[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Engrossed ] | [ Senate Amendment 001 ] |
91_SB1191
LRB9106143SMdv
1 AN ACT regarding unclaimed property.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The State Treasurer Act is amended by adding
5 Sections 0.02, 0.03, 0.04, 0.05, and 0.06 as follows:
6 (15 ILCS 505/0.02 new)
7 Sec. 0.02. Transfer of powers. The rights, powers,
8 duties, and functions vested in the Department of Financial
9 Institutions to administer the Uniform Disposition of
10 Unclaimed Property Act are transferred to the State Treasurer
11 on July 1, 1999.
12 (15 ILCS 505/0.03 new)
13 Sec. 0.03. Transfer of personnel.
14 (a) Except as provided in subsection (b), personnel
15 employed by the Department of Financial Institutions on June
16 30, 1999 to perform duties pertaining the administration of
17 the Uniform Disposition of Unclaimed Property Act are
18 transferred to the State Treasurer on July 1, 1999.
19 (b) In the case of a person employed by the Department
20 of Financial Institutions to perform both duties pertaining
21 to the administration of the Uniform Disposition of Unclaimed
22 Property Act and duties pertaining to a function retained by
23 the Department of Financial Institutions, the State
24 Treasurer, in consultation with the Director of Financial
25 Institutions, shall determine whether to transfer the
26 employee to the Office of the State Treasurer; until this
27 determination has been made, the transfer shall not take
28 effect.
29 (c) The rights of State employees, the State, and its
30 agencies under the Personnel Code and applicable collective
-2- LRB9106143SMdv
1 bargaining agreements and retirement plans are not affected
2 by this amendatory Act of 1999.
3 (15 ILCS 505/0.04 new)
4 Sec. 0.04. Transfer of property.
5 (a) Except as provided in subsection (b), all real and
6 personal property, including but not limited to all books,
7 records, and documents, and all unexpended appropriations and
8 pending business pertaining to the administration of the
9 Uniform Disposition of Unclaimed Property Act shall be
10 transferred and delivered to the State Treasurer effective
11 July 1, 1999.
12 (b) In the case of books, records, or documents that
13 pertain both to the administration of the Uniform Disposition
14 of Unclaimed Property Act and to a function retained by the
15 Department of Financial Institutions, the State Treasurer, in
16 consultation with the Director of Financial Institutions,
17 shall determine whether the books, records, or documents
18 shall be transferred, copied, or left with the Department of
19 Financial Institutions; until this determination has been
20 made, the transfer shall not take effect.
21 In the case of property or an unexpended appropriation
22 that pertains both to the administration of the Uniform
23 Disposition of Unclaimed Property Act and to a function
24 retained by the Department of Financial Institutions, the
25 State Treasurer, in consultation with the Director of
26 Financial Institutions, shall determine whether the property
27 or unexpended appropriation shall be transferred, divided, or
28 left with the Department of Financial Institutions; until
29 this determination has been made (and, in the case of an
30 unexpended appropriation, notice of the determination has
31 been filed with the State Comptroller), the transfer shall
32 not take effect.
-3- LRB9106143SMdv
1 (15 ILCS 505/0.05 new)
2 Sec. 0.05. Rules and standards.
3 (a) The rules and standards of the Department of
4 Financial Institutions that are in effect on June 30, 1999
5 and pertain to the administration of the Uniform Disposition
6 of Unclaimed Property Act shall become the rules and
7 standards of the State Treasurer on July 1, 1999 and shall
8 continue in effect until amended or repealed by the State
9 Treasurer.
10 (b) Any rules pertaining to the administration of the
11 Uniform Disposition of Unclaimed Property Act that have been
12 proposed by the Department of Financial Institutions but have
13 not taken effect or been finally adopted by June 30, 1999
14 shall become proposed rules of the State Treasurer on July 1,
15 1999, and any rulemaking procedures that have already been
16 completed by the Department of Financial Institutions need
17 not be repeated.
18 (c) As soon as practical after July 1, 1999, the State
19 Treasurer shall revise and clarify the rules transferred to
20 it under this amendatory Act of 1999 to reflect the
21 reorganization of rights, powers, duties, and functions
22 effected by this amendatory Act of 1999 using the procedures
23 for recodification of rules available under the Illinois
24 Administrative Procedure Act, except that existing title,
25 part, and section numbering for the affected rules may be
26 retained.
27 (15 ILCS 505/0.06 new)
28 Sec. 0.06. Savings provisions.
29 (a) The rights, powers, duties, and functions
30 transferred to the State Treasurer by this amendatory Act of
31 1999 shall be vested in and exercised by the State Treasurer
32 subject to the provisions of this amendatory Act of 1999. An
33 act done by the State Treasurer or an officer, employee, or
-4- LRB9106143SMdv
1 agent of the State Treasurer in the exercise of the
2 transferred rights, powers, duties, or functions shall have
3 the same legal effect as if done by the Department of
4 Financial Institutions or an officer, employee, or agent of
5 the Department of Financial Institutions prior to the
6 effective date of this amendatory Act of 1999.
7 (b) The transfer of rights, powers, duties, and
8 functions to the State Treasurer under this amendatory Act of
9 1999 does not invalidate any previous action taken by or in
10 respect to the Department of Financial Institutions or its
11 officers, employees, or agents. References to the Department
12 of Financial Institutions or its officers, employees or
13 agents in any document, contract, agreement, or law shall, in
14 appropriate contexts, be deemed to refer to the State
15 Treasurer or its officers, employees, or agents.
16 (c) The transfer of rights, powers, duties, and
17 functions from the Department of Financial Institutions to
18 the State Treasurer under this amendatory Act of 1999 does
19 not affect the rights, obligations, or duties of any other
20 person or entity, including any civil or criminal penalties
21 applicable thereto, arising out of those transferred rights,
22 powers, duties, and functions.
23 (d) With respect to matters that pertain to a right,
24 power, duty, or function transferred to the State Treasurer
25 under this amendatory Act of 1999:
26 (1) Beginning July 1, 1999, any report or notice
27 that was previously required to be made or given by any
28 person to the Department of Financial Institutions or any
29 of its officers, employees, or agents under the Uniform
30 Disposition of Unclaimed Property Act or rules
31 promulgated pursuant to that Act shall be made or given
32 in the same manner to the State Treasurer or his or her
33 appropriate officer, employee, or agent.
34 (2) Beginning July 1, 1999, any document that was
-5- LRB9106143SMdv
1 previously required to be furnished or served by any
2 person to or upon the Department of Financial
3 Institutions or any of its officers, employees, or agents
4 under the Uniform Disposition of Unclaimed Property Act
5 or rules promulgated pursuant to that Act shall be
6 furnished or served in the same manner to or upon the
7 State Treasurer or his or her appropriate officer,
8 employee, or agent.
9 (e) This amendatory Act of 1999 does not affect any act
10 done, ratified, or canceled, any right occurring or
11 established, or any action or proceeding had or commenced in
12 an administrative, civil, or criminal cause before July 1,
13 1999. Any such action or proceeding that pertains to the
14 Uniform Disposition of Unclaimed Property Act or rules
15 promulgated pursuant to that Act and that is pending on that
16 date may be prosecuted, defended, or continued by the State
17 Treasurer.
18 Section 10. The Financial Institutions Code is amended
19 by changing Section 7 and adding Section 18.1 as follows:
20 (20 ILCS 1205/7) (from Ch. 17, par. 108)
21 Sec. 7. The provisions of "The Illinois Administrative
22 Procedure Act", as now or hereafter amended, are hereby
23 expressly adopted and incorporated herein as though a part of
24 this Act, and shall apply to all administrative rules and
25 procedures of the Director and the Department of Financial
26 Institutions under this Act, except that the provisions of
27 the Administrative Procedure Act regarding contested cases
28 shall not apply to actions of the Director under Section 15.1
29 of "An Act in relation to the definition, licensing and
30 regulation of community currency exchanges and ambulatory
31 currency exchanges, and the operators and employees thereof,
32 and to make an appropriation therefor, and to provide
-6- LRB9106143SMdv
1 penalties and remedies for the violation thereof", approved
2 June 30, 1943, as amended, or Sections 8 and 61 of "The
3 Illinois Credit Union Act", or to hearings under Section 20
4 of the "Uniform Disposition of Unclaimed Property Act".
5 (Source: P.A. 81-329.)
6 (20 ILCS 1205/18.1 new)
7 Sec. 18.1. Transfer of administration of Uniform
8 Disposition of Unclaimed Property Act to State Treasurer.
9 The rights, powers, duties, and functions vested in the
10 Department of Financial Institutions to administer the
11 Uniform Disposition of Unclaimed Property Act are transferred
12 to the State Treasurer on July 1, 1999 in accordance with
13 Sections 0.02 through 0.06 of the State Treasurer Act.
14 Section 15. The Illinois Banking Act is amended by
15 changing Section 65 as follows:
16 (205 ILCS 5/65) (from Ch. 17, par. 377)
17 Sec. 65. Dividends; dissolution. From time to time
18 during a receivership other than a receivership conducted by
19 the Federal Deposit Insurance Corporation, the Commissioner
20 shall make and pay from monies of the bank a ratable dividend
21 on all claims as may be proved to his or her satisfaction or
22 adjudicated by the court. Claims so proven or adjudicated
23 shall bear interest at the rate of 3% per annum from the date
24 of the appointment of the receiver to the date of payment,
25 but all dividends on a claim shall be applied first to
26 principal. In computing the amount of any dividend to be
27 paid, if the Commissioner deems it desirable in the interests
28 of economy of administration and to the interest of the bank
29 and its creditors, he or she may pay up to the amount of $10
30 of each claim or unpaid portion thereof in full. As the
31 proceeds of the assets of the bank are collected in the
-7- LRB9106143SMdv
1 course of liquidation, the Commissioner shall make and pay
2 further dividends on all claims previously proven or
3 adjudicated. After one year from the entry of a judgment of
4 dissolution, all unclaimed dividends shall be remitted to the
5 State Treasurer Director of Financial Institutions in
6 accordance with the "Uniform Disposition of Unclaimed
7 Property Act", as now or hereafter amended, together with a
8 list of all unpaid claimants, their last known addresses and
9 the amounts unpaid.
