Illinois Chapter 765 Property
765 ILCS 1025/ Uniform Disposition of Unclaimed Property Act.Code Resources
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(765 ILCS 1025/0.05)
Sec. 0.05.
Transfer of powers.
The rights, powers, duties, and functions
vested in the Department of Financial Institutions to administer this Act are
transferred to the State Treasurer on July 1, 1999 in accordance with
Sections 0.02 through 0.06 of the State Treasurer Act; provided, however, that
the rights, powers, duties, and functions
involving the examination of the records of any person that the State Treasurer
has reason to believe has failed to report properly under this Act shall be
transferred to the Office of Banks and Real Estate if the person is regulated
by the Office of Banks and Real Estate under the Illinois Banking Act, the
Corporate Fiduciary Act, the Foreign Banking Office Act, the Illinois Savings
and Loan Act of 1985, or the Savings Bank Act
and shall be retained by the Department of Financial Institutions if the
person is doing business in the State under the supervision of the Department
of Financial Institutions, the National Credit Union Administration, the Office
of Thrift Supervision, or the Comptroller of the Currency.
(Source: P.A. 91‑16, eff. 6‑4‑99.)
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(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.
(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.
(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.
(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 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, 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 authority,
estate, trust, or any other legal or
commercial entity.
(h) "Utility" means any person who owns or operates,
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) (Blank).
(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 Office of the State Treasurer 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.
(m) "Firearm" has the meaning ascribed to that term in the Firearm Owners
Identification Card Act.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑16, eff. 7‑1‑99; 91‑748, eff. 6‑2‑00.)
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(2) Corresponded in writing with the banking | ||
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(3) Otherwise indicated an interest in the deposit | ||
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(4) Engaged in the following activity regarding other | ||
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(i) undertook one or more the above actions | ||
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(ii) increased or decreased the amount of funds | ||
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(iii) engaged in any other relationship with the | ||
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The foregoing apply so long as the mailing address for | ||
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(b) Any funds paid toward the purchase of withdrawable
shares
or other interest in a financial organization, or any deposit made, 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, | ||
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(2) Corresponded in writing with the financial | ||
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(3) Otherwise indicated an interest in the funds or | ||
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(4) Engaged in the following activity regarding other | ||
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(i) undertook one or more the above actions | ||
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(ii) increased or decreased the amount of funds | ||
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(iii) engaged in any other relationship with the | ||
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The foregoing apply so long as the mailing address for | ||
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(c) Any sum payable on checks or on written
instruments 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,
excluding any charges that may be lawfully withheld
relating to money orders issued by currency exchanges,
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 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
State Treasurer,
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.
(f) Notwithstanding any other provision of this Section, money of a minor
deposited pursuant to Section 24‑21 of the Probate Act of 1975 shall not be
presumed abandoned earlier than 5 years after the minor attains legal age.
Such money shall be deposited in an account which shall indicate the birth date
of the minor.
(Source: P.A. 94‑255, eff. 1‑1‑06.)
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(765 ILCS 1025/2a) (from Ch. 141, par. 102a)
Sec. 2a.
(a) 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 | ||
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(3) credit checks or memos, or customer overpayments;
(4) stocks, bonds, or any other type of securities | ||
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(5) unidentified remittances, unrefunded overcharges;
(6) unpaid claims, unpaid accounts payable or unpaid | ||
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(7) credit balances ‑ accounts receivable, checks | ||
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(b) Notwithstanding the provisions of subsection (a), any property due or
owed by a business association to or for the benefit of another business
association resulting from a transaction occurring in the normal and ordinary
course of business shall be exempt from the provisions of this Act.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑688, eff. 3‑23‑00.)
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(765 ILCS 1025/3) (from Ch. 141, par. 103)
Sec. 3.
(a) Unclaimed funds, as defined in this Section, held and owing by
a life insurance corporation shall be presumed abandoned if the last known
address, according to the records of the corporation, of the person
entitled to the funds is within this State. If a person other than the
insured or annuitant is entitled to the funds and no address of such person
is known to the corporation or if it is not definite and certain from the
records of the corporation what person is entitled to the funds, it is
presumed that the last known address of the person entitled to the funds is
the same as the last known address of the insured or annuitant according to
the records of the corporation.
