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| Public Act 102-0288
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| SB0338 Enrolled | LRB102 10796 LNS 16126 b |
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The State Treasurer Act is amended by changing |
Sections 0.02 and 0.03 as follows:
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(15 ILCS 505/0.02)
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Sec. 0.02. Transfer of powers. The rights, powers, duties, |
and functions vested in the Department of
Financial |
Institutions to administer the Uniform Disposition of |
Unclaimed
Property Act (superseded by the Revised Uniform |
Unclaimed Property Act) are transferred to the State Treasurer |
on July 1, 1999; provided,
however, that the rights, powers, |
duties, and functions
involving the examination of the records |
of any person that the State Treasurer
has reason to believe |
has failed to report properly under this Act shall be
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transferred to the Office of Banks and Real Estate if the |
person is
regulated by the Office of Banks and Real Estate |
under the Illinois Banking
Act, the Corporate Fiduciary Act, |
the Foreign Banking Office Act, the Illinois
Savings and Loan |
Act of 1985, or the Savings Bank Act
and shall be retained by |
the Department of Financial Institutions if the
person is |
doing business in the State under the supervision of the |
Department
of Financial Institutions, the National Credit |
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Union Administration,
the Office of Thrift Supervision, or the |
Comptroller of the Currency.
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(Source: P.A. 100-22, eff. 1-1-18.)
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(15 ILCS 505/0.03)
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Sec. 0.03. Transfer of personnel.
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(a) Except as provided in subsection (b), personnel |
employed by the
Department of Financial Institutions on June |
30, 1999 to perform duties
pertaining to the administration of |
the Uniform Disposition of Unclaimed
Property
Act (superseded |
by the Revised Uniform Unclaimed Property Act) are transferred |
to the State Treasurer on July 1, 1999.
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(b) In the case of a person employed by the Department of |
Financial
Institutions to perform both duties pertaining to |
the administration of the Uniform Disposition of Unclaimed |
Property Act (superseded by the Revised Uniform Unclaimed |
Property Act) and duties pertaining to a
function retained by |
the Department of Financial Institutions, the State
Treasurer, |
in consultation with the Director of Financial Institutions, |
shall
determine whether to transfer the employee to the Office |
of the State
Treasurer; until this determination has been |
made, the transfer shall not take
effect.
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(c) The rights of State employees, the State, and its |
agencies under the
Personnel Code and applicable collective |
bargaining agreements and retirement
plans are not affected by |
this amendatory Act of 1999, except that all
positions |
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transferred to the State Treasurer shall be subject to the |
State
Treasurer Employment Code effective July 1, 2000.
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All transferred employees who are members of
collective |
bargaining units shall retain their seniority, continuous |
service,
salary, and accrued benefits. During the pendency of |
the existing collective
bargaining agreement, the rights |
provided for under that agreement and
memoranda and |
supplements to that agreement, including but not limited to, |
the
rights of employees performing duties pertaining to the |
administration of the
Uniform Disposition of Unclaimed |
Property Act (superseded by the Revised Uniform Unclaimed |
Property Act) to positions in other State
agencies and the |
right of employees in other State agencies covered by the
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agreement to positions performing duties pertaining to the |
administration of
the Uniform Disposition of Unclaimed |
Property Act (superseded by the Revised Uniform Unclaimed |
Property Act), shall not be abridged.
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The State Treasurer shall
continue to honor during their |
pendency all bargaining agreements
in effect at the time of |
the transfer and to recognize all collective
bargaining |
representatives for the employees who perform or will perform
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functions transferred by this amendatory Act of 1999. For all |
purposes with
respect to the management of the existing |
agreement and the
negotiation and management of any successor |
agreements, the State Treasurer
shall be deemed to
be the |
employer of employees who perform or will perform functions |
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transferred
to the Office of the State Treasurer by
this |
amendatory Act of 1999; provided that the Illinois Department |
of Central
Management Services shall be a party to any
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grievance or arbitration proceeding held pursuant to the |
provisions of the
collective bargaining agreement which |
involves the movement
of employees from the Office of the |
State Treasurer to an
agency under the jurisdiction of the |
Governor covered by the agreement.
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(Source: P.A. 100-22, eff. 1-1-18.)
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Section 10. The Revised Uniform Unclaimed Property Act is |
amended by changing Sections 15-102, 15-201, 15-202, 15-210, |
15-213, 15-401, 15-503, 15-603, 15-607, 15-905, 15-906, |
15-1002.1, 15-1004, 15-1401, and 15-1402 as follows:
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(765 ILCS 1026/15-102) |
Sec. 15-102. Definitions. In this Act: |
(1) "Administrator" means the State Treasurer. |
(2) "Administrator's agent" means a person with which |
the administrator contracts to conduct an examination |
under Article 10 on behalf of the administrator. The term |
includes an independent contractor of the person and each |
individual participating in the examination on behalf of |
the person or contractor. |
(2.5) (Blank). |
(3) "Apparent owner" means a person whose name appears |
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on the records of a holder as the owner of property held, |
issued, or owing by the holder. |
(4) "Business association" means a corporation, joint |
stock company, investment company, unincorporated |
association, joint venture, limited liability company, |
business trust, trust company, land bank, safe deposit |
company, safekeeping depository, financial organization, |
insurance company, federally chartered entity, utility, |
sole proprietorship, or other business entity, whether or |
not for profit. |
(5) "Confidential information" means information that |
is "personal information" under the Personal Information |
Protection Act, "private information" under the Freedom of |
Information Act or personal information contained within |
public records, the disclosure of which would constitute a |
clearly unwarranted invasion of personal privacy, unless |
the disclosure is consented to in writing by the |
individual subjects of the information as provided in the |
Freedom of Information Act. |
