the report to the Director with respect to the
property as hereinafter provided. The Director may exempt
any businesses from the reporting requirement if he deems
such businesses unlikely to be holding unclaimed property.
(b) The information shall be obtained in one or more
reports as required by the Director. The information shall
be verified and shall include:
(1) The name, social security or federal tax
identification number, if known, and last known address,
including zip code, of each person appearing from the
records of the holder to be the owner of any property of
the value of $25 or more presumed abandoned under this
Act;
(2) In case of unclaimed funds of life insurance
corporations the full name of the insured and any
beneficiary or annuitant and the last known address
according to the life insurance corporation's records;
(3) The date when the property became payable,
demandable, or returnable, and the date of the last
transaction with the owner with respect to the property;
and
(4) Other information which the Director prescribes
by rule as necessary for the administration of this Act.
(c) If the person holding property presumed abandoned is
a successor to other persons who previously held the property
for the owner, or if the holder has changed his name while
holding the property, he shall file with his report all prior
known names and addresses of each holder of the property.
Nothing in this subsection shall exempt from subsections (a)
and (b) any reportable property generated from the functions
of an affiliate of a trust division, trust department, or
trust company that is a bank, other than those functions of a
bank limited to providing nondealer corporate custodial
services for securities or securities transactions.
(d) The report and remittance of the property specified
in the report shall be filed by banking organizations,
financial organizations, insurance companies other than life
insurance corporations, and governmental entities before
November 1 of each year as of June 30 next preceding. The
report and remittance of the property specified in the report
shall be filed by business associations, utilities, and life
insurance corporations before May 1 of each year as of
December 31 next preceding. The Director may postpone the
reporting date upon written request by any person required to
file a report.
(e) Before filing the annual report, the holder of
property presumed abandoned under this Act shall communicate
with the owner at his last known address if any address is
known to the holder, setting forth the provisions hereof
necessary to occur in order to prevent abandonment from being
presumed. If the holder has not communicated with the owner
at his last known address at least 120 days before the
deadline for filing the annual report, the holder shall mail,
at least 60 days before that deadline, a letter by first
class mail to the owner at his last known address unless, if
any address is not shown to be inaccurate is known to the
holder, setting forth the provisions hereof necessary to
prevent abandonment from being presumed.
(f) Verification, if made by a partnership, shall be
executed by a partner; if made by an unincorporated
association or private corporation, by an officer; and if
made by a public corporation, by its chief fiscal officer.
(g) Any person who has possession of property which he
has reason to believe will be reportable in the future as
unclaimed property, may report and deliver it prior to the
date required for such reporting in accordance with this
Section and is then relieved of responsibility as provided in
Section 14.
(h)(1) Records pertaining to presumptively abandoned
property held by a trust division or trust department or by a
trust company, or affiliate of any of the foregoing that
provides nondealer corporate custodial services for
securities or securities transactions, organized under the
laws of this or another state or the United States shall be
retained until the property is delivered to the Director.
As of January 1, 1998, this subdivision (h)(1) shall not
be applicable unless the Department has commenced, but not
finalized, an examination of the holder as of that date and
the property is included in a final examination report for
the period covered by the examination. The preceding sentence
does not apply to records pertaining to presumptively
abandoned property held by an affiliate of a trust division,
trust department, or trust company that is a bank, other than
those functions of a bank limited to providing nondealer
corporate custodial services for securities or securities
transactions.
(2) In the case of all other holders commencing on the
effective date of this amendatory Act of 1993, property
records for the period required for presumptive abandonment
plus the 9 years immediately preceding the beginning of that
period shall be retained for 5 years after the property was
reportable.
(i) The Director may promulgate rules establishing the
format and media to be used by a holder in submitting reports
required under this Act.
(Source: P.A. 87-925; 88-435.)
(765 ILCS 1025/12) (from Ch. 141, par. 112)
Sec. 12. (a) Within 120 days from the filing of the
annual report and delivery of the abandoned property
specified in the report as required by Section 11, the
Director shall cause notice to be published once in an
English language newspaper of general circulation in the
county in this State in which is located the last known
address of any person to be named in the notice. However,
with respect to any annual report and delivery of abandoned
property that is made after June 30, 1992, and before July 1,
1993, the Director shall cause the notice required by this
Section to be published within 170 days, rather than within
120 days, after the filing of the report and delivery of the
abandoned property as required by Section 11. If no address
is listed or if the address is outside this State, the notice
shall be published in the county in which the holder of the
abandoned property has his principal place of business within
this State. However, if an out-of-state address is in a state
that is not a party to a reciprocal agreement with this State
concerning abandoned property, the notice may be published in
the Illinois Register.
