Bill Text: IL HB5143 | 2023-2024 | 103rd General Assembly | Engrossed

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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. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond). Provides that the address of the owner of other property where ownership vests in a beneficiary upon the death of the owner is presumed to be the address of the deceased owner if the address of the beneficiary is not known by the holder and cannot be determined otherwise. Requires the administrator to publish notice twice every year (rather than once every 6 months). Provides that, if a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, the holder shall promptly notify the administrator in writing and explain the reasons why the virtual currency cannot be liquidated. 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. Provides that a provision regarding void agreements does not apply to an apparent owner's agreement with a CPA firm or with an affiliate of such firm under certain conditions. Makes other changes.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Engrossed) 2024-04-17 - Referred to Assignments [HB5143 Detail]

Download: Illinois-2023-HB5143-Engrossed.html

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AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Officers and Employees Money
Disposition Act is amended by changing Section 2 as follows:
(30 ILCS 230/2) (from Ch. 127, par. 171)
Sec. 2. Accounts of money received; payment into State
treasury.
(a) Every officer, board, commission, commissioner,
department, institution, arm or agency brought within the
provisions of this Act by Section 1 shall keep in proper books
a detailed itemized account of all moneys received for or on
behalf of the State of Illinois, showing the date of receipt,
the payor, and purpose and amount, and the date and manner of
disbursement as hereinafter provided, and, unless a different
time of payment is expressly provided by law or by rules or
regulations promulgated under subsection (b) of this Section,
shall pay into the State treasury the gross amount of money so
received on the day of actual physical receipt with respect to
any single item of receipt exceeding $10,000, within 24 hours
of actual physical receipt with respect to an accumulation of
receipts of $10,000 or more, or within 48 hours of actual
physical receipt with respect to an accumulation of receipts

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exceeding $500 but less than $10,000, disregarding holidays,
Saturdays and Sundays, after the receipt of same, without any
deduction on account of salaries, fees, costs, charges,
expenses or claims of any description whatever; provided that:
(1) the provisions of (i) Section 2505-475 of the
Department of Revenue Law, (ii) any specific taxing
statute authorizing a claim for credit procedure instead
of the actual making of refunds, (iii) Section 505 of the
Illinois Controlled Substances Act, (iv) Section 85 of the
Methamphetamine Control and Community Protection Act,
authorizing the Director of the Illinois State Police to
dispose of forfeited property, which includes the sale and
disposition of the proceeds of the sale of forfeited
property, and the Department of Central Management
Services to be reimbursed for costs incurred with the
sales of forfeited vehicles, boats or aircraft and to pay
to bona fide or innocent purchasers, conditional sales
vendors or mortgagees of such vehicles, boats or aircraft
their interest in such vehicles, boats or aircraft, and
(v) Section 6b-2 of the State Finance Act, establishing
procedures for handling cash receipts from the sale of
pari-mutuel wagering tickets, shall not be deemed to be in
conflict with the requirements of this Section;
(2) any fees received by the State Registrar of Vital
Records pursuant to the Vital Records Act which are
insufficient in amount may be returned by the Registrar as

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provided in that Act;
(3) any fees received by the Department of Public
Health under the Food Handling Regulation Enforcement Act
that are submitted for renewal of an expired food service
sanitation manager certificate may be returned by the
Director as provided in that Act;
(3.5) examiners of unclaimed property which 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 the State Treasurer
may permit the deduction of fees by third-party unclaimed
property examiners from the property recovered by the
examiners for the State of Illinois during examinations of
holders located outside the State under which the Office
of the Treasurer has agreed to pay for the examinations
based upon a percentage, in accordance with the Revised
Uniform Unclaimed Property Act, of the property recovered
during the examination; and
(4) if the amount of money received does not exceed
$500, such money may be retained and need not be paid into
the State treasury until the total amount of money so
received exceeds $500, or until the next succeeding 1st or
15th day of each month (or until the next business day if
these days fall on Sunday or a holiday), whichever is