(6) "Domicile" means: |
(A) for a corporation, the state of its |
incorporation; |
(B) for a business association whose formation |
requires a filing with a state, other than a |
corporation, the state of its filing; |
(C) for a federally chartered entity or an |
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investment company registered under the Investment |
Company Act of 1940, the state of its home office; and |
(D) for any other holder, the state of its |
principal place of business. |
(7) "Electronic" means relating to technology having |
electrical, digital, magnetic, wireless, optical, |
electromagnetic, or similar capabilities. |
(8) "Electronic mail" means a communication by |
electronic means which is automatically retained and |
stored and may be readily accessed or retrieved. |
(8.5) "Escheat fee" means any charge imposed solely by |
virtue of property being reported as presumed abandoned. |
(9) "Financial organization" means a bank, savings |
bank, foreign bank, corporate fiduciary, currency |
exchange, money transmitter, or credit union. |
(10) "Game-related digital content" means digital |
content that exists only in an electronic game or |
electronic-game platform. The term: |
(A) includes: |
(i) game-play currency such as a virtual |
wallet, even if denominated in United States |
currency; and |
(ii) the following if for use or redemption |
only within the game or platform or another |
electronic game or electronic-game platform: |
(I) points sometimes referred to as gems, |
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tokens, gold, and similar names; and |
(II) digital codes; and |
(B) does not include an item that the issuer: |
(i) permits to be redeemed for use outside a |
game or platform for: |
(I) money; or |
(II) goods or services that have more than |
minimal value; or |
(ii) otherwise monetizes for use outside a |
game or platform. |
(11) "Gift card" means a record evidencing a promise |
made for consideration by the seller or issuer of the |
record that goods, services, or money will be provided to |
the owner of the record to the value or amount shown in the |
record that is either: |
(A) a record: |
(i) issued on a prepaid basis primarily for |
personal, family, or household purposes to a |
consumer in a specified amount; |
(ii) the value of which does not expire; |
(iii) that is not subject to a dormancy, |
inactivity, or post-sale service fee; |
(iv) that is redeemable upon presentation for |
goods or services; and |
(v) that, unless required by law, may not be |
redeemed for or converted into money or otherwise |
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monetized by the issuer; or |
(B) a prepaid commercial mobile radio service, as |
defined in 47 CFR C.F.R. 20.3, as amended. |
(12) "Holder" means a person obligated to hold for the |
account of, or to deliver or pay to, the owner, property |
subject to this Act. |
(13) "Insurance company" means an association, |
corporation, or fraternal or mutual-benefit organization, |
whether or not for profit, engaged in the business of |
providing life endowments, annuities, or insurance, |
including accident, burial, casualty, credit-life, |
contract-performance, dental, disability, fidelity, fire, |
health, hospitalization, illness, life, malpractice, |
marine, mortgage, surety, wage-protection, and |
worker-compensation insurance. |
(14) "Loyalty card" means a record given without |
direct monetary consideration under an award, reward, |
benefit, loyalty, incentive, rebate, or promotional |
program which may be used or redeemed only to obtain goods |
or services or a discount on goods or services. The term |
does not include a record that may be redeemed for money or |
otherwise monetized by the issuer. |
(15) "Mineral" means gas, oil, coal, oil shale, other |
gaseous liquid or solid hydrocarbon, cement material, sand |
and gravel, road material, building stone, chemical raw |
material, gemstone, fissionable and nonfissionable ores, |
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colloidal and other clay, steam and other geothermal |
resources, and any other substance defined as a mineral by |
law of this State other than this Act. |
(16) "Mineral proceeds" means an amount payable for |
extraction, production, or sale of minerals, or, on the |
abandonment of the amount, an amount that becomes payable |
after abandonment. The term includes an amount payable: |
(A) for the acquisition and retention of a mineral |
lease, including a bonus, royalty, compensatory |
royalty, shut-in royalty, minimum royalty, and delay |
rental; |
(B) for the extraction, production, or sale of |
minerals, including a net revenue interest, royalty, |
overriding royalty, extraction payment, and production |
payment; and |
(C) under an agreement or option, including a |
joint-operating agreement, unit agreement, pooling |
agreement, and farm-out agreement. |
(17) "Money order" means a payment order for a |
specified amount of money. The term includes an express |
money order and a personal money order on which the |
remitter is the purchaser. |
(18) "Municipal bond" means a bond or evidence of |
indebtedness issued by a municipality or other political |
subdivision of a state. |
(19) "Net card value" means the original purchase |
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price or original issued value of a stored-value card, |
plus amounts added to the original price or value, minus |
amounts used and any service charge, fee, or dormancy |
charge permitted by law. |
(20) "Non-freely transferable security" means a |
security that cannot be delivered to the administrator by |
the Depository Trust Clearing Corporation or similar |
custodian of securities providing post-trade clearing and |
settlement services to financial markets or cannot be |
delivered because there is no agent to effect transfer. |
The term includes a worthless security. |
(21) "Owner", unless the context otherwise requires, |
means a person that has a legal, beneficial, or equitable |
interest in property subject to this Act or the person's |
legal representative when acting on behalf of the owner. |
The term includes: |
(A) a depositor, for a deposit; |
(B) a beneficiary, for a trust other than a |
deposit in trust; |
(C) a creditor, claimant, or payee, for other |
property; and |
(D) the lawful bearer of a record that may be used |
to obtain money, a reward, or a thing of value. |
(22) "Payroll card" means a record that evidences a |
payroll-card account as defined in Regulation E, 12 CFR |
Part 1005, as amended. |
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(23) "Person" means an individual, estate, business |
association, public corporation, government or |
governmental subdivision, agency, or instrumentality, or |
other legal entity, whether or not for profit. |
(24) "Property" means tangible property described in |
Section 15-201 or a fixed and certain interest in |
intangible property held, issued, or owed in the course of |
a holder's business or by a government, governmental |
subdivision, agency, or instrumentality. The term: |
(A) includes all income from or increments to the |
property; |
(B) includes property referred to as or evidenced |
by: |
(i) money, virtual currency, interest, or a |
dividend, check, draft, deposit, or payroll card; |
(ii) a credit balance, customer's overpayment, |
stored-value card, security deposit, refund, |
credit memorandum, unpaid wage, unused ticket for |
which the issuer has an obligation to provide a |
refund, mineral proceeds, or unidentified |
remittance; |