10 (Source: P.A. 89-364, eff. 8-18-95.)
11 Section 17. The Illinois Credit Union Act is amended by
12 changing Section 62 as follows:
13 (205 ILCS 305/62) (from Ch. 17, par. 4463)
14 Sec. 62. Liquidation. (1) A credit union may elect to
15 dissolve voluntarily and liquidate its affairs in the manner
16 prescribed in this Section.
17 (2) The Board of Directors shall adopt a resolution
18 recommending the credit union be dissolved voluntarily, and
19 directing that the question of liquidating be submitted to
20 the members.
21 (3) Within 10 days after the Board of Directors decides
22 to submit the question of liquidation to the members, the
23 Chairman or President shall notify the Director thereof, in
24 writing, setting forth the reasons for the proposed action.
25 Within 10 days after the members act on the question of
26 liquidation, the Chairman or President shall notify the
27 Director, in writing, as to whether or not the members
28 approved the proposed liquidation. The Director then must
29 determine whether this Section has been complied with and if
30 his decision is favorable, he shall prepare a certificate to
31 the effect that this Section has been complied with, a copy
32 of which will be retained by the Department and the other
-8- LRB9106143SMdv
1 copy forwarded to the credit union. The certificate must be
2 filed with the recorder or if there is no recorder, in the
3 office of the County Clerk of the County or Counties in which
4 the credit union is operating, whereupon the credit union
5 must cease operations except for the purpose of its
6 liquidation.
7 (4) As soon as the Board of Directors passes a
8 resolution to submit the question of liquidation to the
9 members, payment on shares, withdrawal of shares, making any
10 transfer of shares to loans and interest, making investments
11 of any kind and granting loans shall be suspended pending
12 action by members. On approval by the members of such
13 proposal, all such operations shall be permanently
14 discontinued. The necessary expenses of operating shall,
15 however, continue to be paid on authorization of the Board of
16 Directors or the Liquidating Agent during the period of
17 liquidation.
18 (5) For a credit union to enter voluntary liquidation,
19 it must be approved by affirmative vote of the members owning
20 a majority of the shares entitled to vote, in person or by
21 proxy, at a regular or special meeting of the members.
22 Notice, in writing, shall be given to each member, by first
23 class mail, at least 10 days prior to such meeting. If
24 liquidation is approved, the Board of Directors shall appoint
25 a Liquidating Agent for the purpose of conserving and
26 collecting the assets, closing the affairs of the credit
27 union and distributing the assets as required by this Act.
28 (6) A liquidating credit union shall continue in
29 existence for the purpose of discharging its debts,
30 collecting and distributing its assets, and doing all acts
31 required in order to terminate its operations and may sue and
32 be sued for the purpose of enforcing such debts and
33 obligations until its affairs are fully adjusted.
34 (7) Subject to such rules and regulations as the
-9- LRB9106143SMdv
1 Director may promulgate, the Liquidating Agent shall use the
2 assets of the credit union to pay; first, expenses incidental
3 to liquidating including any surety bond that may be
4 required; then, liabilities of the credit union; then special
5 classes of shares. The remaining assets shall then be
6 distributed to the members proportionately to the dollar
7 value of the shares held by each member in relation to the
8 total dollar value of all shares outstanding as of the date
9 the dissolution was voted.
10 (8) As soon as the Liquidating Agent determines that all
11 assets as to which there is a reasonable expectancy of sale
12 or transfer have been liquidated and distributed as set forth
13 in this Section, he shall execute a Certificate of
14 Dissolution on a form prescribed by the Department and file
15 the same, together with all pertinent books and records of
16 the liquidating credit union with the Department, whereupon
17 such credit union shall be dissolved. The Liquidating Agent
18 must, within 3 years after issuance of a certificate by the
19 Director referred to in Subsection (3) of this Section,
20 discharge the debts of the credit union, collect and
21 distribute its assets and do all other acts required to wind
22 up its business.
23 (9) If the Director determines that the Liquidating
24 Agent has failed to make reasonable progress in the
25 liquidating of the credit union's affairs and distribution of
26 its assets or has violated this Act, the Director may take
27 possession and control of the credit union and remove the
28 Liquidating Agent and appoint a Liquidating Agent to complete
29 the liquidation under his direction and control. The
30 Director shall fill any vacancy caused by the resignation,
31 death, illness, removal, desertion or incapacity to function
32 of the Liquidating Agent.
33 (10) Any funds representing unclaimed dividends and
34 shares in liquidation and remaining in the hands of the Board
-10- LRB9106143SMdv
1 of Directors or the Liquidating Agent at the end of the
2 liquidation must be deposited by them, together with all
3 books and papers of the credit union, with the Department.
4 Such funds must be deposited by the Department with the State
5 Treasurer in compliance with the Uniform Disposition of
6 Unclaimed Property Act, approved August 17, 1961, as amended.
7 (Source: P.A. 83-358.)
8 Section 18. The Currency Exchange Act is amended by
9 changing Section 19.3 as follows:
10 (205 ILCS 405/19.3) (from Ch. 17, par. 4838)
11 Sec. 19.3. (A) The General Assembly hereby finds and
12 declares: community currency exchanges and ambulatory
13 currency exchanges provide important and vital services to
14 Illinois citizens. In so doing, they transact extensive
15 business involving check cashing and the writing of money
16 orders in communities in which banking services are generally
17 unavailable. Customers of currency exchanges who receive
18 these services must be protected from being charged
19 unreasonable and unconscionable rates for cashing checks and
20 purchasing money orders. The Illinois Department of
21 Financial Institutions has the responsibility for regulating
22 the operations of currency exchanges and has the expertise to
23 determine reasonable maximum rates to be charged for check
24 cashing and money order purchases. Therefore, it is in the
25 public interest, convenience, welfare and good to have the
26 Department establish reasonable maximum rate schedules for
27 check cashing and the issuance of money orders and to require
28 community and ambulatory currency exchanges to prominently
29 display to the public the fees charged for all services. The
30 Director shall review, each year, the cost of operation of
31 the Currency Exchange Division and the revenue generated from
32 currency exchange examinations and report to the General
-11- LRB9106143SMdv
1 Assembly if the need exists for an increase in the fees
2 mandated by this Act to maintain the Currency Exchange
3 Division at a fiscally self-sufficient level. The Director
4 shall include in such report the total amount of funds
5 remitted to the State and delivered to the State Treasurer by
6 currency exchanges pursuant to the Uniform Disposition of
7 Unclaimed Property Act.
8 (B) The Director shall, by rules adopted in accordance
9 with the Illinois Administrative Procedure Act, expeditiously
10 formulate and issue schedules of reasonable maximum rates
11 which can be charged for check cashing and writing of money
12 orders by community currency exchanges and ambulatory
13 currency exchanges.
14 (1) In determining the maximum rate schedules for
15 the purposes of this Section the Director shall take into
16 account:
17 (a) Rates charged in the past for the cashing
18 of checks and the issuance of money orders by
19 community and ambulatory currency exchanges.
20 (b) Rates charged by banks or other business
21 entities for rendering the same or similar services
22 and the factors upon which those rates are based.
23 (c) The income, cost and expense of the
24 operation of currency exchanges.
25 (d) Rates charged by currency exchanges or
26 other similar entities located in other states for
27 the same or similar services and the factors upon
28 which those rates are based.
29 (e) Rates charged by the United States Postal
30 Service for the issuing of money orders and the
31 factors upon which those rates are based.
32 (f) A reasonable profit for a currency
33 exchange operation.
34 (2) (a) The schedule of reasonable maximum rates
-12- LRB9106143SMdv
1 established pursuant to this Section may be modified by
2 the Director from time to time pursuant to rules adopted
3 in accordance with the Illinois Administrative Procedure
4 Act.
5 (b) Upon the filing of a verified petition setting
6 forth allegations demonstrating reasonable cause to
7 believe that the schedule of maximum rates previously
8 issued and promulgated should be adjusted, the Director
9 shall expeditiously:
10 (i) reject the petition if it fails to
11 demonstrate reasonable cause to believe that an
12 adjustment is necessary; or
13 (ii) conduct such hearings, in accordance with
14 this Section, as may be necessary to determine
15 whether the petition should be granted in whole or
16 in part.
17 (c) No petition may be filed pursuant to
18 subparagraph (a) of paragraph (2) of subsection (B)
19 unless:
20 (i) at least nine months have expired since
21 the last promulgation of schedules of maximum rates;
22 and
23 (ii) at least one-fourth of all community
24 currency exchange licensees join in a petition or,
25 in the case of ambulatory currency exchanges, a
26 licensee or licensees authorized to serve at least
27 100 locations join in a petition.
