Bill Amendment: IL SB0155 | 2015-2016 | 99th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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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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Sen. William R. Haine

Filed: 5/7/2015

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AMENDMENT TO SENATE BILL 155
AMENDMENT NO. ______. Amend Senate Bill 155 by replacing
everything after the enacting clause with the following:
"Section 5. The Uniform Disposition of Unclaimed Property
Act is amended by changing Section 8.1 as follows:
(765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)
Sec. 8.1. Property held by governments.
(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 7 years.
(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

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the effective date of this amendatory Act of 1991 or at any
time thereafter, regardless of when the property became or
becomes presumptively abandoned.
(c) United States savings bonds.
(1) As used in this subsection, "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.
(2) 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, shall
be presumed abandoned when such bond has remained unclaimed
and unredeemed for 5 years after its date of maturity.
(3) United States savings bonds that are presumed
abandoned and unclaimed under paragraph (2), including
bonds in the possession of the State Treasurer, and those
lost, stolen, or destroyed bonds registered to persons with
last known addresses in this State, shall escheat to this
State 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 solely in this State according to
the procedure set forth in paragraphs (4) through (6).
(4) Within 180 days after a United States savings bond

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has been presumed abandoned, in the absence of a claim
having been filed with the State Treasurer for the savings
bond, the State Treasurer shall commence a civil action in
the Circuit Court of Sangamon County for a determination
that the United States savings bond has escheated to this
State. The State Treasurer may postpone the bringing of the
action until sufficient United States savings bonds have
accumulated in the State Treasurer's custody to justify the
expense of the proceedings.
(5) The State Treasurer shall make service by
publication in the civil action in accordance with Sections
2-206 and 2-207 of the Code of Civil Procedure.
(6) If no person files a claim or appears at the
hearing to substantiate a 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 State Treasurer 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.
(7) The State Treasurer shall redeem from the Bureau of
the Fiscal Service of the United States Treasury the United

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States savings bonds escheated to this State and deposit
the proceeds from the redemption of United States savings
bonds into the Unclaimed Property Trust Fund.
(8) Any person making a claim for the United States
savings bonds escheated to this State under this Section,
or for the proceeds from such bonds, may file a claim with
the State Treasurer. Upon providing sufficient proof of the
validity of such person's claim, the State Treasurer may,
in his or her sole discretion, pay such claim less any
expenses and costs incurred by this State in securing full
title and ownership of such property by escheat. If payment
has been made to any claimant, no action thereafter shall
be maintained by any other claimant against this State or
any officer thereof for or on account of such funds.
(Source: P.A. 90-167, eff. 7-23-97; 91-357, eff. 7-29-99.)
Section 99. Effective date. This Act takes effect upon
becoming law.".