(b) The published notice shall be entitled "Notice of
Names of Persons Appearing to be Owners of Abandoned
Property", and shall contain:
(1) The names in alphabetical order and last known
addresses, if any, of persons listed in the report and
entitled to notice within the county as hereinbefore
specified.
(2) A statement that information concerning the
amount or description of the property and the name and
address of the holder may be obtained by any persons
possessing an interest in the property by addressing an
inquiry to the Director.
(3) A statement that the abandoned property has
been placed in the custody of the Director to whom all
further claims must thereafter be directed.
(c) The Director is not required to publish in such
notice any item of less than $100 or any item for which the
address of the last known owner is in a state that has a
reciprocal agreement with this State concerning abandoned
property unless he deems such publication to be in the public
interest.
(Source: P.A. 86-1162; 87-925.)
(765 ILCS 1025/13) (from Ch. 141, par. 113)
Sec. 13. Every person who has filed a report as provided
by Section 11 shall deliver to the Director all abandoned
property specified in the annual report on the same date that
the annual report is filed. Annual report mailing costs and
Costs for communicating with owners by mail as required by
subsection (e) of Section 11 may be deducted from the
property specified in the report. Any such person, who
pursuant to a statutory requirement, filed a bond or bonds
pertaining to such abandoned property with the Director or
his predecessor, may also deduct an amount equivalent to that
part of the bond premium attributable to such abandoned
property. Provided, however, that if the presumption of
abandonment is erroneous, the holder need not pay or deliver
the property, which will no longer be presumed abandoned, to
the Director, but in lieu thereof shall file a verified
written explanation of the proof of claim or of the error in
the presumption of abandonment.
(Source: P.A. 86-1162.)
(765 ILCS 1025/21) (from Ch. 141, par. 121)
Sec. 21. A final administrative decision of the Director
in respect to a claim filed hereunder shall be subject to
judicial review pursuant to the provisions of the
Administrative Review Law, as heretofore or hereafter
amended, and the rules adopted pursuant thereto. The term
"administrative decision" is defined as in Section 3-101 of
the Code of Civil Procedure. The review action may be
instituted by any person adversely affected or aggrieved by
the decision.
The Department shall furnish a certified transcript of
the record to any party of record upon the payment of the
actual page charge of the record to a commercial reporting
service for the preparation of the transcript. If no hearing
was held, the Director shall deliver a copy of his decision
stating the reasons upon which the claim was denied and
deliver it to any party of record within 20 days of demand.
(Source: P.A. 82-783.)
(765 ILCS 1025/23) (from Ch. 141, par. 123)
Sec. 23. (a) If the Director has reason to believe that
any person has failed to report property in accordance with
this Act, he may make a demand by certified mail, return
receipt requested, that such report be made and filed with
the Director. The report of abandoned property or any other
report required shall be made and filed with the Director
within 30 days after receipt of the demand.
(b) The Director may at reasonable times and upon
reasonable notice examine the records of any person if the
Director has reason to believe that such person has failed to
report property that should have been reported pursuant to
this Act.
(c) The actual cost of any examination or investigation
incurred by the Department in administering any provision of
this Act shall be borne by the holder examined or
investigated if:
(1) a written demand for a report has been made and
the report has not been properly filed within the time
period specified in this Section, or
(2) a report has been received and additional
property reportable under the Act is discovered by such
examination or investigation.
No holder shall be liable to pay more than an amount
equal to the amount of reportable property discovered by such
investigation as a cost of examination or investigation.
(d) For all holders other than a trust division, a trust
department, a trust company, or an affiliate of any of them,
subsection (c) does not apply to any examination commenced
after the effective date of this amendatory Act of 1993. As
of January 1, 1998, subsection (c) does not apply to an
examination, except for examinations of a trust division or
trust department or a trust company, or affiliate of any of
the foregoing that provides nondealer corporate custodial
services for securities or securities transactions, organized
under the laws of this or another state or the United States
unless the Department has commenced, but not finalized, an
examination of the holder as of that date and the property is
included in a final examination report for the period covered
by the examination. In addition, subsection (c) does not
apply to any examination commenced after the effective date
of this amendatory Act of 1993 of an affiliate of a trust
division, trust department, or trust company that is a bank,
other than those functions of a bank limited to providing
nondealer corporate custodial services for securities or
securities transactions.
(Source: P.A. 87-925; 88-435.)
(765 ILCS 1025/23.5)
Sec. 23.5. Notice of deficiency; time; effect.
(a) The Director shall issue a Notice of Deficiency to a
holder or commence an examination of a holder with respect to
a report required under this Act within 5 years after the
report is filed. A Notice of Deficiency shall specify the
additional amounts, if known, purportedly reportable under
this Act or state that those amounts are unknown. If the
Director fails to issue a Notice of Deficiency or commence an
examination within the time required by this Section, the
Department may not thereafter issue a Notice of Deficiency,
otherwise assert a deficiency, or seek any other charge or
remedy under this Act with respect to that report.