28 (3) Any currency exchange may charge lower fees than
29 those of the applicable maximum fee schedule after filing
30 with the Director a schedule of fees it proposes to use.
31 (Source: P.A. 88-45.)
32 Section 20. The Corporate Fiduciary Act is amended by
33 changing Section 6-14 as follows:
-13- LRB9106143SMdv
1 (205 ILCS 620/6-14) (from Ch. 17, par. 1556-14)
2 Sec. 6-14. From time to time during receivership the
3 Commissioner shall make and pay from monies of the corporate
4 fiduciary a ratable dividend on all claims as may be proved
5 to his or her satisfaction or adjudicated by the court.
6 After one year from the entry of a judgment of dissolution,
7 all unclaimed dividends shall be remitted to the State
8 Treasurer Director of Financial Institutions in accordance
9 with the Uniform Disposition of Unclaimed Property Act, as
10 now or hereafter amended, together with a list of all unpaid
11 claimants, their last known addresses and the amounts unpaid.
12 (Source: P.A. 85-858.)
13 Section 25. The Illinois Insurance Code is amended by
14 changing Section 210 as follows:
15 (215 ILCS 5/210) (from Ch. 73, par. 822)
16 Sec. 210. Distribution of assets; priorities; unpaid
17 dividends.
18 (1) Any time after the last day fixed for the filing of
19 proofs of claims in the liquidation of a company, the court
20 may, upon the application of the Director authorize him to
21 declare out of the funds remaining in his hands, one or more
22 dividends upon all claims allowed in accordance with the
23 priorities established in Section 205.
24 (2) Where there has been no adjudication of insolvency,
25 the Director shall pay all allowed claims in full in
26 accordance with the priorities set forth in Section 205.
27 The director shall not be chargeable for any assets so
28 distributed to any claimant who has failed to file a proper
29 proof of claim before such distribution has been made.
30 (3) When subsequent to an adjudication of insolvency,
31 pursuant to Section 208, a surplus is found to exist after
32 the payment in full of all allowed claims falling within the
-14- LRB9106143SMdv
1 priorities set forth in paragraphs (a),(b),(c), (d), (e), (f)
2 and (g) of subsection (1) of Section 205 and which have been
3 duly filed prior to the last date fixed for the filing
4 thereof, and after the setting aside of a reserve for all
5 additional costs and expenses of the proceeding, the court
6 shall set a new date for the filing of claims. After the
7 expiration of the new date, all allowed claims filed on or
8 before said new date together with all previously allowed
9 claims falling within the priorities set forth in paragraphs
10 (h) and (i) of subsection (1) of Section 205 shall be paid in
11 accordance with the priorities set forth in Section 205.
12 (4) Dividends remaining unclaimed or unpaid in the hands
13 of the Director for 6 months after the final order of
14 distribution may be by him deposited in one or more savings
15 and loan associations, State or national banks, trust
16 companies or savings banks to the credit of the Director,
17 whomsoever he may be, in trust for the person entitled
18 thereto, but no such person shall be entitled to any interest
19 upon such deposit. All such deposits shall be entitled to
20 priority of payment in case of the insolvency or voluntary or
21 involuntary liquidation of the depositary on an equality with
22 any other priority given by the banking law. Any such funds
23 together with interest, if any, paid or credited thereon,
24 remaining and unclaimed in the hands of the Director in Trust
25 after 2 years shall be presumed abandoned and reported and
26 delivered to the State Treasurer Director of Financial
27 Institutions and become subject to the provisions of the
28 Uniform Disposition of Unclaimed Property Act.
29 (Source: P.A. 88-297; 89-206, eff. 7-21-95.)
30 Section 30. The Probate Act of 1975 is amended by
31 changing Sections 2-1 and 2-2 as follows:
32 (755 ILCS 5/2-1) (from Ch. 110 1/2, par. 2-1)
-15- LRB9106143SMdv
1 Sec. 2-1. Rules of descent and distribution. The
2 intestate real and personal estate of a resident decedent and
3 the intestate real estate in this State of a nonresident
4 decedent, after all just claims against his estate are fully
5 paid, descends and shall be distributed as follows:
6 (a) If there is a surviving spouse and also a descendant
7 of the decedent: 1/2 of the entire estate to the surviving
8 spouse and 1/2 to the decedent's descendants per stirpes.
9 (b) If there is no surviving spouse but a descendant of
10 the decedent: the entire estate to the decedent's
11 descendants per stirpes.
12 (c) If there is a surviving spouse but no descendant of
13 the decedent: the entire estate to the surviving spouse.
14 (d) If there is no surviving spouse or descendant but a
15 parent, brother, sister or descendant of a brother or sister
16 of the decedent: the entire estate to the parents, brothers
17 and sisters of the decedent in equal parts, allowing to the
18 surviving parent if one is dead a double portion and to the
19 descendants of a deceased brother or sister per stirpes the
20 portion which the deceased brother or sister would have taken
21 if living.
22 (e) If there is no surviving spouse, descendant, parent,
23 brother, sister or descendant of a brother or sister of the
24 decedent but a grandparent or descendant of a grandparent of
25 the decedent: (1) 1/2 of the entire estate to the decedent's
26 maternal grandparents in equal parts or to the survivor of
27 them, or if there is none surviving, to their descendants per
28 stirpes, and (2) 1/2 of the entire estate to the decedent's
29 paternal grandparents in equal parts or to the survivor of
30 them, or if there is none surviving, to their descendants per
31 stirpes. If there is no surviving paternal grandparent or
32 descendant of a paternal grandparent, but a maternal
33 grandparent or descendant of a maternal grandparent of the
34 decedent: the entire estate to the decedent's maternal
-16- LRB9106143SMdv
1 grandparents in equal parts or to the survivor of them, or if
2 there is none surviving, to their descendants per stirpes. If
3 there is no surviving maternal grandparent or descendant of a
4 maternal grandparent, but a paternal grandparent or
5 descendant of a paternal grandparent of the decedent: the
6 entire estate to the decedent's paternal grandparents in
7 equal parts or to the survivor of them, or if there is none
8 surviving, to their descendants per stirpes.
9 (f) If there is no surviving spouse, descendant, parent,
10 brother, sister, descendant of a brother or sister or
11 grandparent or descendant of a grandparent of the decedent:
12 (1) 1/2 of the entire estate to the decedent's maternal
13 great-grandparents in equal parts or to the survivor of them,
14 or if there is none surviving, to their descendants per
15 stirpes, and (2) 1/2 of the entire estate to the decedent's
16 paternal great-grandparents in equal parts or to the survivor
17 of them, or if there is none surviving, to their descendants
18 per stirpes. If there is no surviving paternal
19 great-grandparent or descendant of a paternal
20 great-grandparent, but a maternal great-grandparent or
21 descendant of a maternal great-grandparent of the decedent:
22 the entire estate to the decedent's maternal
23 great-grandparents in equal parts or to the survivor of them,
24 or if there is none surviving, to their descendants per
25 stirpes. If there is no surviving maternal great-grandparent
26 or descendant of a maternal great-grandparent, but a paternal
27 great-grandparent or descendant of a paternal
28 great-grandparent of the decedent: the entire estate to the
29 decedent's paternal great-grandparents in equal parts or to
30 the survivor of them, or if there is none surviving, to their
31 descendants per stirpes.
32 (g) If there is no surviving spouse, descendant, parent,
33 brother, sister, descendant of a brother or sister,
34 grandparent, descendant of a grandparent, great-grandparent
-17- LRB9106143SMdv
1 or descendant of a great-grandparent of the decedent: the
2 entire estate in equal parts to the nearest kindred of the
3 decedent in equal degree (computing by the rules of the civil
4 law) and without representation.
5 (h) If there is no surviving spouse and no known kindred
6 of the decedent: the real estate escheats to the county in
7 which it is located; the personal estate physically located
8 within this State and the personal estate physically located
9 or held outside this State which is the subject of ancillary
10 administration of an estate being administered within this
11 State escheats to the county of which the decedent was a
12 resident, or, if the decedent was not a resident of this
13 State, to the county in which it is located; all other
14 personal property of the decedent of every class and
15 character, wherever situate, or the proceeds thereof, shall
16 escheat to this State and be delivered to the State Treasurer
17 Director of Financial Institutions of the State pursuant to
18 the Uniform Disposition of Unclaimed Property Act.
19 In no case is there any distinction between the kindred
20 of the whole and the half blood.
21 (Source: P.A. 81-400.)
22 (755 ILCS 5/2-2) (from Ch. 110 1/2, par. 2-2)
23 Sec. 2-2. Illegitimates. The intestate real and
24 personal estate of a resident decedent who was illegitimate
25 at the time of death and the intestate real estate in this
26 State of a nonresident decedent who was illegitimate at the
27 time of death, after all just claims against his estate are
28 fully paid, descends and shall be distributed as provided in
29 Section 2-1, subject to Section 2-6.5 of this Act, if both
30 parents are eligible parents. As used in this Section,
31 "eligible parent" means a parent of the decedent who, during
32 the decedent's lifetime, acknowledged the decedent as the
33 parent's child, established a parental relationship with the
-18- LRB9106143SMdv
1 decedent, and supported the decedent as the parent's child.
2 "Eligible parents" who are in arrears of in excess of one
3 year's child support obligations shall not receive any
4 property benefit or other interest of the decedent unless and
5 until a court of competent jurisdiction makes a determination
6 as to the effect on the deceased of the arrearage and allows
7 a reduced benefit. In no event shall the reduction of the
8 benefit or other interest be less than the amount of child
9 support owed for the support of the decedent at the time of
10 death. The court's considerations shall include but are not
11 limited to the considerations in subsections (1) through (3)
12 of Section 2-6.5 of this Act.