(iii) a security except for: |
(I) a worthless security; or |
(II) a security that is subject to a lien, |
legal hold, or restriction evidenced on the |
records of the holder or imposed by operation |
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of law, if the lien, legal hold, or |
restriction restricts the holder's or owner's |
ability to receive, transfer, sell, or |
otherwise negotiate the security; |
(iv) a bond, debenture, note, or other |
evidence of indebtedness; |
(v) money deposited to redeem a security, make |
a distribution, or pay a dividend; |
(vi) an amount due and payable under an |
annuity contract or insurance policy; |
(vii) an amount distributable from a trust or |
custodial fund established under a plan to provide |
health, welfare, pension, vacation, severance, |
retirement, death, stock purchase, profit-sharing, |
employee-savings, supplemental-unemployment |
insurance, or a similar benefit; and |
(viii) any instrument on which a financial |
organization or business association is directly |
liable; and |
(C) does not include: |
(i) game-related digital content; |
(ii) a loyalty card; |
(iii) a gift card; or |
(iv) funds on deposit or held in trust |
pursuant to Section 16 of the Illinois Pre-Need |
Cemetery Sales Act. |
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(25) "Putative holder" means a person believed by the |
administrator to be a holder, until the person pays or |
delivers to the administrator property subject to this Act |
or the administrator or a court makes a final |
determination that the person is or is not a holder. |
(26) "Record" means information that is inscribed on a |
tangible medium or that is stored in an electronic or |
other medium and is retrievable in perceivable form. The |
phrase "records of the holder" includes records maintained |
by a third party that has contracted with the holder. |
(27) "Security" means: |
(A) a security as defined in Article 8 of the |
Uniform Commercial Code; |
(B) a security entitlement as defined in Article 8 |
of the Uniform Commercial Code, including a customer |
security account held by a registered broker-dealer, |
to the extent the financial assets held in the |
security account are not: |
(i) registered on the books of the issuer in |
the name of the person for which the broker-dealer |
holds the assets; |
(ii) payable to the order of the person; or |
(iii) specifically indorsed to the person; or |
(C) an equity interest in a business association |
not included in subparagraph (A) or (B). |
(28) "Sign" means, with present intent to authenticate |
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or adopt a record: |
(A) to execute or adopt a tangible symbol; or |
(B) to attach to or logically associate with the |
record an electronic symbol, sound, or process. |
(29) "State" means a state of the United States, the |
District of Columbia, the Commonwealth of Puerto Rico, the |
United States Virgin Islands, or any territory or insular |
possession subject to the jurisdiction of the United |
States. |
(30) "Stored-value card" means a card, code, or other |
device that is: |
(A) issued on a prepaid basis primarily for |
personal, family, or household purposes to a consumer |
in a specified amount, whether or not that amount may |
be increased or reloaded in exchange for payment; and |
(B) redeemable upon presentation at multiple |
unaffiliated merchants for goods or services or usable |
at automated teller machines; and |
"Stored-value card" does not include a gift card, |
payroll card, loyalty card, or game-related digital |
content. |
(31) "Utility" means a person that owns or operates |
for public use a plant, equipment, real property, |
franchise, or license for the following public services: |
(A) transmission of communications or information; |
(B) production, storage, transmission, sale, |
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delivery, or furnishing of electricity, water, steam, |
or gas; or |
(C) provision of sewage or septic services, or |
trash, garbage, or recycling disposal. |
(32) "Virtual currency" means any type of a digital |
unit, including cryptocurrency, representation of value |
used as a medium of exchange, unit of account, or a form of |
digitally stored store of value, which does not have legal |
tender status recognized by the United States. The term |
does not include: |
(A) the software or protocols governing the |
transfer of the digital representation of value; |
(B) game-related digital content; or |
(C) a loyalty card or gift card. |
(33) "Worthless security" means a security whose cost |
of liquidation and delivery to the administrator would |
exceed the value of the security on the date a report is |
due under this Act.
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(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18; |
101-552, eff. 1-1-20.)
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(765 ILCS 1026/15-201) |
Sec. 15-201. When property presumed abandoned. Subject to |
Section 15-210, the following property is presumed abandoned |
if it is unclaimed by the apparent owner during the period |
specified below: |
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(1) a traveler's check, 15 years after issuance; |
(2) a money order, 5 7 years after issuance; |
(3) any instrument on which a financial organization |
or business association is directly liable, other than a |
money order, 3 years after issuance; |
(4) a state or municipal bond, bearer bond, or |
original-issue-discount bond, 3 years after the earliest |
of the date the bond matures or is called or the obligation |
to pay the principal of the bond arises; |
(5) a debt of a business association, 3 years after |
the obligation to pay arises; |
(6) financial organization deposits as follows: |
(i) a demand deposit, 3 years after the date of the |
last indication of interest in the property by the |
apparent owner; |
(ii) a savings deposit, 3 years after the date of |
last indication of interest in the property by the |
apparent owner; |
(iii) a time deposit for which the owner has not |
consented to automatic renewal of the time deposit, 3 |
years after the later of maturity or the date of the |
last indication of interest in the property by the |
apparent owner; |
(iv) an automatically renewable time deposit for |
which the owner consented to the automatic renewal in |
a record on file with the holder, 3 years after the |
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date of last indication of interest in the property by |
the apparent owner, following the completion of the |
initial term of the time deposit and one automatic |
renewal term of the time deposit a demand, savings, or |
time deposit, 3 years after the later of maturity or |
the date of the last indication of interest in the |
property by the apparent owner, except for a deposit |
that is automatically renewable, 3 years after its |
initial date of maturity unless the apparent owner |
consented in a record on file with the holder to |
renewal at or about the time of the renewal; |
(6.5) virtual currency, 5 years after the last |
indication of interest in the property; |
(7) money or a credit owed to a customer as a result of |
a retail business transaction, other than in-store credit |
for returned merchandise, 3 years after the obligation |
arose; |
(8) an amount owed by an insurance company on a life or |
endowment insurance policy or an annuity contract that has |
matured or terminated, 3 years after the obligation to pay |
arose under the terms of the policy or contract or, if a |
