Public Act 094-0255
 		





HB0583 Enrolled
LRB094 06718 LCB 36817 b






    AN ACT concerning civil law.

 
    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 Section 2 as follows:
 



    (765 ILCS 1025/2)  (from Ch. 141, par. 102)



    Sec. 2. Property held by financial organizations; 
presumption of
abandonment.  The following property held or 
owing by a banking or financial
organization is presumed 
abandoned:

    (a) Any demand, savings, or matured time deposit 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; or .

        (4) Engaged in the following activity regarding other 
    funds or loan accounts with the banking organization:
            (i) undertook one or more the above actions 
        described in subsection (a) of this Section regarding 
        any account that appears on a consolidated statement 
        with the inactive account;
            (ii) increased or decreased the amount of funds in 
        any other account the owner has with the banking 
        organization; or
            (iii) engaged in any  other relationship with the 
        banking organization, including payment of any amounts 
        due on a loan.
    The foregoing apply so long as the mailing address for the 
owner in the banking organization's books and records is the 
same for both the inactive account and for the active account.

    (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, 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; or .

        (4) Engaged in the following activity regarding other 
    funds or loan accounts with the financial organization:
            (i) undertook one or more the above actions 
        described in subsection (b) of this Section regarding 
        any account that appears on a consolidated statement 
        with the inactive account;
            (ii) increased or decreased the amount of funds in 
        any other account the owner has with the financial 
        organization; or
            (iii) engaged in any  other relationship with the 
        financial organization, including payment of any 
        amounts due on a loan.
    The foregoing apply so long as the mailing address for the 
owner in the financial organization's books and records is the 
same for both the inactive account and for the active account.

    (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. 91-16, eff.
7-1-99; 91-316, eff. 7-29-99; 92-16, 
eff. 6-28-01.)