13 If neither parent is an eligible parent, the intestate
14 real and personal estate of a resident decedent who was
15 illegitimate at the time of death and the intestate real
16 estate in this State of a nonresident decedent who was
17 illegitimate at the time of death, after all just claims
18 against his or her estate are fully paid, descends and shall
19 be distributed as provided in Section 2-1, but the parents of
20 the decedent shall be treated as having predeceased the
21 decedent.
22 If only one parent is an eligible parent, the intestate
23 real and personal estate of a resident decedent who was
24 illegitimate at the time of death and the intestate real
25 estate in this State of a nonresident decedent who was
26 illegitimate at the time of death, after all just claims
27 against his or her estate are fully paid, subject to Section
28 2-6.5 of this Act, descends and shall be distributed as
29 follows:
30 (a) If there is a surviving spouse and also a descendant
31 of the decedent: 1/2 of the entire estate to the surviving
32 spouse and 1/2 to the decedent's descendants per stirpes.
33 (b) If there is no surviving spouse but a descendant of
34 the decedent: the entire estate to the decedent's
-19- LRB9106143SMdv
1 descendants per stirpes.
2 (c) If there is a surviving spouse but no descendant of
3 the decedent: the entire estate to the surviving spouse.
4 (d) If there is no surviving spouse or descendant but
5 the eligible parent or a descendant of the eligible parent of
6 the decedent: the entire estate to the eligible parent and
7 the eligible parent's descendants, allowing 1/2 to the
8 eligible parent and 1/2 to the eligible parent's descendants
9 per stirpes.
10 (e) If there is no surviving spouse, descendant,
11 eligible parent, or descendant of the eligible parent of the
12 decedent, but a grandparent on the eligible parent's side of
13 the family or descendant of such grandparent of the decedent:
14 the entire estate to the decedent's grandparents on the
15 eligible parent's side of the family in equal parts, or to
16 the survivor of them, or if there is none surviving, to their
17 descendants per stirpes.
18 (f) If there is no surviving spouse, descendant,
19 eligible parent, descendant of the eligible parent,
20 grandparent on the eligible parent's side of the family, or
21 descendant of such grandparent of the decedent: the entire
22 estate to the decedent's great-grandparents on the eligible
23 parent's side of the family in equal parts or to the survivor
24 of them, or if there is none surviving, to their descendants
25 per stirpes.
26 (g) If there is no surviving spouse, descendant,
27 eligible parent, descendant of the eligible parent,
28 grandparent on the eligible parent's side of the family,
29 descendant of such grandparent, great-grandparent on the
30 eligible parent's side of the family, or descendant of such
31 great-grandparent of the decedent: the entire estate in
32 equal parts to the nearest kindred of the eligible parent of
33 the decedent in equal degree (computing by the rules of the
34 civil law) and without representation.
-20- LRB9106143SMdv
1 (h) If there is no surviving spouse, descendant, or
2 eligible parent of the decedent and no known kindred of the
3 eligible parent of the decedent: the real estate escheats to
4 the county in which it is located; the personal estate
5 physically located within this State and the personal estate
6 physically located or held outside this State which is the
7 subject of ancillary administration within this State
8 escheats to the county of which the decedent was a resident
9 or, if the decedent was not a resident of this State, to the
10 county in which it is located; all other personal property
11 of the decedent of every class and character, wherever
12 situate, or the proceeds thereof, shall escheat to this State
13 and be delivered to the State Treasurer Director of Financial
14 Institutions of this State pursuant to the Uniform
15 Disposition of Unclaimed Property Act.
16 For purposes of inheritance, the changes made by this
17 amendatory Act of 1998 apply to all decedents who die on or
18 after the effective date of this amendatory Act of 1998. For
19 the purpose of determining the property rights of any person
20 under any instrument, the changes made by this amendatory Act
21 of 1998 apply to all instruments executed on or after the
22 effective date of this amendatory Act of 1998.
23 An illegitimate person is heir of his mother and of any
24 maternal ancestor and of any person from whom his mother
25 might have inherited, if living; and the descendants of an
26 illegitimate person shall represent such person and take by
27 descent any estate which the parent would have taken, if
28 living. If a decedent has acknowledged paternity of an
29 illegitimate person or if during his lifetime or after his
30 death a decedent has been adjudged to be the father of an
31 illegitimate person, that person is heir of his father and of
32 any paternal ancestor and of any person from whom his father
33 might have inherited, if living; and the descendants of an
34 illegitimate person shall represent that person and take by
-21- LRB9106143SMdv
1 descent any estate which the parent would have taken, if
2 living. If during his lifetime the decedent was adjudged to
3 be the father of an illegitimate person by a court of
4 competent jurisdiction, an authenticated copy of the judgment
5 is sufficient proof of the paternity; but in all other cases
6 paternity must be proved by clear and convincing evidence. A
7 person who was illegitimate whose parents intermarry and who
8 is acknowledged by the father as the father's child is
9 legitimate. After an illegitimate person is adopted, that
10 person's relationship to his or her adopting and natural
11 parents shall be governed by Section 2-4 of this Act. For
12 purposes of inheritance, the changes made by this amendatory
13 Act of 1997 apply to all decedents who die on or after
14 January 1, 1998. For the purpose of determining the property
15 rights of any person under any instrument, the changes made
16 by this amendatory Act of 1997 apply to all instruments
17 executed on or after January 1, 1998.
18 (Source: P.A. 90-237, eff. 1-1-98; 90-803, eff. 12-15-98.)
19 Section 35. The Uniform Disposition of Unclaimed
20 Property Act is amended by changing Sections 1, 2, 10.5, 11,
21 11.5, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 23.5,
22 24, 24.5, 25, 25.5 and 26 and adding Section 0.05 as follows:
23 (765 ILCS 1025/0.05 new)
24 Sec. 0.05. Transfer of powers. The rights, powers,
25 duties, and functions vested in the Department of Financial
26 Institutions to administer this Act are transferred to the
27 State Treasurer on July 1, 1999 in accordance with Sections
28 0.02 through 0.06 of the State Treasurer Act.
29 (765 ILCS 1025/1) (from Ch. 141, par. 101)
30 Sec. 1. As used in this Act, unless the context
31 otherwise requires:
-22- LRB9106143SMdv
1 (a) "Banking organization" means any bank, trust
2 company, savings bank, industrial bank, land bank, safe
3 deposit company, or a private banker.
4 (b) "Business association" means any corporation, joint
5 stock company, business trust, partnership, or any
6 association, limited liability company, or other business
7 entity consisting of one or more persons, whether or not for
8 profit.
9 (c) "Financial organization" means any savings and loan
10 association, building and loan association, credit union,
11 currency exchange, co-operative bank, mutual funds, or
12 investment company.
13 (d) "Holder" means any person in possession of property
14 subject to this Act belonging to another, or who is trustee
15 in case of a trust, or is indebted to another on an
16 obligation subject to this Act.
17 (e) "Life insurance corporation" means any association
18 or corporation transacting the business of insurance on the
19 lives of persons or insurance appertaining thereto,
20 including, but not by way of limitation, endowments and
21 annuities.
22 (f) "Owner" means a depositor in case of a deposit, a
23 beneficiary in case of a trust, a creditor, claimant, or
24 payee in case of other property, or any person having a legal
25 or equitable interest in property subject to this Act, or his
26 legal representative.
27 (g) "Person" means any individual, business association,
28 financial organization, government or political subdivision
29 or agency, public authority, estate, trust, or any other
30 legal or commercial entity.
31 (h) "Utility" means any person who owns or operates, for
32 public use, any plant, equipment, property, franchise, or
33 license for the transmission of communications or the
34 production, storage, transmission, sale, delivery, or
-23- LRB9106143SMdv
1 furnishing of electricity, water, steam, oil or gas.
2 (i) (Blank). "Director" means the Director of the
3 Illinois Department of Financial Institutions.
4 (j) "Insurance company" means any person transacting the
5 kinds of business enumerated in Section 4 of the Illinois
6 Insurance Code other than life insurance.
7 (k) "Economic loss", as used in Sections 2a and 9 of
8 this Act includes, but is not limited to, delivery charges,
9 mark-downs and write-offs, carrying costs, restocking
10 charges, lay-aways, special orders, issuance of credit memos,
11 and the costs of special services or goods provided that
12 reduce the property value or that result in lost sales
13 opportunity.
14 (l) "Reportable property" means property, tangible or
15 intangible, presumed abandoned under this Act that must be
16 appropriately and timely reported and remitted to the Office
17 of the State Treasurer Department under this Act. Interest,
18 dividends, stock splits, warrants, or other rights that
19 become reportable property under this Act include the
20 underlying security or commodity giving rise to the interest,
21 dividend, split, warrant, or other right to which the owner
22 would be entitled.
23 (Source: P.A. 89-604, eff. 8-2-96; 90-167, eff. 7-23-97.)
24 (765 ILCS 1025/2) (from Ch. 141, par. 102)
25 Sec. 2. The following property held or owing by a
26 banking or financial organization is presumed abandoned:
27 (a) Any demand, savings, or matured time deposit with a
28 banking organization, together with any interest or dividend
29 thereon, excluding any charges that may lawfully be withheld,
30 unless the owner has, within 5 years:
31 (1) Increased or decreased the amount of the
32 deposit, or presented the passbook or other similar
33 evidence of the deposit for the crediting of interest; or
-24- LRB9106143SMdv
1 (2) Corresponded in writing with the banking
2 organization concerning the deposit; or
3 (3) Otherwise indicated an interest in the deposit
4 as evidenced by a memorandum on file with the banking
5 organization.
