Bill Amendment: IL SB0338 | 2021-2022 | 102nd General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: RUUPA-VARIOUS

Status: 2021-08-06 - Public Act . . . . . . . . . 102-0288 [SB0338 Detail]

Download: Illinois-2021-SB0338-House_Amendment_003.html

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Rep. Michael J. Zalewski

Filed: 5/20/2021

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AMENDMENT TO SENATE BILL 338
AMENDMENT NO. ______. Amend Senate Bill 338 by replacing
everything after the enacting clause with the following:
"Section 5. The State Treasurer Act is amended by changing
Sections 0.02 and 0.03 as follows:
(15 ILCS 505/0.02)
Sec. 0.02. Transfer of powers. The rights, powers, duties,
and functions vested in the Department of Financial
Institutions to administer the Uniform Disposition of
Unclaimed Property Act (superseded by the Revised Uniform
Unclaimed Property Act) are transferred to the State Treasurer
on July 1, 1999; provided, however, that the rights, powers,
duties, and functions involving the examination of the records
of any person that the State Treasurer has reason to believe
has failed to report properly under this Act shall be
transferred to the Office of Banks and Real Estate if the

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person is regulated by the Office of Banks and Real Estate
under the Illinois Banking Act, the Corporate Fiduciary Act,
the Foreign Banking Office Act, the Illinois Savings and Loan
Act of 1985, or the Savings Bank Act and shall be retained by
the Department of Financial Institutions if the person is
doing business in the State under the supervision of the
Department of Financial Institutions, the National Credit
Union Administration, the Office of Thrift Supervision, or the
Comptroller of the Currency.
(Source: P.A. 100-22, eff. 1-1-18.)
(15 ILCS 505/0.03)
Sec. 0.03. Transfer of personnel.
(a) Except as provided in subsection (b), personnel
employed by the Department of Financial Institutions on June
30, 1999 to perform duties pertaining to the administration of
the Uniform Disposition of Unclaimed Property Act (superseded
by the Revised Uniform Unclaimed Property Act) are transferred
to the State Treasurer on July 1, 1999.
(b) In the case of a person employed by the Department of
Financial Institutions to perform both duties pertaining to
the administration of the Uniform Disposition of Unclaimed
Property Act (superseded by the Revised Uniform Unclaimed
Property Act) and duties pertaining to a function retained by
the Department of Financial Institutions, the State Treasurer,
in consultation with the Director of Financial Institutions,

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shall determine whether to transfer the employee to the Office
of the State Treasurer; until this determination has been
made, the transfer shall not take effect.
(c) The rights of State employees, the State, and its
agencies under the Personnel Code and applicable collective
bargaining agreements and retirement plans are not affected by
this amendatory Act of 1999, except that all positions
transferred to the State Treasurer shall be subject to the
State Treasurer Employment Code effective July 1, 2000.
All transferred employees who are members of collective
bargaining units shall retain their seniority, continuous
service, salary, and accrued benefits. During the pendency of
the existing collective bargaining agreement, the rights
provided for under that agreement and memoranda and
supplements to that agreement, including but not limited to,
the rights of employees performing duties pertaining to the
administration of the Uniform Disposition of Unclaimed
Property Act (superseded by the Revised Uniform Unclaimed
Property Act) to positions in other State agencies and the
right of employees in other State agencies covered by the
agreement to positions performing duties pertaining to the
administration of the Uniform Disposition of Unclaimed
Property Act (superseded by the Revised Uniform Unclaimed
Property Act), shall not be abridged.
The State Treasurer shall continue to honor during their
pendency all bargaining agreements in effect at the time of

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the transfer and to recognize all collective bargaining
representatives for the employees who perform or will perform
functions transferred by this amendatory Act of 1999. For all
purposes with respect to the management of the existing
agreement and the negotiation and management of any successor
agreements, the State Treasurer shall be deemed to be the
employer of employees who perform or will perform functions
transferred to the Office of the State Treasurer by this
amendatory Act of 1999; provided that the Illinois Department
of Central Management Services shall be a party to any
grievance or arbitration proceeding held pursuant to the
provisions of the collective bargaining agreement which
involves the movement of employees from the Office of the
State Treasurer to an agency under the jurisdiction of the
Governor covered by the agreement.
(Source: P.A. 100-22, eff. 1-1-18.)
Section 10. The Revised Uniform Unclaimed Property Act is
amended by changing Sections 15-102, 15-201, 15-202, 15-210,
15-213, 15-401, 15-503, 15-603, 15-607, 15-905, 15-906,
15-1002.1, 15-1004, 15-1401, and 15-1402 as follows:
(765 ILCS 1026/15-102)
Sec. 15-102. Definitions. In this Act:
(1) "Administrator" means the State Treasurer.
(2) "Administrator's agent" means a person with which

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the administrator contracts to conduct an examination
under Article 10 on behalf of the administrator. The term
includes an independent contractor of the person and each
individual participating in the examination on behalf of
the person or contractor.
(2.5) (Blank).
(3) "Apparent owner" means a person whose name appears
on the records of a holder as the owner of property held,
issued, or owing by the holder.
(4) "Business association" means a corporation, joint
stock company, investment company, unincorporated
association, joint venture, limited liability company,
business trust, trust company, land bank, safe deposit
company, safekeeping depository, financial organization,
insurance company, federally chartered entity, utility,
sole proprietorship, or other business entity, whether or
not for profit.
(5) "Confidential information" means information that
is "personal information" under the Personal Information
Protection Act, "private information" under the Freedom of
Information Act or personal information contained within
public records, the disclosure of which would constitute a
clearly unwarranted invasion of personal privacy, unless
the disclosure is consented to in writing by the
individual subjects of the information as provided in the
Freedom of Information Act.