(b) "Unclaimed funds", as used in this Section, means all moneys held
and owing by any life insurance corporation unclaimed and unpaid for more
than 5 years after the moneys became due and payable as established
from the records of the corporation under any life or endowment insurance
policy or annuity contract which has matured or terminated. A life insurance
policy not matured by actual proof of the death of the insured is deemed to be
matured and the proceeds thereof are deemed to be due and payable if such
policy was in force when the insured attained the limiting age under the
mortality table on which the reserve is based, unless the person appearing
entitled thereto has within the preceding 5 years, (1) assigned, readjusted, or
paid premiums on the policy, or subjected the policy to loan, or (2)
corresponded in writing with the life insurance corporation concerning the
policy. Moneys otherwise payable according to the records of the corporation
are deemed due and payable although the policy or contract has not been
surrendered as required.
(Source: P.A. 87‑925.)
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(2) any stock, 2 years after the date of the | ||
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(b) Property subject to items (1) and (2) of subsection | ||
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(c) Property not subject to the provisions of subsection (a), within 2 years of distribution shall remain reportable under other Sections of this Act.
(Source: P.A. 94‑686, eff. 11‑2‑05.) |
(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, 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. 90‑167, eff. 7‑23‑97.)
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(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: P.A. 90‑167, eff. 7‑23‑97.)
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(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 that is unclaimed by the owner within 2 years after the
date for
final distribution, is presumed abandoned.
(Source: P.A. 90‑167, eff. 7‑23‑97.)
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(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 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.
(Source: P.A. 90‑167, eff. 7‑23‑97.)
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(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: P.A. 90‑167, eff. 7‑23‑97.)
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(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 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. 90‑167, eff. 7‑23‑97.)
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(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 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 the property has remained
unclaimed for 7 years.
(b) 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. 90‑167, eff. 7‑23‑97; 91‑357, eff. 7‑29‑99.)
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(765 ILCS 1025/8.2) (from Ch. 141, par. 108.2)
Sec. 8.2.
(Repealed).
(Source: P.A. 87‑1135. Repealed by P.A. 89‑567, eff. 7‑26‑96.)
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(765 ILCS 1025/9) (from Ch. 141, par. 109)
Sec. 9.
All 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 has remained
unclaimed by the owner for more than 5 years 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
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. 90‑167, eff. 7‑23‑97.)
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(765 ILCS 1025/10) (from Ch. 141, par. 110)
Sec. 10.
If specific property which is subject to the provisions of
Sections 2, 5, 6, 7 and 9 is held for or owed or distributable to an
owner whose last known address is in another state by a holder who is
subject to the jurisdiction of that state, the specific property is not
presumed abandoned in this State and subject to this Act if:
(a) It may be claimed as abandoned or escheated under the laws of such
other state; and
(b) The laws of such other state make reciprocal provision that similar
specific property is not presumed abandoned or escheatable by such other
state when held for or owed or distributable to an owner whose last known
address is within this State by a holder who is subject to the jurisdiction
of this State.
(Source: Laws 1963, p. 1805.)
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(765 ILCS 1025/10.5)
Sec. 10.5.
Nonapplicability of Act.
(a) Unless the personal property was identified in a
final examination report by the Director of Financial Institutions 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 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 personal property held prior to 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.
As of January 1, 1998, this subsection shall not be applicable
unless the Department of Financial Institutions 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. 90‑167, eff. 7‑23‑97; 91‑16, eff. 7‑1‑99.)
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(765 ILCS 1025/10.6)
Sec. 10.6. Gift certificates and gift cards.
(a) This Act applies to a gift certificate or gift card only if:
(i) the gift certificate or gift card contains or | ||
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(ii) none of the exceptions in this Section apply.
(b) This Act does not apply to a gift certificate or gift card that
contains or has language indicating that there is an expiration date or expiration period, or any type of post‑sale charge or fee including but not limited to service charges, dormancy fees, account maintenance fees, cash‑out fees, replacement card fees, and activation or reactivation charges
if:
(i) the gift certificate or gift card was issued | ||
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(ii) it is the policy and practice of the issuer of | ||
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(c) Nothing in this Section applies to a gift certificate or gift card if
the value of the gift certificate or gift card was reported and remitted under
this Act before the effective date of this amendatory Act of the 93rd General
Assembly.
(Source: P.A. 92‑487, eff. 8‑23‑01; 93‑945, eff. 1‑1‑05.)
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(2) in case of unclaimed funds of life insurance | ||
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(3) the date when the property became payable, | ||
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(4) other information which the State Treasurer | ||
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(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.
(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. The report and remittance of the property specified in the report for property subject to subsection (a) of Section 3a of this Act shall be filed before a date established by the State Treasurer that is on or after the later of: (i) 30 days after the effective date of this amendatory Act of the 94th General Assembly; or (ii) November 1, 2005.
(d‑5) Notwithstanding the foregoing, currency exchanges shall be required
to report and remit property specified in the report within 30 days after the
conclusion of its annual examination by the Department of Financial
Institutions.
