Bill Text: IL SB1464 | 2019-2020 | 101st General Assembly | Enrolled

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Presumption of Abandonment Article of the Revised Uniform Unclaimed Property Act. Provides that funds on deposit or held in trust in relation to a prepayment contract are presumed abandoned 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. Amends the Illinois Funeral or Burial Funds Act and the Illinois Pre-Need Cemetery Sales Act. Provides that if a trustee has a reason to believe that the contact information for a purchaser is no longer valid or the purchaser is deceased, then the trustee shall promptly notify the seller. Provides that a trustee shall report and remit any trust funds relating to an individual account that is presumed abandoned to the State Treasurer.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2019-08-23 - Public Act . . . . . . . . . 101-0552 [SB1464 Detail]

Download: Illinois-2019-SB1464-Enrolled.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 Illinois Funeral or Burial Funds Act is
amended by changing Section 2 as follows:
(225 ILCS 45/2) (from Ch. 111 1/2, par. 73.102)
Sec. 2. (a) If a purchaser selects a trust arrangement to
fund the pre-need contract, all trust deposits as determined by
Section 1b shall be made within 30 days of receipt.
(b) A trust established under this Act must be maintained
with a corporate fiduciary as defined in Section 1-5.05 of the
Corporate Fiduciary Act or with a foreign corporate fiduciary
recognized by Article IV of the Corporate Fiduciary Act.
(c) Trust agreements and amendments to the trust agreements
used to fund a pre-need contract shall be filed with the
Comptroller.
(d) (Blank).
(e) A seller or provider shall furnish to the trustee and
depositary the name of each payor and the amount of payment on
each such account for which deposit is being so made. Nothing
shall prevent the trustee from commingling the deposits in any
such trust fund for purposes of its management and the
investment of its funds as provided in the Common Trust Fund

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Act. In addition, multiple trust funds maintained under this
Act may be commingled or commingled with other funeral or
burial related trust funds if all record keeping requirements
imposed by law are met.
(f) (Blank).
(g) Upon no less than 30 days prior notice to the
Comptroller, the seller may change the trustee of the fund.
Failure to provide the Comptroller with timely prior notice is
an intentional violation of this Act.
(h) A trustee shall at least annually furnish to each
purchaser a statement containing: (1) the receipts,
disbursements, and inventory of the trust, including an
explanation of any fees or expenses charged by the trustee
under Section 5 of this Act or otherwise, (2) an explanation of
the purchaser's right to a refund, if any, under this Act, and
(3) identifying the primary regulator of the trust as a
corporate fiduciary under state or federal law.
(i) If a trustee has reason to believe that the contact
information for a purchaser is no longer valid, then the
trustee shall promptly notify the seller. If a trustee has
reason to believe that the purchaser is deceased, then the
trustee shall promptly notify the seller. A trustee shall
report and remit to the State Treasurer any trust funds,
including both the principal and any accrued earnings or
losses, less any funds allowed to be retained under subsection
(c-5) of Section 4, relating to an individual account that is

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presumed abandoned under the Revised Uniform Unclaimed
Property Act.
(Source: P.A. 96-879, eff. 2-2-10; 97-593, eff. 8-26-11.)
Section 10. The Revised Uniform Unclaimed Property Act is
amended by changing Sections 15-102 and 15-201 as follows:
(765 ILCS 1026/15-102)
Sec. 15-102. Definitions. In this Act:
(1) "Administrator" means the State Treasurer.
(2) "Administrator's agent" means a person with which
the administrator contracts to conduct an examination
under Article 10 on behalf of the administrator. The term
includes an independent contractor of the person and each
individual participating in the examination on behalf of
the person or contractor.
(2.5) (Blank).
(3) "Apparent owner" means a person whose name appears
on the records of a holder as the owner of property held,
issued, or owing by the holder.
(4) "Business association" means a corporation, joint
stock company, investment company, unincorporated
association, joint venture, limited liability company,
business trust, trust company, land bank, safe deposit
company, safekeeping depository, financial organization,
insurance company, federally chartered entity, utility,