policy or contract for which an amount is owed on proof of |
death has not matured by proof of the death of the insured |
or annuitant, as follows: |
(A) with respect to an amount owed on a life or |
endowment insurance policy, the earlier of: |
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(i) 3 years after the death of the insured; or |
(ii) 2 years after the insured has attained, |
or would have attained if living, the limiting age |
under the mortality table on which the reserve for |
the policy is based; and |
(B) with respect to an amount owed on an annuity |
contract, 3 years after the death of the annuitant. |
(9) funds on deposit or held in trust pursuant to the |
Illinois Funeral or Burial Funds Act, the earliest of: |
(A) 2 years after the date of death of the |
beneficiary; |
(B) one year after the date the beneficiary has |
attained, or would have attained if living, the age of |
105 where the holder does not know whether the |
beneficiary is deceased; |
(C) 40 years after the contract for prepayment was |
executed, unless the apparent owner has indicated an |
interest in the property more than 40 years after the |
contract for prepayment was executed, in which case, 3 |
years after the last indication of interest in the |
property by the apparent owner; |
(10) property distributable by a business association |
in the course of dissolution or distributions from the |
termination of a retirement plan, one year after the |
property becomes distributable; |
(11) property held by a court, including property |
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received as proceeds of a class action, 3 years after the |
property becomes distributable; |
(12) property held by a government or governmental |
subdivision, agency, or instrumentality, including |
municipal bond interest and unredeemed principal under the |
administration of a paying agent or indenture trustee, 3 |
years after the property becomes distributable; |
(13) wages, commissions, bonuses, or reimbursements to |
which an employee is entitled, or other compensation for |
personal services, including amounts held on a payroll |
card, one year after the amount becomes payable; |
(14) a deposit or refund owed to a subscriber by a |
utility, one year after the deposit or refund becomes |
payable, except that any capital credits or patronage |
capital retired, returned, refunded or tendered to a |
member of an electric cooperative, as defined in Section |
3.4 of the Electric Supplier Act, or a telephone or |
telecommunications cooperative, as defined in Section |
13-212 of the Public Utilities Act, that has remained |
unclaimed by the person appearing on the records of the |
entitled cooperative for more than 2 years, shall not be |
subject to, or governed by, any other provisions of this |
Act, but rather shall be used by the cooperative for the |
benefit of the general membership of the cooperative; and |
(15) property not specified in this Section or |
Sections 15-202 through 15-208, the earlier of 3 years |
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after the owner first has a right to demand the property or |
the obligation to pay or distribute the property arises. |
Notwithstanding anything to the contrary in this Section |
15-201, and subject to Section 15-210, a deceased owner cannot |
indicate interest in his or her property. If the owner is |
deceased and the abandonment period for the owner's property |
specified in this Section 15-201 is greater than 2 years, then |
the property, other than an amount owed by an insurance |
company on a life or endowment insurance policy or an annuity |
contract that has matured or terminated, shall instead be |
presumed abandoned 2 years from the date of the owner's last |
indication of interest in the property.
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(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18; |
101-552, eff. 1-1-20.)
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(765 ILCS 1026/15-202)
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Sec. 15-202. When tax-deferred and tax-exempt retirement |
accounts account presumed abandoned. |
(a) Subject to Section 15-210, property held in a pension |
account or retirement account that qualifies for tax deferral |
or tax exemption under the income-tax laws of the United |
States is presumed abandoned if it is unclaimed by the |
apparent owner after the later of: |
(1) 3 years after the following dates: |
(A) except as in subparagraph (B), the date a |
communication sent by the holder by first-class United |
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States mail to the apparent owner is returned to the |
holder undelivered by the United States Postal |
Service; or |
(B) if such communication is re-sent within 30 |
days after the date the first communication is |
returned undelivered, the date the second |
communication was returned undelivered by the United |
States Postal Service; or |
(2) the earlier of the following dates: |
(A) 3 years after the date the apparent owner |
becomes 72 70.5 years of age, if determinable by the |
holder; or |
(B) one year after the date of mandatory |
distribution following death if the Internal Revenue |
Code requires distribution to avoid a tax penalty and |
the holder: |
(i) receives confirmation of the death of the |
apparent owner in the ordinary course of its |
business; or |
(ii) confirms the death of the apparent owner |
under subsection (b). |
(b) If a holder in the ordinary course of its business |
receives notice or an indication of the death of an apparent |
owner and subsection (a)(2) applies, the holder shall attempt |
not later than 90 days after receipt of the notice or |
indication to confirm whether the apparent owner is deceased. |
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(c) If the holder does not send communications to the |
apparent owner of an account described in subsection (a) by |
first-class United States mail on at least an annual basis, |
the holder shall attempt to confirm the apparent owner's |
interest in the property by sending the apparent owner an |
electronic-mail communication not later than 2 years after the |
apparent owner's last indication of interest in the property. |
However, the holder promptly shall attempt to contact the |
apparent owner by first-class United States mail if: |
(1) the holder does not have information needed to |
send the apparent owner an electronic mail communication |
or the holder believes that the apparent owner's |
electronic mail address in the holder's records is not |
valid; |
(2) the holder receives notification that the |
electronic-mail communication was not received; or |
(3) the apparent owner does not respond to the |
electronic-mail communication within 30 days after the |
communication was sent. |
(d) If first-class United States mail sent under |
subsection (c) is returned to the holder undelivered by the |
United States Postal Service, the property is presumed |
abandoned 3 years after the later of: |
(1) except as in paragraph (2), the date a |
communication to contact the apparent owner sent by |
first-class United States mail is returned to the holder |
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undelivered; |
(2) if such communication is re-sent within 30 days |
after the date the first communication is returned |
undelivered, the date the second communication was |
returned undelivered; or |
(3) the date established by subsection (a)(2).
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(Source: P.A. 100-22, eff. 1-1-18.)
