Bill Text: IL HB4796 | 2013-2014 | 98th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Uniform Disposition of Unclaimed Property Act. Makes a technical change in a Section concerning definitions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB4796 Detail]
Download: Illinois-2013-HB4796-Introduced.html
Bill Title: Amends the Uniform Disposition of Unclaimed Property Act. Makes a technical change in a Section concerning definitions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB4796 Detail]
Download: Illinois-2013-HB4796-Introduced.html
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| 1 | AN ACT concerning civil law.
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| 2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
| 3 | represented in the General Assembly:
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| 4 | Section 5. The Uniform Disposition of Unclaimed Property | |||||||||||||||||||
| 5 | Act is amended by changing Section 1 as follows:
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| 6 | (765 ILCS 1025/1) (from Ch. 141, par. 101)
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| 7 | Sec. 1. As used in this Act, unless the context otherwise | |||||||||||||||||||
| 8 | requires:
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| 9 | (a) "Banking organization" means any bank, trust company, | |||||||||||||||||||
| 10 | savings bank,
industrial bank, land bank, safe deposit company, | |||||||||||||||||||
| 11 | or a private banker.
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| 12 | (b) "Business association" means any corporation, joint | |||||||||||||||||||
| 13 | stock company,
business trust, partnership, or any
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| 14 | association, limited liability company, or other business | |||||||||||||||||||
| 15 | entity consisting
of one or more persons, whether or not for | |||||||||||||||||||
| 16 | profit.
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| 17 | (c) "Financial organization" means any savings and
and loan | |||||||||||||||||||
| 18 | association,
building and loan association, credit union, | |||||||||||||||||||
| 19 | currency exchange,
co-operative bank, mutual funds, or | |||||||||||||||||||
| 20 | investment company. | |||||||||||||||||||
| 21 | (d) "Holder" means any person in possession of property | |||||||||||||||||||
| 22 | subject to this
Act belonging to another, or who is trustee in | |||||||||||||||||||
| 23 | case of a trust, or is
indebted to another on an obligation | |||||||||||||||||||
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| 1 | subject to this Act.
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| 2 | (e) "Life insurance corporation" means any association or | ||||||
| 3 | corporation
transacting the business of insurance on the lives | ||||||
| 4 | of
persons or insurance appertaining thereto, including, but | ||||||
| 5 | not by way of
limitation, endowments and annuities.
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| 6 | (f) "Owner" means a depositor in case of a deposit, a | ||||||
| 7 | beneficiary in
case of a trust, a creditor, claimant, or payee | ||||||
| 8 | in case of other property, or any person having a legal or | ||||||
| 9 | equitable interest in property
subject to this Act, or his | ||||||
| 10 | legal representative.
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| 11 | (g) "Person" means any individual, business association, | ||||||
| 12 | financial
organization, government or
political subdivision or | ||||||
| 13 | agency, public authority,
estate, trust, or any other legal or
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| 14 | commercial entity.
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| 15 | (h) "Utility" means any person who owns or operates,
for | ||||||
| 16 | public use, any plant, equipment, property, franchise, or | ||||||
| 17 | license for
the transmission of communications or the | ||||||
| 18 | production, storage,
transmission, sale, delivery, or | ||||||
| 19 | furnishing of electricity, water,
steam, oil or gas.
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| 20 | (i) (Blank).
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| 21 | (j) "Insurance company" means any person transacting the | ||||||
| 22 | kinds of
business enumerated in Section 4 of the Illinois | ||||||
| 23 | Insurance Code other than
life insurance.
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| 24 | (k) "Economic loss", as used in Sections 2a and 9 of this | ||||||
| 25 | Act includes,
but is not limited to,
delivery charges, | ||||||
| 26 | mark-downs and write-offs, carrying
costs, restocking charges, | ||||||
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| 1 | lay-aways, special orders, issuance of credit memos,
and the | ||||||
| 2 | costs of special services or goods
provided that reduce the | ||||||
| 3 | property value or that result in lost sales
opportunity.
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| 4 | (l) "Reportable property" means property, tangible or | ||||||
| 5 | intangible, presumed
abandoned under this Act that must be | ||||||
| 6 | appropriately and timely reported and
remitted to the Office of | ||||||
| 7 | the State Treasurer under this
Act. Interest, dividends, stock | ||||||
| 8 | splits,
warrants, or other rights that become reportable | ||||||
| 9 | property under this Act
include the underlying security or | ||||||
| 10 | commodity giving rise to the interest,
dividend, split, | ||||||
| 11 | warrant, or other right to which the owner would be entitled.
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| 12 | (m) "Firearm" has the meaning ascribed to that term in the | ||||||
| 13 | Firearm Owners
Identification Card Act.
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| 14 | (Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99; 91-748, | ||||||
| 15 | eff. 6-2-00.)
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