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91_HB1852sam001
LRB9104621LDmbam01
1 AMENDMENT TO HOUSE BILL 1852
2 AMENDMENT NO. . Amend House Bill 1852 by replacing
3 the title with the following:
4 "AN ACT to amend the Uniform Disposition of Unclaimed
5 Property Act by changing Section 2a."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Uniform Disposition of Unclaimed
9 Property Act is amended by changing Section 2a as follows:
10 (765 ILCS 1025/2a) (from Ch. 141, par. 102a)
11 Sec. 2a. (a) Business associations shall report,
12 pursuant to Section 11 of this Act, all property and any
13 earnings thereon to which the owner would be entitled that
14 have remained unclaimed for 5 years and are therefore
15 presumed abandoned. Before reporting and delivering property
16 as required under this Act, a business association may deduct
17 from the amount of otherwise reportable intangible personal
18 property the economic loss suffered by it in connection with
19 that intangible personal property arising from transactions
20 involving the sale of tangible personal property at retail.
21 This property shall consist of, but is not limited to:
-2- LRB9104621LDmbam01
1 (1) unclaimed wages;
2 (2) deposits or payment for repair or purchase of
3 goods or services;
4 (3) credit checks or memos, or customer
5 overpayments;
6 (4) stocks, bonds, or any other type of securities
7 or debt instruments, and interest and dividends
8 therefrom;
9 (5) unidentified remittances, unrefunded
10 overcharges;
11 (6) unpaid claims, unpaid accounts payable or
12 unpaid commissions; and
13 (7) credit balances-accounts receivable, checks
14 written off, employee bond buying and profit-sharing.
15 (b) Notwithstanding the provisions of subsection (a),
16 any property due or owed by a business association to or for
17 the benefit of another business association resulting from a
18 transaction occurring in the normal and ordinary course of
19 business shall be exempt from the provisions of this Act.
20 (Source: P.A. 90-167, eff. 7-23-97.)
21 Section 99. Effective date. This Act takes effect upon
22 becoming law.".