Comments: IL HB5143 | 2023-2024 | 103rd General Assembly

Illinois House Bill 5143

Bill Title: Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property that is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond). Provides that the address of the owner of other property where ownership vests in a beneficiary upon the death of the owner is presumed to be the address of the deceased owner if the address of the beneficiary is not known by the holder and cannot be determined otherwise. Requires the administrator to publish notice twice every year (rather than once every 6 months). Provides that, if a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, the holder shall promptly notify the administrator in writing and explain the reasons why the virtual currency cannot be liquidated. Allows the administrator to direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated or there is an indication of apparent owner interest. Provides that a provision regarding void agreements does not apply to an apparent owner's agreement with a CPA firm or with an affiliate of such firm under certain conditions. Makes other changes.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Engrossed) 2024-04-17 - Referred to Assignments [HB5143 Detail]

Text: Latest bill text (Engrossed) [HTML]