103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB3343
 
Introduced 2/7/2024, by Sen. Robert F. Martwick
 
SYNOPSIS AS INTRODUCED:

See Index
 Amends the State Officials and Employees Money Disposition Act. Provides that 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. 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.) If a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, requires the holder to promptly notify the administrator in writing. The administrator may 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 pursuant to this Act or there is an indication of apparent owner interest. Provides that the sole administrative and legal procedure for claiming property is under this Act. Requires compliance with this Act before exercising the exclusive judicial remedy. Any appeal from the administrator's decision under the Illinois Administrative Procedure Act must be taken under the provisions of the Administrative Review Law. In governing void agreements, provides that 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 under certain conditions. Makes other changes. 


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A BILL FOR
 
SB3343LRB103 37121 JRC 67240 b


1 AN ACT concerning civil law.

2 Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly:

4 Section 5. The State Officers and Employees Money 
5Disposition Act is amended by changing Section 2 as follows:

6 (30 ILCS 230/2) (from Ch. 127, par. 171)
7 Sec. 2. Accounts of money received; payment into State 
8treasury. 
9 (a) Every officer, board, commission, commissioner, 
10department, institution, arm or agency brought within the 
11provisions of this Act by Section 1 shall keep in proper books 
12a detailed itemized account of all moneys received for or on 
13behalf of the State of Illinois, showing the date of receipt, 
14the payor, and purpose and amount, and the date and manner of 
15disbursement as hereinafter provided, and, unless a different 
16time of payment is expressly provided by law or by rules or 
17regulations promulgated under subsection (b) of this Section, 
18shall pay into the State treasury the gross amount of money so 
19received on the day of actual physical receipt with respect to 
20any single item of receipt exceeding $10,000, within 24 hours 
21of actual physical receipt with respect to an accumulation of 
22receipts of $10,000 or more, or within 48 hours of actual 
23physical receipt with respect to an accumulation of receipts 
 
 
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1exceeding $500 but less than $10,000, disregarding holidays, 
2Saturdays and Sundays, after the receipt of same, without any 
3deduction on account of salaries, fees, costs, charges, 
4expenses or claims of any description whatever; provided that:
5  (1) the provisions of (i) Section 2505-475 of the 
6 Department of Revenue Law, (ii) any specific taxing 
7 statute authorizing a claim for credit procedure instead 
8 of the actual making of refunds, (iii) Section 505 of the 
9 Illinois Controlled Substances Act, (iv) Section 85 of the 
10 Methamphetamine Control and Community Protection Act, 
11 authorizing the Director of the Illinois State Police to 
12 dispose of forfeited property, which includes the sale and 
13 disposition of the proceeds of the sale of forfeited 
14 property, and the Department of Central Management 
15 Services to be reimbursed for costs incurred with the 
16 sales of forfeited vehicles, boats or aircraft and to pay 
17 to bona fide or innocent purchasers, conditional sales 
18 vendors or mortgagees of such vehicles, boats or aircraft 
19 their interest in such vehicles, boats or aircraft, and 
20 (v) Section 6b-2 of the State Finance Act, establishing 
21 procedures for handling cash receipts from the sale of 
22 pari-mutuel wagering tickets, shall not be deemed to be in 
23 conflict with the requirements of this Section;
24  (2) any fees received by the State Registrar of Vital 
25 Records pursuant to the Vital Records Act which are 
26 insufficient in amount may be returned by the Registrar as 
 
