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| Public Act 098-0495 | ||||
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AN ACT concerning government.
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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 11 as follows:
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(765 ILCS 1025/11) (from Ch. 141, par. 111)
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Sec. 11. Report of holder.
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(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 State Treasurer with respect to the property as
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hereinafter provided. The State Treasurer may exempt any | ||||
businesses from the
reporting requirement if he deems such | ||||
businesses unlikely to be holding
unclaimed property.
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(b) The information shall be obtained in one or more | ||||
reports as required
by the State Treasurer. The information | ||||
shall be verified and shall include:
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(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 $5 $25 or more presumed abandoned under this | ||||
Act;
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(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;
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(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
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(4) other information which the State Treasurer | ||
prescribes by rule as
necessary for the administration of | ||
this Act.
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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.
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(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
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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.
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(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.
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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.
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(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.
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(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.
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(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.
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(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
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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.
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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.
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(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.
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(i) The State Treasurer may promulgate rules establishing
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the format and media to be used by a holder in submitting | ||
reports required
under this Act.
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(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.
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(Source: P.A. 93-531, eff. 8-14-03; 94-686, eff. 11-2-05.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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