Comments: IL SB0338 | 2021-2022 | 102nd General Assembly

Bill Title: Amends the State Treasurer Act. Repeals provisions regarding transfer of power; transfer of personnel; transfer of property; and rules and standards. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of "virtual currency". Provides that a money order is presumed abandoned if it is unclaimed by the apparent owner 3 (rather than 7) years after issuance. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner 5 years after the last indication of interest in the property. Provides that a business association who has no reportable property shall so report to the administrator under specified circumstances. Provides that 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. Includes a provision regarding identification of apparent owners of abandoned property using other State databases. Provides that if property reported to the administrator is virtual currency, the holder shall liquidate the virtual currency and remit the proceeds to the administrator. Makes changes to provisions regarding: when tax-deferred and tax-exempt retirement accounts presumed abandoned; United States savings bonds; crediting income or gain to owner's account; and action by a person whose claim is denied.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Enrolled) 2021-06-28 - Sent to the Governor [SB0338 Detail]

Text: Latest bill text (Enrolled) [HTML]

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