6 (b) Any funds paid toward the purchase of withdrawable
7 shares or other interest in a financial organization, or any
8 deposit made, and any interest or dividends thereon,
9 excluding any charges that may be lawfully withheld, unless
10 the owner has within 5 years:
11 (1) Increased or decreased the amount of the funds,
12 or deposit, or presented an appropriate record for the
13 crediting of interest or dividends; or
14 (2) Corresponded in writing with the financial
15 organization concerning the funds or deposit; or
16 (3) Otherwise indicated an interest in the funds or
17 deposit as evidenced by a memorandum on file with the
18 financial organization.
19 (c) Any sum payable on checks or on written instruments
20 on which a banking or financial organization or business
21 association is directly liable including, by way of
22 illustration but not of limitation, certificates of deposit,
23 drafts, money orders and travelers checks, that with the
24 exception of travelers checks has been outstanding for more
25 than 5 years from the date it was payable, or from the date
26 of its issuance if payable on demand, or, in the case of
27 travelers checks, that has been outstanding for more than 15
28 years from the date of its issuance, unless the owner has
29 within 5 years or within 15 years in the case of travelers
30 checks corresponded in writing with the banking or financial
31 organization or business association concerning it, or
32 otherwise indicated an interest as evidenced by a memorandum
33 on file with the banking or financial organization or
34 business association.
-25- LRB9106143SMdv
1 (d) Any funds or other personal property, tangible or
2 intangible, removed from a safe deposit box or any other
3 safekeeping repository or agency or collateral deposit box on
4 which the lease or rental period has expired due to
5 nonpayment of rental charges or other reason, or any surplus
6 amounts arising from the sale thereof pursuant to law, that
7 have been unclaimed by the owner for more than 5 years from
8 the date on which the lease or rental period expired,
9 subject to lien of the holder for reimbursement of costs
10 incurred in the opening of a safe deposit box as determined
11 by the holder's regular schedule of charges.
12 (e) Notwithstanding any other provision of this Section,
13 no deposit except passbook, checking, NOW accounts, super NOW
14 accounts, money market accounts, or such similar accounts as
15 established by Rule of the State Treasurer Director, held by
16 a banking or financial organization shall be presumed
17 abandoned if with respect to such a deposit which specifies a
18 definite maturity date, such organization was authorized in
19 writing to extend or rollover the account for an additional
20 like period and such organization does so extend. Such
21 deposits are not presumed abandoned less than 5 years from
22 that final maturity date. Property of any kind held in an
23 individual retirement account (IRA) is not presumed abandoned
24 earlier than 5 years after the owner attains the age at which
25 distributions from the account become mandatory under law.
26 (f) Notwithstanding any other provision of this Section,
27 money of a minor deposited pursuant to Section 24-21 of the
28 Probate Act of 1975 shall not be presumed abandoned earlier
29 than 5 years after the minor attains legal age. Such money
30 shall be deposited in an account which shall indicate the
31 birth date of the minor.
32 (Source: P.A. 89-604, eff. 8-2-96; 90-167, eff. 7-23-97;
33 90-796, eff. 12-15-98.)
-26- LRB9106143SMdv
1 (765 ILCS 1025/10.5)
2 Sec. 10.5. Nonapplicability of Act.
3 (a) Unless the personal property was identified in a
4 final examination report by the Director of Financial
5 Institutions issued pursuant to a duly authorized examination
6 and the final examination report was received by the holder
7 on or before May 1, 1993, this Act does not apply to (i)
8 travelers checks reportable as unclaimed property before July
9 1, 1973, (ii) funds held by any federal, state, or local
10 government or governmental subdivision, agency, entity,
11 officer, or appointee thereof reportable as unclaimed
12 property before July 1, 1981, or (iii) any other personal
13 property reportable as unclaimed property before July 1,
14 1985, based upon the presumptive abandonment period in effect
15 on that date.
16 (b) For reports required to be filed after December 31,
17 1993, this Act does not apply to any reportable personal
18 property held prior to the period required for presumptive
19 abandonment of the property plus the 9 years immediately
20 preceding the beginning of that period.
21 (c) Subsections (a) and (b) do not apply to property
22 held by a trust division or trust department or by a trust
23 company, or affiliate of any of the foregoing that provides
24 nondealer corporate custodial services for securities or
25 securities transactions, organized under the laws of this or
26 another state or the United States.
27 As of January 1, 1998, this subsection shall not be
28 applicable unless the Department of Financial Institutions
29 has commenced, but not finalized, an examination of the
30 holder as of that date and the property is included in a
31 final examination report for the period covered by the
32 examination.
33 (d) Subsections (a) and (b) do not apply to property
34 held by a holder who files a fraudulent report or fails to
-27- LRB9106143SMdv
1 file a report.
2 (e) Subsections (a) and (b) do not apply if, as a result
3 of their application, another state would have a legal right
4 to delivery of the property and such other state has
5 commenced proceedings with respect to the property.
6 (Source: P.A. 90-167, eff. 7-23-97.)
7 (765 ILCS 1025/11) (from Ch. 141, par. 111)
8 Sec. 11. (a) Except as otherwise provided in subsection
9 (c) of Section 4, every person holding funds or other
10 property, tangible or intangible, presumed abandoned under
11 this Act shall report and remit all abandoned property
12 specified in the report to the State Treasurer Director with
13 respect to the property as hereinafter provided. The State
14 Treasurer Director may exempt any businesses from the
15 reporting requirement if he deems such businesses unlikely to
16 be holding unclaimed property.
17 (b) The information shall be obtained in one or more
18 reports as required by the State Treasurer Director. The
19 information shall be verified and shall include:
20 (1) The name, social security or federal tax
21 identification number, if known, and last known address,
22 including zip code, of each person appearing from the
23 records of the holder to be the owner of any property of
24 the value of $25 or more presumed abandoned under this
25 Act;
26 (2) In case of unclaimed funds of life insurance
27 corporations the full name of the insured and any
28 beneficiary or annuitant and the last known address
29 according to the life insurance corporation's records;
30 (3) The date when the property became payable,
31 demandable, or returnable, and the date of the last
32 transaction with the owner with respect to the property;
33 and
-28- LRB9106143SMdv
1 (4) Other information which the State Treasurer
2 Director prescribes by rule as necessary for the
3 administration of this Act.
4 (c) If the person holding property presumed abandoned is
5 a successor to other persons who previously held the property
6 for the owner, or if the holder has changed his name while
7 holding the property, he shall file with his report all prior
8 known names and addresses of each holder of the property.
9 (d) The report and remittance of the property specified
10 in the report shall be filed by banking organizations,
11 financial organizations, insurance companies other than life
12 insurance corporations, and governmental entities before
13 November 1 of each year as of June 30 next preceding. The
14 report and remittance of the property specified in the report
15 shall be filed by business associations, utilities, and life
16 insurance corporations before May 1 of each year as of
17 December 31 next preceding. The Director may postpone the
18 reporting date upon written request by any person required to
19 file a report.
20 (e) Before filing the annual report, the holder of
21 property presumed abandoned under this Act shall communicate
22 with the owner at his last known address if any address is
23 known to the holder, setting forth the provisions hereof
24 necessary to occur in order to prevent abandonment from being
25 presumed. If the holder has not communicated with the owner
26 at his last known address at least 120 days before the
27 deadline for filing the annual report, the holder shall mail,
28 at least 60 days before that deadline, a letter by first
29 class mail to the owner at his last known address unless any
30 address is shown to be inaccurate, setting forth the
31 provisions hereof necessary to prevent abandonment from being
32 presumed.
33 (f) Verification, if made by a partnership, shall be
34 executed by a partner; if made by an unincorporated
-29- LRB9106143SMdv
1 association or private corporation, by an officer; and if
2 made by a public corporation, by its chief fiscal officer.
3 (g) Any person who has possession of property which he
4 has reason to believe will be reportable in the future as
5 unclaimed property, may report and deliver it prior to the
6 date required for such reporting in accordance with this
7 Section and is then relieved of responsibility as provided in
8 Section 14.
9 (h) (1) Records pertaining to presumptively abandoned
10 property held by a trust division or trust department or by a
11 trust company, or affiliate of any of the foregoing that
12 provides nondealer corporate custodial services for
13 securities or securities transactions, organized under the
14 laws of this or another state or the United States shall be
15 retained until the property is delivered to the State
16 Treasurer Director.
17 As of January 1, 1998, this subdivision (h)(1) shall not
18 be applicable unless the Department of Financial Institutions
19 has commenced, but not finalized, an examination of the
20 holder as of that date and the property is included in a
21 final examination report for the period covered by the
22 examination.
23 (2) In the case of all other holders commencing on the
24 effective date of this amendatory Act of 1993, property
25 records for the period required for presumptive abandonment
26 plus the 9 years immediately preceding the beginning of that
27 period shall be retained for 5 years after the property was
28 reportable.
29 (i) The State Treasurer Director may promulgate rules
30 establishing the format and media to be used by a holder in
31 submitting reports required under this Act.
32 (Source: P.A. 90-167, eff. 7-23-97.)