As part of the examination of a currency exchange, the Department of Financial
Institutions shall instruct the currency exchange to submit a complete
unclaimed
property report using the State Treasurer's formatted diskette reporting
program or an alternative reporting format approved by the State Treasurer.
The Department of Financial Institutions shall provide the State Treasurer with
an accounting of the money orders located in the course of the annual
examination including, where available, the amount of service fees deducted and
the date of the
conclusion of the examination.
(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 any address
is shown to be inaccurate, 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
State Treasurer.
As of January 1, 1998, this subdivision (h)(1) shall not be applicable
unless the Department of Financial Institutions 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.
(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 State Treasurer may promulgate rules establishing
the format and media to be used by a holder in submitting reports required
under this Act.
(j) Other than the Notice to Owners required by Section 12 and other
discretionary means employed by the State Treasurer for notifying owners of the
existence of abandoned property, the State Treasurer shall not disclose any
information provided in reports filed with the State Treasurer or any
information obtained in the course of an examination by the State Treasurer to
any person other than governmental agencies for the purposes of returning
abandoned property to its owners or to those individuals who appear to be the
owner of the property or otherwise have a valid claim to the property, unless
written consent from the person entitled to the property is obtained by the
State Treasurer.
(Source: P.A. 93‑531, eff. 8‑14‑03; 94‑686, eff. 11‑2‑05.)
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(765 ILCS 1025/11.5)
Sec. 11.5.
Estimation techniques and record retention.
(a) If a holder has failed to retain records as required by this Act or if
the records retained are shown to be insufficient to conduct and conclude
an examination, the Office of the State Treasurer may use
estimation techniques that conform to
either Generally Accepted Auditing Standards or Generally Accepted Accounting
Principles to determine the amount of unclaimed property. In the conduct of an
examination, the State shall not
request of a holder any records that
relate only to property that under subsection (a) or (b) of Section 10.5 is
not subject to this Act.
(b) Within 15 business days of the receipt of a final examination report, a
holder may request a hearing to contest the use or validity of estimation
techniques. The examination shall become final upon the failure of the holder
to request a hearing as provided in this Section. If a hearing is held, the
State Treasurer shall issue an order approving or disapproving
the use or validity of the estimation techniques. The order shall be a final
order under the Administrative Review Law.
(Source: P.A. 91‑16, eff. 7‑1‑99.)
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(2) A statement that information concerning the | ||
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(3) A statement that the abandoned property has been | ||
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(c) The State Treasurer 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. 93‑531, eff. 8‑14‑03; 94‑686, eff. 11‑2‑05.)
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(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 State Treasurer all abandoned property specified in the
annual report on the same date that the annual report is filed. 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 State Treasurer or his predecessor, may also deduct
an amount equivalent to that part of the bond premium attributable to such
abandoned property.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑16, eff. 7‑1‑99.)
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(765 ILCS 1025/14) (from Ch. 141, par. 114)
Sec. 14.
Upon the payment or delivery of abandoned property to the
State Treasurer, the state shall assume custody and shall be responsible for
the safekeeping thereof. Any person who pays or delivers abandoned property to
the State Treasurer under this Act is relieved of all liability to the extent
of the value of the property so paid or delivered for any claim which then
exists or which thereafter may arise or be made in respect to the property.
In the event legal proceedings are instituted by any other state or
states in any state or federal court with respect to unclaimed funds or
abandoned property previously paid or delivered to the State Treasurer, the
holder shall give written notification to the State Treasurer and the Attorney
General of this state of such proceedings within 10 days after service of
process, or in the alternative at least 10 days before the return date or date
on which an answer or similar pleading is due (or any extension thereof secured
by the holder). The Attorney General may take such action as he deems
necessary or expedient to protect the interests of the State of Illinois.
The Attorney General by written notice prior to the return date or date on
which an answer or similar pleading is due (or any extension thereof
secured by the holder), but in any event in reasonably sufficient time for
the holder to comply with the directions received, shall either direct the
holder actively to defend in such proceedings or that no defense need be
entered in such proceedings. If a direction is received from the Attorney
General that the holder need not make a defense, such shall not preclude
the holder from entering a defense in its own name if it should so choose.
