Bill Text: IL HB2823 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the Revised Uniform Unclaimed Property Act. Provides that an indication of an apparent owner's interest in property includes (rather than excludes) an automatic reinvestment of dividends or interest.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB2823 Detail]
Download: Illinois-2021-HB2823-Introduced.html
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1 | AN ACT concerning civil law.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Revised Uniform Unclaimed Property Act is | |||||||||||||||||||
5 | amended by changing Section 15-210 as follows:
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6 | (765 ILCS 1026/15-210)
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7 | Sec. 15-210. Indication of apparent owner interest in | |||||||||||||||||||
8 | property. | |||||||||||||||||||
9 | (a) The period after which property is presumed abandoned | |||||||||||||||||||
10 | is measured from the later of: | |||||||||||||||||||
11 | (1) the date the property is presumed abandoned under | |||||||||||||||||||
12 | this Article; or | |||||||||||||||||||
13 | (2) the latest indication of interest by the apparent | |||||||||||||||||||
14 | owner in the property. | |||||||||||||||||||
15 | (b) Under this Act, an indication of an apparent owner's | |||||||||||||||||||
16 | interest in property includes: | |||||||||||||||||||
17 | (1) a record communicated by the apparent owner to the | |||||||||||||||||||
18 | holder or agent of the holder concerning the property or | |||||||||||||||||||
19 | the account in which the property is held; | |||||||||||||||||||
20 | (2) an oral communication by the apparent owner to the | |||||||||||||||||||
21 | holder or agent of the holder concerning the property or | |||||||||||||||||||
22 | the account in which the property is held, if the holder or | |||||||||||||||||||
23 | its agent contemporaneously makes and preserves a record |
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1 | of the fact of the apparent owner's communication; | ||||||
2 | (3) presentment of a check or other instrument of | ||||||
3 | payment of a dividend, interest payment, or other | ||||||
4 | distribution, or evidence of receipt of a distribution | ||||||
5 | made by electronic or similar means, with respect to an | ||||||
6 | account, underlying security, or interest in a business | ||||||
7 | association; | ||||||
8 | (4) activity directed by an apparent owner in the | ||||||
9 | account in which the property is held, including accessing | ||||||
10 | the account or information concerning the account, or a | ||||||
11 | direction by the apparent owner to increase, decrease, or | ||||||
12 | otherwise change the amount or type of property held in | ||||||
13 | the account; | ||||||
14 | (5) a deposit into or withdrawal from an account at a | ||||||
15 | financial organization, including an automatic | ||||||
16 | reinvestment of dividends or interest, except for a | ||||||
17 | recurring Automated Clearing House (ACH) debit or credit | ||||||
18 | previously authorized by the apparent owner or an | ||||||
19 | automatic reinvestment of dividends or interest ; and | ||||||
20 | (6) subject to subsection (e), payment of a premium on | ||||||
21 | an insurance policy. | ||||||
22 | (c) An action by an agent or other representative of an | ||||||
23 | apparent owner, other than the holder acting as the apparent | ||||||
24 | owner's agent, is presumed to be an action on behalf of the | ||||||
25 | apparent owner. | ||||||
26 | (d) A communication with an apparent owner by a person |
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1 | other than the holder or the holder's representative is not an | ||||||
2 | indication of interest in the property by the apparent owner | ||||||
3 | unless a record of the communication evidences the apparent | ||||||
4 | owner's knowledge of a right to the property. | ||||||
5 | (e) If the insured dies or the insured or beneficiary of an | ||||||
6 | insurance policy otherwise becomes entitled to the proceeds | ||||||
7 | before depletion of the cash surrender value of the policy by | ||||||
8 | operation of an automatic-premium-loan provision or other | ||||||
9 | nonforfeiture provision contained in the policy, the operation | ||||||
10 | does not prevent the policy from maturing or terminating. | ||||||
11 | (f) If the apparent owner has another property with the | ||||||
12 | holder to which Section 201(6) applies, then activity directed | ||||||
13 | by an apparent owner in any other accounts, including loan | ||||||
14 | accounts, at a financial organization holding an inactive | ||||||
15 | account of the apparent owner shall be an indication of | ||||||
16 | interest in all such accounts if:
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17 | (A) the apparent owner engages in one or more of | ||||||
18 | the following activities:
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19 | (i) the apparent owner undertakes one or more | ||||||
20 | of the actions described in subsection (b) of this | ||||||
21 | Section regarding any account that appears on a | ||||||
22 | consolidated statement with the inactive account;
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23 | (ii) the apparent owner increases or decreases | ||||||
24 | the amount of funds in any other account the | ||||||
25 | apparent owner has with the financial | ||||||
26 | organization; or
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1 | (iii) the apparent owner engages in any other | ||||||
2 | relationship with the financial organization, | ||||||
3 | including payment of any amounts due on a loan; | ||||||
4 | and
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5 | (B) the foregoing apply so long as the mailing | ||||||
6 | address for the apparent owner in the financial | ||||||
7 | organization's books and records is the same for both | ||||||
8 | the inactive account and the active account.
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9 | (Source: P.A. 100-22, eff. 1-1-18 .)
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