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(765 ILCS 1026/15-210)
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Sec. 15-210. Indication of apparent owner interest in |
property. |
(a) The period after which property is presumed abandoned |
is measured from the later of: |
(1) the date the property is presumed abandoned under |
this Article; or |
(2) the latest indication of interest by the apparent |
owner in the property. |
(b) Under this Act, an indication of an apparent owner's |
interest in property includes: |
(1) a record communicated by the apparent owner to the |
holder or agent of the holder concerning the property or |
the account in which the property is held; |
(2) an oral communication by the apparent owner to the |
holder or agent of the holder concerning the property or |
the account in which the property is held, if the holder or |
its agent contemporaneously makes and preserves a record |
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of the fact of the apparent owner's communication; |
(3) presentment of a check or other instrument of |
payment of a dividend, interest payment, or other |
distribution, or evidence of receipt of a distribution |
made by electronic or similar means, with respect to an |
account, underlying security, or interest in a business |
association; |
(4) activity directed by an apparent owner in the |
account in which the property is held, including accessing |
the account or information concerning the account, or a |
direction by the apparent owner to increase, decrease, or |
otherwise change the amount or type of property held in |
the account; |
(5) a deposit into or withdrawal from an account at a |
financial organization, except for a recurring Automated |
Clearing House (ACH) debit or credit previously authorized |
by the apparent owner or an automatic reinvestment of |
dividends or interest; and |
(6) subject to subsection (e), payment of a premium on |
an insurance policy. |
(c) An action by an agent or other representative of an |
apparent owner, other than the holder acting as the apparent |
owner's agent, is presumed to be an action on behalf of the |
apparent owner. |
(d) A communication with an apparent owner by a person |
other than the holder or the holder's representative is not an |
|
indication of interest in the property by the apparent owner |
unless a record of the communication evidences the apparent |
owner's knowledge of a right to the property. |
(e) If the insured dies or the insured or beneficiary of an |
insurance policy otherwise becomes entitled to the proceeds |
before depletion of the cash surrender value of the policy by |
operation of an automatic-premium-loan provision or other |
nonforfeiture provision contained in the policy, the operation |
does not prevent the policy from maturing or terminating. |
(f) If the apparent owner has another property with the |
holder to which Section 201(6) applies, then activity directed |
by an apparent owner in any other accounts, including loan |
accounts, at a financial organization holding an inactive |
account of the apparent owner shall be an indication of |
interest in all such accounts if:
|
(A) the apparent owner engages in one or more of |
the following activities:
|
(i) the apparent owner undertakes one or more |
of the actions described in subsection (b) of this |
Section regarding any of the other accounts the |
apparent owner has with the financial organization |
account that appears on a consolidated statement |
with the inactive account;
|
(ii) the apparent owner increases or decreases |
the amount of funds in any other account the |
apparent owner has with the financial |
|
organization; or
|
(iii) the apparent owner engages in any other |
relationship with the financial organization, |
including payment of any amounts due on a loan; |
and
|
(B) the foregoing apply so long as the mailing |
address for the apparent owner in the financial |
organization's books and records is the same for both |
the inactive account and the active account.
|
(Source: P.A. 100-22, eff. 1-1-18.)
|
(765 ILCS 1026/15-213)
|
Sec. 15-213. United States savings bonds. |
(a) As used in this Section, "United States savings bond" |
means property, tangible or intangible, in the form of a |
savings bond issued by the United States Treasury, whether in |
paper, electronic, or paperless form, along with all proceeds |
thereof in the possession of the administrator. |
(b) Notwithstanding any provision of this Act to the |
contrary, a United States savings bond subject to this Section |
or held or owing in this State by any person is presumed |
abandoned when such bond has remained unclaimed and unredeemed |
for 5 years after its date of final extended maturity. |
(c) United States savings bonds that are presumed |
abandoned and unclaimed under subsection (b) shall escheat to |
the State of Illinois and all property rights and legal title |
|
to and ownership of the United States savings bonds, or |
proceeds from the bonds, including all rights, powers, and |
privileges of survivorship of any owner, co-owner, or |
beneficiary, shall vest solely in the State according to the |
procedure set forth in subsections (d) through (f). |
(d) Within 180 days after a United States savings bond has |
been presumed abandoned, in the absence of a claim having been |
filed with the administrator for the savings bond, the |
administrator shall commence a civil action in the Circuit |
Court of Sangamon County for a determination that the United |
States savings bonds has escheated to the State. The |
administrator may postpone the bringing of the action until |
sufficient United States savings bonds have accumulated in the |
administrator's custody to justify the expense of the |
proceedings. |
(e) The administrator shall make service by publication in |
the civil action in accordance with Sections 2-206 and 2-207 |
of the Code of Civil Procedure, which shall include the filing |
with the Circuit Court of Sangamon County of the affidavit |
required in Section 2-206 of that Code by an employee of the |
administrator with personal knowledge of the efforts made to |
contact the owners of United States savings bonds presumed |
abandoned under this Section. In addition to the diligent |
inquiries made pursuant to Section 2-206 of the Code of Civil |
Procedure, the administrator may also utilize additional |
discretionary means to attempt to provide notice to persons |
|
who may own a United States savings bond registered to a person |
with a last known address in the State of Illinois subject to a |
civil action pursuant to subsection (d). |
(f) The owner of a United States savings bond registered |
to a person with a last known address in the State of Illinois |
subject to a civil action pursuant to subsection (d) may file a |
claim for such United States savings bond with either the |
administrator or by filing a claim in the civil action in the |
Circuit Court of Sangamon County in which the savings bond |
registered to that person is at issue prior to the entry of a |
final judgment by the Circuit Court pursuant to this |
subsection, and unless the Circuit Court determines that such |
United States savings bond is not owned by the claimant, then |
such United States savings bond shall no longer be presumed |
abandoned. If no person files a claim or appears at the hearing |
to substantiate a disputed claim or if the court determines |
that a claimant is not entitled to the property claimed by the |
claimant, then the court, if satisfied by evidence that the |
administrator has substantially complied with the laws of this |
State, shall enter a judgment that the United States savings |
bonds have escheated to this State, and all property rights |
and legal title to and ownership of such United States savings |
bonds or proceeds from such bonds, including all rights, |
powers, and privileges of survivorship of any owner, co-owner, |
or beneficiary, shall vest in this State. |
(g) The administrator shall redeem from the Bureau of the |
|
Fiscal Service of the United States Treasury the United States |
savings bonds escheated to the State and deposit the proceeds |
from the redemption of United States savings bonds into the |
Unclaimed Property Trust Fund. |
(h) Any person making a claim for the United States |
savings bonds escheated to the State under this subsection, or |
for the proceeds from such bonds, may file a claim with the |
administrator. Upon providing sufficient proof of the validity |
of such person's claim, the administrator may, in his or her |
sole discretion, pay such claim. If payment has been made to |
any claimant, no action thereafter may be maintained by any |
other claimant against the State or any officer thereof for or |
on account of such funds.
|
(Source: P.A. 100-22, eff. 1-1-18.)
|
(765 ILCS 1026/15-401)
|
Sec. 15-401. Report required by holder. |
(a) A holder of property presumed abandoned and subject to |
the custody of the administrator shall report in a record to |
the administrator concerning the property. A holder shall |
report via the internet in a format approved by the |
administrator, unless the administrator gives a holder |
specific permission to file a paper report. |
(b) A holder may contract with a third party to make the |
report required under subsection (a). |
(c) Whether or not a holder contracts with a third party |
|
under subsection (b), the holder is responsible: |
(1) to the administrator for the complete, accurate, |
and timely reporting of property presumed abandoned; and |
(2) for paying or delivering to the administrator |
property described in the report.