 
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1 provided in that Act;
2  (3) any fees received by the Department of Public 
3 Health under the Food Handling Regulation Enforcement Act 
4 that are submitted for renewal of an expired food service 
5 sanitation manager certificate may be returned by the 
6 Director as provided in that Act;
7  (3.5) examiners of unclaimed property which is 
8 reported and remitted to the State Treasurer and 
9 custodians contracted by the State of Illinois to hold 
10 presumptively abandoned securities or virtual currency may 
11 deduct fees prior to remittance in accordance with the 
12 Revised Uniform Unclaimed Property Act the State Treasurer 
13 may permit the deduction of fees by third-party unclaimed 
14 property examiners from the property recovered by the 
15 examiners for the State of Illinois during examinations of 
16 holders located outside the State under which the Office 
17 of the Treasurer has agreed to pay for the examinations 
18 based upon a percentage, in accordance with the Revised 
19 Uniform Unclaimed Property Act, of the property recovered 
20 during the examination; and
21  (4) if the amount of money received does not exceed 
22 $500, such money may be retained and need not be paid into 
23 the State treasury until the total amount of money so 
24 received exceeds $500, or until the next succeeding 1st or 
25 15th day of each month (or until the next business day if 
26 these days fall on Sunday or a holiday), whichever is 
 
 
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1 earlier, at which earlier time such money shall be paid 
2 into the State treasury, except that if a local bank or 
3 savings and loan association account has been authorized 
4 by law, any balances shall be paid into the State treasury 
5 on Monday of each week if more than $500 is to be deposited 
6 in any fund.
7Single items of receipt exceeding $10,000 received after 2 
8p.m. on a working day may be deemed to have been received on 
9the next working day for purposes of fulfilling the 
10requirement that the item be deposited on the day of actual 
11physical receipt.
12 No money belonging to or left for the use of the State 
13shall be expended or applied except in consequence of an 
14appropriation made by law and upon the warrant of the State 
15Comptroller. However, payments made by the Comptroller to 
16persons by direct deposit need not be made upon the warrant of 
17the Comptroller, but if not made upon a warrant, shall be made 
18in accordance with Section 9.02 of the State Comptroller Act. 
19All moneys so paid into the State treasury shall, unless 
20required by some statute to be held in the State treasury in a 
21separate or special fund, be covered into the General Revenue 
22Fund in the State treasury. Moneys received in the form of 
23checks, drafts or similar instruments shall be properly 
24endorsed, if necessary, and delivered to the State Treasurer 
25for collection. The State Treasurer shall remit such collected 
26funds to the depositing officer, board, commission, 
 
 
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1commissioner, department, institution, arm or agency by 
2Treasurers Draft or through electronic funds transfer. The 
3draft or notification of the electronic funds transfer shall 
4be provided to the State Comptroller to allow deposit into the 
5appropriate fund.
6 (b) Different time periods for the payment of public funds 
7into the State treasury or to the State Treasurer, in excess of 
8the periods established in subsection (a) of this Section, but 
9not in excess of 30 days after receipt of such funds, may be 
10established and revised from time to time by rules or 
11regulations promulgated jointly by the State Treasurer and the 
12State Comptroller in accordance with the Illinois 
13Administrative Procedure Act. The different time periods 
14established by rule or regulation under this subsection may 
15vary according to the nature and amounts of the funds 
16received, the locations at which the funds are received, 
17whether compliance with the deposit requirements specified in 
18subsection (a) of this Section would be cost effective, and 
19such other circumstances and conditions as the promulgating 
20authorities consider to be appropriate. The Treasurer and the 
21Comptroller shall review all such different time periods 
22established pursuant to this subsection every 2 years from the 
23establishment thereof and upon such review, unless it is 
24determined that it is economically unfeasible for the agency 
25to comply with the provisions of subsection (a), shall repeal 
26such different time period.
 
 
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1(Source: P.A. 102-538, eff. 8-20-21.)

2 Section 10. The Revised Uniform Unclaimed Property Act is 
3amended by changing Sections 15-201, 15-301, 15-501, 15-503, 
415-603, 15-903, 15-906, and 15-1302 as follows:

5 (765 ILCS 1026/15-201)
6 Sec. 15-201. When property presumed abandoned. Subject to 
7Section 15-210, the following property is presumed abandoned 
8if it is unclaimed by the apparent owner during the period 
9specified below: 
10  (1) a traveler's check, 15 years after issuance;
11  (2) a money order, 5 years after issuance;
12  (3) any instrument on which a financial organization 
13 or business association is directly liable, other than a 
14 money order, 3 years after issuance;
15  (4) a corporate state or municipal bond, bearer bond, 
16 or original-issue-discount bond, 3 years after the 
17 earliest of the date the bond matures or is called or the 
18 obligation to pay the principal of the bond arises;
19  (5) a debt of a business association, 3 years after 
20 the obligation to pay arises; 
21  (6) financial organization deposits as follows:
22   (i) a demand deposit, 3 years after the date of the 
23 last indication of interest in the property by the 
24 apparent owner;
 