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earlier, at which earlier time such money shall be paid
into the State treasury, except that if a local bank or
savings and loan association account has been authorized
by law, any balances shall be paid into the State treasury
on Monday of each week if more than $500 is to be deposited
in any fund.
Single items of receipt exceeding $10,000 received after 2
p.m. on a working day may be deemed to have been received on
the next working day for purposes of fulfilling the
requirement that the item be deposited on the day of actual
physical receipt.
No money belonging to or left for the use of the State
shall be expended or applied except in consequence of an
appropriation made by law and upon the warrant of the State
Comptroller. However, payments made by the Comptroller to
persons by direct deposit need not be made upon the warrant of
the Comptroller, but if not made upon a warrant, shall be made
in accordance with Section 9.02 of the State Comptroller Act.
All moneys so paid into the State treasury shall, unless
required by some statute to be held in the State treasury in a
separate or special fund, be covered into the General Revenue
Fund in the State treasury. Moneys received in the form of
checks, drafts or similar instruments shall be properly
endorsed, if necessary, and delivered to the State Treasurer
for collection. The State Treasurer shall remit such collected
funds to the depositing officer, board, commission,

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commissioner, department, institution, arm or agency by
Treasurers Draft or through electronic funds transfer. The
draft or notification of the electronic funds transfer shall
be provided to the State Comptroller to allow deposit into the
appropriate fund.
(b) Different time periods for the payment of public funds
into the State treasury or to the State Treasurer, in excess of
the periods established in subsection (a) of this Section, but
not in excess of 30 days after receipt of such funds, may be
established and revised from time to time by rules or
regulations promulgated jointly by the State Treasurer and the
State Comptroller in accordance with the Illinois
Administrative Procedure Act. The different time periods
established by rule or regulation under this subsection may
vary according to the nature and amounts of the funds
received, the locations at which the funds are received,
whether compliance with the deposit requirements specified in
subsection (a) of this Section would be cost effective, and
such other circumstances and conditions as the promulgating
authorities consider to be appropriate. The Treasurer and the
Comptroller shall review all such different time periods
established pursuant to this subsection every 2 years from the
establishment thereof and upon such review, unless it is
determined that it is economically unfeasible for the agency
to comply with the provisions of subsection (a), shall repeal
such different time period.

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(Source: P.A. 102-538, eff. 8-20-21.)
Section 7. The Illinois Trust Code is amended by changing
Sections 809 and 810 as follows:
(760 ILCS 3/809)
Sec. 809. Control and protection of trust property. A
trustee shall take reasonable steps to take control of and
protect the trust property, including searching for and
claiming any unclaimed or presumptively abandoned property. If
a corporation is acting as co-trustee with one or more
individuals, the corporate trustee shall have custody of the
trust estate unless all the trustees otherwise agree.
(Source: P.A. 101-48, eff. 1-1-20.)
(760 ILCS 3/810)
Sec. 810. Recordkeeping and identification of trust
property.
(a) A trustee shall keep adequate records of the
administration of the trust.
(b) A trustee shall keep trust property separate from the
trustee's own property.
(c) Except as otherwise provided in subsection (d), a
trustee not subject to federal or state banking regulation
shall cause the trust property to be designated so that the
interest of the trust, to the extent feasible, appears in

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records maintained by a party other than a trustee or
beneficiary to whom the trustee has delivered the property.
(d) If the trustee maintains records clearly indicating
the respective interests, a trustee may invest as a whole the
property of 2 or more separate trusts.
(e) A trustee shall maintain or cause to be maintained
trust records for a minimum of 7 years after the dissolution of
the trust.
(f) Prior to the destruction of trust records, a trustee
shall conduct a reasonable search for any trust property that
is presumptively abandoned or that has been reported and
remitted to a state unclaimed property administrator.
(Source: P.A. 101-48, eff. 1-1-20.)
Section 10. The Revised Uniform Unclaimed Property Act is
amended by changing Sections 15-201, 15-301, 15-501, 15-503,
15-603, 15-903, 15-906, and 15-1302 as follows:
(765 ILCS 1026/15-201)
Sec. 15-201. When property presumed abandoned. Subject to
Section 15-210, the following property is presumed abandoned
if it is unclaimed by the apparent owner during the period
specified below:
(1) a traveler's check, 15 years after issuance;
(2) a money order, 5 years after issuance;
(3) any instrument on which a financial organization