|
(d) A business association who has no reportable property |
shall so report to the administrator on forms via the Internet |
in a format approved by the administrator if the business |
association has: |
(1) annual sales of more than $1,000,000; |
(2) securities that are publicly traded; |
(3) a net worth of more than $10,000,000; or |
(4) more than 100 employees. |
The administrator may increase one or more of the |
thresholds for filing a negative report by administrative |
rule. |
(Source: P.A. 100-22, eff. 1-1-18.)
|
(765 ILCS 1026/15-503)
|
Sec. 15-503. Notice by administrator. |
(a) The administrator shall give notice to an apparent |
owner that property presumed abandoned and appears to be owned |
by the apparent owner is held by the administrator under this |
Act. |
(b) In providing notice under subsection (a), the |
administrator shall: |
|
(1) except as otherwise provided in paragraph (2), |
send written notice by first-class United States mail to |
each apparent owner of property valued at $100 or more |
held by the administrator, unless the administrator |
determines that a mailing by first-class United States |
mail would not be received by the apparent owner, and, in |
the case of a security held in an account for which the |
apparent owner had consented to receiving electronic mail |
from the holder, send notice by electronic mail if the |
electronic-mail address of the apparent owner is known to |
the administrator instead of by first-class United States |
mail; or |
(2) send the notice to the apparent owner's |
electronic-mail address if the administrator does not have |
a valid United States mail address for an apparent owner, |
but has an electronic-mail address that the administrator |
does not know to be invalid. |
(c) In addition to the notice under subsection (b), the |
administrator shall: |
(1) publish every 6 months in at least one English |
language newspaper of general circulation in each county |
in this State notice of property held by the administrator |
which must include: |
(A) the total value of property received by the |
administrator during the preceding 6-month period, |
taken from the reports under Section 15-401; |
|
(B) the total value of claims paid by the |
administrator during the preceding 6-month period; |
(C) the Internet web address of the unclaimed |
property website maintained by the administrator; |
(D) an a telephone number and electronic-mail |
address to contact the administrator to inquire about |
or claim property; and |
(E) a statement that a person may access the |
Internet by a computer to search for unclaimed |
property and a computer may be available as a service |
to the public at a local public library. |
(2) The administrator shall maintain a website |
accessible by the public and electronically searchable |
which contains the names reported to the administrator of |
apparent owners for whom property is being held by the |
administrator. The administrator need not list property on |
such website when: no owner name was reported, a claim has |
been initiated or is pending for the property, the |
administrator has made direct contact with the apparent |
owner of the property, and in other instances where the |
administrator reasonably believes exclusion of the |
property is in the best interests of both the State and the |
owner of the property. |
(d) The website or database maintained under subsection |
(c)(2) must include instructions for filing with the |
administrator a claim to property and an online claim form |
|
with instructions. The website may also provide a printable |
claim form with instructions for its use. |
(e) Tax return identification of apparent owners of |
abandoned property. |
(1) At least annually the administrator shall notify |
the Department of Revenue of the names of persons |
appearing to be owners of abandoned property under this |
Section. The administrator shall also provide to the |
Department of Revenue the social security numbers of the |
persons, if available. |
(2) The Department of Revenue shall notify the |
administrator if any person under subsection (e)(1) has |
filed an Illinois income tax return and shall provide the |
administrator with the last known address of the person as |
it appears in Department of Revenue records, except as |
prohibited by federal law. The Department of Revenue may |
also provide additional addresses for the same taxpayer |
from the records of the Department, except as prohibited |
by federal law. |
(3) In order to facilitate the return of property |
under this subsection, the administrator and the |
Department of Revenue may enter into an interagency |
agreement concerning protection of confidential |
information, data match rules, and other issues. |
(4) The administrator may deliver, as provided under |
Section 15-904 of this Act, property or pay the amount |
|
owing to a person matched under this Section without the |
person filing a claim under Section 15-903 of this Act if |
the following conditions are met: |
(A) the value of the property that is owed the |
person is $2,000 or less; |
(B) the property is not either tangible property |
or securities; |
(C) the last known address for the person |
according to the Department of Revenue records is less |
than 12 months old; and |
(D) the administrator has evidence sufficient to |
establish that the person who appears in Department of |
Revenue records is the owner of the property and the |
owner currently resides at the last known address from |
the Department of Revenue. |
(5) If the value of the property that is owed the |
person is greater than $2,000, or is tangible property or |
securities the administrator shall provide notice to the |
person, informing the person that he or she is the owner of |
abandoned property held by the State and may file a claim |
with the administrator for return of the property. |
(6) The administrator does not need to notify the |
Department of Revenue of the names or social security |
numbers of apparent owners of abandoned property if the |
administrator reasonably believes that the Department of |
Revenue will be unable to provide information that would |
|
provide sufficient evidence to establish that the person |
in the Department of Revenue's records is the apparent |
owner of unclaimed property in the custody of the |
administrator. |
(f) The administrator may use additional databases to |
verify the identity of the person and that the person |
currently resides at the last known address. The administrator |
may utilize publicly and commercially available databases to |
find and update or add information for apparent owners of |
property held by the administrator. |
(g) In addition to giving notice under subsection (b), |
publishing the information under subsection (c)(1) and |
maintaining the website or database under subsection (c)(2), |
the administrator may use other printed publication, |
telecommunication, the Internet, or other media to inform the |
public of the existence of unclaimed property held by the |
administrator.
