Bill Text: IL HB4748 | 2011-2012 | 97th General Assembly | Chaptered
Bill Title: Amends the Uniform Disposition of Unclaimed Property Act. Makes a technical change in a Section concerning definitions.
Sponsorship: Partisan Bill (Republican 2)
Status: (Passed) 2012-08-10 - Public Act . . . . . . . . . 97-0935 [HB4748 Detail]
Download: Illinois-2011-HB4748-Chaptered.html
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| Public Act 097-0935 | ||||
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The State Finance Act is amended by changing | ||||
Section 6u as follows:
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(30 ILCS 105/6u) (from Ch. 127, par. 142u)
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Sec. 6u.
All money returned to the State Treasurer by the | ||||
paying agent
for any State bonds or interest coupons by reason | ||||
of the failure of the
holder to present such bonds or coupons | ||||
for payment within 2 years after
maturity shall be deposited in | ||||
the Unclaimed Property Trust Fund Matured Bond and Coupon Fund. | ||||
Upon
the subsequent presentation for payment of any such bond | ||||
or coupon for
payment, payment shall be made from the Unclaimed | ||||
Property Trust Fund Matured Bond and Coupon Fund.
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The Treasurer shall transfer all unobligated and | ||||
unexpended moneys remaining in the Matured Bond and Coupon Fund | ||||
into the Unclaimed Property Trust Fund within 60 days after the | ||||
effective date of this amendatory Act of the 97th General | ||||
Assembly. | ||||
Whenever the State Treasurer and the State Comptroller | ||||
determine that
any such matured bonds or coupons will, in all | ||||
likelihood, never be
presented for payment, they shall transfer | ||||
the amount represented by
such bonds or coupons from the | ||||
Matured Bond and Coupon Fund to the
General Revenue Fund.
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(Source: P.A. 79-281; 79-1454.)
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(30 ILCS 105/5.65 rep.)
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Section 10. The State Finance Act is amended by repealing | ||
Section 5.65.
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Section 15. The Uniform Disposition of Unclaimed Property | ||
Act is amended by adding Section 1.5 as follows:
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(765 ILCS 1025/1.5 new) | ||
Sec. 1.5. Application of the Act. This Act applies to all | ||
money returned to the Treasurer by the paying agent for any | ||
State bonds or interest coupons by reason of the failure of the | ||
holder to present such bonds or coupons for payment within 2 | ||
years after maturity.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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