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(6) "Domicile" means:
(A) for a corporation, the state of its
incorporation;
(B) for a business association whose formation
requires a filing with a state, other than a
corporation, the state of its filing;
(C) for a federally chartered entity or an
investment company registered under the Investment
Company Act of 1940, the state of its home office; and
(D) for any other holder, the state of its
principal place of business.
(7) "Electronic" means relating to technology having
electrical, digital, magnetic, wireless, optical,
electromagnetic, or similar capabilities.
(8) "Electronic mail" means a communication by
electronic means which is automatically retained and
stored and may be readily accessed or retrieved.
(8.5) "Escheat fee" means any charge imposed solely by
virtue of property being reported as presumed abandoned.
(9) "Financial organization" means a bank, savings
bank, foreign bank, corporate fiduciary, currency
exchange, money transmitter, or credit union.
(10) "Game-related digital content" means digital
content that exists only in an electronic game or
electronic-game platform. The term:
(A) includes:

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(i) game-play currency such as a virtual
wallet, even if denominated in United States
currency; and
(ii) the following if for use or redemption
only within the game or platform or another
electronic game or electronic-game platform:
(I) points sometimes referred to as gems,
tokens, gold, and similar names; and
(II) digital codes; and
(B) does not include an item that the issuer:
(i) permits to be redeemed for use outside a
game or platform for:
(I) money; or
(II) goods or services that have more than
minimal value; or
(ii) otherwise monetizes for use outside a
game or platform.
(11) "Gift card" means a record evidencing a promise
made for consideration by the seller or issuer of the
record that goods, services, or money will be provided to
the owner of the record to the value or amount shown in the
record that is either:
(A) a record:
(i) issued on a prepaid basis primarily for
personal, family, or household purposes to a
consumer in a specified amount;

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(ii) the value of which does not expire;
(iii) that is not subject to a dormancy,
inactivity, or post-sale service fee;
(iv) that is redeemable upon presentation for
goods or services; and
(v) that, unless required by law, may not be
redeemed for or converted into money or otherwise
monetized by the issuer; or
(B) a prepaid commercial mobile radio service, as
defined in 47 CFR C.F.R. 20.3, as amended.
(12) "Holder" means a person obligated to hold for the
account of, or to deliver or pay to, the owner, property
subject to this Act.
(13) "Insurance company" means an association,
corporation, or fraternal or mutual-benefit organization,
whether or not for profit, engaged in the business of
providing life endowments, annuities, or insurance,
including accident, burial, casualty, credit-life,
contract-performance, dental, disability, fidelity, fire,
health, hospitalization, illness, life, malpractice,
marine, mortgage, surety, wage-protection, and
worker-compensation insurance.
(14) "Loyalty card" means a record given without
direct monetary consideration under an award, reward,
benefit, loyalty, incentive, rebate, or promotional
program which may be used or redeemed only to obtain goods

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or services or a discount on goods or services. The term
does not include a record that may be redeemed for money or
otherwise monetized by the issuer.
(15) "Mineral" means gas, oil, coal, oil shale, other
gaseous liquid or solid hydrocarbon, cement material, sand
and gravel, road material, building stone, chemical raw
material, gemstone, fissionable and nonfissionable ores,
colloidal and other clay, steam and other geothermal
resources, and any other substance defined as a mineral by
law of this State other than this Act.
(16) "Mineral proceeds" means an amount payable for
extraction, production, or sale of minerals, or, on the
abandonment of the amount, an amount that becomes payable
after abandonment. The term includes an amount payable:
(A) for the acquisition and retention of a mineral
lease, including a bonus, royalty, compensatory
royalty, shut-in royalty, minimum royalty, and delay
rental;
(B) for the extraction, production, or sale of
minerals, including a net revenue interest, royalty,
overriding royalty, extraction payment, and production
payment; and
(C) under an agreement or option, including a
joint-operating agreement, unit agreement, pooling
agreement, and farm-out agreement.
(17) "Money order" means a payment order for a

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specified amount of money. The term includes an express
money order and a personal money order on which the
remitter is the purchaser.
(18) "Municipal bond" means a bond or evidence of
indebtedness issued by a municipality or other political
subdivision of a state.
(19) "Net card value" means the original purchase
price or original issued value of a stored-value card,
plus amounts added to the original price or value, minus
amounts used and any service charge, fee, or dormancy
charge permitted by law.
(20) "Non-freely transferable security" means a
security that cannot be delivered to the administrator by
the Depository Trust Clearing Corporation or similar
custodian of securities providing post-trade clearing and
settlement services to financial markets or cannot be
delivered because there is no agent to effect transfer.
The term includes a worthless security.
(21) "Owner", unless the context otherwise requires,
means a person that has a legal, beneficial, or equitable
interest in property subject to this Act or the person's
legal representative when acting on behalf of the owner.
The term includes:
(A) a depositor, for a deposit;
(B) a beneficiary, for a trust other than a
deposit in trust;

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(C) a creditor, claimant, or payee, for other
property; and
(D) the lawful bearer of a record that may be used
to obtain money, a reward, or a thing of value.
(22) "Payroll card" means a record that evidences a
payroll-card account as defined in Regulation E, 12 CFR
Part 1005, as amended.
(23) "Person" means an individual, estate, business
association, public corporation, government or
governmental subdivision, agency, or instrumentality, or
other legal entity, whether or not for profit.
(24) "Property" means tangible property described in
Section 15-201 or a fixed and certain interest in
intangible property held, issued, or owed in the course of
a holder's business or by a government, governmental
subdivision, agency, or instrumentality. The term:
(A) includes all income from or increments to the
property;
(B) includes property referred to as or evidenced
by:
(i) money, virtual currency, interest, or a
dividend, check, draft, deposit, or payroll card;
(ii) a credit balance, customer's overpayment,
stored-value card, security deposit, refund,
credit memorandum, unpaid wage, unused ticket for
which the issuer has an obligation to provide a

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refund, mineral proceeds, or unidentified
remittance;
(iii) a security except for:
(I) a worthless security; or
(II) a security that is subject to a lien,
legal hold, or restriction evidenced on the
records of the holder or imposed by operation
of law, if the lien, legal hold, or
restriction restricts the holder's or owner's
ability to receive, transfer, sell, or
otherwise negotiate the security;
(iv) a bond, debenture, note, or other
evidence of indebtedness;
(v) money deposited to redeem a security, make
a distribution, or pay a dividend;
(vi) an amount due and payable under an
annuity contract or insurance policy;
(vii) an amount distributable from a trust or
custodial fund established under a plan to provide
health, welfare, pension, vacation, severance,
retirement, death, stock purchase, profit-sharing,
employee-savings, supplemental-unemployment
insurance, or a similar benefit; and
(viii) any instrument on which a financial
organization or business association is directly
liable; and