|
(h) Identification of apparent owners of abandoned |
property using other State databases. |
(1) The administrator may enter into interagency |
agreements with the Secretary of State and the Illinois State |
Board of Elections to identify persons appearing to be owners |
of abandoned property with databases under the control of the |
Secretary of State and the Illinois State Board of Elections. |
Such interagency agreements shall include protection of |
confidential information, data match rules, and other |
|
necessary and proper issues. |
(2) Except as prohibited by federal law, after January 1, |
2022 the administrator may provide the Secretary of State with |
names and other identifying information of persons appearing |
to be owners of abandoned property. The Secretary of State may |
provide the administrator with the last known address as it |
appears in its respective records of any person reasonably |
believed to be the apparent owner of abandoned property. |
(3) The Illinois State Board of Elections shall, upon |
request, annually provide the administrator with electronic |
data or compilations of voter registration information. The |
administrator may use such electronic data or compilations of |
voter registration information to identify persons appearing |
to be owners of abandoned property. |
(4) The administrator may deliver, as provided under |
Section 15-904, property or pay the amount owing to a person |
matched under this Section without the person filing a claim |
under Section 15-903 if: |
(i) the value of the property that is owed the person |
is $2,000 or less; |
(ii) the property is not either tangible property or |
securities; |
(iii) the last known address for the person according |
to the records of the Secretary of State or Illinois State |
Board of Elections is less than 12 months old; and |
(iv) the administrator has evidence sufficient to |
|
establish that the person who appears in the records of |
the Secretary of State or Illinois State Board of |
Elections is the owner of the property and the owner |
currently resides at the last known address from the |
Secretary of State or the Illinois State Board of |
Elections. |
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
|
(765 ILCS 1026/15-603)
|
Sec. 15-603. Payment or delivery of property to |
administrator. |
(a) Except as otherwise provided in this Section, on |
filing a report under Section 15-401, the holder shall pay or |
deliver to the administrator the property described in the |
report. |
(b) If property in a report under Section 15-401 is an |
automatically renewable time deposit and the holder determines |
that a penalty or forfeiture in the payment of interest would |
result from paying the deposit to the administrator at the |
time of the report, the date for reporting and delivering |
payment of the property to the administrator is extended until |
a penalty or forfeiture no longer would result from delivery |
of the property to the administrator. The holder shall report |
and deliver the property on the next regular date prescribed |
for reporting by the holder under this Act after this extended |
date, and the holder shall indicate in its report to the |
|
administrator that the property is being reported on an |
extended date pursuant to this subsection (b) payment, if the |
holder informs the administrator of the extended date. |
(c) Tangible property in a safe-deposit box may not be |
delivered to the administrator until a mutually agreed upon |
date that is no sooner than 60 days after filing the report |
under Section 15-401. |
(d) If property reported to the administrator under |
Section 15-401 is a security, the administrator may: |
(1) make an endorsement, instruction, or entitlement |
order on behalf of the apparent owner to invoke the duty of |
the issuer, its transfer agent, or the securities |
intermediary to transfer the security; or |
(2) dispose of the security under Section 15-702. |
(e) If the holder of property reported to the |
administrator under Section 15-401 is the issuer of a |
certificated security, the administrator may obtain a |
replacement certificate in physical or book-entry form under |
Section 8-405 of the Uniform Commercial Code. An indemnity |
bond is not required. |
(f) The administrator shall establish procedures for the |
registration, issuance, method of delivery, transfer, and |
maintenance of securities delivered to the administrator by a |
holder. |
(g) An issuer, holder, and transfer agent or other person |
acting in good faith under this Section under instructions of |
|
and on behalf of the issuer or holder is not liable to the |
apparent owner for a claim arising with respect to property |
after the property has been delivered to the administrator. |
(h) A holder is not required to deliver to the |
administrator a security identified by the holder as a |
non-freely transferable security in a report filed under |
Section 15-401. If the administrator or holder determines that |
a security is no longer a non-freely transferable security, |
the holder shall report and deliver the security on the next |
regular date prescribed for delivery of securities by the |
holder under this Act. The holder shall make a determination |
annually whether a security identified in a report filed under |
Section 15-401 as a non-freely transferable security is no |
longer a non-freely transferable security.
|
(i) If property reported to the administrator is virtual |
currency, the holder shall liquidate the virtual currency and |
remit the proceeds to the administrator. The liquidation shall |
occur anytime within 30 days prior to the filing of the report |
under Section 15-401. The owner shall not have recourse |
against the holder or the administrator to recover any gain in |
value that occurs after the liquidation of the virtual |
currency under this subsection. |
(Source: P.A. 100-22, eff. 1-1-18.)
|
(765 ILCS 1026/15-607)
|
Sec. 15-607. Crediting income or gain to owner's account. |
|
(a) If property other than money is delivered to the |
administrator, the owner is entitled to receive from the |
administrator income or gain realized or accrued on the |
property before the property is sold. |
(b) Before August 22, 2017 Except as provided in |
subsection (c), interest on money is not payable to an owner |
for periods where the property is in the possession of the |
administrator.
|
(c) Beginning on August 22, 2017, If an interest-bearing |
demand, savings, or time deposit is paid or delivered to the |
administrator on or after July 1, 2018, then the administrator |
shall pay interest to the owner of property in the form of |
money at the greater 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 actual rate of return the State Treasurer |
earned on the Unclaimed Property Trust Fund property earned |
while in the possession of the holder and reported to the |
administrator. Interest begins to accrue when the property in |
the form of money is delivered to the administrator or when the |
administrator converts property to money pursuant to Article 7 |
and ends on the earlier of the expiration of 10 years after the |
property begins to accrue interest its delivery or the date on |
which payment is made to the owner. The administrator may |
establish by administrative rule more detailed methodologies |
for calculating the amount of interest to be paid to an owner |
|
under this Section using CPI-U or the rate the property earned |
while in the possession of the holder. |
(d) When paying interest to an owner pursuant to |
subsection (c), the administrator shall charge a one-time |
administrative fee of $5, deductible only from interest. |
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
|
(765 ILCS 1026/15-905)
|
Sec. 15-905. Allowance of claim for property. |
(a) The administrator shall pay or deliver to the owner |
the property or pay to the owner the net proceeds of a sale of |
the property, together with income or gain to which the owner |
is entitled under Section 15-607. On request of the owner, the |
administrator may sell or liquidate property and pay the net |
proceeds to the owner, even if the property had been held by |
the administrator for less than 3 years or the administrator |
has not complied with the notice requirements under Section |
15-503. |
(b) Property held under this Act by the administrator is |
subject to offset under Section 10.05 of the State Comptroller |
Act. |
(c) Any warrants issued by the Comptroller pursuant to a |
voucher from the administrator to pay an owner under this Act |
that are not presented to the Treasurer within 12 months of the |
date of issuance shall be void pursuant to Section 10.07 of the |
State Comptroller Act, but the funds shall not escheat to the |
|
State and shall instead be redeposited in the Unclaimed |
Property Trust Fund. |
(d) The administrator shall be responsible for any tax |
reporting required by federal law related to payments made |
pursuant to this Act. The administrator may contract with a |
vendor to assist with the tax reporting duties required by |
this subsection.
|
(Source: P.A. 100-22, eff. 1-1-18.)
