Bill Text: IL SB0868 | 2017-2018 | 100th General Assembly | Chaptered


Bill Title: Amends the Illinois Vehicle Code. Provides that the Secretary of State shall offer to each applicant for issuance or renewal of a driver's license or identification card who is 16 years of age or older (rather than 18 years of age or older) the opportunity to have his or her name included in the First Person Consent organ and tissue donor registry. Amends the Illinois Anatomical Gift Act. Makes conforming changes. Provides that upon the death of a donor who is an unemancipated minor, the parent or guardian of the donor may amend or revoke the anatomical gift of the donor's body.

Spectrum: Moderate Partisan Bill (Democrat 29-4)

Status: (Passed) 2017-12-15 - Public Act . . . . . . . . . 100-0566 [SB0868 Detail]

Download: Illinois-2017-SB0868-Chaptered.html



Public Act 100-0566
SB0868 EnrolledLRB100 08111 AXK 18205 b
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Revised Uniform Unclaimed Property Act is
amended by changing Sections 15-102, 15-201, 15-206, 15-403,
15-501, 15-502, 15-503, 15-602, 15-606, 15-607, 15-1002.1,
15-1302, and 15-1401 as follows:
(765 ILCS 1026/15-102)
(This Section may contain text from a Public Act with a
delayed effective date)
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) "Affiliated group of merchants" means 2
or more affiliated merchants or other persons that are
related by common ownership or common corporate control and
that share the same name, mark, or logo. The term also
applies to 2 or more merchants or other persons that agree
among themselves, by contract or otherwise, to redeem
cards, codes, or other devices bearing the same name, mark,
or logo (other than the mark, logo, or brand of a payment
network), for the purchase of goods or services solely at
such merchants or persons. However, merchants or other
persons are not considered to be affiliated merely because
they agree to accept a card that bears the mark, logo, or
brand of a payment network.
(3) "Apparent owner" means a person whose name appears
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
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,
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 stored-value card:
(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 may be decreased in value only by
redemption for merchandise, goods, or services
upon presentation at a single merchant or an
affiliated group of merchants; and
(v) that, unless required by law, may not be
redeemed for or converted into money or otherwise
monetized by the issuer; or and
(B) includes a prepaid commercial mobile radio
service, as defined in 47 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,
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 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.
(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
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; and
(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; or
(iii) a gift card.
(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
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 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. The
term:
(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
includes:
(i) a record that contains or consists of a
microprocessor chip, magnetic strip, or other
means for the storage of information, which is
prefunded and whose value or amount is decreased on
each use and increased by payment of additional
consideration; and
(ii) a gift card and payroll card; 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,
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 a digital representation
of value used as a medium of exchange, unit of account, or
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.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-201)
(This Section may contain text from a Public Act with a
delayed effective date)
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:
(1) a traveler's check, 15 years after issuance;
(2) a money order, 7 years after issuance;
(3) any instrument on which a financial organization or
business association is directly liable, 3 years after
issuance; (Blank).
(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) 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;
(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, other than a stored-value card, 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:
(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 for the prepayment of
a funeral or other funeral-related expenses, 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 30 years after the contract for prepayment
was executed;
(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
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 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.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-206)
(This Section may contain text from a Public Act with a
delayed effective date)
Sec. 15-206. When stored-value card presumed abandoned.
(a) Subject to Section 15-210, the net card value of a
stored-value card, other than a payroll card or a gift card, is
presumed abandoned on the latest of 5 years after:
(1) December 31 of the year in which the card is issued
or additional funds are deposited into it;
(2) the most recent indication of interest in the card
by the apparent owner; or
(3) a verification or review of the balance by or on
behalf of the apparent owner.
(b) The amount presumed abandoned in a stored-value card is
the net card value at the time it is presumed abandoned.
