Bill Text: IL SB3153 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Revised Uniform Unclaimed Property Act. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner 5 years after the last indication of interest in the property. Provides that a provision regarding when a tax-deferred retirement account is presumed abandoned also applies to a tax-exempt retirement account. Provides that property held in a pension account or retirement account that qualifies for tax deferral or tax exemption may be presumed abandoned if, among other criteria, it is unclaimed by the apparent owner 3 years after the date the apparent owner becomes 72 (rather than 70.5) years of age. Provides that a business association that has no reportable property shall report to the State Treasurer 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. Provides that the State Treasurer does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property under certain circumstances. Provides for the identification of apparent owners of abandoned property using databases of the Secretary of State and the State Board of Elections. Provides for the delivery of reportable virtual currency to the State Treasurer. Makes other changes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3153 Detail]

Download: Illinois-2019-SB3153-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB3153 Introduced 2/6/2020, by Sen. Rachelle Crowe SYNOPSIS AS INTRODUCED:
765 ILCS 1026/15-102
765 ILCS 1026/15-201
765 ILCS 1026/15-202
765 ILCS 1026/15-213
765 ILCS 1026/15-401
765 ILCS 1026/15-503
765 ILCS 1026/15-603
Amends the Revised Uniform Unclaimed Property Act. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner 5 years after the last indication of interest in the property. Provides that a provision regarding when a tax-deferred retirement account is presumed abandoned also applies to a tax-exempt retirement account. Provides that property held in a pension account or retirement account that qualifies for tax deferral or tax exemption may be presumed abandoned if, among other criteria, it is unclaimed by the apparent owner 3 years after the date the apparent owner becomes 72 (rather than 70.5) years of age. Provides that a business association that has no reportable property shall report to the State Treasurer 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. Provides that the State Treasurer does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property under certain circumstances. Provides for the identification of apparent owners of abandoned property using databases of the Secretary of State and the State Board of Elections. Provides for the delivery of reportable virtual currency to the State Treasurer. Makes other changes.
LRB101 17654 LNS 67081 b
A BILL FOR
SB3153 LRB101 17654 LNS 67081 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, 15-202, 15-213,
15-401, 15-503, and 15-603 as follows:
(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
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

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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,

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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

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(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
monetized by the issuer; or
(B) 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.

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(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

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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

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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

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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;

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(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.
(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

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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

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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,
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

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used as a medium of exchange, unit of account, or 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.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18;
101-552, eff. 1-1-20.)
(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:
(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;
(4) a state or municipal bond, bearer bond, or

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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;
(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

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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, 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;

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(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

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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; 100-566, eff. 1-1-18;
101-552, eff. 1-1-20.)
(765 ILCS 1026/15-202)
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

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communication sent by the holder by first-class United
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

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indication to confirm whether the apparent owner is deceased.
(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

SB3153 - 19 - LRB101 17654 LNS 67081 b
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).
(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

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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).

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(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

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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

SB3153 - 23 - LRB101 17654 LNS 67081 b
(2) for paying or delivering to the administrator
property described in the report.
(d) A business association that has no reportable property
shall 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.
(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

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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

SB3153 - 25 - LRB101 17654 LNS 67081 b
(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

SB3153 - 26 - LRB101 17654 LNS 67081 b
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;

SB3153 - 27 - LRB101 17654 LNS 67081 b
(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

SB3153 - 28 - LRB101 17654 LNS 67081 b
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 State Board
of Elections to compare the names and social security
numbers of persons appearing to be owners of abandoned
property under this Section with databases under the
control of the Secretary of State and the State Board of
Elections. Such interagency agreements shall include terms
addressing the protection of confidential information,
data match rules, and other necessary and proper issues.
(2) Except as prohibited by federal law, the Secretary
of State or the State Board of Elections shall 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 administrator may deliver, as provided under

SB3153 - 29 - LRB101 17654 LNS 67081 b
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 the following conditions
are met:
(A) the value of the property that is owed to the
person is $2,000 or less;
(B) the property is not tangible property or
securities;
(C) the last known address of the person according
to the records of the Secretary of State or the State
Board of Elections is less than 12 months old; and
(D) the administrator has evidence sufficient to
establish that the person who appears in the records of
the Secretary of State or the State Board of Elections
is the owner of the property and the owner currently
resides at the last known address provided by the
Secretary of State or the 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

SB3153 - 30 - LRB101 17654 LNS 67081 b
automatically renewable deposit and 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
payment of the property to the administrator is extended until
a penalty or forfeiture no longer would result from 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.

SB3153 - 31 - LRB101 17654 LNS 67081 b
(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 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.)