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| Public Act 102-0734 | ||||
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AN ACT concerning civil law.
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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 Revised Uniform Unclaimed Property Act is | ||||
amended by changing Section 15-210 as follows: | ||||
(765 ILCS 1026/15-210)
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Sec. 15-210. Indication of apparent owner interest in | ||||
property. | ||||
(a) The period after which property is presumed abandoned | ||||
is measured from the later of: | ||||
(1) the date the property is presumed abandoned under | ||||
this Article; or | ||||
(2) the latest indication of interest by the apparent | ||||
owner in the property. | ||||
(b) Under this Act, an indication of an apparent owner's | ||||
interest in property includes: | ||||
(1) a record communicated by the apparent owner to the | ||||
holder or agent of the holder concerning the property or | ||||
the account in which the property is held; | ||||
(2) an oral communication by the apparent owner to the | ||||
holder or agent of the holder concerning the property or | ||||
the account in which the property is held, if the holder or | ||||
its agent contemporaneously makes and preserves a record | ||||
of the fact of the apparent owner's communication; | ||
(3) presentment of a check or other instrument of | ||
payment of a dividend, interest payment, or other | ||
distribution, or evidence of receipt of a distribution | ||
made by electronic or similar means, with respect to an | ||
account, underlying security, or interest in a business | ||
association; | ||
(4) activity directed by an apparent owner in the | ||
account in which the property is held, including accessing | ||
the account or information concerning the account, or a | ||
direction by the apparent owner to increase, decrease, or | ||
otherwise change the amount or type of property held in | ||
the account; | ||
(5) a deposit into or withdrawal from an account at a | ||
financial organization, except for a recurring Automated | ||
Clearing House (ACH) debit or credit previously authorized | ||
by the apparent owner or an automatic reinvestment of | ||
dividends or interest; and | ||
(6) subject to subsection (e), payment of a premium on | ||
an insurance policy. | ||
(c) An action by an agent or other representative of an | ||
apparent owner, other than the holder acting as the apparent | ||
owner's agent, is presumed to be an action on behalf of the | ||
apparent owner. | ||
(d) A communication with an apparent owner by a person | ||
other than the holder or the holder's representative is not an | ||
indication of interest in the property by the apparent owner | ||
unless a record of the communication evidences the apparent | ||
owner's knowledge of a right to the property. | ||
(e) If the insured dies or the insured or beneficiary of an | ||
insurance policy otherwise becomes entitled to the proceeds | ||
before depletion of the cash surrender value of the policy by | ||
operation of an automatic-premium-loan provision or other | ||
nonforfeiture provision contained in the policy, the operation | ||
does not prevent the policy from maturing or terminating. | ||
(f) If the apparent owner has another property with the | ||
holder to which Section 201(6) applies, then activity directed | ||
by an apparent owner in any other accounts, including loan | ||
accounts, at a financial organization holding an inactive | ||
account of the apparent owner shall be an indication of | ||
interest in all such accounts if:
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(A) the apparent owner engages in one or more of the | ||
following activities:
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(i) the apparent owner undertakes one or more of | ||
the actions described in subsection (b) of this | ||
Section regarding any of the other accounts the | ||
apparent owner has with the financial organization;
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(ii) the apparent owner increases or decreases the | ||
amount of funds in any other account the apparent | ||
owner has with the financial organization; or
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(iii) the apparent owner engages in any other | ||
relationship with the financial organization, | ||
including payment of any amounts due on a loan; and
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(B) the foregoing apply so long as the mailing address | ||
for the apparent owner in the financial organization's | ||
books and records is the same for both the inactive | ||
account and the active account. | ||
(g) For an amount held on a payroll card, an indication of | ||
owner interest includes wages from an employer pursuant to | ||
Section 14.5 of the Illinois Wage Payment and Collection Act | ||
in the form of a recurring ACH credit previously authorized by | ||
the apparent owner; however, an ACH credit is not an | ||
indication of owner interest if the holder assesses fees for | ||
account inactivity on the payroll card account.
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(Source: P.A. 102-288, eff. 8-6-21.)
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