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sole proprietorship, or other business entity, whether or
not for profit.
(5) "Confidential information" means information that
is "personal information" under the Personal Information
Protection Act, "private information" under the Freedom of
Information Act or personal information contained within
public records, the disclosure of which would constitute a
clearly unwarranted invasion of personal privacy, unless
the disclosure is consented to in writing by the individual
subjects of the information as provided in the Freedom of
Information Act.
(6) "Domicile" means:
(A) for a corporation, the state of its
incorporation;
(B) for a business association whose formation
requires a filing with a state, other than a
corporation, the state of its filing;
(C) for a federally chartered entity or an
investment company registered under the Investment
Company Act of 1940, the state of its home office; and
(D) for any other holder, the state of its
principal place of business.
(7) "Electronic" means relating to technology having
electrical, digital, magnetic, wireless, optical,
electromagnetic, or similar capabilities.
(8) "Electronic mail" means a communication by

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electronic means which is automatically retained and
stored and may be readily accessed or retrieved.
(8.5) "Escheat fee" means any charge imposed solely by
virtue of property being reported as presumed abandoned.
(9) "Financial organization" means a bank, savings
bank, foreign bank, corporate fiduciary, currency
exchange, money transmitter, or credit union.
(10) "Game-related digital content" means digital
content that exists only in an electronic game or
electronic-game platform. The term:
(A) includes:
(i) game-play currency such as a virtual
wallet, even if denominated in United States
currency; and
(ii) the following if for use or redemption
only within the game or platform or another
electronic game or electronic-game platform:
(I) points sometimes referred to as gems,
tokens, gold, and similar names; and
(II) digital codes; and
(B) does not include an item that the issuer:
(i) permits to be redeemed for use outside a
game or platform for:
(I) money; or
(II) goods or services that have more than
minimal value; or

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(ii) otherwise monetizes for use outside a
game or platform.
(11) "Gift card" means a record evidencing a promise
made for consideration by the seller or issuer of the
record that goods, services, or money will be provided to
the owner of the record to the value or amount shown in the
record that is either:
(A) a record:
(i) issued on a prepaid basis primarily for
personal, family, or household purposes to a
consumer in a specified amount;
(ii) the value of which does not expire;
(iii) that is not subject to a dormancy,
inactivity, or post-sale service fee;
(iv) that is redeemable upon presentation for
goods or services; and
(v) that, unless required by law, may not be
redeemed for or converted into money or otherwise
monetized by the issuer; or
(B) a prepaid commercial mobile radio service, as
defined in 47 C.F.R. 20.3, as amended.
(12) "Holder" means a person obligated to hold for the
account of, or to deliver or pay to, the owner, property
subject to this Act.
(13) "Insurance company" means an association,
corporation, or fraternal or mutual-benefit organization,

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whether or not for profit, engaged in the business of
providing life endowments, annuities, or insurance,
including accident, burial, casualty, credit-life,
contract-performance, dental, disability, fidelity, fire,
health, hospitalization, illness, life, malpractice,
marine, mortgage, surety, wage-protection, and
worker-compensation insurance.
(14) "Loyalty card" means a record given without direct
monetary consideration under an award, reward, benefit,
loyalty, incentive, rebate, or promotional program which
may be used or redeemed only to obtain goods or services or
a discount on goods or services. The term does not include
a record that may be redeemed for money or otherwise
monetized by the issuer.
(15) "Mineral" means gas, oil, coal, oil shale, other
gaseous liquid or solid hydrocarbon, cement material, sand
and gravel, road material, building stone, chemical raw
material, gemstone, fissionable and nonfissionable ores,
colloidal and other clay, steam and other geothermal
resources, and any other substance defined as a mineral by
law of this State other than this Act.
(16) "Mineral proceeds" means an amount payable for
extraction, production, or sale of minerals, or, on the
abandonment of the amount, an amount that becomes payable
after abandonment. The term includes an amount payable:
(A) for the acquisition and retention of a mineral

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lease, including a bonus, royalty, compensatory
royalty, shut-in royalty, minimum royalty, and delay
rental;
(B) for the extraction, production, or sale of
minerals, including a net revenue interest, royalty,
overriding royalty, extraction payment, and production
payment; and
(C) under an agreement or option, including a
joint-operating agreement, unit agreement, pooling
agreement, and farm-out agreement.
(17) "Money order" means a payment order for a
specified amount of money. The term includes an express
money order and a personal money order on which the
remitter is the purchaser.
(18) "Municipal bond" means a bond or evidence of
indebtedness issued by a municipality or other political
subdivision of a state.
(19) "Net card value" means the original purchase price
or original issued value of a stored-value card, plus
amounts added to the original price or value, minus amounts
used and any service charge, fee, or dormancy charge
permitted by law.
(20) "Non-freely transferable security" means a
security that cannot be delivered to the administrator by
the Depository Trust Clearing Corporation or similar
custodian of securities providing post-trade clearing and

