[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 001 ] |
91_HB1852enr HB1852 Enrolled LRB9104621LDmb 1 AN ACT to amend the Uniform Disposition of Unclaimed 2 Property Act by changing Section 2a. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Uniform Disposition of Unclaimed Property 6 Act is amended by changing Section 2a as follows: 7 (765 ILCS 1025/2a) (from Ch. 141, par. 102a) 8 Sec. 2a. (a) Business associations shall report, 9 pursuant to Section 11 of this Act, all property and any 10 earnings thereon to which the owner would be entitled that 11 have remained unclaimed for 5 years and are therefore 12 presumed abandoned. Before reporting and delivering property 13 as required under this Act, a business association may deduct 14 from the amount of otherwise reportable intangible personal 15 property the economic loss suffered by it in connection with 16 that intangible personal property arising from transactions 17 involving the sale of tangible personal property at retail. 18 This property shall consist of, but is not limited to: 19 (1) unclaimed wages; 20 (2) deposits or payment for repair or purchase of 21 goods or services; 22 (3) credit checks or memos, or customer 23 overpayments; 24 (4) stocks, bonds, or any other type of securities 25 or debt instruments, and interest and dividends 26 therefrom; 27 (5) unidentified remittances, unrefunded 28 overcharges; 29 (6) unpaid claims, unpaid accounts payable or 30 unpaid commissions; and 31 (7) credit balances-accounts receivable, checks HB1852 Enrolled -2- LRB9104621LDmb 1 written off, employee bond buying and profit-sharing. 2 (b) Notwithstanding the provisions of subsection (a), 3 any property due or owed by a business association to or for 4 the benefit of another business association resulting from a 5 transaction occurring in the normal and ordinary course of 6 business shall be exempt from the provisions of this Act. 7 (Source: P.A. 90-167, eff. 7-23-97.) 8 Section 99. Effective date. This Act takes effect upon 9 becoming law.