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(C) does not include:
(i) game-related digital content;
(ii) a loyalty card;
(iii) a gift card; or
(iv) funds on deposit or held in trust
pursuant to Section 16 of the Illinois Pre-Need
Cemetery Sales Act.
(25) "Putative holder" means a person believed by the
administrator to be a holder, until the person pays or
delivers to the administrator property subject to this Act
or the administrator or a court makes a final
determination that the person is or is not a holder.
(26) "Record" means information that is inscribed on a
tangible medium or that is stored in an electronic or
other medium and is retrievable in perceivable form. The
phrase "records of the holder" includes records maintained
by a third party that has contracted with the holder.
(27) "Security" means:
(A) a security as defined in Article 8 of the
Uniform Commercial Code;
(B) a security entitlement as defined in Article 8
of the Uniform Commercial Code, including a customer
security account held by a registered broker-dealer,
to the extent the financial assets held in the
security account are not:
(i) registered on the books of the issuer in

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the name of the person for which the broker-dealer
holds the assets;
(ii) payable to the order of the person; or
(iii) specifically indorsed to the person; or
(C) an equity interest in a business association
not included in subparagraph (A) or (B).
(28) "Sign" means, with present intent to authenticate
or adopt a record:
(A) to execute or adopt a tangible symbol; or
(B) to attach to or logically associate with the
record an electronic symbol, sound, or process.
(29) "State" means a state of the United States, the
District of Columbia, the Commonwealth of Puerto Rico, the
United States Virgin Islands, or any territory or insular
possession subject to the jurisdiction of the United
States.
(30) "Stored-value card" means a card, code, or other
device that is:
(A) issued on a prepaid basis primarily for
personal, family, or household purposes to a consumer
in a specified amount, whether or not that amount may
be increased or reloaded in exchange for payment; and
(B) redeemable upon presentation at multiple
unaffiliated merchants for goods or services or usable
at automated teller machines; and
"Stored-value card" does not include a gift card,

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payroll card, loyalty card, or game-related digital
content.
(31) "Utility" means a person that owns or operates
for public use a plant, equipment, real property,
franchise, or license for the following public services:
(A) transmission of communications or information;
(B) production, storage, transmission, sale,
delivery, or furnishing of electricity, water, steam,
or gas; or
(C) provision of sewage or septic services, or
trash, garbage, or recycling disposal.
(32) "Virtual currency" means any type of a digital
unit, including cryptocurrency, representation of value
used as a medium of exchange, unit of account, or a form of
digitally stored store of value, which does not have legal
tender status recognized by the United States. The term
does not include:
(A) the software or protocols governing the
transfer of the digital representation of value;
(B) game-related digital content; or
(C) a loyalty card or gift card.
(33) "Worthless security" means a security whose cost
of liquidation and delivery to the administrator would
exceed the value of the security on the date a report is
due under this Act.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18;

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101-552, eff. 1-1-20.)
(765 ILCS 1026/15-201)
Sec. 15-201. When property presumed abandoned. Subject to
Section 15-210, the following property is presumed abandoned
if it is unclaimed by the apparent owner during the period
specified below:
(1) a traveler's check, 15 years after issuance;
(2) a money order, 5 7 years after issuance;
(3) any instrument on which a financial organization
or business association is directly liable, other than a
money order, 3 years after issuance;
(4) a state or municipal bond, bearer bond, or
original-issue-discount bond, 3 years after the earliest
of the date the bond matures or is called or the obligation
to pay the principal of the bond arises;
(5) a debt of a business association, 3 years after
the obligation to pay arises;
(6) financial organization deposits as follows:
(i) a demand deposit, 3 years after the date of the
last indication of interest in the property by the
apparent owner;
(ii) a savings deposit, 3 years after the date of
last indication of interest in the property by the
apparent owner;
(iii) a time deposit for which the owner has not

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consented to automatic renewal of the time deposit, 3
years after the date of last indication of interest in
the property by the apparent owner;
(iv) an automatically renewable time deposit for
which the owner consented to the automatic renewal in
a record on file with the holder, 3 years after the
date of last indication of interest in the property by
the apparent owner, following the completion of the
initial term of the time deposit and one automatic
renewal term of the time deposit a demand, savings, or
time deposit, 3 years after the later of maturity or
the date of the last indication of interest in the
property by the apparent owner, except for a deposit
that is automatically renewable, 3 years after its
initial date of maturity unless the apparent owner
consented in a record on file with the holder to
renewal at or about the time of the renewal;
(6.5) virtual currency, 5 years after the last
indication of interest in the property;
(7) money or a credit owed to a customer as a result of
a retail business transaction, other than in-store credit
for returned merchandise, 3 years after the obligation
arose;
(8) an amount owed by an insurance company on a life or
endowment insurance policy or an annuity contract that has
matured or terminated, 3 years after the obligation to pay

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arose under the terms of the policy or contract or, if a
policy or contract for which an amount is owed on proof of
death has not matured by proof of the death of the insured
or annuitant, as follows:
(A) with respect to an amount owed on a life or
endowment insurance policy, the earlier of:
(i) 3 years after the death of the insured; or
(ii) 2 years after the insured has attained,
or would have attained if living, the limiting age
under the mortality table on which the reserve for
the policy is based; and
(B) with respect to an amount owed on an annuity
contract, 3 years after the death of the annuitant.
(9) funds on deposit or held in trust pursuant to the
Illinois Funeral or Burial Funds Act, the earliest of:
(A) 2 years after the date of death of the
beneficiary;
(B) one year after the date the beneficiary has
attained, or would have attained if living, the age of
105 where the holder does not know whether the
beneficiary is deceased;
(C) 40 years after the contract for prepayment was
executed, unless the apparent owner has indicated an
interest in the property more than 40 years after the
contract for prepayment was executed, in which case, 3
years after the last indication of interest in the