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settlement services to financial markets or cannot be
delivered because there is no agent to effect transfer. The
term includes a worthless security.
(21) "Owner", unless the context otherwise requires,
means a person that has a legal, beneficial, or equitable
interest in property subject to this Act or the person's
legal representative when acting on behalf of the owner.
The term includes:
(A) a depositor, for a deposit;
(B) a beneficiary, for a trust other than a deposit
in trust;
(C) a creditor, claimant, or payee, for other
property; and
(D) the lawful bearer of a record that may be used
to obtain money, a reward, or a thing of value.
(22) "Payroll card" means a record that evidences a
payroll-card account as defined in Regulation E, 12 CFR
Part 1005, as amended.
(23) "Person" means an individual, estate, business
association, public corporation, government or
governmental subdivision, agency, or instrumentality, or
other legal entity, whether or not for profit.
(24) "Property" means tangible property described in
Section 15-201 or a fixed and certain interest in
intangible property held, issued, or owed in the course of
a holder's business or by a government, governmental

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subdivision, agency, or instrumentality. The term:
(A) includes all income from or increments to the
property;
(B) includes property referred to as or evidenced
by:
(i) money, virtual currency, interest, or a
dividend, check, draft, deposit, or payroll card;
(ii) a credit balance, customer's overpayment,
stored-value card, security deposit, refund,
credit memorandum, unpaid wage, unused ticket for
which the issuer has an obligation to provide a
refund, mineral proceeds, or unidentified
remittance;
(iii) a security except for:
(I) a worthless security; or
(II) a security that is subject to a lien,
legal hold, or restriction evidenced on the
records of the holder or imposed by operation
of law, if the lien, legal hold, or restriction
restricts the holder's or owner's ability to
receive, transfer, sell, or otherwise
negotiate the security;
(iv) a bond, debenture, note, or other
evidence of indebtedness;
(v) money deposited to redeem a security, make
a distribution, or pay a dividend;

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(vi) an amount due and payable under an annuity
contract or insurance policy;
(vii) an amount distributable from a trust or
custodial fund established under a plan to provide
health, welfare, pension, vacation, severance,
retirement, death, stock purchase, profit-sharing,
employee-savings, supplemental-unemployment
insurance, or a similar benefit; and
(viii) any instrument on which a financial
organization or business association is directly
liable; and
(C) does not include:
(i) game-related digital content;
(ii) a loyalty card; or
(iii) a gift card; or .
(iv) funds on deposit or held in trust pursuant
to Section 16 of the Illinois Pre-Need Cemetery
Sales Act.
(25) "Putative holder" means a person believed by the
administrator to be a holder, until the person pays or
delivers to the administrator property subject to this Act
or the administrator or a court makes a final determination
that the person is or is not a holder.
(26) "Record" means information that is inscribed on a
tangible medium or that is stored in an electronic or other
medium and is retrievable in perceivable form. The phrase

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"records of the holder" includes records maintained by a
third party that has contracted with the holder.
(27) "Security" means:
(A) a security as defined in Article 8 of the
Uniform Commercial Code;
(B) a security entitlement as defined in Article 8
of the Uniform Commercial Code, including a customer
security account held by a registered broker-dealer,
to the extent the financial assets held in the security
account are not:
(i) registered on the books of the issuer in
the name of the person for which the broker-dealer
holds the assets;
(ii) payable to the order of the person; or
(iii) specifically indorsed to the person; or
(C) an equity interest in a business association
not included in subparagraph (A) or (B).
(28) "Sign" means, with present intent to authenticate
or adopt a record:
(A) to execute or adopt a tangible symbol; or
(B) to attach to or logically associate with the
record an electronic symbol, sound, or process.
(29) "State" means a state of the United States, the
District of Columbia, the Commonwealth of Puerto Rico, the
United States Virgin Islands, or any territory or insular
possession subject to the jurisdiction of the United