33 (765 ILCS 1025/11.5)
-30- LRB9106143SMdv
1 Sec. 11.5. Estimation techniques and record retention.
2 (a) If a holder has failed to retain records as required
3 by this Act or if the records retained are shown to be
4 insufficient to conduct and conclude an examination, the
5 Office of the State Treasurer Department may use estimation
6 techniques that conform to either Generally Accepted Auditing
7 Standards or Generally Accepted Accounting Principles to
8 determine the amount of unclaimed property. In the conduct
9 of an examination, the Office of the State Treasurer
10 Department shall not request of a holder any records that
11 relate only to property that under subsection (a) or (b) of
12 Section 10.5 is not subject to this Act.
13 (b) Within 15 business days of the receipt of a final
14 examination report, a holder may request a hearing to contest
15 the use or validity of estimation techniques. The
16 examination shall become final upon the failure of the holder
17 to request a hearing as provided in this Section. If a
18 hearing is held, the State Treasurer Director shall issue an
19 order approving or disapproving the use or validity of the
20 estimation techniques. The order shall be a final order
21 under the Administrative Review Law.
22 (Source: P.A. 88-435.)
23 (765 ILCS 1025/12) (from Ch. 141, par. 112)
24 Sec. 12. (a) Within 120 days from the filing of the
25 annual report and delivery of the abandoned property
26 specified in the report as required by Section 11, the State
27 Treasurer Director shall cause notice to be published once in
28 an English language newspaper of general circulation in the
29 county in this State in which is located the last known
30 address of any person to be named in the notice. If no
31 address is listed or if the address is outside this State,
32 the notice shall be published in the county in which the
33 holder of the abandoned property has his principal place of
-31- LRB9106143SMdv
1 business within this State. However, if an out-of-state
2 address is in a state that is not a party to a reciprocal
3 agreement with this State concerning abandoned property, the
4 notice may be published in the Illinois Register.
5 (b) The published notice shall be entitled "Notice of
6 Names of Persons Appearing to be Owners of Abandoned
7 Property", and shall contain:
8 (1) The names in alphabetical order and last known
9 addresses, if any, of persons listed in the report and
10 entitled to notice within the county as hereinbefore
11 specified.
12 (2) A statement that information concerning the
13 amount or description of the property and the name and
14 address of the holder may be obtained by any persons
15 possessing an interest in the property by addressing an
16 inquiry to the State Treasurer Director.
17 (3) A statement that the abandoned property has
18 been placed in the custody of the State Treasurer
19 Director to whom all further claims must thereafter be
20 directed.
21 (c) The State Treasurer Director is not required to
22 publish in such notice any item of less than $100 or any item
23 for which the address of the last known owner is in a state
24 that has a reciprocal agreement with this State concerning
25 abandoned property unless he deems such publication to be in
26 the public interest.
27 (Source: P.A. 90-167, eff. 7-23-97.)
28 (765 ILCS 1025/13) (from Ch. 141, par. 113)
29 Sec. 13. Every person who has filed a report as provided
30 by Section 11 shall deliver to the State Treasurer Director
31 all abandoned property specified in the annual report on the
32 same date that the annual report is filed. Costs for
33 communicating with owners by mail as required by subsection
-32- LRB9106143SMdv
1 (e) of Section 11 may be deducted from the property specified
2 in the report. Any such person, who pursuant to a statutory
3 requirement, filed a bond or bonds pertaining to such
4 abandoned property with the State Treasurer Director or his
5 predecessor, may also deduct an amount equivalent to that
6 part of the bond premium attributable to such abandoned
7 property.
8 (Source: P.A. 90-167, eff. 7-23-97.)
9 (765 ILCS 1025/14) (from Ch. 141, par. 114)
10 Sec. 14. Upon the payment or delivery of abandoned
11 property to the State Treasurer Director, the state shall
12 assume custody and shall be responsible for the safekeeping
13 thereof. Any person who pays or delivers abandoned property
14 to the State Treasurer Director under this Act is relieved of
15 all liability to the extent of the value of the property so
16 paid or delivered for any claim which then exists or which
17 thereafter may arise or be made in respect to the property.
18 In the event legal proceedings are instituted by any
19 other state or states in any state or federal court with
20 respect to unclaimed funds or abandoned property previously
21 paid or delivered to the State Treasurer Director, the holder
22 shall give written notification to the State Treasurer
23 Director and the Attorney General of this state of such
24 proceedings within 10 days after service of process, or in
25 the alternative at least 10 days before the return date or
26 date on which an answer or similar pleading is due (or any
27 extension thereof secured by the holder). The Attorney
28 General may take such action as he deems necessary or
29 expedient to protect the interests of the State of Illinois.
30 The Attorney General by written notice prior to the return
31 date or date on which an answer or similar pleading is due
32 (or any extension thereof secured by the holder), but in any
33 event in reasonably sufficient time for the holder to comply
-33- LRB9106143SMdv
1 with the directions received, shall either direct the holder
2 actively to defend in such proceedings or that no defense
3 need be entered in such proceedings. If a direction is
4 received from the Attorney General that the holder need not
5 make a defense, such shall not preclude the holder from
6 entering a defense in its own name if it should so choose.
7 However, any defense made by the holder on its own initiative
8 shall not entitle the holder to reimbursement for legal fees,
9 costs and other expenses as is hereinafter provided in
10 respect to defenses made pursuant to the directions of the
11 Attorney General. If, after the holder has actively defended
12 in such proceedings pursuant to a direction of the Attorney
13 General, or has been notified in writing by the Attorney
14 General that no defense need be made with respect to such
15 funds, a judgment is entered against the holder for any
16 amount paid to the State Treasurer Director under this Act,
17 the State Treasurer Director shall, upon being furnished with
18 proof of payment in satisfaction of such judgment, reimburse
19 the holder the amount so paid. The State Treasurer director
20 shall also reimburse the holder for any legal fees, costs and
21 other directly related expenses incurred in legal proceedings
22 undertaken pursuant to the direction of the Attorney General.
23 (Source: Laws 1963, p. 1805.)
24 (765 ILCS 1025/15) (from Ch. 141, par. 115)
25 Sec. 15. When property is paid or delivered to the State
26 Treasurer Director under this Act, the owner is not entitled
27 to receive income or other increments accruing thereafter,
28 except that income accruing on unliquidated stock and mutual
29 funds after July 1, 1993, may be paid to the owner.
30 (Source: P.A. 87-925.)
31 (765 ILCS 1025/16) (from Ch. 141, par. 116)
32 Sec. 16. The expiration of any period of time specified
-34- LRB9106143SMdv
1 by statute or court order, during which an action or
2 proceeding may be commenced or enforced to obtain payment of
3 a claim for money or recovery of property, shall not prevent
4 the money or property from being presumed abandoned property,
5 nor affect any duty to file a report required by this Act or
6 to pay or deliver abandoned property to the State Treasurer
7 Director.
8 (Source: Laws 1961, p. 3426.)
9 (765 ILCS 1025/17) (from Ch. 141, par. 117)
10 Sec. 17. (a) All abandoned property, other than money and
11 that property exempted by paragraphs (1) and (2) of this
12 subsection, delivered to the State Treasurer Director under
13 this Act shall be sold within a reasonable time to the
14 highest bidder at public sale in whatever city in the State
15 affords in his or her judgment the most favorable market for
16 the property involved. The State Treasurer Director may
17 decline the highest bid and reoffer the property for sale if
18 he or she considers the price bid insufficient. He or she
19 need not offer any property for sale, and may destroy or
20 otherwise dispose of the property, if, in his or her opinion,
21 the probable cost of sale exceeds the value of the property.
22 Securities or commodities received by the Office of the State
23 Treasurer Department may be sold by the State Treasurer
24 Director through a broker or sales agent suitable for the
25 sale of the type of securities or commodities being sold.
26 (1) Property which the State Treasurer Director
27 determines may have historical value may be, at his or
28 her discretion, loaned to a recognized exhibitor in the
29 United States where it will be kept until such time as
30 the State Treasurer Director orders it to be returned to
31 his or her possession.
32 (2) Property returned to the State Treasurer
33 Director shall be released to the rightful owner or
-35- LRB9106143SMdv
1 otherwise disposed of in accordance with this Act. The
2 State Treasurer Director shall keep identifying records
3 of the property so loaned, the name of rightful owner and
4 the owner's last known address, if available.
5 (b) Any sale held under this Section, except a sale of
6 securities or commodities, shall be preceded by a single
7 publication of notice thereof, at least 3 weeks in advance of
8 sale in an English language newspaper of general circulation
9 in the county where the property is to be sold. When property
10 fails to sell and is offered again at a subsequent sale, no
11 additional notice is required for the subsequent sale.
12 (c) The purchaser at any sale conducted by the State
13 Treasurer Director pursuant to this Act shall receive title
14 to the property purchased, free from all claims of the owner
15 or prior holder thereof and of all persons claiming through
16 or under them. The State Treasurer Director shall execute all
17 documents necessary to complete the transfer of title.
18 (d) The Office of the State Treasurer Department is not
19 liable for any reduction in the value of property caused by
20 changing market conditions.
21 (Source: P.A. 89-604, eff. 8-2-96.)
22 (765 ILCS 1025/18) (from Ch. 141, par. 118)
23 Sec. 18. (a) All funds received under this Act,
24 including the proceeds from the sale of abandoned property
25 under Section 17, shall forthwith be deposited transferred by
26 the Director to the State Treasurer for deposit in the State
27 Pensions Fund in the state treasury, except that the Director
28 shall direct the State Treasurer shall to retain in a
29 separate trust fund an amount not exceeding $2,500,000 from
30 which he or she shall make prompt payment of claims he or she
31 duly allows allowed by the Director as hereinafter provided.
