Bill Amendment: IL SB1313 | 2019-2020 | 101st General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: UNCLAIMED PROPERTY-VARIOUS

Status: 2021-01-13 - Session Sine Die [SB1313 Detail]

Download: Illinois-2019-SB1313-Senate_Amendment_001.html

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Sen. Cristina Castro

Filed: 3/14/2019

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AMENDMENT TO SENATE BILL 1313
AMENDMENT NO. ______. Amend Senate Bill 1313 by replacing
everything after the enacting clause with the following:
"Section 5. The Revised Uniform Unclaimed Property Act is
amended by changing Sections 15-503, 15-1002.1, 15-1004,
15-1401, and 15-1402 as follows:
(765 ILCS 1026/15-503)
Sec. 15-503. Notice by administrator.
(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

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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
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

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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
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

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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. 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 he or
she 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.
(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 under
this subsection, the administrator and the Department of
Revenue may enter into an interagency agreement concerning

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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
with the administrator for return of the property.
(f) The administrator may use additional databases to

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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.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
(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

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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 is
this Act shall be construed to limit the authority of the
Department of Financial and Professional Regulation to examine
financial organizations.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18;
revised 10-4-18.)
(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;
(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

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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.)
(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

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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;
(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

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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.
(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

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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.)
Section 99. Effective date. This Act takes effect upon
becoming law.".