Bill Amendment: IL SB0155 | 2015-2016 | 99th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: UNCLAIMED PROP-SAVINGS BONDS
Status: 2015-12-17 - Public Act . . . . . . . . . 99-0493 [SB0155 Detail]
Download: Illinois-2015-SB0155-Senate_Amendment_001.html
Bill Title: UNCLAIMED PROP-SAVINGS BONDS
Status: 2015-12-17 - Public Act . . . . . . . . . 99-0493 [SB0155 Detail]
Download: Illinois-2015-SB0155-Senate_Amendment_001.html
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| 1 | AMENDMENT TO SENATE BILL 155
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 155 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 8.1 as follows:
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| 6 | (765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)
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| 7 | Sec. 8.1. Property held by governments.
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| 8 | (a) All tangible personal property or intangible personal | ||||||
| 9 | property and all
debts owed or entrusted funds or other | ||||||
| 10 | property held by any federal, state or
local government or | ||||||
| 11 | governmental subdivision, agency, entity, officer or
appointee | ||||||
| 12 | thereof, shall be presumed abandoned if the property has | ||||||
| 13 | remained
unclaimed for 7 years.
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| 14 | (b) This Section applies to all abandoned property held by | ||||||
| 15 | any federal,
state or local government or governmental | ||||||
| 16 | subdivision, agency, entity, officer
or appointee thereof, on | ||||||
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| 1 | the effective date of this amendatory Act of 1991 or
at any | ||||||
| 2 | time thereafter, regardless of when the property became or | ||||||
| 3 | becomes
presumptively abandoned.
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| 4 | (c) United States savings bonds. | ||||||
| 5 | (1) Notwithstanding any provision of this Act to the | ||||||
| 6 | contrary, a United States savings bond that has fully | ||||||
| 7 | matured and has ceased bearing interest and that is | ||||||
| 8 | presumed abandoned under this Section shall escheat to the | ||||||
| 9 | State and all property rights to the United States savings | ||||||
| 10 | bond or proceeds from the bond shall vest solely in the | ||||||
| 11 | State of Illinois. | ||||||
| 12 | (2) Within 180 days after a United States savings bond | ||||||
| 13 | has been presumed abandoned, in the absence of a claim | ||||||
| 14 | having been filed with the Treasurer for the savings bond, | ||||||
| 15 | the Treasurer shall commence a civil action in the Circuit | ||||||
| 16 | Court of Sangamon County for a determination that the | ||||||
| 17 | savings bond has escheated to the State. The Treasurer may | ||||||
| 18 | postpone the bringing of the action until sufficient | ||||||
| 19 | savings bonds have accumulated in the Treasurer's custody | ||||||
| 20 | to justify the expense of the proceedings. | ||||||
| 21 | (3) If no person files a claim or appears at the | ||||||
| 22 | hearing to substantiate a claim or if the court determines | ||||||
| 23 | that a claimant is not entitled to the property claimed by | ||||||
| 24 | the claimant, then the court, if satisfied by evidence that | ||||||
| 25 | the Treasurer has substantially complied with the laws of | ||||||
| 26 | this State, shall enter a judgment that the United States | ||||||
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| 1 | savings bond has escheated to the State. | ||||||
| 2 | (4) The Treasurer shall redeem from the Bureau of the | ||||||
| 3 | Fiscal Service of the United States Treasury the United | ||||||
| 4 | States savings bonds escheated to the State and deposit the | ||||||
| 5 | proceeds from the redemption of United States savings bonds | ||||||
| 6 | into the Unclaimed Property Trust Fund. | ||||||
| 7 | (Source: P.A. 90-167, eff. 7-23-97; 91-357, eff. 7-29-99.)".
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