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or business association is directly liable, other than a
money order, 3 years after issuance;
(4) a corporate state or municipal bond, bearer bond,
or original-issue-discount bond, 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;
(5) a debt of a business association, 3 years after
the obligation to pay arises;
(6) financial organization deposits as follows:
(i) a demand deposit, 3 years after the date of the
last indication of interest in the property by the
apparent owner;
(ii) a savings deposit, 3 years after the date of
last indication of interest in the property by the
apparent owner;
(iii) a time deposit for which the owner has not
consented to automatic renewal of the time deposit, 3
years after the later of maturity or the date of the
last indication of interest in the property by the
apparent owner;
(iv) an automatically renewable time deposit for
which the owner consented to the automatic renewal in
a record on file with the holder, 3 years after the
date of last indication of interest in the property by
the apparent owner, following the completion of the
initial term of the time deposit and one automatic

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renewal term of the time deposit;
(6.5) virtual currency, 5 years after the last
indication of interest in the property;
(7) money or a credit owed to a customer as a result of
a retail business transaction, other than in-store credit
for returned merchandise, 3 years after the obligation
arose;
(8) an amount owed by an insurance company on a life or
endowment insurance policy or an annuity contract that has
matured or terminated, 3 years after the obligation to pay
arose under the terms of the policy or contract or, if a
policy or contract for which an amount is owed on proof of
death has not matured by proof of the death of the insured
or annuitant, as follows:
(A) with respect to an amount owed on a life or
endowment insurance policy, the earlier of:
(i) 3 years after the death of the insured; or
(ii) 2 years after the insured has attained,
or would have attained if living, the limiting age
under the mortality table on which the reserve for
the policy is based; and
(B) with respect to an amount owed on an annuity
contract, 3 years after the death of the annuitant.
(9) funds on deposit or held in trust pursuant to the
Illinois Funeral or Burial Funds Act, the earliest of:
(A) 2 years after the date of death of the

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beneficiary;
(B) one year after the date the beneficiary has
attained, or would have attained if living, the age of
105 where the holder does not know whether the
beneficiary is deceased;
(C) 40 years after the contract for prepayment was
executed, unless the apparent owner has indicated an
interest in the property more than 40 years after the
contract for prepayment was executed, in which case, 3
years after the last indication of interest in the
property by the apparent owner;
(10) property distributable by a business association
in the course of bankruptcy or dissolution or
distributions from the termination of a retirement plan,
one year after the property becomes distributable;
(11) property held by a court, including property
received as proceeds of a class action, 3 years after the
property becomes distributable;
(12) property held by a government or governmental
subdivision, agency, or instrumentality, including
municipal bond interest and unredeemed principal under the
administration of a paying agent or indenture trustee, 3
years after the property becomes distributable;
(12.5) amounts payable pursuant to Section 20-175 of
the Property Tax Code, 3 years after the property becomes
payable;

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(13) wages, commissions, bonuses, or reimbursements to
which an employee is entitled, or other compensation for
personal services, including amounts held on a payroll
card, one year after the amount becomes payable;
(14) a deposit or refund owed to a subscriber by a
utility, one year after the deposit or refund becomes
payable, except that any capital credits or patronage
capital retired, returned, refunded or tendered to a
member of an electric cooperative, as defined in Section
3.4 of the Electric Supplier Act, or a telephone or
telecommunications cooperative, as defined in Section
13-212 of the Public Utilities Act, that has remained
unclaimed by the person appearing on the records of the
entitled cooperative for more than 2 years, shall not be
subject to, or governed by, any other provisions of this
Act, but rather shall be used by the cooperative for the
benefit of the general membership of the cooperative; and
(15) property not specified in this Section or
Sections 15-202 through 15-208, the earlier of 3 years
after the owner first has a right to demand the property or
the obligation to pay or distribute the property arises.
Notwithstanding anything to the contrary in this Section
15-201, and subject to Section 15-210, a deceased owner cannot
indicate interest in his or her property. If the owner is
deceased and the abandonment period for the owner's property
specified in this Section 15-201 is greater than 2 years, then