(c) However, if a holder has reported and remitted to the
administrator the net card value on a stored-value card
presumed abandoned under this Section and the stored-value card
does not have an expiration date, then the holder must honor
the card on presentation indefinitely and may then request
reimbursement from the administrator under Section 605.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-403)
(This Section may contain text from a Public Act with a
delayed effective date)
Sec. 15-403. When report to be filed.
(a) Except as otherwise provided in subsection (b) and
subject to subsection (c), the report under Section 15-401 must
be filed before November 1 of each year and cover the 12 months
preceding July 1 of that year. Business associations which must
report under this subsection (a) include financial
organizations and insurance companies other than life
insurance companies; all other business associations must file
under subsection (b).
(b) Subject to subsection (c), the report under Section
15-401 to be filed by any business associations that do not
report under subsection (a) , utilities, and life insurance
companies must be filed before May 1 of each year for the
immediately preceding calendar year.
(c) Before the date for filing the report under Section
15-401, the holder of property presumed abandoned may request
the administrator to extend the time for filing. The
administrator may grant an extension. If the extension is
granted, the holder may pay or make a partial payment of the
amount the holder estimates ultimately will be due. The payment
or partial payment terminates accrual of interest on the amount
paid.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-501)
(This Section may contain text from a Public Act with a
delayed effective date)
Sec. 15-501. Notice to apparent owner by holder.
(a) Subject to subsections (b) and (c), the holder of
property presumed abandoned shall send to the apparent owner
notice by first-class United States mail that complies with
Section 15-502 in a format acceptable to the administrator not
more than one year nor less than 60 days before filing the
report under Section 15-401 if:
(1) the holder has in its records an address for the
apparent owner which the holder's records do not disclose
to be invalid and is sufficient to direct the delivery of
first-class United States mail to the apparent owner; and
(2) the value of the property is $50 or more.
(b) If an apparent owner has consented to receive
electronic-mail delivery from the holder, the holder shall send
the notice described in subsection (a) both by first-class
United States mail to the apparent owner's last-known mailing
address and by electronic mail, unless the holder believes that
the apparent owner's electronic-mail address is invalid.
(c) The holder of securities presumed abandoned under
Sections 15-202, 15-203, or 15-208 shall send to the apparent
owner notice by certified United States mail that complies with
Section 15-502 in a format acceptable to the administrator not
less than 60 days before filing the report under Section 15-401
if:
(1) the holder has in its records an address for the
apparent owner which the holder's records do not disclose
to be invalid and is sufficient to direct the delivery of
United States mail to the apparent owner; and
(2) the value of the property is $1,000 or more.
The administrator may issue rules allowing a holder to
deduct reasonable costs incurred in sending a notice by
certified United States mail under this subsection.
(d) In addition to other indications of an apparent owner's
interest in property pursuant to Section 15-210, a signed
return receipt in response to a notice sent pursuant to this
Section by certified United States mail shall constitute a
record communicated by the apparent owner to the holder
concerning the property or the account in which the property is
held.
(e) The administrator may adopt rules allowing a holder to
deduct reasonable costs incurred in sending a notice by United
States mail under this Section.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-502)
(This Section may contain text from a Public Act with a
delayed effective date)
Sec. 15-502. Contents of notice by holder.
(a) Notice under Section 15-501 must contain a heading that
reads substantially as follows: "Notice. The State of Illinois
requires us to notify you that your property may be transferred
to the custody of the State Treasurer administrator if you do
not contact us before (insert date that is 30 days after the
date of this notice).".
(b) The notice under Section 15-501 must:
(1) identify the nature and, except for property that
does not have a fixed value, the value of the property that
is the subject of the notice;
(2) state that the property will be turned over to the
State Treasurer;
(3) state that after the property is turned over to the
State Treasurer an apparent owner that seeks return of the
property may file a claim with the State Treasurer
administrator;
(4) state that property that is not legal tender of the
United States may be sold by the State Treasurer;
(5) provide instructions that the apparent owner must
follow to prevent the holder from reporting and paying or
delivering the property to the State Treasurer; and
(6) provide the name, address, and e-mail address or
telephone number to contact the holder.
(c) The holder may supplement the required information by
listing a website where apparent owners may obtain more
information about how to prevent the holder from reporting and