32 However, should any claim be allowed or any refund ordered
33 under the provisions of this Act, in excess of $2,500,000,
-36- LRB9106143SMdv
1 the Director shall direct the State Treasurer shall to
2 increase the amount of such separate trust fund to an amount
3 necessary for prompt payment of such claim in excess of
4 $2,500,000 and the State Treasurer shall make prompt payment
5 thereof. Before making the deposit the State Treasurer
6 Director shall record the name and last known address of each
7 person appearing from the holders' reports to be entitled to
8 the abandoned property. The record shall be available for
9 public inspection at all reasonable business hours.
10 (b) Before making any deposit to the credit of the State
11 Pensions Fund, the State Treasurer Director may deduct: (1)
12 any costs in connection with sale of abandoned property, (2)
13 any costs of mailing and publication in connection with any
14 abandoned property, and (3) any costs in connection with the
15 maintenance of records or disposition of claims made pursuant
16 to this Act. The State Treasurer Director shall semiannually
17 file an itemized report of all such expenses with the
18 Legislative Audit Commission.
19 (Source: P.A. 87-925.)
20 (765 ILCS 1025/19) (from Ch. 141, par. 119)
21 Sec. 19. Any person claiming an interest in any property
22 delivered to the State under this Act may file a claim
23 thereto or to the proceeds from the sale thereof on the form
24 prescribed by the State Treasurer Director.
25 (Source: Laws 1961, p. 3426.)
26 (765 ILCS 1025/20) (from Ch. 141, par. 120)
27 Sec. 20. (a) The State Treasurer Director shall consider
28 any claim filed under this Act and may, in his discretion,
29 hold a hearing and receive evidence concerning it. Such
30 hearing shall be conducted by the State Treasurer Director or
31 by a hearing officer designated by him. No hearings shall be
32 held if the payment of the claim is ordered by a court, if
-37- LRB9106143SMdv
1 the claimant is under court jurisdiction, or if the claim is
2 paid under Article XXV of the Probate Act of 1975. The State
3 Treasurer Director or hearing officer shall prepare a finding
4 and a decision in writing on each hearing, stating the
5 substance of any evidence heard by him, his findings of fact
6 in respect thereto, and the reasons for his decision. The
7 State Treasurer Director shall review the findings and
8 decision of each hearing conducted by a hearing officer and
9 issue a final written decision. The final decision shall be
10 a public record. Any claim of an interest in property that is
11 filed pursuant to this Act shall be considered and a finding
12 and decision shall be issued by the Office of the State
13 Treasurer Department in a timely and expeditious manner.
14 (b) If the claim is allowed, and after deducting an
15 amount not to exceed $20 to cover the cost of notice
16 publication and related clerical expenses, the State
17 Treasurer shall make payment forthwith, upon notification by
18 the Director.
19 (c) In order to carry out the purpose of this Act, no
20 person or company shall be entitled to a fee for discovering
21 presumptively abandoned property until it has been in the
22 custody of the Unclaimed Property Division of the Office of
23 the State Treasurer Department of Financial Institutions for
24 at least 24 months. Fees for discovering property that has
25 been in the custody of that division for more than 24 months
26 shall be limited to not more than 10% of the amount
27 collected.
28 This Section shall not apply to the fees of an attorney
29 at law duly appointed to practice in a state of the United
30 States who is employed by a claimant with regard to probate
31 matters on a contractual basis.
32 (Source: P.A. 86-1162; 87-925.)
33 (765 ILCS 1025/21) (from Ch. 141, par. 121)
-38- LRB9106143SMdv
1 Sec. 21. A final administrative decision of the State
2 Treasurer Director in respect to a claim filed hereunder
3 shall be subject to judicial review pursuant to the
4 provisions of the Administrative Review Law and the rules
5 adopted pursuant thereto. The review action may be
6 instituted by any person adversely affected or aggrieved by
7 the decision.
8 The Office of the State Treasurer Department shall
9 furnish a certified transcript of the record to any party of
10 record upon the payment of the actual page charge of the
11 record to a commercial reporting service for the preparation
12 of the transcript. If no hearing was held, the State
13 Treasurer Director shall deliver a copy of his decision
14 stating the reasons upon which the claim was denied and
15 deliver it to any party of record within 20 days of demand.
16 (Source: P.A. 90-167, eff. 7-23-97.)
17 (765 ILCS 1025/22) (from Ch. 141, par. 122)
18 Sec. 22. The State Treasurer Director, after receiving
19 reports of property deemed abandoned pursuant to this Act,
20 may decline to receive any property reported which he deems
21 to have a value less than the cost of giving notice and
22 holding sale, or he may, if he deems it desirable because of
23 the small sum involved, postpone taking possession until a
24 sufficient sum has accumulated. Unless the holder of the
25 property is notified to the contrary within 120 days after
26 filing the report required under Section 11, the State
27 Treasurer Director shall be deemed to have elected to receive
28 the custody of the property.
29 (Source: Laws 1961, p. 3426.)
30 (765 ILCS 1025/23) (from Ch. 141, par. 123)
31 Sec. 23. (a) If the State Treasurer Director has reason
32 to believe that any person has failed to report property in
-39- LRB9106143SMdv
1 accordance with this Act, he may make a demand by certified
2 mail, return receipt requested, that such report be made and
3 filed with the State Treasurer Director. The report of
4 abandoned property or any other report required shall be made
5 and filed with the State Treasurer Director within 30 days
6 after receipt of the demand.
7 (b) The State Treasurer Director may at reasonable times
8 and upon reasonable notice examine the records of any person
9 if the State Treasurer Director has reason to believe that
10 such person has failed to report property that should have
11 been reported pursuant to this Act.
12 (c) The actual cost of any examination or investigation
13 incurred by the Office of the State Treasurer Department in
14 administering any provision of this Act shall be borne by the
15 holder examined or investigated if:
16 (1) a written demand for a report has been made and
17 the report has not been properly filed within the time
18 period specified in this Section, or
19 (2) a report has been received and additional
20 property reportable under the Act is discovered by such
21 examination or investigation.
22 No holder shall be liable to pay more than an amount
23 equal to the amount of reportable property discovered by such
24 investigation as a cost of examination or investigation.
25 (d) For all holders other than a trust division, a trust
26 department, a trust company, or an affiliate of any of them,
27 subsection (c) does not apply to any examination commenced
28 after the effective date of this amendatory Act of 1993. As
29 of January 1, 1998, subsection (c) does not apply to an
30 examination of a trust division or trust department or a
31 trust company, or affiliate of any of the foregoing that
32 provides nondealer corporate custodial services for
33 securities or securities transactions, organized under the
34 laws of this or another state or the United States unless the
-40- LRB9106143SMdv
1 Department of Financial Institutions has commenced, but not
2 finalized, an examination of the holder as of that date and
3 the property is included in a final examination report for
4 the period covered by the examination.
5 (Source: P.A. 90-167, eff. 7-23-97.)
6 (765 ILCS 1025/23.5)
7 Sec. 23.5. Notice of deficiency; time; effect.
8 (a) The State Treasurer Director shall issue a Notice of
9 Deficiency to a holder or commence an examination of a holder
10 with respect to a report required under this Act within 5
11 years after the report is filed. A Notice of Deficiency
12 shall specify the additional amounts, if known, purportedly
13 reportable under this Act or state that those amounts are
14 unknown. If the State Treasurer Director fails to issue a
15 Notice of Deficiency or commence an examination within the
16 time required by this Section, the Office of the State
17 Treasurer Department may not thereafter issue a Notice of
18 Deficiency, otherwise assert a deficiency, or seek any other
19 charge or remedy under this Act with respect to that report.
20 (b) This Section does not apply to a holder that is a
21 trust division or trust department or a trust company, or
22 affiliate of any of the foregoing that provides nondealer
23 corporate custodial services for securities or securities
24 transactions, organized under the laws of this or another
25 state or the United States.
26 As of January 1, 1998, this subsection shall not be
27 applicable unless the Department of Financial Institutions
28 has commenced, but not finalized, an examination of the
29 holder as of that date and the property is included in a
30 final examination report for the period covered by the
31 examination.
32 (Source: P.A. 90-167, eff. 7-23-97.)
-41- LRB9106143SMdv
1 (765 ILCS 1025/24) (from Ch. 141, par. 124)
2 Sec. 24. Enforcement of delivery. If any person refuses
3 to deliver property to the State Treasurer Director as
4 required under this Act, the State Treasurer Director may
5 bring an action in the name of the State in the circuit court
6 or any federal court to enforce delivery.
7 (Source: P.A. 90-167, eff. 7-23-97.)
8 (765 ILCS 1025/24.5)
9 Sec. 24.5. Contingency fees. The Office of the State
10 Treasurer Department may not enter into a contract with a
11 person to conduct an examination of a holder located within
12 the State of Illinois under which the Office of the State
13 Treasurer Department agrees to pay such person a fee based
14 upon a percentage of the property recovered for the State of
15 Illinois. Nothing in this Section prohibits the Office of
16 the State Treasurer Department from entering into contracts
17 with persons to examine holders located outside the State of
18 Illinois under which the Office of the State Treasurer
19 Department agrees to pay such persons based upon a percentage
20 of the property recovered for the State of Illinois.
21 (Source: P.A. 88-435.)
