Bill Title: Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property that is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Provides that a corporate bond (rather than a state or municipal bond) is presumed abandoned 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. Requires a holder who cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated to promptly notify the administrator in writing. Allows the administrator to direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator, or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated or there is an indication of apparent owner interest. Requires compliance with the Act before exercising exclusive judicial remedy. Requires any appeal from the administrator's decision to be taken under the provisions of the Administrative Review Law. Provides that provisions governing void agreements does not apply to an apparent owner's agreement with specified CPA firms or their affiliates. Makes other changes.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2024-08-09 - Public Act . . . . . . . . . 103-0977 [SB3343 Detail]

Text: Latest bill text (Chaptered) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Robert Martwick [D]	Primary	Sponsored Bills	SD-010	FollowTheMoney	Ballotpedia	VoteSmart
Senator Michael Hastings [D]	Cosponsor	Sponsored Bills	SD-019	FollowTheMoney	Ballotpedia	VoteSmart
Representative Marcus Evans [D]	Primary	Sponsored Bills	HD-033	FollowTheMoney	Ballotpedia	VoteSmart

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