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_002.html
Bill Title: UNCLAIMED PROP-SAVINGS BONDS
Status: 2015-12-17 - Public Act . . . . . . . . . 99-0493 [SB0155 Detail]
Download: Illinois-2015-SB0155-Senate_Amendment_002.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) As used in this subsection, "United States savings | ||||||
6 | bond" means property, tangible or intangible, in the form | ||||||
7 | of a savings bond issued by the United States Treasury, | ||||||
8 | whether in paper, electronic, or paperless form, along with | ||||||
9 | all proceeds thereof. | ||||||
10 | (2) Notwithstanding any provision of this Act to the | ||||||
11 | contrary, a United States savings bond subject to this | ||||||
12 | Section or held or owing in this State by any person, shall | ||||||
13 | be presumed abandoned when such bond has remained unclaimed | ||||||
14 | and unredeemed for 5 years after its date of maturity. | ||||||
15 | (3) United States savings bonds that are presumed | ||||||
16 | abandoned and unclaimed under paragraph (2), including | ||||||
17 | bonds in the possession of the State Treasurer, and those | ||||||
18 | lost, stolen, or destroyed bonds registered to persons with | ||||||
19 | last known addresses in this State, shall escheat to this | ||||||
20 | State and all property rights and legal title to and | ||||||
21 | ownership of the United States savings bonds, or proceeds | ||||||
22 | from the bonds, including all rights, powers, and | ||||||
23 | privileges of survivorship of any owner, co-owner, or | ||||||
24 | beneficiary, shall vest solely in this State according to | ||||||
25 | the procedure set forth in paragraphs (4) through (6). | ||||||
26 | (4) Within 180 days after a United States savings bond |
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1 | has been presumed abandoned, in the absence of a claim | ||||||
2 | having been filed with the State Treasurer for the savings | ||||||
3 | bond, the State Treasurer shall commence a civil action in | ||||||
4 | the Circuit Court of Sangamon County for a determination | ||||||
5 | that the United States savings bond has escheated to this | ||||||
6 | State. The State Treasurer may postpone the bringing of the | ||||||
7 | action until sufficient United States savings bonds have | ||||||
8 | accumulated in the State Treasurer's custody to justify the | ||||||
9 | expense of the proceedings. | ||||||
10 | (5) The State Treasurer shall make service by | ||||||
11 | publication in the civil action in accordance with Sections | ||||||
12 | 2-206 and 2-207 of the Code of Civil Procedure. | ||||||
13 | (6) If no person files a claim or appears at the | ||||||
14 | hearing to substantiate a claim or if the court determines | ||||||
15 | that a claimant is not entitled to the property claimed by | ||||||
16 | the claimant, then the court, if satisfied by evidence that | ||||||
17 | the State Treasurer has substantially complied with the | ||||||
18 | laws of this State, shall enter a judgment that the United | ||||||
19 | States savings bonds have escheated to this State, and all | ||||||
20 | property rights and legal title to and ownership of such | ||||||
21 | United States savings bonds or proceeds from such bonds, | ||||||
22 | including all rights, powers, and privileges of | ||||||
23 | survivorship of any owner, co-owner, or beneficiary, shall | ||||||
24 | vest in this State. | ||||||
25 | (7) The State Treasurer shall redeem from the Bureau of | ||||||
26 | the Fiscal Service of the United States Treasury the United |
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1 | States savings bonds escheated to this State and deposit | ||||||
2 | the proceeds from the redemption of United States savings | ||||||
3 | bonds into the Unclaimed Property Trust Fund. | ||||||
4 | (8) Any person making a claim for the United States | ||||||
5 | savings bonds escheated to this State under this Section, | ||||||
6 | or for the proceeds from such bonds, may file a claim with | ||||||
7 | the State Treasurer. Upon providing sufficient proof of the | ||||||
8 | validity of such person's claim, the State Treasurer may, | ||||||
9 | in his or her sole discretion, pay such claim less any | ||||||
10 | expenses and costs incurred by this State in securing full | ||||||
11 | title and ownership of such property by escheat. If payment | ||||||
12 | has been made to any claimant, no action thereafter shall | ||||||
13 | be maintained by any other claimant against this State or | ||||||
14 | any officer thereof for or on account of such funds. | ||||||
15 | (Source: P.A. 90-167, eff. 7-23-97; 91-357, eff. 7-29-99.)
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16 | Section 99. Effective date. This Act takes effect upon | ||||||
17 | becoming law.".
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