[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Enrolled ] | [ Senate Amendment 001 ] |
91_SB1586eng SB1586 Engrossed LRB9108980DJcs 1 AN ACT to amend the Uniform Disposition of Unclaimed 2 Property Act by changing Sections 1 and 17. 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 Sections 1 and 17 as follows: 7 (765 ILCS 1025/1) (from Ch. 141, par. 101) 8 Sec. 1. As used in this Act, unless the context 9 otherwise requires: 10 (a) "Banking organization" means any bank, trust 11 company, savings bank, industrial bank, land bank, safe 12 deposit company, or a private banker. 13 (b) "Business association" means any corporation, joint 14 stock company, business trust, partnership, or any 15 association, limited liability company, or other business 16 entity consisting of one or more persons, whether or not for 17 profit. 18 (c) "Financial organization" means any savings and loan 19 association, building and loan association, credit union, 20 currency exchange, co-operative bank, mutual funds, or 21 investment company. 22 (d) "Holder" means any person in possession of property 23 subject to this Act belonging to another, or who is trustee 24 in case of a trust, or is indebted to another on an 25 obligation subject to this Act. 26 (e) "Life insurance corporation" means any association 27 or corporation transacting the business of insurance on the 28 lives of persons or insurance appertaining thereto, 29 including, but not by way of limitation, endowments and 30 annuities. 31 (f) "Owner" means a depositor in case of a deposit, a SB1586 Engrossed -2- LRB9108980DJcs 1 beneficiary in case of a trust, a creditor, claimant, or 2 payee in case of other property, or any person having a legal 3 or equitable interest in property subject to this Act, or his 4 legal representative. 5 (g) "Person" means any individual, business association, 6 financial organization, government or political subdivision 7 or agency, public authority, estate, trust, or any other 8 legal or commercial entity. 9 (h) "Utility" means any person who owns or operates, for 10 public use, any plant, equipment, property, franchise, or 11 license for the transmission of communications or the 12 production, storage, transmission, sale, delivery, or 13 furnishing of electricity, water, steam, oil or gas. 14 (i) (Blank). 15 (j) "Insurance company" means any person transacting the 16 kinds of business enumerated in Section 4 of the Illinois 17 Insurance Code other than life insurance. 18 (k) "Economic loss", as used in Sections 2a and 9 of 19 this Act includes, but is not limited to, delivery charges, 20 mark-downs and write-offs, carrying costs, restocking 21 charges, lay-aways, special orders, issuance of credit memos, 22 and the costs of special services or goods provided that 23 reduce the property value or that result in lost sales 24 opportunity. 25 (l) "Reportable property" means property, tangible or 26 intangible, presumed abandoned under this Act that must be 27 appropriately and timely reported and remitted to the Office 28 of the State Treasurer under this Act. Interest, dividends, 29 stock splits, warrants, or other rights that become 30 reportable property under this Act include the underlying 31 security or commodity giving rise to the interest, dividend, 32 split, warrant, or other right to which the owner would be 33 entitled. 34 (m) "Firearm" has the meaning ascribed to that term in SB1586 Engrossed -3- LRB9108980DJcs 1 the Firearm Owners Identification Card Act. 2 (Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99.) 3 (765 ILCS 1025/17) (from Ch. 141, par. 117) 4 Sec. 17. (a) All abandoned property, other than money 5 and that property exempted by paragraphs (1),and(2), and 6 (3) of this subsection, delivered to the State Treasurer 7 under this Act shall be sold within a reasonable time to the 8 highest bidder at public sale in whatever city in the State 9 affords in his or her judgment the most favorable market for 10 the property involved. The State Treasurer may decline the 11 highest bid and reoffer the property for sale if he or she 12 considers the price bid insufficient. The State Treasurer may 13 group items for auction as "box lots" if the value of the 14 individual items makes it impracticable to sell the items 15 individually. He or she need not offer any property for sale, 16 and may destroy or otherwise dispose of the property, if, in 17 his or her opinion, the probable cost of sale exceeds the 18 value of the property. Securities or commodities received by 19 the Office of the State Treasurer may be sold by the State 20 Treasurer through a broker or sales agent suitable for the 21 sale of the type of securities or commodities being sold. 22 (1) Property which the State Treasurer determines 23 may have historical value may be, at his or her 24 discretion, loaned to a recognized exhibitor in the 25 United States where it will be kept until such time as 26 the State Treasurer orders it to be returned to his or 27 her possession. 28 (2) Property returned to the State Treasurer shall 29 be released to the rightful owner or otherwise disposed 30 of in accordance with this Act. The State Treasurer 31 shall keep identifying records of the property so loaned, 32 the name of rightful owner and the owner's last known 33 address, if available. SB1586 Engrossed -4- LRB9108980DJcs 1 (3) The Treasurer, in cooperation with the 2 Department of State Police, shall develop a procedure to 3 determine whether a firearm delivered to the Treasurer 4 under this Act has been stolen or used in the commission 5 of a crime. The Department of State Police shall 6 determine the appropriate disposition of a firearm that 7 has been stolen or used in the commission of a crime. The 8 Treasurer shall attempt to return a firearm that has not 9 been stolen or used in the commission of a crime to the 10 rightful owner, provided that the owner may lawfully 11 possess the firearm as determined by the Department of 12 State Police. 13 If the Treasurer is unable to return a firearm to 14 its owner, the Treasurer shall transfer custody of the 15 firearm to the Department of State Police. Legal title 16 to a firearm transferred to the Department of State 17 Police under this paragraph (3) is vested in the 18 Department of State Police by operation of law: 19 (A) if the Treasurer cannot locate the owner 20 of the firearm; 21 (B) if the owner of the firearm may not 22 lawfully possess the firearm; 23 (C) if the owner does not respond to notice 24 published under Section 12 of this Act; or 25 (D) if the owner responds to notice published 26 under Section 12 and states that he or she no longer 27 claims an interest in the firearm. 28 With respect to a firearm whose title is transferred 29 to the Department of State Police under this paragraph 30 (3), that Department may: 31 (i) retain the firearm for use by the crime 32 laboratory system, for training purposes, or for any 33 other application as deemed appropriate by the 34 Department; SB1586 Engrossed -5- LRB9108980DJcs 1 (ii) transfer the firearm to the Illinois 2 State Museum if the firearm has historical value; or 3 (iii) destroy the firearm if it is not 4 retained pursuant to subparagraph (i) or transferred 5 pursuant to subparagraph (ii). 6 (b) Any sale held under this Section, except a sale of 7 securities or commodities, shall be preceded by a single 8 publication of notice thereof, at least 3 weeks in advance of 9 sale in an English language newspaper of general circulation 10 in the county where the property is to be sold. When property 11 fails to sell and is offered again at a subsequent sale, no 12 additional notice is required for the subsequent sale. 13 (c) The purchaser at any sale conducted by the State 14 Treasurer pursuant to this Act shall receive title to the 15 property purchased, free from all claims of the owner or 16 prior holder thereof and of all persons claiming through or 17 under them. The State Treasurer shall execute all documents 18 necessary to complete the transfer of title. 19 (d) The Office of the State Treasurer is not liable for 20 any reduction in the value of property caused by changing 21 market conditions. 22 (Source: P.A. 91-16, eff. 7-1-99.) 23 Section 99. Effective date. This Act takes effect upon 24 becoming law.