Bill Text: IL SB1988 | 2013-2014 | 98th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the State Officials and Employees Ethics Act. Makes a technical change in a Section concerning the short title.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2013-08-16 - Public Act . . . . . . . . . 98-0495 [SB1988 Detail]
Download: Illinois-2013-SB1988-Amended.html
Bill Title: Amends the State Officials and Employees Ethics Act. Makes a technical change in a Section concerning the short title.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2013-08-16 - Public Act . . . . . . . . . 98-0495 [SB1988 Detail]
Download: Illinois-2013-SB1988-Amended.html
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1 | AMENDMENT TO SENATE BILL 1988
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2 | AMENDMENT NO. ______. Amend Senate Bill 1988 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Uniform Disposition of Unclaimed Property | ||||||
5 | Act is amended by changing Section 11 as follows:
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6 | (765 ILCS 1025/11) (from Ch. 141, par. 111)
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7 | Sec. 11. Report of holder.
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8 | (a) Except as otherwise provided in
subsection (c) of | ||||||
9 | Section
4, every person holding funds or other property, | ||||||
10 | tangible or intangible,
presumed abandoned under this Act shall | ||||||
11 | report and remit all abandoned property
specified in the report | ||||||
12 | to the State Treasurer with respect to the property as
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13 | hereinafter provided. The State Treasurer may exempt any | ||||||
14 | businesses from the
reporting requirement if he deems such | ||||||
15 | businesses unlikely to be holding
unclaimed property.
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16 | (b) The information shall be obtained in one or more |
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1 | reports as required
by the State Treasurer. The information | ||||||
2 | shall be verified and shall include:
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3 | (1) the name, social security or federal tax | ||||||
4 | identification number,
if known, and last known address, | ||||||
5 | including zip code, of each
person appearing from the | ||||||
6 | records of the holder to be the owner of any
property of | ||||||
7 | the value of $5 $25 or more presumed abandoned under this | ||||||
8 | Act;
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9 | (2) in case of unclaimed funds of life insurance | ||||||
10 | corporations the
full name of the insured and any | ||||||
11 | beneficiary or annuitant and the
last known address | ||||||
12 | according to the life insurance corporation's records;
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13 | (3) the date when the property became payable, | ||||||
14 | demandable, or
returnable, and the date of the last | ||||||
15 | transaction with the owner with
respect to the property; | ||||||
16 | and
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17 | (4) other information which the State Treasurer | ||||||
18 | prescribes by rule as
necessary for the administration of | ||||||
19 | this Act.
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20 | (c) If the person holding property presumed abandoned is a | ||||||
21 | successor
to other persons who previously held the property for | ||||||
22 | the owner, or if
the holder has changed his name while holding | ||||||
23 | the property, he shall
file with his report all prior known | ||||||
24 | names and addresses of each holder
of the property.
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25 | (d) The report and remittance of the property specified in | ||||||
26 | the
report shall be filed by banking organizations, financial |
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1 | organizations,
insurance companies other than life insurance | ||||||
2 | corporations, and governmental
entities before November 1 of | ||||||
3 | each year as of June 30 next preceding.
The report and | ||||||
4 | remittance of the property specified in the report shall be
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5 | filed by business associations, utilities, and life insurance | ||||||
6 | corporations
before May 1 of each year as of December 31 next | ||||||
7 | preceding. The Director may
postpone the reporting date upon | ||||||
8 | written request by any person required to file
a report. The | ||||||
9 | report and remittance of the property specified in the report | ||||||
10 | for property subject to subsection (a) of Section 3a of this | ||||||
11 | Act shall be filed before a date established by the State | ||||||
12 | Treasurer that is on or after the later of: (i) 30 days after | ||||||
13 | the effective date of this amendatory Act of the 94th General | ||||||
14 | Assembly; or (ii) November 1, 2005.
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15 | (d-5) Notwithstanding the foregoing, currency exchanges | ||||||
16 | shall be required
to report and remit property specified in the | ||||||
17 | report within 30 days after the
conclusion of its annual | ||||||
18 | examination by the Department of Financial
Institutions.