 
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1   (ii) a savings deposit, 3 years after the date of 
2 last indication of interest in the property by the 
3 apparent owner;
4   (iii) a time deposit for which the owner has not 
5 consented to automatic renewal of the time deposit, 3 
6 years after the later of maturity or the date of the 
7 last indication of interest in the property by the 
8 apparent owner;
9   (iv) an automatically renewable time deposit for 
10 which the owner consented to the automatic renewal in 
11 a record on file with the holder, 3 years after the 
12 date of last indication of interest in the property by 
13 the apparent owner, following the completion of the 
14 initial term of the time deposit and one automatic 
15 renewal term of the time deposit;
16  (6.5) virtual currency, 5 years after the last 
17 indication of interest in the property; 
18  (7) money or a credit owed to a customer as a result of 
19 a retail business transaction, other than in-store credit 
20 for returned merchandise, 3 years after the obligation 
21 arose; 
22  (8) an amount owed by an insurance company on a life or 
23 endowment insurance policy or an annuity contract that has 
24 matured or terminated, 3 years after the obligation to pay 
25 arose under the terms of the policy or contract or, if a 
26 policy or contract for which an amount is owed on proof of 
 
 
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1 death has not matured by proof of the death of the insured 
2 or annuitant, as follows: 
3   (A) with respect to an amount owed on a life or 
4 endowment insurance policy, the earlier of:
5    (i) 3 years after the death of the insured; or
6    (ii) 2 years after the insured has attained, 
7 or would have attained if living, the limiting age 
8 under the mortality table on which the reserve for 
9 the policy is based; and 
10   (B) with respect to an amount owed on an annuity 
11 contract, 3 years after the death of the annuitant.
12  (9) funds on deposit or held in trust pursuant to the 
13 Illinois Funeral or Burial Funds Act, the earliest of:
14   (A) 2 years after the date of death of the 
15 beneficiary;
16   (B) one year after the date the beneficiary has 
17 attained, or would have attained if living, the age of 
18 105 where the holder does not know whether the 
19 beneficiary is deceased;
20   (C) 40 years after the contract for prepayment was 
21 executed, unless the apparent owner has indicated an 
22 interest in the property more than 40 years after the 
23 contract for prepayment was executed, in which case, 3 
24 years after the last indication of interest in the 
25 property by the apparent owner;
26  (10) property distributable by a business association 
 
 
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1 in the course bankruptcy or of dissolution or 
2 distributions from the termination of a retirement plan, 
3 one year after the property becomes distributable;
4  (11) property held by a court, including property 
5 received as proceeds of a class action, 3 years after the 
6 property becomes distributable; 
7  (12) property held by a government or governmental 
8 subdivision, agency, or instrumentality, including 
9 municipal bond interest and unredeemed principal under the 
10 administration of a paying agent or indenture trustee, 3 
11 years after the property becomes distributable;
12  (12.5) amounts payable pursuant to Section 20-175 of 
13 the Property Tax Code, 3 years after the property becomes 
14 payable; 
15  (13) wages, commissions, bonuses, or reimbursements to 
16 which an employee is entitled, or other compensation for 
17 personal services, including amounts held on a payroll 
18 card, one year after the amount becomes payable;
19  (14) a deposit or refund owed to a subscriber by a 
20 utility, one year after the deposit or refund becomes 
21 payable, except that any capital credits or patronage 
22 capital retired, returned, refunded or tendered to a 
23 member of an electric cooperative, as defined in Section 
24 3.4 of the Electric Supplier Act, or a telephone or 
25 telecommunications cooperative, as defined in Section 
26 13-212 of the Public Utilities Act, that has remained 
 