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the property, other than an amount owed by an insurance
company on a life or endowment insurance policy or an annuity
contract that has matured or terminated, shall instead be
presumed abandoned 2 years from the date of the owner's last
indication of interest in the property.
(Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.)
(765 ILCS 1026/15-301)
Sec. 15-301. Address of apparent owner to establish
priority. In this Article, the following rules apply:
(1) The last-known address of an apparent owner is any
description, code, or other indication of the location of
the apparent owner which identifies the state, even if the
description, code, or indication of location is not
sufficient to direct the delivery of first-class United
States mail to the apparent owner.
(2) If the United States postal zip code associated
with the apparent owner is for a post office located in
this State, this State is deemed to be the state of the
last-known address of the apparent owner unless other
records associated with the apparent owner specifically
identify the physical address of the apparent owner to be
in another state.
(3) If the address under paragraph (2) is in another
state, the other state is deemed to be the state of the
last-known address of the apparent owner.

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(4) The address of the apparent owner of a life or
endowment insurance policy or annuity contract or its
proceeds is presumed to be the address of the insured or
annuitant if a person other than the insured or annuitant
is entitled to the amount owed under the policy or
contract and the address of the other person is not known
by the insurance company and cannot be determined under
Section 15-302. The address of the apparent owner of other
property where ownership vests in a beneficiary upon the
death of the owner is presumed to be the address of the
now-deceased owner if the address of the beneficiary is
not known by the holder and cannot be determined under
Section 15-302.
(5) The address of the owner of other property where
ownership vests in a beneficiary upon the death of the
owner is presumed to be the address of the deceased owner
if the address of the beneficiary is not known by the
holder and cannot be determined under Section 15-302.
(Source: P.A. 100-22, eff. 1-1-18.)
(765 ILCS 1026/15-501)
Sec. 15-501. Notice to apparent owner by holder.
(a) Subject to subsections (b) and (c), the holder of
property presumed abandoned shall send to the apparent owner
notice by first-class United States mail that complies with
Section 15-502 in a format acceptable to the administrator not

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more than one year nor less than 60 days before filing the
report under Section 15-401 if:
(1) the holder has in its records an address for the
apparent owner which the holder's records do not disclose
to be invalid and is sufficient to direct the delivery of
first-class United States mail to the apparent owner; and
(2) the value of the property is $50 or more.
(b) If an apparent owner has consented to receive
electronic-mail delivery from the holder, the holder shall
send the notice described in subsection (a) both by
first-class United States mail to the apparent owner's
last-known mailing address and by electronic mail, unless the
holder believes that the apparent owner's electronic-mail
address is invalid.
(c) The holder of virtual currency or securities presumed
abandoned under Sections 15-202, 15-203, or 15-208 shall send
to the apparent owner notice by certified United States mail
that complies with Section 15-502 in a format acceptable to
the administrator not less than 60 days before filing the
report under Section 15-401 if:
(1) the holder has in its records an address for the
apparent owner which the holder's records do not disclose
to be invalid and is sufficient to direct the delivery of
United States mail to the apparent owner; and
(2) the value of the property is $1,000 or more.
(d) In addition to other indications of an apparent

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owner's interest in property pursuant to Section 15-210, a
signed return receipt in response to a notice sent pursuant to
this Section by certified United States mail shall constitute
a record communicated by the apparent owner to the holder
concerning the property or the account in which the property
is held.
(e) The administrator may adopt rules allowing a holder to
deduct reasonable costs incurred in sending a notice by United
States mail under this Section.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
(765 ILCS 1026/15-503)
Sec. 15-503. Notice by administrator.
(a) The administrator shall give notice to an apparent
owner that property presumed abandoned and appears to be owned
by the apparent owner is held by the administrator under this
Act.
(b) In providing notice under subsection (a), the
administrator shall:
(1) except as otherwise provided in paragraph (2),
send written notice by first-class United States mail to
each apparent owner of property valued at $100 or more
held by the administrator, unless the administrator
determines that a mailing by first-class United States
mail would not be received by the apparent owner, and, in
the case of a security held in an account for which the