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property by the apparent owner;
(10) property distributable by a business association
in the course of dissolution or distributions from the
termination of a retirement plan, one year after the
property becomes distributable;
(11) property held by a court, including property
received as proceeds of a class action, 3 years after the
property becomes distributable;
(12) property held by a government or governmental
subdivision, agency, or instrumentality, including
municipal bond interest and unredeemed principal under the
administration of a paying agent or indenture trustee, 3
years after the property becomes distributable;
(13) wages, commissions, bonuses, or reimbursements to
which an employee is entitled, or other compensation for
personal services, including amounts held on a payroll
card, one year after the amount becomes payable;
(14) a deposit or refund owed to a subscriber by a
utility, one year after the deposit or refund becomes
payable, except that any capital credits or patronage
capital retired, returned, refunded or tendered to a
member of an electric cooperative, as defined in Section
3.4 of the Electric Supplier Act, or a telephone or
telecommunications cooperative, as defined in Section
13-212 of the Public Utilities Act, that has remained
unclaimed by the person appearing on the records of the

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entitled cooperative for more than 2 years, shall not be
subject to, or governed by, any other provisions of this
Act, but rather shall be used by the cooperative for the
benefit of the general membership of the cooperative; and
(15) property not specified in this Section or
Sections 15-202 through 15-208, the earlier of 3 years
after the owner first has a right to demand the property or
the obligation to pay or distribute the property arises.
Notwithstanding anything to the contrary in this Section
15-201, and subject to Section 15-210, a deceased owner cannot
indicate interest in his or her property. If the owner is
deceased and the abandonment period for the owner's property
specified in this Section 15-201 is greater than 2 years, then
the property, other than an amount owed by an insurance
company on a life or endowment insurance policy or an annuity
contract that has matured or terminated, shall instead be
presumed abandoned 2 years from the date of the owner's last
indication of interest in the property.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18;
101-552, eff. 1-1-20.)
(765 ILCS 1026/15-202)
Sec. 15-202. When tax-deferred and tax-exempt retirement
accounts account presumed abandoned.
(a) Subject to Section 15-210, property held in a pension
account or retirement account that qualifies for tax deferral

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or tax exemption under the income-tax laws of the United
States is presumed abandoned if it is unclaimed by the
apparent owner after the later of:
(1) 3 years after the following dates:
(A) except as in subparagraph (B), the date a
communication sent by the holder by first-class United
States mail to the apparent owner is returned to the
holder undelivered by the United States Postal
Service; or
(B) if such communication is re-sent within 30
days after the date the first communication is
returned undelivered, the date the second
communication was returned undelivered by the United
States Postal Service; or
(2) the earlier of the following dates:
(A) 3 years after the date the apparent owner
becomes 72 70.5 years of age, if determinable by the
holder; or
(B) one year after the date of mandatory
distribution following death if the Internal Revenue
Code requires distribution to avoid a tax penalty and
the holder:
(i) receives confirmation of the death of the
apparent owner in the ordinary course of its
business; or
(ii) confirms the death of the apparent owner

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under subsection (b).
(b) If a holder in the ordinary course of its business
receives notice or an indication of the death of an apparent
owner and subsection (a)(2) applies, the holder shall attempt
not later than 90 days after receipt of the notice or
indication to confirm whether the apparent owner is deceased.
(c) If the holder does not send communications to the
apparent owner of an account described in subsection (a) by
first-class United States mail on at least an annual basis,
the holder shall attempt to confirm the apparent owner's
interest in the property by sending the apparent owner an
electronic-mail communication not later than 2 years after the
apparent owner's last indication of interest in the property.
However, the holder promptly shall attempt to contact the
apparent owner by first-class United States mail if:
(1) the holder does not have information needed to
send the apparent owner an electronic mail communication
or the holder believes that the apparent owner's
electronic mail address in the holder's records is not
valid;
(2) the holder receives notification that the
electronic-mail communication was not received; or
(3) the apparent owner does not respond to the
electronic-mail communication within 30 days after the
communication was sent.
(d) If first-class United States mail sent under

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subsection (c) is returned to the holder undelivered by the
United States Postal Service, the property is presumed
abandoned 3 years after the later of:
(1) except as in paragraph (2), the date a
communication to contact the apparent owner sent by
first-class United States mail is returned to the holder
undelivered;
(2) if such communication is re-sent within 30 days
after the date the first communication is returned
undelivered, the date the second communication was
returned undelivered; or
(3) the date established by subsection (a)(2).
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-210)
Sec. 15-210. Indication of apparent owner interest in
property.
(a) The period after which property is presumed abandoned
is measured from the later of:
(1) the date the property is presumed abandoned under
this Article; or
(2) the latest indication of interest by the apparent
owner in the property.
(b) Under this Act, an indication of an apparent owner's
interest in property includes:
(1) a record communicated by the apparent owner to the

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holder or agent of the holder concerning the property or
the account in which the property is held;
(2) an oral communication by the apparent owner to the
holder or agent of the holder concerning the property or
the account in which the property is held, if the holder or
its agent contemporaneously makes and preserves a record
of the fact of the apparent owner's communication;
(3) presentment of a check or other instrument of
payment of a dividend, interest payment, or other
distribution, or evidence of receipt of a distribution
made by electronic or similar means, with respect to an
account, underlying security, or interest in a business
association;
(4) activity directed by an apparent owner in the
account in which the property is held, including accessing
the account or information concerning the account, or a
direction by the apparent owner to increase, decrease, or
otherwise change the amount or type of property held in
the account;
(5) a deposit into or withdrawal from an account at a
financial organization, except for a recurring Automated
Clearing House (ACH) debit or credit previously authorized
by the apparent owner or an automatic reinvestment of
dividends or interest; and
(6) subject to subsection (e), payment of a premium on
an insurance policy.