 
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1 unclaimed by the person appearing on the records of the 
2 entitled cooperative for more than 2 years, shall not be 
3 subject to, or governed by, any other provisions of this 
4 Act, but rather shall be used by the cooperative for the 
5 benefit of the general membership of the cooperative; and
6  (15) property not specified in this Section or 
7 Sections 15-202 through 15-208, the earlier of 3 years 
8 after the owner first has a right to demand the property or 
9 the obligation to pay or distribute the property arises.
10 Notwithstanding anything to the contrary in this Section 
1115-201, and subject to Section 15-210, a deceased owner cannot 
12indicate interest in his or her property. If the owner is 
13deceased and the abandonment period for the owner's property 
14specified in this Section 15-201 is greater than 2 years, then 
15the property, other than an amount owed by an insurance 
16company on a life or endowment insurance policy or an annuity 
17contract that has matured or terminated, shall instead be 
18presumed abandoned 2 years from the date of the owner's last 
19indication of interest in the property.
20(Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.)

21 (765 ILCS 1026/15-301)
22 Sec. 15-301. Address of apparent owner to establish 
23priority. In this Article, the following rules apply: 
24  (1) The last-known address of an apparent owner is any 
25 description, code, or other indication of the location of 
 
 
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1 the apparent owner which identifies the state, even if the 
2 description, code, or indication of location is not 
3 sufficient to direct the delivery of first-class United 
4 States mail to the apparent owner.
5  (2) If the United States postal zip code associated 
6 with the apparent owner is for a post office located in 
7 this State, this State is deemed to be the state of the 
8 last-known address of the apparent owner unless other 
9 records associated with the apparent owner specifically 
10 identify the physical address of the apparent owner to be 
11 in another state.
12  (3) If the address under paragraph (2) is in another 
13 state, the other state is deemed to be the state of the 
14 last-known address of the apparent owner. 
15  (4) The address of the apparent owner of a life or 
16 endowment insurance policy or annuity contract or its 
17 proceeds is presumed to be the address of the insured or 
18 annuitant if a person other than the insured or annuitant 
19 is entitled to the amount owed under the policy or 
20 contract and the address of the other person is not known 
21 by the insurance company and cannot be determined under 
22 Section 15-302. The address of the apparent owner of other 
23 property where ownership vests in a beneficiary upon the 
24 death of the owner is presumed to be the address of the 
25 now-deceased owner if the address of the beneficiary is 
26 not known by the holder and cannot be determined under 
 
 
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1 Section 15-302.
2  (5) The address of the owner of other property where 
3 ownership vests in a beneficiary upon the death of the 
4 owner is presumed to be the address of the deceased owner 
5 if the address of the beneficiary is not known by the 
6 holder and cannot be determined under Section 15-302. 
7(Source: P.A. 100-22, eff. 1-1-18.)

8 (765 ILCS 1026/15-501)
9 Sec. 15-501. Notice to apparent owner by holder.
10 (a) Subject to subsections (b) and (c), the holder of 
11property presumed abandoned shall send to the apparent owner 
12notice by first-class United States mail that complies with 
13Section 15-502 in a format acceptable to the administrator not 
14more than one year nor less than 60 days before filing the 
15report under Section 15-401 if:
16  (1) the holder has in its records an address for the 
17 apparent owner which the holder's records do not disclose 
18 to be invalid and is sufficient to direct the delivery of 
19 first-class United States mail to the apparent owner; and
20  (2) the value of the property is $50 or more.
21 (b) If an apparent owner has consented to receive 
22electronic-mail delivery from the holder, the holder shall 
23send the notice described in subsection (a) both by 
24first-class United States mail to the apparent owner's 
25last-known mailing address and by electronic mail, unless the 
 
