Bill Text: IL HB1068 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Uniform Disposition of Unclaimed Property Act. Makes a technical change in a Section concerning definitions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB1068 Detail]

Download: Illinois-2011-HB1068-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB1068 Introduced , by Rep. Tom Cross SYNOPSIS AS INTRODUCED:
765 ILCS 1025/1 from Ch. 141, par. 101
Amends the Uniform Disposition of Unclaimed Property Act. Makes a technical change in a Section concerning definitions.
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A BILL FOR
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AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Uniform Disposition of Unclaimed Property
Act is amended by changing Section 1 as follows:
(765 ILCS 1025/1) (from Ch. 141, par. 101)
Sec. 1. As used in this Act, unless the context otherwise
requires:
(a) "Banking organization" means any bank, trust company,
savings bank, industrial bank, land bank, safe deposit company,
or a private banker.
(b) "Business association" means any corporation, joint
stock company, business trust, partnership, or any
association, limited liability company, or other business
entity consisting of one or more persons, whether or not for
profit.
(c) "Financial organization" means any savings and and loan
association, building and loan association, credit union,
currency exchange, co-operative bank, mutual funds, or
investment company.
(d) "Holder" means any person in possession of property
subject to this Act belonging to another, or who is trustee in
case of a trust, or is indebted to another on an obligation

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subject to this Act.
(e) "Life insurance corporation" means any association or
corporation transacting the business of insurance on the lives
of persons or insurance appertaining thereto, including, but
not by way of limitation, endowments and annuities.
(f) "Owner" means a depositor in case of a deposit, a
beneficiary in case of a trust, a creditor, claimant, or payee
in case of other property, or any person having a legal or
equitable interest in property subject to this Act, or his
legal representative.
(g) "Person" means any individual, business association,
financial organization, government or political subdivision or
agency, public authority, estate, trust, or any other legal or
commercial entity.
(h) "Utility" means any person who owns or operates, for
public use, any plant, equipment, property, franchise, or
license for the transmission of communications or the
production, storage, transmission, sale, delivery, or
furnishing of electricity, water, steam, oil or gas.
(i) (Blank).
(j) "Insurance company" means any person transacting the
kinds of business enumerated in Section 4 of the Illinois
Insurance Code other than life insurance.
(k) "Economic loss", as used in Sections 2a and 9 of this
Act includes, but is not limited to, delivery charges,
mark-downs and write-offs, carrying costs, restocking charges,

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lay-aways, special orders, issuance of credit memos, and the
costs of special services or goods provided that reduce the
property value or that result in lost sales opportunity.
(l) "Reportable property" means property, tangible or
intangible, presumed abandoned under this Act that must be
appropriately and timely reported and remitted to the Office of
the State Treasurer under this Act. Interest, dividends, stock
splits, warrants, or other rights that become reportable
property under this Act include the underlying security or
commodity giving rise to the interest, dividend, split,
warrant, or other right to which the owner would be entitled.
(m) "Firearm" has the meaning ascribed to that term in the
Firearm Owners Identification Card Act.
(Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99; 91-748,
eff. 6-2-00.)