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(c) An action by an agent or other representative of an
apparent owner, other than the holder acting as the apparent
owner's agent, is presumed to be an action on behalf of the
apparent owner.
(d) A communication with an apparent owner by a person
other than the holder or the holder's representative is not an
indication of interest in the property by the apparent owner
unless a record of the communication evidences the apparent
owner's knowledge of a right to the property.
(e) If the insured dies or the insured or beneficiary of an
insurance policy otherwise becomes entitled to the proceeds
before depletion of the cash surrender value of the policy by
operation of an automatic-premium-loan provision or other
nonforfeiture provision contained in the policy, the operation
does not prevent the policy from maturing or terminating.
(f) If the apparent owner has another property with the
holder to which Section 201(6) applies, then activity directed
by an apparent owner in any other accounts, including loan
accounts, at a financial organization holding an inactive
account of the apparent owner shall be an indication of
interest in all such accounts if:
(A) the apparent owner engages in one or more of
the following activities:
(i) the apparent owner undertakes one or more
of the actions described in subsection (b) of this
Section regarding any of the other accounts the

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apparent owner has with the financial organization
account that appears on a consolidated statement
with the inactive account;
(ii) the apparent owner increases or decreases
the amount of funds in any other account the
apparent owner has with the financial
organization; or
(iii) the apparent owner engages in any other
relationship with the financial organization,
including payment of any amounts due on a loan;
and
(B) the foregoing apply so long as the mailing
address for the apparent owner in the financial
organization's books and records is the same for both
the inactive account and the active account.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-213)
Sec. 15-213. United States savings bonds.
(a) As used in this Section, "United States savings bond"
means property, tangible or intangible, in the form of a
savings bond issued by the United States Treasury, whether in
paper, electronic, or paperless form, along with all proceeds
thereof in the possession of the administrator.
(b) Notwithstanding any provision of this Act to the
contrary, a United States savings bond subject to this Section

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or held or owing in this State by any person is presumed
abandoned when such bond has remained unclaimed and unredeemed
for 5 years after its date of final extended maturity.
(c) United States savings bonds that are presumed
abandoned and unclaimed under subsection (b) shall escheat to
the State of Illinois and all property rights and legal title
to and ownership of the United States savings bonds, or
proceeds from the bonds, including all rights, powers, and
privileges of survivorship of any owner, co-owner, or
beneficiary, shall vest solely in the State according to the
procedure set forth in subsections (d) through (f).
(d) Within 180 days after a United States savings bond has
been presumed abandoned, in the absence of a claim having been
filed with the administrator for the savings bond, the
administrator shall commence a civil action in the Circuit
Court of Sangamon County for a determination that the United
States savings bonds has escheated to the State. The
administrator may postpone the bringing of the action until
sufficient United States savings bonds have accumulated in the
administrator's custody to justify the expense of the
proceedings.
(e) The administrator shall make service by publication in
the civil action in accordance with Sections 2-206 and 2-207
of the Code of Civil Procedure, which shall include the filing
with the Circuit Court of Sangamon County of the affidavit
required in Section 2-206 of that Code by an employee of the

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administrator with personal knowledge of the efforts made to
contact the owners of United States savings bonds presumed
abandoned under this Section. In addition to the diligent
inquiries made pursuant to Section 2-206 of the Code of Civil
Procedure, the administrator may also utilize additional
discretionary means to attempt to provide notice to persons
who may own a United States savings bond registered to a person
with a last known address in the State of Illinois subject to a
civil action pursuant to subsection (d).
(f) The owner of a United States savings bond registered
to a person with a last known address in the State of Illinois
subject to a civil action pursuant to subsection (d) may file a
claim for such United States savings bond with either the
administrator or by filing a claim in the civil action in the
Circuit Court of Sangamon County in which the savings bond
registered to that person is at issue prior to the entry of a
final judgment by the Circuit Court pursuant to this
subsection, and unless the Circuit Court determines that such
United States savings bond is not owned by the claimant, then
such United States savings bond shall no longer be presumed
abandoned. If no person files a claim or appears at the hearing
to substantiate a disputed claim or if the court determines
that a claimant is not entitled to the property claimed by the
claimant, then the court, if satisfied by evidence that the
administrator has substantially complied with the laws of this
State, shall enter a judgment that the United States savings

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bonds have escheated to this State, and all property rights
and legal title to and ownership of such United States savings
bonds or proceeds from such bonds, including all rights,
powers, and privileges of survivorship of any owner, co-owner,
or beneficiary, shall vest in this State.
(g) The administrator shall redeem from the Bureau of the
Fiscal Service of the United States Treasury the United States
savings bonds escheated to the State and deposit the proceeds
from the redemption of United States savings bonds into the
Unclaimed Property Trust Fund.
(h) Any person making a claim for the United States
savings bonds escheated to the State under this subsection, or
for the proceeds from such bonds, may file a claim with the
administrator. Upon providing sufficient proof of the validity
of such person's claim, the administrator may, in his or her
sole discretion, pay such claim. If payment has been made to
any claimant, no action thereafter may be maintained by any
other claimant against the State or any officer thereof for or
on account of such funds.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-401)
Sec. 15-401. Report required by holder.
(a) A holder of property presumed abandoned and subject to
the custody of the administrator shall report in a record to
the administrator concerning the property. A holder shall

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report via the internet in a format approved by the
administrator, unless the administrator gives a holder
specific permission to file a paper report.
(b) A holder may contract with a third party to make the
report required under subsection (a).
(c) Whether or not a holder contracts with a third party
under subsection (b), the holder is responsible:
(1) to the administrator for the complete, accurate,
and timely reporting of property presumed abandoned; and
(2) for paying or delivering to the administrator
property described in the report.
(d) A business association who has no reportable property
shall so report to the administrator on forms via the Internet
in a format approved by the administrator if the business
association has:
(1) annual sales of more than $1,000,000;
(2) securities that are publicly traded;
(3) a net worth of more than $10,000,000; or
(4) more than 100 employees.
The administrator may increase one or more of the
thresholds for filing a negative report by administrative
rule.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-503)
Sec. 15-503. Notice by administrator.