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apparent owner had consented to receiving electronic mail
from the holder, send notice by electronic mail if the
electronic-mail address of the apparent owner is known to
the administrator instead of by first-class United States
mail; or
(2) send the notice to the apparent owner's
electronic-mail address if the administrator does not have
a valid United States mail address for an apparent owner,
but has an electronic-mail address that the administrator
does not know to be invalid.
(c) In addition to the notice under subsection (b), the
administrator shall:
(1) publish twice every year every 6 months in at
least one English language newspaper of general
circulation in each county in this State notice of
property held by the administrator which must include:
(A) an estimate of the total value of property
available to be claimed from received by the
administrator during the preceding 6-month period,
taken from the reports under Section 15-401;
(B) the approximate total value of claims paid by
the administrator during the preceding fiscal year
6-month period;
(C) the Internet web address of the unclaimed
property website maintained by the administrator;
(D) an electronic-mail address to contact the

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administrator to inquire about or claim property; and
(E) a statement that a person may access the
Internet by a computer to search for unclaimed
property and a computer may be available as a service
to the public at a local public library.
(2) The administrator shall maintain a website
accessible by the public and electronically searchable
which contains the names reported to the administrator of
apparent owners for whom property is being held by the
administrator. The administrator need not list property on
such website when: no owner name was reported, a claim has
been initiated or is pending for the property, the
administrator has made direct contact with the apparent
owner of the property, and in other instances where the
administrator reasonably believes exclusion of the
property is in the best interests of both the State and the
owner of the property.
(d) The website or database maintained under subsection
(c)(2) must include instructions for filing with the
administrator a claim to property and an online claim form
with instructions. The website may also provide a printable
claim form with instructions for its use.
(e) Tax return identification of apparent owners of
abandoned property.
(1) At least annually the administrator shall notify
the Department of Revenue of the names of persons

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appearing to be owners of abandoned property under this
Section. The administrator shall also provide to the
Department of Revenue the social security numbers of the
persons, if available.
(2) The Department of Revenue shall notify the
administrator if any person under subsection (e)(1) has
filed an Illinois income tax return and shall provide the
administrator with the last known address of the person as
it appears in Department of Revenue records, except as
prohibited by federal law. The Department of Revenue may
also provide additional addresses for the same taxpayer
from the records of the Department, except as prohibited
by federal law.
(3) In order to facilitate the return of property
under this subsection, the administrator and the
Department of Revenue may enter into an interagency
agreement concerning protection of confidential
information, data match rules, and other issues.
(4) The administrator may deliver, as provided under
Section 15-904 of this Act, property or pay the amount
owing to a person matched under this Section without the
person filing a claim under Section 15-903 of this Act if
the following conditions are met:
(A) the value of the property that is owed the
person is $5,000 or less;
(B) the property is not either tangible property

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or securities;
(C) the last known address for the person
according to the Department of Revenue records is less
than 12 months old; and
(D) the administrator has evidence sufficient to
establish that the person who appears in Department of
Revenue records is the owner of the property and the
owner currently resides at the last known address from
the Department of Revenue.
(5) If the value of the property that is owed the
person is greater than $5,000, or is tangible property or
securities the administrator shall provide notice to the
person, informing the person that he or she is the owner of
abandoned property held by the State and may file a claim
with the administrator for return of the property.
(6) The administrator does not need to notify the
Department of Revenue of the names or social security
numbers of apparent owners of abandoned property if the
administrator reasonably believes that the Department of
Revenue will be unable to provide information that would
provide sufficient evidence to establish that the person
in the Department of Revenue's records is the apparent
owner of unclaimed property in the custody of the
administrator.
(f) The administrator may use additional databases to
verify the identity of the person and that the person

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currently resides at the last known address. The administrator
may utilize publicly and commercially available databases to
find and update or add information for apparent owners of
property held by the administrator.
(g) In addition to giving notice under subsection (b),
publishing the information under subsection (c)(1) and
maintaining the website or database under subsection (c)(2),
the administrator may use other printed publication,
telecommunication, the Internet, or other media to inform the
public of the existence of unclaimed property held by the
administrator.
(h) Identification of apparent owners of abandoned
property using other State databases.
(1) The administrator may enter into interagency
agreements with the Secretary of State and the Illinois
State Board of Elections to identify persons appearing to
be owners of abandoned property with databases under the
control of the Secretary of State and the Illinois State
Board of Elections. Such interagency agreements shall
include protection of confidential information, data match
rules, and other necessary and proper issues.
(2) Except as prohibited by federal law, after January
1, 2022 the administrator may provide the Secretary of
State with names and other identifying information of
persons appearing to be owners of abandoned property. The
Secretary of State may provide the administrator with the