As | ||||||
19 | part of the examination of a currency exchange, the Department | ||||||
20 | of Financial
Institutions shall instruct the currency exchange | ||||||
21 | to submit a complete
unclaimed
property report using the State | ||||||
22 | Treasurer's formatted diskette reporting
program or an | ||||||
23 | alternative reporting format approved by the State Treasurer.
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24 | The Department of Financial Institutions shall provide the | ||||||
25 | State Treasurer with
an accounting of the money orders located | ||||||
26 | in the course of the annual
examination including, where |
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1 | available, the amount of service fees deducted and
the date of | ||||||
2 | the
conclusion of the examination.
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3 | (e) Before filing the annual report, the holder of property | ||||||
4 | presumed
abandoned under this Act shall communicate with the | ||||||
5 | owner at his last known
address if any address is known to the | ||||||
6 | holder, setting forth the provisions
hereof necessary to occur | ||||||
7 | in order to prevent abandonment from being presumed.
If the | ||||||
8 | holder has not communicated with the owner at his last known | ||||||
9 | address at
least 120 days before the deadline for filing the | ||||||
10 | annual report, the holder
shall mail, at least 60 days before | ||||||
11 | that deadline, a letter by first class mail
to the owner at his | ||||||
12 | last known address unless any address
is shown to be | ||||||
13 | inaccurate, setting forth the provisions hereof
necessary to | ||||||
14 | prevent abandonment from being presumed.
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15 | (f) Verification, if made by a partnership, shall be | ||||||
16 | executed by a
partner; if made by an unincorporated association | ||||||
17 | or private
corporation, by an officer; and if made by a public | ||||||
18 | corporation, by its
chief fiscal officer.
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19 | (g) Any person who has possession of property which he has | ||||||
20 | reason to
believe will be reportable in the future as unclaimed | ||||||
21 | property, may
report and deliver it prior to the date required | ||||||
22 | for such reporting in
accordance with this Section and is then | ||||||
23 | relieved of responsibility as
provided in Section 14.
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24 | (h) (1) Records pertaining to presumptively abandoned | ||||||
25 | property held by a
trust
division or trust department or by a | ||||||
26 | trust company, or affiliate of any of the
foregoing that |
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1 | provides nondealer corporate custodial services for securities
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2 | or securities transactions, organized under the laws of this or | ||||||
3 | another state
or the United States shall be retained until the | ||||||
4 | property is delivered to the
State Treasurer.
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5 | As of January 1, 1998, this subdivision (h)(1) shall not be | ||||||
6 | applicable
unless the Department of Financial Institutions has | ||||||
7 | commenced, but
not finalized, an examination of the
holder as | ||||||
8 | of that date and the property is included in a final | ||||||
9 | examination
report for the period covered by the examination.
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10 | (2) In the case of all other holders commencing on the | ||||||
11 | effective date of
this amendatory Act of 1993, property records | ||||||
12 | for the period required for
presumptive abandonment plus the 9 | ||||||
13 | years immediately preceding the beginning of
that period shall | ||||||
14 | be retained for 5 years after the property was reportable.
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15 | (i) The State Treasurer may promulgate rules establishing
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16 | the format and media to be used by a holder in submitting | ||||||
17 | reports required
under this Act.
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18 | (j) Other than the Notice to Owners required by Section 12 | ||||||
19 | and other
discretionary means employed by the State Treasurer | ||||||
20 | for notifying owners of the
existence of abandoned property, | ||||||
21 | the State Treasurer shall not disclose any
information provided | ||||||
22 | in reports filed with the State Treasurer or any
information | ||||||
23 | obtained in the course of an examination by the State Treasurer | ||||||
24 | to
any person other than governmental agencies for the purposes | ||||||
25 | of returning
abandoned property to its owners or to those | ||||||
26 | individuals who appear to be the
owner of the property or |
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1 | otherwise have a valid claim to the property, unless
written | ||||||
2 | consent from the person entitled to the property is obtained by | ||||||
3 | the
State Treasurer.
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4 | (Source: P.A. 93-531, eff. 8-14-03; 94-686, eff. 11-2-05.)
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5 | Section 99. Effective date. This Act takes effect upon | ||||||
6 | becoming law.".
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