Bill Text: IL HB1875 | 2013-2014 | 98th General Assembly | Amended


Bill Title: Amends the General Assembly Organization Act. Makes a technical change in a Section concerning the deposit of books, bills, documents, and papers with the Secretary of State.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB1875 Detail]

Download: Illinois-2013-HB1875-Amended.html

Rep. Jeanne M Ives

Filed: 4/12/2013

09800HB1875ham001LRB098 05856 HEP 44425 a
1
AMENDMENT TO HOUSE BILL 1875
2 AMENDMENT NO. ______. Amend House Bill 1875 by replacing
3everything after the enacting clause with the following:
4 "Section 5. The Uniform Disposition of Unclaimed Property
5Act is amended by changing Section 11 and by adding Section
611.3 as follows:
7 (765 ILCS 1025/11) (from Ch. 141, par. 111)
8 Sec. 11. Report of holder.
9 (a) Except as otherwise provided in subsection (c) of
10Section 4, every person holding funds or other property,
11tangible or intangible, presumed abandoned under this Act shall
12report and remit all abandoned property specified in the report
13to the State Treasurer with respect to the property as
14hereinafter provided. The State Treasurer may exempt any
15businesses from the reporting requirement if he deems such
16businesses unlikely to be holding unclaimed property.

09800HB1875ham001- 2 -LRB098 05856 HEP 44425 a
1 (b) The information shall be obtained in one or more
2reports as required by the State Treasurer. The information
3shall be verified and shall include:
4 (1) the name, social security or federal tax
5 identification number, if known, and last known address,
6 including zip code, of each person appearing from the
7 records of the holder to be the owner of any property of
8 the value of $25 or more presumed abandoned under this Act;
9 (2) in case of unclaimed funds of life insurance
10 corporations the full name of the insured and any
11 beneficiary or annuitant and the last known address
12 according to the life insurance corporation's records;
13 (3) the date when the property became payable,
14 demandable, or returnable, and the date of the last
15 transaction with the owner with respect to the property;
16 and
17 (4) other information which the State Treasurer
18 prescribes by rule as necessary for the administration of
19 this Act.
20 (c) If the person holding property presumed abandoned is a
21successor to other persons who previously held the property for
22the owner, or if the holder has changed his name while holding
23the property, he shall file with his report all prior known
24names and addresses of each holder of the property.
25 (d) The report and remittance of the property specified in
26the report shall be filed by banking organizations, financial

09800HB1875ham001- 3 -LRB098 05856 HEP 44425 a
1organizations, insurance companies other than life insurance
2corporations, and governmental entities before November 1 of
3each year as of June 30 next preceding. The report and
4remittance of the property specified in the report shall be
5filed by business associations, utilities, and life insurance
6corporations before May 1 of each year as of December 31 next
7preceding. The Director may postpone the reporting date upon
8written request by any person required to file a report. The
9report and remittance of the property specified in the report
10for property subject to subsection (a) of Section 3a of this
11Act shall be filed before a date established by the State
12Treasurer that is on or after the later of: (i) 30 days after
13the effective date of this amendatory Act of the 94th General
14Assembly; or (ii) November 1, 2005.
15 (d-5) Notwithstanding the foregoing, currency exchanges
16shall be required to report and remit property specified in the
17report within 30 days after the conclusion of its annual
18examination by the Department of Financial Institutions. As
19part of the examination of a currency exchange, the Department
20of Financial Institutions shall instruct the currency exchange
21to submit a complete unclaimed property report using the State
22Treasurer's formatted diskette reporting program or an
23alternative reporting format approved by the State Treasurer.
24The Department of Financial Institutions shall provide the
25State Treasurer with an accounting of the money orders located
26in the course of the annual examination including, where