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last known address as it appears in its respective records
of any person reasonably believed to be the apparent owner
of abandoned property.
(3) The Illinois State Board of Elections shall, upon
request, annually provide the administrator with
electronic data or compilations of voter registration
information. The administrator may use such electronic
data or compilations of voter registration information to
identify persons appearing to be owners of abandoned
property.
(4) The administrator may deliver, as provided under
Section 15-904, property or pay the amount owing to a
person matched under this Section without the person
filing a claim under Section 15-903 if:
(i) the value of the property that is owed the
person is $5,000 or less;
(ii) the property is not either tangible property
or securities;
(iii) the last known address for the person
according to the records of the Secretary of State or
Illinois State Board of Elections is less than 12
months old; and
(iv) the administrator has evidence sufficient to
establish that the person who appears in the records
of the Secretary of State or Illinois State Board of
Elections is the owner of the property and the owner

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currently resides at the last known address from the
Secretary of State or the Illinois State Board of
Elections.
(Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.)
(765 ILCS 1026/15-603)
Sec. 15-603. Payment or delivery of property to
administrator.
(a) Except as otherwise provided in this Section, on
filing a report under Section 15-401, the holder shall pay or
deliver to the administrator the property described in the
report.
(b) If property in a report under Section 15-401 is an
automatically renewable time deposit and the holder determines
that a penalty or forfeiture in the payment of interest would
result from paying the deposit to the administrator at the
time of the report, the date for reporting and delivering the
property to the administrator is extended until a penalty or
forfeiture no longer would result from delivery of the
property to the administrator. The holder shall report and
deliver the property on the next regular date prescribed for
reporting by the holder under this Act after this extended
date, and the holder shall indicate in its report to the
administrator that the property is being reported on an
extended date pursuant to this subsection (b).
(c) Tangible property in a safe-deposit box may not be

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delivered to the administrator until a mutually agreed upon
date that is no sooner than 60 days after filing the report
under Section 15-401.
(d) If property reported to the administrator under
Section 15-401 is a security, the administrator may:
(1) make an endorsement, instruction, or entitlement
order on behalf of the apparent owner to invoke the duty of
the issuer, its transfer agent, or the securities
intermediary to transfer the security; or
(2) dispose of the security under Section 15-702.
(e) If the holder of property reported to the
administrator under Section 15-401 is the issuer of a
certificated security, the administrator may obtain a
replacement certificate in physical or book-entry form under
Section 8-405 of the Uniform Commercial Code. An indemnity
bond is not required.
(f) The administrator shall establish procedures for the
registration, issuance, method of delivery, transfer, and
maintenance of securities delivered to the administrator by a
holder.
(g) An issuer, holder, and transfer agent or other person
acting in good faith under this Section under instructions of
and on behalf of the issuer or holder is not liable to the
apparent owner for a claim arising with respect to property
after the property has been delivered to the administrator.
(h) A holder is not required to deliver to the

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administrator a security identified by the holder as a
non-freely transferable security in a report filed under
Section 15-401. If the administrator or holder determines that
a security is no longer a non-freely transferable security,
the holder shall report and deliver the security on the next
regular date prescribed for delivery of securities by the
holder under this Act. The holder shall make a determination
annually whether a security identified in a report filed under
Section 15-401 as a non-freely transferable security is no
longer a non-freely transferable security.
(i) Virtual currency.
(1) If property reported to the administrator is
virtual currency, the holder shall liquidate the virtual
currency and remit the proceeds to the administrator.
(2) The liquidation shall occur anytime within 30 days
prior to the filing of the report under Section 15-401.
The owner shall not have recourse against the holder or
the administrator to recover any gain in value that occurs
after the liquidation of the virtual currency under this
subsection.
(3) If a holder cannot liquidate virtual currency and
cannot otherwise cause virtual currency to be liquidated,
the holder shall promptly notify the administrator in
writing and explain the reasons why the virtual currency
cannot be liquidated. The administrator, in his or her
absolute and sole discretion, may direct the holder to