22 (765 ILCS 1025/25) (from Ch. 141, par. 125)
23 Sec. 25. (a) Any person who fails to render any report
24 or perform other duties required under this Act, is guilty of
25 a business offense and fined not more than $500. Each day
26 such report is withheld or the duties are not performed
27 constitutes a separate offense.
28 (b) Any person who wilfully refuses to pay or deliver
29 abandoned property to the State Treasurer Director as
30 required under this Act shall be guilty of a Class B
31 misdemeanor. Each day the violation continues is a separate
32 offense.
-42- LRB9106143SMdv
1 (Source: P.A. 79-1103.)
2 (765 ILCS 1025/25.5)
3 Sec. 25.5. Administrative charges, fees, and interest
4 charges.
5 (a) The State Treasurer Director may charge a holder
6 that files an unclaimed property report after the due date,
7 as determined by the State Treasurer Director, the lesser of
8 $100 or $1 for each day the report remains overdue.
9 (b) The State Treasurer Director may charge a holder
10 that fails to timely perform due diligence, as required by
11 this Act, $5 for each name and address account reported if
12 35% or more of the accounts are claimed within the 24 months
13 immediately following the filing of the holder's annual
14 report.
15 (c) A holder who remits unclaimed property that is past
16 due or fails to remit unclaimed property pursuant to an
17 examination by the Office of the State Treasurer Department,
18 may be charged based on the value of the property the greater
19 of 1% per month or an annualized rate that is 3 percentage
20 points above the prime rate as published in the Wall Street
21 Journal on the first business day of the month in which the
22 property was remitted. If the property remains past due for
23 more than 12 months, the interest rate for each succeeding
24 year shall be calculated at the greater of an annual rate of
25 12% or 3 percentage points above the prime rate. The prime
26 rate applied shall be as published on the first business day
27 of January of that successive year.
28 (d) The State Treasurer Director may grant an extension
29 of time to any holder to report or remit when the holder
30 submits a written request for an extension before the date a
31 report or remittance is due.
32 (e) Whenever the State Treasurer Director charges a
33 holder or assesses a fee provided for in this Section, he
-43- LRB9106143SMdv
1 shall serve notice upon the holder by personal service or by
2 delivering the notice by certified mail, return receipt
3 required, through the United States Postal Service to the
4 holder.
5 (f) A holder may contest a charge or other fee issued by
6 the State Treasurer Director by requesting in writing an
7 administrative hearing within 15 business days of the receipt
8 of the State Treasurer's Director's notice of the charge or
9 fee. The hearing shall be held at a time and place
10 designated by the State Treasurer Director.
11 (g) The State Treasurer's Director's finding subjecting
12 a holder to a charge or other fee shall become a final order
13 under the Administrative Review Law upon the failure of the
14 holder to demand a hearing within 15 business days.
15 (h) If a hearing is held, the State Treasurer Director
16 shall issue an order affirming, modifying, or overruling the
17 charge or other fee. The order shall be a final order under
18 the Administrative Review Law.
19 (i) A holder shall not be charged for failing to remit
20 past due unclaimed property pursuant to the Office of the
21 State Treasurer's Department's examination and demand for
22 remittance when the holder, in good faith, contests all or
23 part of the finding, until a final order reviewing the
24 remittance is entered by a hearing officer or the circuit
25 court. With regard to contested examinations, the charges,
26 fees, or interest shall not accrue during the period from the
27 holder's filing of the request for a hearing until the date
28 of the final order. However, a holder may be charged for
29 failing to remit any undisputed amounts of unclaimed property
30 that are not being contested in an administrative hearing or
31 court action.
32 (j) The administrative charges, fees, and interest
33 charges provided for in this Section shall not apply to
34 property held by a trust division or trust department or by a
-44- LRB9106143SMdv
1 trust company, or affiliate of any of the foregoing that
2 provides nondealer corporate custodial services for
3 securities or securities transactions, organized under the
4 laws of this or another state or the United States.
5 As of January 1, 1998, this subsection shall not be
6 applicable unless the Department of Financial Institutions
7 has commenced, but not finalized, an examination of the
8 holder as of that date and the property is included in a
9 final examination report for the period covered by the
10 examination.
11 (k) In the conduct of a hearing initiated by a holder
12 under this Act, the State Treasurer Director has the power to
13 administer oaths, subpoena witnesses, and compel the
14 production of books, papers, documents, or records relevant
15 to the hearing under this Act.
16 (l) The provisions of this Section apply only to reports
17 due and examinations commenced after the effective date of
18 this amendatory Act of 1993.
19 (Source: P.A. 90-167, eff. 7-23-97.)
20 (765 ILCS 1025/26) (from Ch. 141, par. 126)
21 Sec. 26. The State Treasurer Director is hereby
22 authorized to make necessary rules and regulations to carry
23 out the provisions of this Act.
24 (Source: Laws 1961, p. 3426.)
25 Section 40. The Business Corporation Act of 1983 is
26 amended by changing Section 12.70 as follows:
27 (805 ILCS 5/12.70) (from Ch. 32, par. 12.70)
28 Sec. 12.70. Deposit of amount due certain shareholders.
29 Upon the distribution of the assets of a corporation among
30 its shareholders, the distributive portion to which a
31 shareholder would be entitled who is unknown or can not be
-45- LRB9106143SMdv
1 found, or who is under disability and there is no person
2 legally competent to receive such distributive portion, shall
3 be presumed abandoned and reported and delivered to the State
4 Treasurer Director of Financial Institutions and become
5 subject to the provision of the Uniform Disposition of
6 Unclaimed Property Act. In the event such distribution be
7 made other than in cash, such distributive portion of the
8 assets shall be reduced to cash before being so reported and
9 delivered.
10 (Source: P.A. 83-1025.)
11 Section 45. The General Not For Profit Corporation Act
12 of 1986 is amended by changing Section 112.70 as follows:
13 (805 ILCS 105/112.70) (from Ch. 32, par. 112.70)
14 Sec. 112.70. Deposit of amount due. Upon the
15 distribution of the assets of a corporation, the distributive
16 portion to which a person would be entitled who is unknown or
17 cannot be found, or who is under disability and there is no
18 person legally competent to receive such distributive
19 portion, shall be presumed abandoned and reported and
20 delivered to the State Treasurer Director of Financial
21 Institutions and become subject to the provision of the
22 Uniform Disposition of Unclaimed Property Act. In the event
23 such distribution be made other than in cash, such
24 distributive portion of the assets shall be reduced to cash
25 before being so reported and delivered.
26 (Source: P.A. 84-1423.)
27 Section 99. Effective date. This Act takes effect July
28 1, 1999, except that this Section and the provisions adding
29 Sections 0.02, 0.03, 0.04, 0.05, and 0.06 to the State
30 Treasurer Act, Section 18.1 to the Financial Institutions
31 Code, and Section 0.05 to the Uniform Disposition of
-46- LRB9106143SMdv
1 Unclaimed Property Act take effect upon becoming law.
-47- LRB9106143SMdv
1 INDEX
2 Statutes amended in order of appearance
3 15 ILCS 505/0.02 new
4 15 ILCS 505/0.03 new
5 15 ILCS 505/0.04 new
6 15 ILCS 505/0.05 new
7 15 ILCS 505/0.06 new
8 20 ILCS 1205/7 from Ch. 17, par. 108
9 20 ILCS 1205/18.1 new
10 205 ILCS 5/65 from Ch. 17, par. 377
11 205 ILCS 305/62 from Ch. 17, par. 4463
12 205 ILCS 405/19.3 from Ch. 17, par. 4838
13 205 ILCS 620/6-14 from Ch. 17, par. 1556-14
14 215 ILCS 5/210 from Ch. 73, par. 822
15 755 ILCS 5/2-1 from Ch. 110 1/2, par. 2-1
16 755 ILCS 5/2-2 from Ch. 110 1/2, par. 2-2
17 765 ILCS 1025/0.05 new
18 765 ILCS 1025/1 from Ch. 141, par. 101
19 765 ILCS 1025/2 from Ch. 141, par. 102
20 765 ILCS 1025/10.5
21 765 ILCS 1025/11 from Ch. 141, par. 111
22 765 ILCS 1025/11.5
23 765 ILCS 1025/12 from Ch. 141, par. 112
24 765 ILCS 1025/13 from Ch. 141, par. 113
25 765 ILCS 1025/14 from Ch. 141, par. 114
26 765 ILCS 1025/15 from Ch. 141, par. 115
27 765 ILCS 1025/16 from Ch. 141, par. 116
28 765 ILCS 1025/17 from Ch. 141, par. 117
29 765 ILCS 1025/18 from Ch. 141, par. 118
30 765 ILCS 1025/19 from Ch. 141, par. 119
31 765 ILCS 1025/20 from Ch. 141, par. 120
32 765 ILCS 1025/21 from Ch. 141, par. 121
33 765 ILCS 1025/22 from Ch. 141, par. 122
34 765 ILCS 1025/23 from Ch. 141, par. 123
-48- LRB9106143SMdv
1 765 ILCS 1025/23.5
2 765 ILCS 1025/24 from Ch. 141, par. 124
3 765 ILCS 1025/24.5
4 765 ILCS 1025/25 from Ch. 141, par. 125
5 765 ILCS 1025/25.5
6 765 ILCS 1025/26 from Ch. 141, par. 126
7 805 ILCS 5/12.70 from Ch. 32, par. 12.70
8 805 ILCS 105/112.70 from Ch. 32, par. 112.70