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(a) The administrator shall give notice to an apparent
owner that property presumed abandoned and appears to be owned
by the apparent owner is held by the administrator under this
Act.
(b) In providing notice under subsection (a), the
administrator shall:
(1) except as otherwise provided in paragraph (2),
send written notice by first-class United States mail to
each apparent owner of property valued at $100 or more
held by the administrator, unless the administrator
determines that a mailing by first-class United States
mail would not be received by the apparent owner, and, in
the case of a security held in an account for which the
apparent owner had consented to receiving electronic mail
from the holder, send notice by electronic mail if the
electronic-mail address of the apparent owner is known to
the administrator instead of by first-class United States
mail; or
(2) send the notice to the apparent owner's
electronic-mail address if the administrator does not have
a valid United States mail address for an apparent owner,
but has an electronic-mail address that the administrator
does not know to be invalid.
(c) In addition to the notice under subsection (b), the
administrator shall:
(1) publish every 6 months in at least one English

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language newspaper of general circulation in each county
in this State notice of property held by the administrator
which must include:
(A) the total value of property received by the
administrator during the preceding 6-month period,
taken from the reports under Section 15-401;
(B) the total value of claims paid by the
administrator during the preceding 6-month period;
(C) the Internet web address of the unclaimed
property website maintained by the administrator;
(D) an a telephone number and electronic-mail
address to contact the administrator to inquire about
or claim property; and
(E) a statement that a person may access the
Internet by a computer to search for unclaimed
property and a computer may be available as a service
to the public at a local public library.
(2) The administrator shall maintain a website
accessible by the public and electronically searchable
which contains the names reported to the administrator of
apparent owners for whom property is being held by the
administrator. The administrator need not list property on
such website when: no owner name was reported, a claim has
been initiated or is pending for the property, the
administrator has made direct contact with the apparent
owner of the property, and in other instances where the

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administrator reasonably believes exclusion of the
property is in the best interests of both the State and the
owner of the property.
(d) The website or database maintained under subsection
(c)(2) must include instructions for filing with the
administrator a claim to property and an online claim form
with instructions. The website may also provide a printable
claim form with instructions for its use.
(e) Tax return identification of apparent owners of
abandoned property.
(1) At least annually the administrator shall notify
the Department of Revenue of the names of persons
appearing to be owners of abandoned property under this
Section. The administrator shall also provide to the
Department of Revenue the social security numbers of the
persons, if available.
(2) The Department of Revenue shall notify the
administrator if any person under subsection (e)(1) has
filed an Illinois income tax return and shall provide the
administrator with the last known address of the person as
it appears in Department of Revenue records, except as
prohibited by federal law. The Department of Revenue may
also provide additional addresses for the same taxpayer
from the records of the Department, except as prohibited
by federal law.
(3) In order to facilitate the return of property

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under this subsection, the administrator and the
Department of Revenue may enter into an interagency
agreement concerning protection of confidential
information, data match rules, and other issues.
(4) The administrator may deliver, as provided under
Section 15-904 of this Act, property or pay the amount
owing to a person matched under this Section without the
person filing a claim under Section 15-903 of this Act if
the following conditions are met:
(A) the value of the property that is owed the
person is $2,000 or less;
(B) the property is not either tangible property
or securities;
(C) the last known address for the person
according to the Department of Revenue records is less
than 12 months old; and
(D) the administrator has evidence sufficient to
establish that the person who appears in Department of
Revenue records is the owner of the property and the
owner currently resides at the last known address from
the Department of Revenue.
(5) If the value of the property that is owed the
person is greater than $2,000, or is tangible property or
securities the administrator shall provide notice to the
person, informing the person that he or she is the owner of
abandoned property held by the State and may file a claim

10200SB0338ham003 - 35 - LRB102 10796 LNS 26841 a
with the administrator for return of the property.
(6) The administrator does not need to notify the
Department of Revenue of the names or social security
numbers of apparent owners of abandoned property if the
administrator reasonably believes that the Department of
Revenue will be unable to provide information that would
provide sufficient evidence to establish that the person
in the Department of Revenue's records is the apparent
owner of unclaimed property in the custody of the
administrator.
(f) The administrator may use additional databases to
verify the identity of the person and that the person
currently resides at the last known address. The administrator
may utilize publicly and commercially available databases to
find and update or add information for apparent owners of
property held by the administrator.
(g) In addition to giving notice under subsection (b),
publishing the information under subsection (c)(1) and
maintaining the website or database under subsection (c)(2),
the administrator may use other printed publication,
telecommunication, the Internet, or other media to inform the
public of the existence of unclaimed property held by the
administrator.
(h) Identification of apparent owners of abandoned
property using other State databases.
(1) The administrator may enter into interagency

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agreements with the Secretary of State and the Illinois State
Board of Elections to identify persons appearing to be owners
of abandoned property with databases under the control of the
Secretary of State and the Illinois State Board of Elections.
Such interagency agreements shall include protection of
confidential information, data match rules, and other
necessary and proper issues.
(2) Except as prohibited by federal law, after January 1,
2022 the administrator may provide the Secretary of State with
names and other identifying information of persons appearing
to be owners of abandoned property. The Secretary of State may
provide the administrator with the last known address as it
appears in its respective records of any person reasonably
believed to be the apparent owner of abandoned property.
(3) The Illinois State Board of Elections shall, upon
request, annually provide the administrator with electronic
data or compilations of voter registration information. The
administrator may use such electronic data or compilations of
voter registration information to identify persons appearing
to be owners of abandoned property.
(4) The administrator may deliver, as provided under
Section 15-904, property or pay the amount owing to a person
matched under this Section without the person filing a claim
under Section 15-903 if:
(i) the value of the property that is owed the person
is $2,000 or less;

10200SB0338ham003 - 37 - LRB102 10796 LNS 26841 a
(ii) the property is not either tangible property or
securities;
(iii) the last known address for the person according
to the records of the Secretary of State or Illinois State
Board of Elections is less than 12 months old; and
(iv) the administrator has evidence sufficient to
establish that the person who appears in the records of
the Secretary of State or Illinois State Board of
Elections is the owner of the property and the owner
currently resides at the last known address from the
Secretary of State or the Illinois State Board of
Elections.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
(765 ILCS 1026/15-603)
Sec. 15-603. Payment or delivery of property to
administrator.
(a) Except as otherwise provided in this Section, on
filing a report under Section 15-401, the holder shall pay or
deliver to the administrator the property described in the
report.
(b) If property in a report under Section 15-401 is an
automatically renewable time deposit and the holder determines
that a penalty or forfeiture in the payment of interest would
result from paying the deposit to the administrator at the
time of the report, the date for reporting and delivering