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States.
(30) "Stored-value card" means a card, code, or other
device that is:
(A) issued on a prepaid basis primarily for
personal, family, or household purposes to a consumer
in a specified amount, whether or not that amount may
be increased or reloaded in exchange for payment; and
(B) redeemable upon presentation at multiple
unaffiliated merchants for goods or services or usable
at automated teller machines; and
"Stored-value card" does not include a gift card,
payroll card, loyalty card, or game-related digital
content.
(31) "Utility" means a person that owns or operates for
public use a plant, equipment, real property, franchise, or
license for the following public services:
(A) transmission of communications or information;
(B) production, storage, transmission, sale,
delivery, or furnishing of electricity, water, steam,
or gas; or
(C) provision of sewage or septic services, or
trash, garbage, or recycling disposal.
(32) "Virtual currency" means a digital representation
of value used as a medium of exchange, unit of account, or
store of value, which does not have legal tender status
recognized by the United States. The term does not include:

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(A) the software or protocols governing the
transfer of the digital representation of value;
(B) game-related digital content; or
(C) a loyalty card or gift card.
(33) "Worthless security" means a security whose cost
of liquidation and delivery to the administrator would
exceed the value of the security on the date a report is
due under this Act.
(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
(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, 7 years after issuance;
(3) any instrument on which a financial organization or
business association is directly liable, 3 years after
issuance;
(4) a 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;

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(6) a demand, savings, or 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, except for
a deposit that is automatically renewable, 3 years after
its initial date of maturity unless the apparent owner
consented in a record on file with the holder to renewal at
or about the time of the renewal;
(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

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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
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 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

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years after the property becomes distributable;
(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

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specified in this Section 15-201 is greater than 2 years, then
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. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
Section 15. The Illinois Pre-Need Cemetery Sales Act is
amended by changing Section 16 and by adding Section 18.5 as
follows:
(815 ILCS 390/16) (from Ch. 21, par. 216)
Sec. 16. Trust funds; disbursements.
(a) A trustee shall make no disbursements from the trust
fund except as provided in this Act.
(b) A trustee has a duty to invest and manage the trust
assets pursuant to the Prudent Investor Rule under the Trusts
and Trustees Act. Whenever the seller changes trustees pursuant
to this Act, the trustee must provide written notice of the
change in trustees to the Comptroller no less than 28 days
prior to the effective date of such a change in trustee. The
trustee has an ongoing duty to provide the Comptroller with a
current and true copy of the trust agreement under which the
trust funds are held pursuant to this Act.
(c) The trustee may rely upon certifications and affidavits

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made to it under the provisions of this Act, and shall not be
liable to any person for such reliance.
(d) A trustee shall be allowed to withdraw from the trust
funds maintained pursuant to this Act a reasonable fee pursuant
to the Trusts and Trustees Act.
(e) The trust shall be a single-purpose trust fund. In the
event of the seller's bankruptcy, insolvency or assignment for
the benefit of creditors, or an adverse judgment, the trust
funds shall not be available to any creditor as assets of the
seller or to pay any expenses of any bankruptcy or similar
proceeding, but shall be distributed to the purchasers or
managed for their benefit by the trustee holding the funds.
Except in an action by the Comptroller to revoke a license
issued pursuant to this Act and for creation of a receivership
as provided in this Act, the trust shall not be subject to
judgment, execution, garnishment, attachment, or other seizure
by process in bankruptcy or otherwise, nor to sale, pledge,
mortgage, or other alienation, and shall not be assignable
except as approved by the Comptroller. The changes made by this
amendatory Act of the 91st General Assembly are intended to
clarify existing law regarding the inability of licensees to
pledge the trust.
(f) Because it is not known at the time of deposit or at
the time that income is earned on the trust account to whom the
principal and the accumulated earnings will be distributed, for
purposes of determining the Illinois Income Tax due on these

