Bill Text: IL SB2783 | 2015-2016 | 99th General Assembly | Chaptered
Bill Title: Amends the Uniform Disposition of Unclaimed Property Act. Decreases the duration from 7 years to 5 years for unclaimed property held by any federal, State, local government or governmental entity to be presumed abandoned.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2016-07-15 - Public Act . . . . . . . . . 99-0577 [SB2783 Detail]
Download: Illinois-2015-SB2783-Chaptered.html
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Public Act 099-0577 | ||||
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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 Uniform Disposition of Unclaimed Property | ||||
Act is amended by changing Sections 8 and 8.1 as follows:
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(765 ILCS 1025/8) (from Ch. 141, par. 108)
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Sec. 8.
All funds and intangible personal property held for | ||||
the owner by
any court, public authority, or public officer of | ||||
this
State, or a political subdivision thereof, that has | ||||
remained unclaimed by
the owner for more than 5 7 years is | ||||
presumed abandoned.
This Section does not apply to deposits | ||||
made to municipalities as a
condition for the issuance of a | ||||
building permit.
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(Source: P.A. 90-167, eff. 7-23-97.)
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(765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)
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Sec. 8.1. Property held by governments.
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(a) All tangible personal property or intangible personal | ||||
property and all
debts owed or entrusted funds or other | ||||
property held by any federal, state or
local government or | ||||
governmental subdivision, agency, entity, officer or
appointee | ||||
thereof, shall be presumed abandoned if the property has | ||||
remained
unclaimed for 5 7 years.
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(b) This Section applies to all abandoned property held by | ||
any federal,
state or local government or governmental | ||
subdivision, agency, entity, officer
or appointee thereof, on | ||
the effective date of this amendatory Act of 1991 or
at any | ||
time thereafter, regardless of when the property became or | ||
becomes
presumptively abandoned.
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(Source: P.A. 90-167, eff. 7-23-97; 91-357, eff. 7-29-99.)
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