Bill Text: IL HB6074 | 2015-2016 | 99th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Uniform Disposition of Unclaimed Property Act. Decreases the duration from 7 years to 5 years for unclaimed property held by any federal, State, local government or governmental entity to be presumed abandoned.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Enrolled - Dead) 2016-12-29 - Sent to the Governor [HB6074 Detail]
Download: Illinois-2015-HB6074-Engrossed.html
Bill Title: Amends the Uniform Disposition of Unclaimed Property Act. Decreases the duration from 7 years to 5 years for unclaimed property held by any federal, State, local government or governmental entity to be presumed abandoned.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Enrolled - Dead) 2016-12-29 - Sent to the Governor [HB6074 Detail]
Download: Illinois-2015-HB6074-Engrossed.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 Uniform Disposition of Unclaimed Property | ||||||
5 | Act is amended by changing Sections 8 and 8.1 as follows:
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6 | (765 ILCS 1025/8) (from Ch. 141, par. 108)
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7 | Sec. 8.
All funds and intangible personal property held for | ||||||
8 | the owner by
any court, public authority, or public officer of | ||||||
9 | this
State, or a political subdivision thereof, that has | ||||||
10 | remained unclaimed by
the owner for more than 5 7 years is | ||||||
11 | presumed abandoned.
This Section does not apply to deposits | ||||||
12 | made to municipalities as a
condition for the issuance of a | ||||||
13 | building permit.
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14 | (Source: P.A. 90-167, eff. 7-23-97.)
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15 | (765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)
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16 | Sec. 8.1. Property held by governments.
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17 | (a) All tangible personal property or intangible personal | ||||||
18 | property and all
debts owed or entrusted funds or other | ||||||
19 | property held by any federal, state or
local government or | ||||||
20 | governmental subdivision, agency, entity, officer or
appointee | ||||||
21 | thereof, shall be presumed abandoned if the property has | ||||||
22 | remained
unclaimed for 5 7 years.
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1 | (b) This Section applies to all abandoned property held by | ||||||
2 | any federal,
state or local government or governmental | ||||||
3 | subdivision, agency, entity, officer
or appointee thereof, on | ||||||
4 | the effective date of this amendatory Act of 1991 or
at any | ||||||
5 | time thereafter, regardless of when the property became or | ||||||
6 | becomes
presumptively abandoned.
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7 | (Source: P.A. 90-167, eff. 7-23-97; 91-357, eff. 7-29-99.)
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