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Public Act 91-0748
SB1586 Enrolled LRB9108980DJcs
AN ACT to amend the Uniform Disposition of Unclaimed
Property Act by changing Sections 1 and 17.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Uniform Disposition of Unclaimed Property
Act is amended by changing Sections 1 and 17 as follows:
(765 ILCS 1025/1) (from Ch. 141, par. 101)
Sec. 1. As used in this Act, unless the context
otherwise requires:
(a) "Banking organization" means any bank, trust
company, savings bank, industrial bank, land bank, safe
deposit company, or a private banker.
(b) "Business association" means any corporation, joint
stock company, business trust, partnership, or any
association, limited liability company, or other business
entity consisting of one or more persons, whether or not for
profit.
(c) "Financial organization" means any savings and loan
association, building and loan association, credit union,
currency exchange, co-operative bank, mutual funds, or
investment company.
(d) "Holder" means any person in possession of property
subject to this Act belonging to another, or who is trustee
in case of a trust, or is indebted to another on an
obligation subject to this Act.
(e) "Life insurance corporation" means any association
or corporation transacting the business of insurance on the
lives of persons or insurance appertaining thereto,
including, but not by way of limitation, endowments and
annuities.
(f) "Owner" means a depositor in case of a deposit, a
beneficiary in case of a trust, a creditor, claimant, or
payee in case of other property, or any person having a legal
or equitable interest in property subject to this Act, or his
legal representative.
(g) "Person" means any individual, business association,
financial organization, government or political subdivision
or agency, public authority, estate, trust, or any other
legal or commercial entity.
(h) "Utility" means any person who owns or operates, for
public use, any plant, equipment, property, franchise, or
license for the transmission of communications or the
production, storage, transmission, sale, delivery, or
furnishing of electricity, water, steam, oil or gas.
(i) (Blank).
(j) "Insurance company" means any person transacting the
kinds of business enumerated in Section 4 of the Illinois
Insurance Code other than life insurance.
(k) "Economic loss", as used in Sections 2a and 9 of
this Act includes, but is not limited to, delivery charges,
mark-downs and write-offs, carrying costs, restocking
charges, lay-aways, special orders, issuance of credit memos,
and the costs of special services or goods provided that
reduce the property value or that result in lost sales
opportunity.
(l) "Reportable property" means property, tangible or
intangible, presumed abandoned under this Act that must be
appropriately and timely reported and remitted to the Office
of the State Treasurer under this Act. Interest, dividends,
stock splits, warrants, or other rights that become
reportable property under this Act include the underlying
security or commodity giving rise to the interest, dividend,
split, warrant, or other right to which the owner would be
entitled.
(m) "Firearm" has the meaning ascribed to that term in
the Firearm Owners Identification Card Act.
(Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99.)
(765 ILCS 1025/17) (from Ch. 141, par. 117)
Sec. 17. (a) All abandoned property, other than money
and that property exempted by paragraphs (1), and (2), and
(3) of this subsection, delivered to the State Treasurer
under this Act shall be sold within a reasonable time to the
highest bidder at public sale in whatever city in the State
affords in his or her judgment the most favorable market for
the property involved. The State Treasurer may decline the
highest bid and reoffer the property for sale if he or she
considers the price bid insufficient. The State Treasurer may
group items for auction as "box lots" if the value of the
individual items makes it impracticable to sell the items
individually. He or she need not offer any property for sale,
and may destroy or otherwise dispose of the property, if, in
his or her opinion, the probable cost of sale exceeds the
value of the property. Securities or commodities received by
the Office of the State Treasurer may be sold by the State
Treasurer through a broker or sales agent suitable for the
sale of the type of securities or commodities being sold.
(1) Property which the State Treasurer determines
may have historical value may be, at his or her
discretion, loaned to a recognized exhibitor in the
United States where it will be kept until such time as
the State Treasurer orders it to be returned to his or
her possession.
(2) Property returned to the State Treasurer shall
be released to the rightful owner or otherwise disposed
of in accordance with this Act. The State Treasurer
shall keep identifying records of the property so loaned,
the name of rightful owner and the owner's last known
address, if available.
(3) The Treasurer, in cooperation with the
Department of State Police, shall develop a procedure to
determine whether a firearm delivered to the Treasurer
under this Act has been stolen or used in the commission
of a crime. The Department of State Police shall
determine the appropriate disposition of a firearm that
has been stolen or used in the commission of a crime. The
Treasurer shall attempt to return a firearm that has not
been stolen or used in the commission of a crime to the
rightful owner, provided that the owner may lawfully
possess the firearm as determined by the Department of
State Police.
If the Treasurer is unable to return a firearm to
its owner, the Treasurer shall transfer custody of the
firearm to the Department of State Police. Legal title
to a firearm transferred to the Department of State
Police under this paragraph (3) is vested in the
Department of State Police by operation of law:
(A) if the Treasurer cannot locate the owner
of the firearm;
(B) if the owner of the firearm may not
lawfully possess the firearm;
(C) if the owner does not respond to notice
published under Section 12 of this Act; or
(D) if the owner responds to notice published
under Section 12 and states that he or she no longer
claims an interest in the firearm.
With respect to a firearm whose title is transferred
to the Department of State Police under this paragraph
(3), that Department may:
(i) retain the firearm for use by the crime
laboratory system, for training purposes, or for any
other application as deemed appropriate by the
Department;
(ii) transfer the firearm to the Illinois
State Museum if the firearm has historical value; or
(iii) destroy the firearm if it is not
retained pursuant to subparagraph (i) or transferred
pursuant to subparagraph (ii).
(b) Any sale held under this Section, except a sale of
securities or commodities, shall be preceded by a single
publication of notice thereof, at least 3 weeks in advance of
sale in an English language newspaper of general circulation
in the county where the property is to be sold. When property
fails to sell and is offered again at a subsequent sale, no
additional notice is required for the subsequent sale.
(c) The purchaser at any sale conducted by the State
Treasurer pursuant to this Act shall receive title to the
property purchased, free from all claims of the owner or
prior holder thereof and of all persons claiming through or
under them. The State Treasurer shall execute all documents
necessary to complete the transfer of title.
(d) The Office of the State Treasurer is not liable for
any reduction in the value of property caused by changing
market conditions.
(Source: P.A. 91-16, eff. 7-1-99.)
Section 99. Effective date. This Act takes effect upon
becoming law.
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