Bill Text: IL HB4137 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the Revised Uniform Unclaimed Property Act. Provides that if an interest-bearing demand, savings, or time deposit is paid or delivered to the State Treasurer (the administrator) on or after July 1, 2018, then the administrator shall pay interest to the owner at a rate that is the lesser of (i) the percentage increase, if any, in the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor (CPI-U); or (ii) the rate the property earned while in the possession of the holder and reported to the administrator. Provides that interest begins to accrue when the property is delivered to the administrator and ends on the earlier of the expiration of 10 years after its delivery or the date on which payment is made to the owner. Provides that the administrator may adopt administrative rules establishing more detailed methodologies for calculating the amount of interest to be paid to an owner using CPI-U or the rate the property earned while in the possession of the holder.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2017-10-25 - Referred to Rules Committee [HB4137 Detail]

Download: Illinois-2017-HB4137-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4137

Introduced , by Rep. Michael J. Zalewski

SYNOPSIS AS INTRODUCED:
765 ILCS 1026/15-607

Amends the Revised Uniform Unclaimed Property Act. Provides that if an interest-bearing demand, savings, or time deposit is paid or delivered to the State Treasurer (the administrator) on or after July 1, 2018, then the administrator shall pay interest to the owner at a rate that is the lesser of (i) the percentage increase, if any, in the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor (CPI-U); or (ii) the rate the property earned while in the possession of the holder and reported to the administrator. Provides that interest begins to accrue when the property is delivered to the administrator and ends on the earlier of the expiration of 10 years after its delivery or the date on which payment is made to the owner. Provides that the administrator may adopt administrative rules establishing more detailed methodologies for calculating the amount of interest to be paid to an owner using CPI-U or the rate the property earned while in the possession of the holder.
LRB100 15324 HEP 30280 b

A BILL FOR

HB4137LRB100 15324 HEP 30280 b
1 AN ACT concerning civil law.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Revised Uniform Unclaimed Property Act is
5amended by changing Section 15-607 as follows:
6 (765 ILCS 1026/15-607)
7 (This Section may contain text from a Public Act with a
8delayed effective date)
9 Sec. 15-607. Crediting income or gain to owner's account.
10 (a) If property other than money is delivered to the
11administrator, the owner is entitled to receive from the
12administrator income or gain realized or accrued on the
13property before the property is sold.
14 (b) Except as provided in subsection (c), interest Interest
15on money is not payable to an owner for periods where the
16property is in the possession of the administrator.
17 (c) If an interest-bearing demand, savings, or time deposit
18is paid or delivered to the administrator on or after July 1,
192018, then the administrator shall pay interest to the owner at
20a rate that is the lesser of (i) the percentage increase, if
21any, in the Consumer Price Index for All Urban Consumers for
22all items published by the United States Department of Labor
23(CPI-U); or (ii) the rate the property earned while in the

HB4137- 2 -LRB100 15324 HEP 30280 b
1possession of the holder and reported to the administrator.
2Interest begins to accrue when the property is delivered to the
3administrator and ends on the earlier of the expiration of 10
4years after its delivery or the date on which payment is made
5to the owner. The administrator may adopt administrative rules
6establishing more detailed methodologies for calculating the
7amount of interest to be paid to an owner under this Section
8using CPI-U or the rate the property earned while in the
9possession of the holder.
10(Source: P.A. 100-22, eff. 1-1-18.)
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