09800HB1875ham001- 4 -LRB098 05856 HEP 44425 a
1available, the amount of service fees deducted and the date of
2the conclusion of the examination.
3 (e) Before filing the annual report, the holder of property
4presumed abandoned under this Act shall communicate with the
5owner at his last known address if any address is known to the
6holder, setting forth the provisions hereof necessary to occur
7in order to prevent abandonment from being presumed. If the
8holder has not communicated with the owner at his last known
9address at least 120 days before the deadline for filing the
10annual report, the holder shall mail, at least 60 days before
11that deadline, a letter by first class mail to the owner at his
12last known address unless any address is shown to be
13inaccurate, setting forth the provisions hereof necessary to
14prevent abandonment from being presumed. At least one
15communication made under this subsection (e) shall be by
16certified mail.
17 (f) Verification, if made by a partnership, shall be
18executed by a partner; if made by an unincorporated association
19or private corporation, by an officer; and if made by a public
20corporation, by its chief fiscal officer.
21 (g) Any person who has possession of property which he has
22reason to believe will be reportable in the future as unclaimed
23property, may report and deliver it prior to the date required
24for such reporting in accordance with this Section and is then
25relieved of responsibility as provided in Section 14.
26 (h) (1) Records pertaining to presumptively abandoned

09800HB1875ham001- 5 -LRB098 05856 HEP 44425 a
1property held by a trust division or trust department or by a
2trust company, or affiliate of any of the foregoing that
3provides nondealer corporate custodial services for securities
4or securities transactions, organized under the laws of this or
5another state or the United States shall be retained until the
6property is delivered to the State Treasurer.
7 As of January 1, 1998, this subdivision (h)(1) shall not be
8applicable unless the Department of Financial Institutions has
9commenced, but not finalized, an examination of the holder as
10of that date and the property is included in a final
11examination report for the period covered by the examination.
12 (2) In the case of all other holders commencing on the
13effective date of this amendatory Act of 1993, property records
14for the period required for presumptive abandonment plus the 9
15years immediately preceding the beginning of that period shall
16be retained for 5 years after the property was reportable.
17 (i) The State Treasurer may promulgate rules establishing
18the format and media to be used by a holder in submitting
19reports required under this Act.
20 (j) Other than the Notice to Owners required by Section 12
21and other discretionary means employed by the State Treasurer
22for notifying owners of the existence of abandoned property,
23the State Treasurer shall not disclose any information provided
24in reports filed with the State Treasurer or any information
25obtained in the course of an examination by the State Treasurer
26to any person other than governmental agencies for the purposes

09800HB1875ham001- 6 -LRB098 05856 HEP 44425 a
1of returning abandoned property to its owners or to those
2individuals who appear to be the owner of the property or
3otherwise have a valid claim to the property, unless written
4consent from the person entitled to the property is obtained by
5the State Treasurer.
6(Source: P.A. 93-531, eff. 8-14-03; 94-686, eff. 11-2-05.)
7 (765 ILCS 1025/11.3 new)
8 Sec. 11.3. Department of Revenue databases.
9 (a) The following shall be completed at least 45 days
10before any report and remittance is made under this Act:
11 (1) the holder of property shall notify the State
12 Treasurer that the holder believes the property is subject
13 to being reported and remitted under this Act and shall
14 provide the State Treasurer with the information contained
15 in paragraphs (1) through (4) of subsection (b) of Section
16 11 of this Act;
17 (2) the State Treasurer shall provide the Department of
18 Revenue with the information provided by the holder;
19 (3) the Department of Revenue shall use its databases
20 to attempt to locate the owner of the abandoned property
21 and shall notify the State Treasurer if it was able to
22 locate the owner of the property;
23 (4) if the Department of Revenue locates the owner of
24 the property, the Department of Revenue shall provide the
25 State Treasurer with the location of the owner of the

09800HB1875ham001- 7 -LRB098 05856 HEP 44425 a
1 abandoned property; and
2 (5) the State Treasurer shall send, by first class
3 mail, a notice to the owner of abandoned property informing
4 the owner (i) that the property is subject to remittance
5 under this Act; and (ii) how to contact the holder and
6 retrieve the property.
7 (b) The State Treasurer shall adopt rules to implement this
8amendatory Act of the 98th General Assembly.".
feedback