 
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1holder believes that the apparent owner's electronic-mail 
2address is invalid.
3 (c) The holder of virtual currency or securities presumed 
4abandoned under Sections 15-202, 15-203, or 15-208 shall send 
5to the apparent owner notice by certified United States mail 
6that complies with Section 15-502 in a format acceptable to 
7the administrator not less than 60 days before filing the 
8report under Section 15-401 if:
9  (1) the holder has in its records an address for the 
10 apparent owner which the holder's records do not disclose 
11 to be invalid and is sufficient to direct the delivery of 
12 United States mail to the apparent owner; and
13  (2) the value of the property is $1,000 or more.
14 (d) In addition to other indications of an apparent 
15owner's interest in property pursuant to Section 15-210, a 
16signed return receipt in response to a notice sent pursuant to 
17this Section by certified United States mail shall constitute 
18a record communicated by the apparent owner to the holder 
19concerning the property or the account in which the property 
20is held.
21 (e) The administrator may adopt rules allowing a holder to 
22deduct reasonable costs incurred in sending a notice by United 
23States mail under this Section. 
24(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)

25 (765 ILCS 1026/15-503)
 
 
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1 Sec. 15-503. Notice by administrator.
2 (a) The administrator shall give notice to an apparent 
3owner that property presumed abandoned and appears to be owned 
4by the apparent owner is held by the administrator under this 
5Act.
6 (b) In providing notice under subsection (a), the 
7administrator shall:
8  (1) except as otherwise provided in paragraph (2), 
9 send written notice by first-class United States mail to 
10 each apparent owner of property valued at $100 or more 
11 held by the administrator, unless the administrator 
12 determines that a mailing by first-class United States 
13 mail would not be received by the apparent owner, and, in 
14 the case of a security held in an account for which the 
15 apparent owner had consented to receiving electronic mail 
16 from the holder, send notice by electronic mail if the 
17 electronic-mail address of the apparent owner is known to 
18 the administrator instead of by first-class United States 
19 mail; or
20  (2) send the notice to the apparent owner's 
21 electronic-mail address if the administrator does not have 
22 a valid United States mail address for an apparent owner, 
23 but has an electronic-mail address that the administrator 
24 does not know to be invalid.
25 (c) In addition to the notice under subsection (b), the 
26administrator shall:
 
 
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1  (1) publish twice every year every 6 months in at 
2 least one English language newspaper of general 
3 circulation in each county in this State notice of 
4 property held by the administrator which must include:
5   (A) an estimate of the total value of property 
6 available to be claimed from received by the 
7 administrator during the preceding 6-month period, 
8 taken from the reports under Section 15-401;
9   (B) the approximate total value of claims paid by 
10 the administrator during the preceding fiscal year 
11 6-month period;
12   (C) the Internet web address of the unclaimed 
13 property website maintained by the administrator;
14   (D) an electronic-mail address to contact the 
15 administrator to inquire about or claim property; and
16   (E) a statement that a person may access the 
17 Internet by a computer to search for unclaimed 
18 property and a computer may be available as a service 
19 to the public at a local public library.
20  (2) The administrator shall maintain a website 
21 accessible by the public and electronically searchable 
22 which contains the names reported to the administrator of 
23 apparent owners for whom property is being held by the 
24 administrator. The administrator need not list property on 
25 such website when: no owner name was reported, a claim has 
26 been initiated or is pending for the property, the 
 
 
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1 administrator has made direct contact with the apparent 
2 owner of the property, and in other instances where the 
3 administrator reasonably believes exclusion of the 
4 property is in the best interests of both the State and the 
5 owner of the property.
6 (d) The website or database maintained under subsection 
7(c)(2) must include instructions for filing with the 
8administrator a claim to property and an online claim form 
9with instructions. The website may also provide a printable 
10claim form with instructions for its use.
11 (e) Tax return identification of apparent owners of 
12abandoned property.
13  (1) At least annually the administrator shall notify 
14 the Department of Revenue of the names of persons 
15 appearing to be owners of abandoned property under this 
16 Section. The administrator shall also provide to the 
17 Department of Revenue the social security numbers of the 
18 persons, if available.
19  (2) The Department of Revenue shall notify the 
20 administrator if any person under subsection (e)(1) has 
21 filed an Illinois income tax return and shall provide the 
22 administrator with the last known address of the person as 
23 it appears in Department of Revenue records, except as 
24 prohibited by federal law. The Department of Revenue may 
25 also provide additional addresses for the same taxpayer 
26 from the records of the Department, except as prohibited 
 