However, any defense made by the holder on its own initiative shall not
entitle the holder to reimbursement for legal fees, costs and other
expenses as is hereinafter provided in respect to defenses made pursuant to
the directions of the Attorney General. If, after the holder has actively
defended in such proceedings pursuant to a direction of the Attorney
General, or has been notified in writing by the Attorney General that no
defense need be made with respect to such funds, a judgment is entered
against the holder for any amount paid to the State Treasurer
under this Act, the State Treasurer shall, upon being furnished with proof of
payment in satisfaction of such judgment, reimburse the holder the amount so
paid. The State Treasurer shall also reimburse the holder for any legal fees,
costs and other directly related expenses incurred in legal proceedings
undertaken pursuant to the direction of the Attorney General.
(Source: P.A. 91‑16, eff. 7‑1‑99.)
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(765 ILCS 1025/16) (from Ch. 141, par. 116)
Sec. 16.
The expiration of any period of time specified by statute or court
order, during which an action or proceeding may be commenced or enforced to
obtain payment of a claim for money or recovery of property, shall not
prevent the money or property from being presumed abandoned property, nor
affect any duty to file a report required by this Act or to pay or deliver
abandoned property to the State Treasurer.
(Source: P.A. 91‑16, eff. 7‑1‑99.)
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(2) Property returned to the State Treasurer shall be | ||
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(3) The Treasurer, in cooperation with the Department | ||
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If the Treasurer is unable to return a firearm to its | ||
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(A) if the Treasurer cannot locate the owner of | ||
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(B) if the owner of the firearm may not lawfully | ||
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(C) if the owner does not respond to notice | ||
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(D) if the owner responds to notice published | ||
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With respect to a firearm whose title is transferred | ||
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(i) retain the firearm for use by the crime | ||
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(ii) transfer the firearm to the Illinois State | ||
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(iii) destroy the firearm if it is not retained | ||
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(4) If human remains are delivered to the Treasurer | ||
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(b) Any sale held under this Section, except a sale of securities or
commodities, shall be preceded by a single publication of notice thereof, at
least 3 weeks in advance of sale in an English language newspaper of general
circulation in the county where the property is to be sold.
When property fails to sell and is offered again at a subsequent sale, no
additional notice is required for the subsequent sale.
(c) The purchaser at any sale conducted by the State Treasurer pursuant to
this Act shall receive title to the property purchased, free from all claims of
the owner or prior holder thereof and of all persons claiming through or under
them. The State Treasurer shall execute all documents necessary to complete the
transfer of title.
(d) The Office of the State Treasurer is not liable for any reduction in the
value of property caused by changing market conditions.
(Source: P.A. 94‑422, eff. 8‑2‑05.)
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(765 ILCS 1025/18) (from Ch. 141, par. 118)
Sec. 18.
Deposit of funds received under the Act.
(a) The State Treasurer shall retain all funds received under this Act,
including the proceeds from
the sale of abandoned property under Section 17, in a trust fund and shall,
on April 15 and October 15 of each year, deposit any amount in the trust fund
exceeding $2,500,000 into the State Pensions Fund. He or she shall make prompt payment of claims he or she
duly allows as provided for in this Act for the trust fund.
Before making the deposit the State Treasurer
shall record the name and last known address of each person appearing from the
holders' reports to be entitled to the abandoned property. The record shall be
available for public inspection during reasonable business
hours.
(b) Before making any deposit to the credit of the State Pensions Fund,
the State Treasurer may deduct: (1) any costs in connection with sale of
abandoned property, (2) any costs of mailing and publication in connection with
any abandoned property, and (3) any costs in connection with the maintenance of
records or disposition of claims made pursuant to this Act. The State
Treasurer shall semiannually file an itemized report of all such expenses with
the Legislative Audit Commission.
(Source: P.A. 93‑531, eff. 8‑14‑03.)
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(765 ILCS 1025/19) (from Ch. 141, par. 119)
Sec. 19.
Any person claiming an interest in any property delivered to the
State under this Act may file a claim thereto or to the proceeds from the
sale thereof on the form prescribed by the State Treasurer.
(Source: P.A. 91‑16, eff. 7‑1‑99.)
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(765 ILCS 1025/20) (from Ch. 141, par. 120)
Sec. 20.
Determination of claims.
(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
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
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
and decision shall be issued by the Office of the State Treasurer in a timely
and expeditious manner.
(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.
(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.
(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, and Locksmith Act of 1993.
(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.
(Source: P.A. 93‑531, eff. 8‑14‑03.)
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(765 ILCS 1025/21) (from Ch. 141, par. 121)
Sec. 21.
A final administrative decision of the State Treasurer in respect
to a claim filed hereunder shall be subject to judicial review pursuant to the
provisions of the Administrative Review Law and the rules adopted pursuant
thereto. The review action may be instituted by any person adversely affected
or aggrieved by the decision.
The Office of the State Treasurer 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 |