10200SB0338ham003 - 38 - LRB102 10796 LNS 26841 a
payment of the property to the administrator is extended until
a penalty or forfeiture no longer would result from delivery
of the property to the administrator. The holder shall report
and deliver the property on the next regular date prescribed
for reporting by the holder under this Act after this extended
date, and the holder shall indicate in its report to the
administrator that the property is being reported on an
extended date pursuant to this subsection (b) payment, if the
holder informs the administrator of the extended date.
(c) Tangible property in a safe-deposit box may not be
delivered to the administrator until a mutually agreed upon
date that is no sooner than 60 days after filing the report
under Section 15-401.
(d) If property reported to the administrator under
Section 15-401 is a security, the administrator may:
(1) make an endorsement, instruction, or entitlement
order on behalf of the apparent owner to invoke the duty of
the issuer, its transfer agent, or the securities
intermediary to transfer the security; or
(2) dispose of the security under Section 15-702.
(e) If the holder of property reported to the
administrator under Section 15-401 is the issuer of a
certificated security, the administrator may obtain a
replacement certificate in physical or book-entry form under
Section 8-405 of the Uniform Commercial Code. An indemnity
bond is not required.

10200SB0338ham003 - 39 - LRB102 10796 LNS 26841 a
(f) The administrator shall establish procedures for the
registration, issuance, method of delivery, transfer, and
maintenance of securities delivered to the administrator by a
holder.
(g) An issuer, holder, and transfer agent or other person
acting in good faith under this Section under instructions of
and on behalf of the issuer or holder is not liable to the
apparent owner for a claim arising with respect to property
after the property has been delivered to the administrator.
(h) A holder is not required to deliver to the
administrator a security identified by the holder as a
non-freely transferable security in a report filed under
Section 15-401. If the administrator or holder determines that
a security is no longer a non-freely transferable security,
the holder shall report and deliver the security on the next
regular date prescribed for delivery of securities by the
holder under this Act. The holder shall make a determination
annually whether a security identified in a report filed under
Section 15-401 as a non-freely transferable security is no
longer a non-freely transferable security.
(i) If property reported to the administrator is virtual
currency, the holder shall liquidate the virtual currency and
remit the proceeds to the administrator. The liquidation shall
occur anytime within 30 days prior to the filing of the report
under Section 15-401. The owner shall not have recourse
against the holder or the administrator to recover any gain in

10200SB0338ham003 - 40 - LRB102 10796 LNS 26841 a
value that occurs after the liquidation of the virtual
currency under this subsection.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-607)
Sec. 15-607. Crediting income or gain to owner's account.
(a) If property other than money is delivered to the
administrator, the owner is entitled to receive from the
administrator income or gain realized or accrued on the
property before the property is sold.
(b) Before August 22, 2017 Except as provided in
subsection (c), interest on money is not payable to an owner
for periods where the property is in the possession of the
administrator.
(c) Beginning on August 22, 2017, If an interest-bearing
demand, savings, or time deposit is paid or delivered to the
administrator on or after July 1, 2018, then the administrator
shall pay interest to the owner of property in the form of
money at the greater lesser of: (i) the percentage increase,
if any, in the Consumer Price Index for All Urban Consumers for
all items published by the United States Department of Labor
(CPI-U); or (ii) the actual rate of return the State Treasurer
earned on the Unclaimed Property Trust Fund property earned
while in the possession of the holder and reported to the
administrator. Interest begins to accrue when the property in
the form of money is delivered to the administrator or when the

10200SB0338ham003 - 41 - LRB102 10796 LNS 26841 a
administrator converts property to money pursuant to Article 7
and ends on the earlier of the expiration of 10 years after the
property begins to accrue interest its delivery or the date on
which payment is made to the owner. The administrator may
establish by administrative rule more detailed methodologies
for calculating the amount of interest to be paid to an owner
under this Section using CPI-U or the rate the property earned
while in the possession of the holder.
(d) When paying interest to an owner pursuant to
subsection (c), the administrator shall charge a one-time
administrative fee of $5, deductible only from interest.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
(765 ILCS 1026/15-905)
Sec. 15-905. Allowance of claim for property.
(a) The administrator shall pay or deliver to the owner
the property or pay to the owner the net proceeds of a sale of
the property, together with income or gain to which the owner
is entitled under Section 15-607. On request of the owner, the
administrator may sell or liquidate property and pay the net
proceeds to the owner, even if the property had been held by
the administrator for less than 3 years or the administrator
has not complied with the notice requirements under Section
15-503.
(b) Property held under this Act by the administrator is
subject to offset under Section 10.05 of the State Comptroller

10200SB0338ham003 - 42 - LRB102 10796 LNS 26841 a
Act.
(c) Any warrants issued by the Comptroller pursuant to a
voucher from the administrator to pay an owner under this Act
that are not presented to the Treasurer within 12 months of the
date of issuance shall be void pursuant to Section 10.07 of the
State Comptroller Act, but the funds shall not escheat to the
State and shall instead be redeposited in the Unclaimed
Property Trust Fund.
(d) The administrator shall be responsible for any tax
reporting required by federal law related to payments made
pursuant to this Act. The administrator may contract with a
vendor to assist with the tax reporting duties required by
this subsection.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-906)
Sec. 15-906. Action by person whose claim is denied. Not
later than one year after filing a claim under subsection (a)
of Section 15-903, the claimant may commence a contested case
pursuant to the Illinois Administrative Procedure Act to
establish a claim by the preponderance of the evidence after
either receiving notice under subsection (b) of Section 15-904
15-903 or the claim is deemed denied under subsection (b) (d)
of Section 15-904 15-903.
(Source: P.A. 100-22, eff. 1-1-18.)