 
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1 by federal law.
2  (3) In order to facilitate the return of property 
3 under this subsection, the administrator and the 
4 Department of Revenue may enter into an interagency 
5 agreement concerning protection of confidential 
6 information, data match rules, and other issues.
7  (4) The administrator may deliver, as provided under 
8 Section 15-904 of this Act, property or pay the amount 
9 owing to a person matched under this Section without the 
10 person filing a claim under Section 15-903 of this Act if 
11 the following conditions are met:
12   (A) the value of the property that is owed the 
13 person is $5,000 or less;
14   (B) the property is not either tangible property 
15 or securities;
16   (C) the last known address for the person 
17 according to the Department of Revenue records is less 
18 than 12 months old; and
19   (D) the administrator has evidence sufficient to 
20 establish that the person who appears in Department of 
21 Revenue records is the owner of the property and the 
22 owner currently resides at the last known address from 
23 the Department of Revenue.
24  (5) If the value of the property that is owed the 
25 person is greater than $5,000, or is tangible property or 
26 securities the administrator shall provide notice to the 
 
 
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1 person, informing the person that he or she is the owner of 
2 abandoned property held by the State and may file a claim 
3 with the administrator for return of the property.
4  (6) The administrator does not need to notify the 
5 Department of Revenue of the names or social security 
6 numbers of apparent owners of abandoned property if the 
7 administrator reasonably believes that the Department of 
8 Revenue will be unable to provide information that would 
9 provide sufficient evidence to establish that the person 
10 in the Department of Revenue's records is the apparent 
11 owner of unclaimed property in the custody of the 
12 administrator. 
13 (f) The administrator may use additional databases to 
14verify the identity of the person and that the person 
15currently resides at the last known address. The administrator 
16may utilize publicly and commercially available databases to 
17find and update or add information for apparent owners of 
18property held by the administrator.
19 (g) In addition to giving notice under subsection (b), 
20publishing the information under subsection (c)(1) and 
21maintaining the website or database under subsection (c)(2), 
22the administrator may use other printed publication, 
23telecommunication, the Internet, or other media to inform the 
24public of the existence of unclaimed property held by the 
25administrator.
26 (h) Identification of apparent owners of abandoned 
 
 
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1property using other State databases.
2  (1) The administrator may enter into interagency 
3 agreements with the Secretary of State and the Illinois 
4 State Board of Elections to identify persons appearing to 
5 be owners of abandoned property with databases under the 
6 control of the Secretary of State and the Illinois State 
7 Board of Elections. Such interagency agreements shall 
8 include protection of confidential information, data match 
9 rules, and other necessary and proper issues.
10  (2) Except as prohibited by federal law, after January 
11 1, 2022 the administrator may provide the Secretary of 
12 State with names and other identifying information of 
13 persons appearing to be owners of abandoned property. The 
14 Secretary of State may provide the administrator with the 
15 last known address as it appears in its respective records 
16 of any person reasonably believed to be the apparent owner 
17 of abandoned property.
18  (3) The Illinois State Board of Elections shall, upon 
19 request, annually provide the administrator with 
20 electronic data or compilations of voter registration 
21 information. The administrator may use such electronic 
22 data or compilations of voter registration information to 
23 identify persons appearing to be owners of abandoned 
24 property.
25  (4) The administrator may deliver, as provided under 
26 Section 15-904, property or pay the amount owing to a 
 
 
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1 person matched under this Section without the person 
2 filing a claim under Section 15-903 if:
3   (i) the value of the property that is owed the 
4 person is $5,000 or less;
5   (ii) the property is not either tangible property 
6 or securities;
7   (iii) the last known address for the person 
8 according to the records of the Secretary of State or 
9 Illinois State Board of Elections is less than 12 
10 months old; and
11   (iv) the administrator has evidence sufficient to 
12 establish that the person who appears in the records 
13 of the Secretary of State or Illinois State Board of 
14 Elections is the owner of the property and the owner 
15 currently resides at the last known address from the 
16 Secretary of State or the Illinois State Board of 
17 Elections. 
18(Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.)

