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| Public Act 103-0977
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| SB3343 Enrolled | LRB103 37121 JRC 67240 b |
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
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Section 5. The State Officers and Employees Money |
Disposition Act is amended by changing Section 2 as follows:
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(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.)
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Section 7. The Illinois Trust Code is amended by changing |
Sections 809 and 810 as follows:
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(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.)
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(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.)
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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:
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(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.)
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(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.)
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(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.)
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(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.)
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(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.)
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(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.)
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