(b) This Section does not apply to a holder that is a
trust division or trust department or a trust company, or
affiliate of any of the foregoing that provides nondealer
corporate custodial services for securities or securities
transactions, organized under the laws of this or another
state or the United States. This subsection does not exempt
a holder that is an affiliate of a trust division, trust
department, or trust company that is a bank, other than those
functions of a bank limited to providing nondealer corporate
custodial services for securities or securities transactions.
As of January 1, 1998, this subsection shall not be
applicable unless the Department has commenced, but not
finalized, an examination of the holder as of that date and
the property is included in a final examination report for
the period covered by the examination.
(Source: P.A. 88-435.)
(765 ILCS 1025/24) (from Ch. 141, par. 124)
Sec. 24. Enforcement of delivery. If any person refuses
to deliver property to the Director as required under this
Act, the Director may shall bring an action in the name of
the State in the circuit court or any federal court to
enforce delivery.
(Source: P.A. 87-206.)
(765 ILCS 1025/25.5)
Sec. 25.5. Administrative charges, fees, and interest
charges.
(a) The Director may charge a holder that files an
unclaimed property report after the due date, as determined
by the Director, the lesser of $100 or $1 for each day the
report remains overdue.
(b) The Director may charge a holder that fails to
timely perform due diligence, as required by this Act, $5 for
each name and address account reported if 35% or more of the
accounts are claimed within the 24 months immediately
following the filing of the holder's annual report.
(c) A holder who remits unclaimed property that is past
due or fails to remit unclaimed property pursuant to an
examination by the Department, may be charged based on the
value of the property the greater of 1% per month or an
annualized rate that is 3 percentage points above the prime
rate as published in the Wall Street Journal on the first
business day of the month in which the property was remitted.
If the property remains past due for more than 12 months, the
interest rate for each succeeding year shall be calculated at
the greater of an annual rate of 12% or 3 percentage points
above the prime rate. The prime rate applied shall be as
published on the first business day of January of that
successive year.
(d) The Director may grant an extension of time to any
holder to report or remit when the holder submits a written
request for an extension at least 10 business days before the
date a report or remittance is due.
(e) Whenever the Director charges a holder or assesses a
fee provided for in this Section, he shall serve notice upon
the holder by personal service or by delivering the notice by
certified mail, return receipt required, through the United
States Postal Service to the holder.
(f) A holder may contest a charge or other fee issued by
the Director by requesting in writing an administrative
hearing within 15 business days of the receipt of the
Director's notice of the charge or fee. The hearing shall be
held at a time and place designated by the Director.
(g) The Director's finding subjecting a holder to a
charge or other fee shall become a final order under the
Administrative Review Law upon the failure of the holder to
demand a hearing within 15 business days.
(h) If a hearing is held, the Director shall issue an
order affirming, modifying, or overruling the charge or other
fee. The order shall be a final order under the
Administrative Review Law.
(i) A holder shall not be charged for failing to remit
past due unclaimed property pursuant to the Department's
examination and demand for remittance when the holder, in
good faith, contests all or part of the finding, until a
final order reviewing the remittance is entered by a hearing
officer or the circuit court. With regard to contested
examinations, the charges, fees, or interest shall not accrue
during the period from the holder's filing of the request for
a hearing until the date of the final order. However, a
holder may be charged for failing to remit any undisputed
amounts of unclaimed property that are not being contested in
an administrative hearing or court action.
(j) The administrative charges, fees, and interest
charges provided for in this Section shall not apply to
property held by a trust division or trust department or by a
trust company, or affiliate of any of the foregoing that
provides nondealer corporate custodial services for
securities or securities transactions, organized under the
laws of this or another state or the United States. This
subsection does not exempt property held by an affiliate of a
trust division, trust department, or trust company that is a
bank, other than those functions of a bank limited to
providing nondealer corporate custodial services for
securities or securities transaction.
As of January 1, 1998, this subsection shall not be
applicable unless the Department has commenced, but not
finalized, an examination of the holder as of that date and
the property is included in a final examination report for
the period covered by the examination.
(k) In the conduct of a hearing initiated by a holder
under this Act, the Director has the power to administer
oaths, subpoena witnesses, and compel the production of
books, papers, documents, or records relevant to the hearing
under this Act.
(l) The provisions of this Section apply only to reports
due and examinations commenced after the effective date of
this amendatory Act of 1993.
(Source: P.A. 88-435.)
Section 99. Effective date. This Act takes effect upon
becoming law.