19 (765 ILCS 1026/15-603)
20 Sec. 15-603. Payment or delivery of property to 
21administrator.
22 (a) Except as otherwise provided in this Section, on 
23filing a report under Section 15-401, the holder shall pay or 
24deliver to the administrator the property described in the 
25report.
 
 
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1 (b) If property in a report under Section 15-401 is an 
2automatically renewable time deposit and the holder determines 
3that a penalty or forfeiture in the payment of interest would 
4result from paying the deposit to the administrator at the 
5time of the report, the date for reporting and delivering the 
6property to the administrator is extended until a penalty or 
7forfeiture no longer would result from delivery of the 
8property to the administrator. The holder shall report and 
9deliver the property on the next regular date prescribed for 
10reporting by the holder under this Act after this extended 
11date, and the holder shall indicate in its report to the 
12administrator that the property is being reported on an 
13extended date pursuant to this subsection (b).
14 (c) Tangible property in a safe-deposit box may not be 
15delivered to the administrator until a mutually agreed upon 
16date that is no sooner than 60 days after filing the report 
17under Section 15-401.
18 (d) If property reported to the administrator under 
19Section 15-401 is a security, the administrator may:
20  (1) make an endorsement, instruction, or entitlement 
21 order on behalf of the apparent owner to invoke the duty of 
22 the issuer, its transfer agent, or the securities 
23 intermediary to transfer the security; or
24  (2) dispose of the security under Section 15-702.
25 (e) If the holder of property reported to the 
26administrator under Section 15-401 is the issuer of a 
 
 
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1certificated security, the administrator may obtain a 
2replacement certificate in physical or book-entry form under 
3Section 8-405 of the Uniform Commercial Code. An indemnity 
4bond is not required.
5 (f) The administrator shall establish procedures for the 
6registration, issuance, method of delivery, transfer, and 
7maintenance of securities delivered to the administrator by a 
8holder.
9 (g) An issuer, holder, and transfer agent or other person 
10acting in good faith under this Section under instructions of 
11and on behalf of the issuer or holder is not liable to the 
12apparent owner for a claim arising with respect to property 
13after the property has been delivered to the administrator.
14 (h) A holder is not required to deliver to the 
15administrator a security identified by the holder as a 
16non-freely transferable security in a report filed under 
17Section 15-401. If the administrator or holder determines that 
18a security is no longer a non-freely transferable security, 
19the holder shall report and deliver the security on the next 
20regular date prescribed for delivery of securities by the 
21holder under this Act. The holder shall make a determination 
22annually whether a security identified in a report filed under 
23Section 15-401 as a non-freely transferable security is no 
24longer a non-freely transferable security.
25 (i) Virtual currency. 
26  (1) If property reported to the administrator is 
 
 
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1 virtual currency, the holder shall liquidate the virtual 
2 currency and remit the proceeds to the administrator. 
3  (2) The liquidation shall occur anytime within 30 days 
4 prior to the filing of the report under Section 15-401. 
5 The owner shall not have recourse against the holder or 
6 the administrator to recover any gain in value that occurs 
7 after the liquidation of the virtual currency under this 
8 subsection. 
9  (3) If a holder cannot liquidate virtual currency and 
10 cannot otherwise cause virtual currency to be liquidated, 
11 the holder shall promptly notify the administrator in 
12 writing and explain the reasons why the virtual currency 
13 cannot be liquidated. The administrator, in his or her 
14 absolute and sole discretion, may direct the holder to 
15 either (1) transfer the virtual currency that cannot be 
16 liquidated to a custodian selected by the administrator, 
17 or (2) continue to hold the virtual currency until the 
18 administrator or the holder determines that the virtual 
19 currency can be liquidated pursuant to this
  Act or there 
20 is an indication of apparent owner interest pursuant to 
21 Section 15-210. 
22(Source: P.A. 102-288, eff. 8-6-21.)

23 (765 ILCS 1026/15-903)
24 Sec. 15-903. Claim for property by person claiming to be 
25owner.
 