paying or delivering the property to the State Treasurer.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-503)
(This Section may contain text from a Public Act with a
delayed effective date)
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) 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.
(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.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-602)
(This Section may contain text from a Public Act with a
delayed effective date)
Sec. 15-602. Dormancy charge; escheat fee.
(a) A holder may deduct a dormancy charge or an escheat fee
from property required to be paid or delivered to the
administrator if:
(1) a valid contract between the holder and the
apparent owner authorizes imposition of the charge for the
apparent owner's failure to claim the property within a
specified time; and
(2) the holder regularly imposes the charge and
regularly does not reverse or otherwise cancel the charge.
(b) The amount of the deduction under subsection (a) is
limited to an amount that is not unconscionable considering all
relevant factors, including the marginal transactional costs
incurred by the holder in maintaining the apparent owner's
property and any services received by the apparent owner.
(c) (Blank) A holder may not deduct an escheat fee or other
charges imposed solely by virtue of property being reported as
presumed abandoned.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-606)
(This Section may contain text from a Public Act with a
delayed effective date)
Sec. 15-606. Property removed from safe-deposit box.
Property removed from a safe-deposit box and delivered under
this Act to the administrator under this Act is subject to the
holder's right to reimbursement for the cost of opening the box
and a lien or contract providing reimbursement to the holder
for unpaid rent charges for the box. Upon application by the
holder, and after there are sufficient cash funds available
either from the contents of the box or the sale of the
property, the administrator shall reimburse the holder from the
proceeds after the sale of the property, and after deducting
the expense incurred by the administrator in selling the
property, the administrator shall reimburse the holder from the
proceeds remaining. The administrator shall promulgate
administrative rules concerning the reimbursement process
under this Section.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-607)
(This Section may contain text from a Public Act with a
delayed effective date)
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) Except as provided in subsection (c), interest Interest
on money is not payable to an owner for periods where the
property is in the possession of the administrator.
(c) 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 at
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. 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. 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.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-1002.1)
(This Section may contain text from a Public Act with a
delayed effective date)
Sec. 15-1002.1. Examination of State-regulated financial
organizations institutions.
(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 is
this Act shall be construed to limit the authority of the
Department of Financial and Professional Regulation to examine
financial organizations.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-1302)
(This Section may contain text from a Public Act with a
delayed effective date)
Sec. 15-1302. When agreement to locate property void.
(a) Subject to subsection (b), an agreement under Section
15-1301 is void if it is entered into during the period
beginning on the date the property was presumed abandoned under
this Act and ending 24 months after the payment or delivery of
the property to the administrator.
(b) If a provision in an agreement described in Section
15-1301 applies to mineral proceeds for which compensation is
to be paid to the other person based in whole or in part on a
part of the underlying minerals or mineral proceeds not then
presumed abandoned, the provision is void regardless of when
the agreement was entered into.
(c) An agreement under this Article 13 subsection (a) which
provides for compensation in an amount that is more than 10% of
the amount collected is unenforceable except by the apparent
owner.
(d) An apparent owner or the administrator may assert that
an agreement described in this Article 13 Section is void on a
ground other than it provides for payment of unconscionable
compensation.
(e) A person attempting to collect a contingent fee for
discovering, on behalf of an apparent owner, presumptively
abandoned property must be licensed as a private detective
pursuant to the Private Detective, Private Alarm, Private
Security, Fingerprint Vendor, and Locksmith Act of 2004.
(f) This Section does not apply to an apparent owner's
agreement with an attorney to pursue a claim for recovery of
specifically identified property held by the administrator or
to contest the administrator's denial of a claim for recovery
of the property.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-1401)
(This Section may contain text from a Public Act with a
delayed effective date)
Sec. 15-1401. Confidential information.
(a) Except as otherwise provided provide 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, 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) (b) 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) (c) 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.)
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