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trust funds, the principal and any accrued earnings or losses
relating to each individual account shall be held in suspense
until the final determination is made as to whom the account
shall be paid.
(g) A trustee shall at least annually furnish to each
purchaser a statement identifying: (1) the receipts,
disbursements, and inventory of the trust, including an
explanation of any fees or expenses charged by the trustee
under paragraph (d) of this Section or otherwise, (2) an
explanation of the purchaser's right to a refund, if any, under
this Act, and (3) the primary regulator of the trust as a
corporate fiduciary under state or federal law.
(h) If the trustee has reason to believe that the contact
information for a purchaser is no longer valid, then the
trustee shall promptly notify the seller. If the trustee has
reason to believe that the purchaser is deceased, then the
trustee shall promptly notify the seller. A trustee shall remit
as provided in Section 18.5 of this Act any pre-need trust
funds, including both the principal and any accrued earnings or
losses, relating to an individual account that is presumed
abandoned under Section 18.5.
(Source: P.A. 96-879, eff. 2-2-10.)
(815 ILCS 390/18.5 new)
Sec. 18.5. Presumptively abandoned trust funds.
(a) After final payment on a pre-need contract, the entire

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amount held in trust attributable to undelivered cemetery
merchandise and unperformed cemetery services, including
undistributed interest earned thereon, is presumptively
abandoned 2 years after the earlier of:
(A) the later of:
(i) the date the seller in the ordinary course of
its business receives notice or an indication of the
death of a beneficiary; or
(ii) 10 years after the death of a beneficiary if a
beneficiary is cremated and the purchaser or the heir
or assign, or other beneficiaries if any, or a duly
authorized representative of the purchaser or a
beneficiary, has not indicated an interest in the trust
funds;
(B) the date a beneficiary has attained, or would have
attained if living, the age of 105 where both the trustee
and the seller do not know whether a beneficiary is
deceased; or
(C) 50 years after the pre-need contract was executed,
unless the purchaser or the heir or assign, or a duly
authorized representative of the purchaser or a
beneficiary, has indicated an interest in the property more
than 50 years after the pre-need contract was executed, in
which case, 3 years after the last indication of interest
by the purchaser or the heir or assign, or a beneficiary,
or a duly authorized representative of a purchaser or a

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beneficiary.
(b) The period after which trust funds are presumed
abandoned is measured from the later of: (1) the date the trust
funds are presumed abandoned under this Section; or (2) the
latest indication of interest by the apparent owner in the
trust funds. If more than one beneficiary is included in a
pre-need contract, an indication of interest by any one or more
of the beneficiaries requires that the presumption of
abandonment under paragraphs (A) and (B) of subsection (a) be
evaluated based on the beneficiary's information. An
indication of interest in the trust funds includes any one or
more of the actions listed in subsection (b) of Section 15-210
of the Revised Uniform Unclaimed Property Act.
(c) The seller shall notify the trustee of the pre-need
trust funds in writing when any trust funds are presumed
abandoned under this Section.
(d) If the seller is licensed to hold care funds under the
Cemetery Care Act, then within 30 days of receiving notice that
pre-need trust funds are presumed abandoned under this Section,
the trustee of the pre-need trust funds shall remit the
presumptively abandoned pre-need trust funds to the trustee for
the care fund held pursuant to the Cemetery Care Act for
deposit into such care fund. If the seller has retained an
independent trustee pursuant to the Cemetery Care Act, then any
funds remitted pursuant to this Section shall be remitted to
the independent trustee. If the purchaser or beneficiary of

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pre-need trust funds presumed abandoned under this Section and
deposited into a care fund makes a claim, then the seller shall
direct the trustee of the care funds held pursuant to the
Cemetery Care Act to refund the purchaser or beneficiary the
amount that was deposited into the care fund.
(e) If the seller is not licensed to hold care funds under
the Cemetery Care Act, the trustee of pre-need trust funds
shall remit presumptively abandoned trust funds to the
Comptroller semi-annually within 30 days after the end of June
and December for deposit into the Cemetery Consumer Protection
Fund. If the purchaser or beneficiary of pre-need trust funds
that were presumed abandoned under this Section and deposited
into the Cemetery Consumer Protection Fund makes a claim, then
either the seller shall request restitution or reimbursement
from the Cemetery Consumer Protection Fund as provided in
Section 22 and provide the cemetery merchandise or cemetery
services pursuant to the pre-need contract, or the purchaser or
beneficiary shall request restitution or reimbursement from
the Cemetery Consumer Protection Fund as provided in Section
22.
(f) Notwithstanding any provision of this Act, the only
penalties that may be imposed in connection with the
administration of this Section are those provided in the
Revised Uniform Unclaimed Property Act.