 
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1 (a) A person claiming to be the owner of property held 
2under this Act by the administrator or to the proceeds from the 
3sale thereof may file a claim for the property on a form 
4prescribed by the administrator. The claimant must verify the 
5claim as to its completeness and accuracy.
6 (b) The administrator may waive the requirement in 
7subsection (a) and may pay or deliver property directly to a 
8person if:
9  (1) the person receiving the property or payment is 
10 shown to be the apparent owner included on a report filed 
11 under Section 15-401;
12  (2) the administrator reasonably believes the person 
13 is entitled to receive the property or payment; and
14  (3) the property has a value of less than $5,000 
15 $2,000.
16 (c) The administrator may change the maximum value in 
17subsection (b) by administrative rule.
18 (d) This Section is the sole administrative and legal 
19procedure for claiming property under this Act. Compliance 
20with this Section is required prior to exercising the 
21exclusive judicial remedy found in Section 15-906. 
22(Source: P.A. 102-835, eff. 5-13-22.)

23 (765 ILCS 1026/15-906)
24 Sec. 15-906. Action by person whose claim is denied. Not 
25later than one year after filing a claim under subsection (a) 
 
 
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1of Section 15-903, the claimant may commence a contested case 
2pursuant to the Illinois Administrative Procedure Act to 
3establish a claim by the preponderance of the evidence after 
4either receiving notice under subsection (b) of Section 15-904 
5or the claim is deemed denied under subsection (b) of Section 
615-904. Any appeal from the administrator's decision pursuant 
7to the Illinois Administrative Procedure Act must be taken via 
8the provisions of the Administrative Review Law. 
9(Source: P.A. 102-288, eff. 8-6-21.)

10 (765 ILCS 1026/15-1302)
11 Sec. 15-1302. When agreement to locate property void. 
12 (a) Subject to subsection (b), an agreement under Section 
1315-1301 is void if it is entered into during the period 
14beginning on the date the property was presumed abandoned 
15under this Act and ending 24 months after the payment or 
16delivery of the property to the administrator.
17 (b) If a provision in an agreement described in Section 
1815-1301 applies to mineral proceeds for which compensation is 
19to be paid to the other person based in whole or in part on a 
20part of the underlying minerals or mineral proceeds not then 
21presumed abandoned, the provision is void regardless of when 
22the agreement was entered into.
23 (c) An agreement under this Article 13 which provides for 
24compensation in an amount that is more than 10% of the amount 
25collected is unenforceable except by the apparent owner.
 
 
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1 (d) An apparent owner or the administrator may assert that 
2an agreement described in this Article 13 is void on a ground 
3other than it provides for payment of unconscionable 
4compensation.
5 (e) A person attempting to collect a contingent fee for 
6discovering, on behalf of an apparent owner, presumptively 
7abandoned property must be licensed as a private detective 
8pursuant to the Private Detective, Private Alarm, Private 
9Security, Fingerprint Vendor, and Locksmith Act of 2004.
10 (f) This Section does not apply to an apparent owner's 
11agreement between an owner and with an attorney to pursue a 
12claim for recovery of specifically identified property held by 
13the administrator or to contest the administrator's denial of 
14a claim for recovery of the property where the attorney has an 
15attorney-client relationship with the owner.
16 (g) This Section does not apply to an apparent owner's 
17agreement with a CPA firm licensed under the Illinois Public 
18Accounting Act, or with an affiliate of such firm, if all of 
19the following apply:
20  (1) the CPA firm has registered with the administrator 
21 and is in good standing with the Illinois Department of 
22 Financial and Professional Regulation;
23  (2) the apparent owner is not a natural person; and
24  (3) the CPA firm, or with an affiliate of such firm, 
25 also provides the apparent owner professional services to 
26 assist with the apparent owner's compliance with the 
 
 
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1 reporting requirements of this Act. The administrator 
2 shall adopt rules to implement and administer the 
3 registration of CPA firms and the claims process under 
4 this paragraph (g). 
5(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
 
 
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1
INDEX

2
Statutes amended in order of appearance