|
(765 ILCS 1026/15-906)
|
Sec. 15-906. Action by person whose claim is denied. Not |
later than one year after filing a claim under subsection (a) |
of Section 15-903, the claimant may commence a contested case |
pursuant to the Illinois Administrative Procedure Act to |
establish a claim by the preponderance of the evidence after |
either receiving notice under subsection (b) of Section 15-904 |
15-903 or the claim is deemed denied under subsection (b) (d) |
of Section 15-904 15-903.
|
(Source: P.A. 100-22, eff. 1-1-18.)
|
(765 ILCS 1026/15-1002.1)
|
Sec. 15-1002.1. Examination of State-regulated financial |
organizations. |
(a) Notwithstanding Section 15-1002 of this Act, for any |
financial organization for which the Department of Financial |
and Professional Regulation is the primary prudential |
|
regulator, the administrator shall not examine such financial |
institution unless the administrator has consulted with the |
Secretary of Financial and Professional Regulation and the |
Department of Financial and Professional Regulation has not |
examined such financial organization for compliance with this |
Act within the past 5 years. The Secretary of Financial and |
Professional Regulation may waive in writing the provisions of |
this subsection (a) in order to permit the administrator to |
examine a financial organization or group of financial |
organizations for compliance with this Act. |
(b) Nothing in this Section shall be construed to prohibit |
the administrator from examining a financial organization for |
which the Department of Financial and Professional Regulation |
is not the primary prudential regulator. Further, nothing in |
this Act shall be construed to limit the authority of the |
Department of Financial and Professional Regulation to examine |
financial organizations.
|
(c) Notwithstanding Section 15-1002, the administrator |
may, at reasonable times and upon reasonable notice: |
(1) examine the records of a financial organization |
that is a federally chartered bank, savings bank, or |
credit union if the administrator has reason to believe |
that the financial organization has failed to comply with |
this Act; |
(2) issue an administrative subpoena requiring the |
financial organization or an agent of the financial |
|
organization to make records available for examination; |
and |
(3) bring an action seeking judicial enforcement of |
the subpoena. |
The administrator may adopt administrative rules that |
specify conditions under which the administrator has a reason |
to believe that a financial organization is not in compliance |
with this Act. |
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18; |
101-81, eff. 7-12-19.)
|
(765 ILCS 1026/15-1004)
|
Sec. 15-1004. Records obtained in examination. Records |
obtained and records, including work papers, compiled by the |
administrator or administrator's agent in the course of |
conducting an examination under Section 15-1002 or Section |
15-1002.1: |
(1) are subject to the confidentiality and security |
provisions of Article 14 and are exempt from disclosure |
under the Freedom of Information Act; |
(2) may be used by the administrator in an action to |
collect property or otherwise enforce this Act; |
(3) may be used in a joint examination conducted with |
another state, the United States, a foreign country or |
subordinate unit of a foreign country, or any other |
governmental entity if the governmental entity conducting |
|
the examination is legally bound to maintain the |
confidentiality and security of information obtained from |
a person subject to examination in a manner substantially |
equivalent to Article 14; |
(4) may be disclosed, on request, to the person that |
administers the unclaimed property law of another state |
for that state's use in circumstances equivalent to |
circumstances described in this Article, if the other |
state is required to maintain the confidentiality and |
security of information obtained in a manner substantially |
equivalent to Article 14; |
(5) must be produced by the administrator under an |
administrative or judicial subpoena or administrative or |
court order; and |
(6) must be produced by the administrator on request |
of the person subject to the examination in an |
administrative or judicial proceeding relating to the |
property.
|
(Source: P.A. 100-22, eff. 1-1-18.)
|
(765 ILCS 1026/15-1401)
|
Sec. 15-1401. Confidential information. |
(a) Except as otherwise provided in this Section, |
information that is confidential under law of this State other |
than this Act, another state, or the United States, including |
"private information" as defined in the Freedom of Information |
|
Act and "personal information" as defined in the Personal |
Information Protection Act, continues to be confidential when |
disclosed or delivered under this Act to the administrator or |
administrator's agent. |
(b) Information provided in reports filed pursuant to |
Section 15-401, information obtained in the course of an |
examination pursuant to Section 15-1002 or Section 15-1002.1, |
and the database required by Section 15-503 is exempt from |
disclosure under the Freedom of Information Act. |
(c) If reasonably necessary to enforce or implement this |
Act, the administrator or the administrator's agent may |
disclose confidential information concerning property held by |
the administrator or the administrator's agent to: |
(1) an apparent owner or the apparent owner's |
representative under the Probate Act of 1975, attorney, |
other legal representative, or relative; |
(2) the representative under the Probate Act of 1975, |
other legal representative, relative of a deceased |
apparent owner, or a person entitled to inherit from the |
deceased apparent owner; |
(3) another department or agency of this State or the |
United States; |
(4) the person that administers the unclaimed property |
law of another state, if the other state accords |
substantially reciprocal privileges to the administrator |
of this State if the other state is required to maintain |
|
the confidentiality and security of information obtained |
in a manner substantially equivalent to Article 14; |
(5) a person subject to an examination as required by |
Section 15-1004; and |
(6) an agent of the administrator. |
(d) The administrator may include on the website or in the |
database the names and addresses of apparent owners of |
property held by the administrator as provided in Section |
15-503. The administrator may include in published notices, |
printed publications, telecommunications, the Internet, or |
other media and on the website or in the database additional |
information concerning the apparent owner's property if the |
administrator believes the information will assist in |
identifying and returning property to the owner and does not |
disclose personal information as defined in the Personal |
Information Protection Act. |
(e) The administrator and the administrator's agent may |
not use confidential information provided to them or in their |
possession except as expressly authorized by this Act or |
required by law other than this Act.
|
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
|
(765 ILCS 1026/15-1402)
|
Sec. 15-1402. Confidentiality agreement. A person to be |
examined under Section 15-1002 or Section 15-1002.1 may |
require, as a condition of disclosure of the records of the |
|
person to be examined, that the administrator or the |
administrator's agent execute and deliver to the person to be |
examined a confidentiality agreement that: |
(1) is in a form that is reasonably satisfactory to |
the administrator; and |
(2) requires the person having access to the records |
to comply with the provisions of this Article applicable |
to the person.
|
(Source: P.A. 100-22, eff. 1-1-18.)
|
(15 ILCS 505/0.04 rep.)
|
(15 ILCS 505/0.05 rep.)
|
Section 15. The State Treasurer Act is amended by |
repealing Sections 0.04 and 0.05.
|