10200SB0338ham003 - 43 - LRB102 10796 LNS 26841 a
(765 ILCS 1026/15-1002.1)
Sec. 15-1002.1. Examination of State-regulated financial
organizations.
(a) Notwithstanding Section 15-1002 of this Act, for any
financial organization for which the Department of Financial
and Professional Regulation is the primary prudential
regulator, the administrator shall not examine such financial
institution unless the administrator has consulted with the
Secretary of Financial and Professional Regulation and the
Department of Financial and Professional Regulation has not
examined such financial organization for compliance with this
Act within the past 5 years. The Secretary of Financial and
Professional Regulation may waive in writing the provisions of
this subsection (a) in order to permit the administrator to
examine a financial organization or group of financial
organizations for compliance with this Act.
(b) Nothing in this Section shall be construed to prohibit
the administrator from examining a financial organization for
which the Department of Financial and Professional Regulation
is not the primary prudential regulator. Further, nothing in
this Act shall be construed to limit the authority of the
Department of Financial and Professional Regulation to examine
financial organizations.
(c) Notwithstanding Section 15-1002, the administrator
may, at reasonable times and upon reasonable notice:
(1) examine the records of a financial organization

10200SB0338ham003 - 44 - LRB102 10796 LNS 26841 a
that is a federally chartered bank, savings bank, or
credit union if the administrator has reason to believe
that the financial organization has failed to comply with
this Act;
(2) issue an administrative subpoena requiring the
financial organization or an agent of the financial
organization to make records available for examination;
and
(3) bring an action seeking judicial enforcement of
the subpoena.
The administrator may adopt administrative rules that
specify conditions under which the administrator has a reason
to believe that a financial organization is not in compliance
with this Act.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18;
101-81, eff. 7-12-19.)
(765 ILCS 1026/15-1004)
Sec. 15-1004. Records obtained in examination. Records
obtained and records, including work papers, compiled by the
administrator or administrator's agent in the course of
conducting an examination under Section 15-1002 or Section
15-1002.1:
(1) are subject to the confidentiality and security
provisions of Article 14 and are exempt from disclosure
under the Freedom of Information Act;

10200SB0338ham003 - 45 - LRB102 10796 LNS 26841 a
(2) may be used by the administrator in an action to
collect property or otherwise enforce this Act;
(3) may be used in a joint examination conducted with
another state, the United States, a foreign country or
subordinate unit of a foreign country, or any other
governmental entity if the governmental entity conducting
the examination is legally bound to maintain the
confidentiality and security of information obtained from
a person subject to examination in a manner substantially
equivalent to Article 14;
(4) may be disclosed, on request, to the person that
administers the unclaimed property law of another state
for that state's use in circumstances equivalent to
circumstances described in this Article, if the other
state is required to maintain the confidentiality and
security of information obtained in a manner substantially
equivalent to Article 14;
(5) must be produced by the administrator under an
administrative or judicial subpoena or administrative or
court order; and
(6) must be produced by the administrator on request
of the person subject to the examination in an
administrative or judicial proceeding relating to the
property.
(Source: P.A. 100-22, eff. 1-1-18.)

10200SB0338ham003 - 46 - LRB102 10796 LNS 26841 a
(765 ILCS 1026/15-1401)
Sec. 15-1401. Confidential information.
(a) Except as otherwise provided in this Section,
information that is confidential under law of this State other
than this Act, another state, or the United States, including
"private information" as defined in the Freedom of Information
Act and "personal information" as defined in the Personal
Information Protection Act, continues to be confidential when
disclosed or delivered under this Act to the administrator or
administrator's agent.
(b) Information provided in reports filed pursuant to
Section 15-401, information obtained in the course of an
examination pursuant to Section 15-1002 or Section 15-1002.1,
and the database required by Section 15-503 is exempt from
disclosure under the Freedom of Information Act.
(c) If reasonably necessary to enforce or implement this
Act, the administrator or the administrator's agent may
disclose confidential information concerning property held by
the administrator or the administrator's agent to:
(1) an apparent owner or the apparent owner's
representative under the Probate Act of 1975, attorney,
other legal representative, or relative;
(2) the representative under the Probate Act of 1975,
other legal representative, relative of a deceased
apparent owner, or a person entitled to inherit from the
deceased apparent owner;

10200SB0338ham003 - 47 - LRB102 10796 LNS 26841 a
(3) another department or agency of this State or the
United States;
(4) the person that administers the unclaimed property
law of another state, if the other state accords
substantially reciprocal privileges to the administrator
of this State if the other state is required to maintain
the confidentiality and security of information obtained
in a manner substantially equivalent to Article 14;
(5) a person subject to an examination as required by
Section 15-1004; and
(6) an agent of the administrator.
(d) The administrator may include on the website or in the
database the names and addresses of apparent owners of
property held by the administrator as provided in Section
15-503. The administrator may include in published notices,
printed publications, telecommunications, the Internet, or
other media and on the website or in the database additional
information concerning the apparent owner's property if the
administrator believes the information will assist in
identifying and returning property to the owner and does not
disclose personal information as defined in the Personal
Information Protection Act.
(e) The administrator and the administrator's agent may
not use confidential information provided to them or in their
possession except as expressly authorized by this Act or
required by law other than this Act.

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(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
(765 ILCS 1026/15-1402)
Sec. 15-1402. Confidentiality agreement. A person to be
examined under Section 15-1002 or Section 15-1002.1 may
require, as a condition of disclosure of the records of the
person to be examined, that the administrator or the
administrator's agent execute and deliver to the person to be
examined a confidentiality agreement that:
(1) is in a form that is reasonably satisfactory to
the administrator; and
(2) requires the person having access to the records
to comply with the provisions of this Article applicable
to the person.
(Source: P.A. 100-22, eff. 1-1-18.)
(15 ILCS 505/0.04 rep.)
(15 ILCS 505/0.05 rep.)
Section 15. The State Treasurer Act is amended by
repealing Sections 0.04 and 0.05.
Section 99. Effective date. This Act takes effect upon
becoming law.".