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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 pursuant to this
Act or there
is an indication of apparent owner interest pursuant to
Section 15-210.
(Source: P.A. 102-288, eff. 8-6-21.)
(765 ILCS 1026/15-903)
Sec. 15-903. Claim for property by person claiming to be
owner.
(a) A person claiming to be the owner of property held
under this Act by the administrator or to the proceeds from the
sale thereof may file a claim for the property on a form
prescribed by the administrator. The claimant must verify the
claim as to its completeness and accuracy.
(b) The administrator may waive the requirement in
subsection (a) and may pay or deliver property directly to a
person if:
(1) the person receiving the property or payment is
shown to be the apparent owner included on a report filed
under Section 15-401;
(2) the administrator reasonably believes the person
is entitled to receive the property or payment; and
(3) the property has a value of less than $5,000

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$2,000.
(c) The administrator may change the maximum value in
subsection (b) by administrative rule.
(d) This Section is the sole administrative and legal
procedure for claiming property under this Act. Compliance
with this Section is required prior to exercising the
exclusive judicial remedy found in Section 15-906.
(Source: P.A. 102-835, eff. 5-13-22.)
(765 ILCS 1026/15-906)
Sec. 15-906. Action by person whose claim is denied. Not
later than one year after filing a claim under subsection (a)
of Section 15-903, the claimant may commence a contested case
pursuant to the Illinois Administrative Procedure Act to
establish a claim by the preponderance of the evidence after
either receiving notice under subsection (b) of Section 15-904
or the claim is deemed denied under subsection (b) of Section
15-904. Any appeal from the administrator's decision pursuant
to the Illinois Administrative Procedure Act must be taken via
the provisions of the Administrative Review Law.
(Source: P.A. 102-288, eff. 8-6-21.)
(765 ILCS 1026/15-1302)
Sec. 15-1302. When agreement to locate property void.
(a) Subject to subsection (b), an agreement under Section
15-1301 is void if it is entered into during the period

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beginning on the date the property was presumed abandoned
under this Act and ending 24 months after the payment or
delivery of the property to the administrator.
(b) If a provision in an agreement described in Section
15-1301 applies to mineral proceeds for which compensation is
to be paid to the other person based in whole or in part on a
part of the underlying minerals or mineral proceeds not then
presumed abandoned, the provision is void regardless of when
the agreement was entered into.
(c) An agreement under this Article 13 which provides for
compensation in an amount that is more than 10% of the amount
collected is unenforceable except by the apparent owner.
(d) An apparent owner or the administrator may assert that
an agreement described in this Article 13 is void on a ground
other than it provides for payment of unconscionable
compensation.
(e) A person attempting to collect a contingent fee for
discovering, on behalf of an apparent owner, presumptively
abandoned property must be licensed as a private detective
pursuant to the Private Detective, Private Alarm, Private
Security, Fingerprint Vendor, and Locksmith Act of 2004.
(f) This Section does not apply to an apparent owner's
agreement between an owner and with an attorney to pursue a
claim for recovery of specifically identified property held by
the administrator or to contest the administrator's denial of
a claim for recovery of the property where the attorney has an

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attorney-client relationship with the owner.
(g) This Section does not apply to an apparent owner's
agreement with a CPA firm licensed under the Illinois Public
Accounting Act, or with an affiliate of such firm, if all of
the following apply:
(1) the CPA firm has registered with the administrator
and is in good standing with the Illinois Department of
Financial and Professional Regulation;
(2) the apparent owner is not a natural person; and
(3) the CPA firm, or with an affiliate of such firm,
also provides the apparent owner professional services to
assist with the apparent owner's compliance with the
reporting requirements of this Act. The administrator
shall adopt rules to implement and administer the
registration of CPA firms and the claims process under
this paragraph (g).
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
HB5143 Engrossed - 29 - LRB103 37054 JRC 67171 b
INDEX
Statutes amended in order of appearance