Bill Amendment: IL SB0167 | 2015-2016 | 99th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: CIVIL LAW-TECH

Status: 2016-07-31 - Senate Floor Amendment No. 1 Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0167 Detail]

Download: Illinois-2015-SB0167-Senate_Amendment_001.html

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Sen. Steve Stadelman

Filed: 5/25/2016

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AMENDMENT TO SENATE BILL 167
AMENDMENT NO. ______. Amend Senate Bill 167 by replacing
everything after the enacting clause with the following:
"Section 5. The Uniform Disposition of Unclaimed Property
Act is amended by changing Section 11 as follows:
(765 ILCS 1025/11) (from Ch. 141, par. 111)
Sec. 11. Report of holder.
(a) Except as otherwise provided in subsection (c) of
Section 4, every person holding funds or other property,
tangible or intangible, presumed abandoned under this Act shall
report and remit all abandoned property specified in the report
to the State Treasurer with respect to the property as
hereinafter provided. The State Treasurer may exempt any
businesses from the reporting requirement if he deems such
businesses unlikely to be holding unclaimed property.
(b) The information shall be obtained in one or more

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reports as required by the State Treasurer. The information
shall be verified and shall include:
(1) the name, social security or federal tax
identification number, if known, and last known address,
including zip code, of each person appearing from the
records of the holder to be the owner of any property of
the value of $5 or more presumed abandoned under this Act;
(2) in case of unclaimed funds of life insurance
corporations the full name of the insured and any
beneficiary or annuitant and the last known address
according to the life insurance corporation's records;
(3) the date when the property became payable,
demandable, or returnable, and the date of the last
transaction with the owner with respect to the property;
and
(4) other information which the State Treasurer
prescribes by rule as necessary for the administration of
this Act.
(c) If the person holding property presumed abandoned is a
successor to other persons who previously held the property for
the owner, or if the holder has changed his name while holding
the property, he shall file with his report all prior known
names and addresses of each holder of the property.
(d) The report and remittance of the property specified in
the report shall be filed by banking organizations, financial
organizations, insurance companies other than life insurance

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corporations, and governmental entities before November 1 of
each year as of June 30 next preceding. The report and
remittance of the property specified in the report shall be
filed by business associations, utilities, and life insurance
corporations before May 1 of each year as of December 31 next
preceding. The Director may postpone the reporting date upon
written request by any person required to file a report. The
report and remittance of the property specified in the report
for property subject to subsection (a) of Section 3a of this
Act shall be filed before a date established by the State
Treasurer that is on or after the later of: (i) 30 days after
the effective date of this amendatory Act of the 94th General
Assembly; or (ii) November 1, 2005.
(d-5) Notwithstanding the foregoing, currency exchanges
shall be required to report and remit property specified in the
report within 30 days after the conclusion of its annual
examination by the Department of Financial Institutions. As
part of the examination of a currency exchange, the Department
of Financial Institutions shall instruct the currency exchange
to submit a complete unclaimed property report using the State
Treasurer's formatted diskette reporting program or an
alternative reporting format approved by the State Treasurer.
The Department of Financial Institutions shall provide the
State Treasurer with an accounting of the money orders located
in the course of the annual examination including, where
available, the amount of service fees deducted and the date of

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the conclusion of the examination.
(e) Before filing the annual report, the holder of property
presumed abandoned under this Act shall communicate with the
owner at his last known address if any address is known to the
holder, setting forth the provisions hereof necessary to occur
in order to prevent abandonment from being presumed. If the
holder has not communicated with the owner at his last known
address at least 120 days before the deadline for filing the
annual report, the holder shall mail, at least 60 days before
that deadline, a letter by first class mail to the owner at his
last known address unless any address is shown to be
inaccurate, setting forth the provisions hereof necessary to
prevent abandonment from being presumed.
However, if the property presumed abandoned consists of
securities with a total market value of $1,000 or more, then
instead of using first class mail, the holder shall communicate
with the owner at his or her last known address by certified
mail. The certified mail shall be sent no later than December
31 of the calendar year prior to the year in which the property
would be required to be delivered to the State Treasurer. A
signed return receipt constitutes written communication
received by the holder from the owner and rebuts the
presumption of abandonment.
(f) Verification, if made by a partnership, shall be
executed by a partner; if made by an unincorporated association
or private corporation, by an officer; and if made by a public

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corporation, by its chief fiscal officer.
(g) Any person who has possession of property which he has
reason to believe will be reportable in the future as unclaimed
property, may report and deliver it prior to the date required
for such reporting in accordance with this Section and is then
relieved of responsibility as provided in Section 14.
(h) (1) Records pertaining to presumptively abandoned
property held by a trust division or trust department or by a
trust company, or affiliate of any of the foregoing that
provides nondealer corporate custodial services for securities
or securities transactions, organized under the laws of this or
another state or the United States shall be retained until the
property is delivered to the State Treasurer.
As of January 1, 1998, this subdivision (h)(1) shall not be
applicable unless the Department of Financial Institutions has
commenced, but not finalized, an examination of the holder as
of that date and the property is included in a final
examination report for the period covered by the examination.
(2) In the case of all other holders commencing on the
effective date of this amendatory Act of 1993, property records
for the period required for presumptive abandonment plus the 9
years immediately preceding the beginning of that period shall
be retained for 5 years after the property was reportable.
(i) The State Treasurer may promulgate rules establishing
the format and media to be used by a holder in submitting
reports required under this Act.

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(j) Other than the Notice to Owners required by Section 12
and other discretionary means employed by the State Treasurer
for notifying owners of the existence of abandoned property,
the State Treasurer shall not disclose any information provided
in reports filed with the State Treasurer or any information
obtained in the course of an examination by the State Treasurer
to any person other than governmental agencies for the purposes
of returning abandoned property to its owners or to those
individuals who appear to be the owner of the property or
otherwise have a valid claim to the property, unless written
consent from the person entitled to the property is obtained by
the State Treasurer.
(Source: P.A. 98-495, eff. 8-16-13.)".