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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 7. The Illinois Trust Code is amended by changing 
3Sections 809 and 810 as follows:

4 (760 ILCS 3/809)
5 Sec. 809. Control and protection of trust property. A 
6trustee shall take reasonable steps to take control of and 
7protect the trust property, including searching for and 
8claiming any unclaimed or presumptively abandoned property. If 
9a corporation is acting as co-trustee with one or more 
10individuals, the corporate trustee shall have custody of the 
11trust estate unless all the trustees otherwise agree.
12(Source: P.A. 101-48, eff. 1-1-20.)

13 (760 ILCS 3/810)
14 Sec. 810. Recordkeeping and identification of trust 
15property. 
16 (a) A trustee shall keep adequate records of the 
17administration of the trust. 
18 (b) A trustee shall keep trust property separate from the 
19trustee's own property. 
20 (c) Except as otherwise provided in subsection (d), a 
21trustee not subject to federal or state banking regulation 
22shall cause the trust property to be designated so that the 
23interest of the trust, to the extent feasible, appears in 
 
 
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1records maintained by a party other than a trustee or 
2beneficiary to whom the trustee has delivered the property. 
3 (d) If the trustee maintains records clearly indicating 
4the respective interests, a trustee may invest as a whole the 
5property of 2 or more separate trusts. 
6 (e) A trustee shall maintain or cause to be maintained 
7trust records for a minimum of 7 years after the dissolution of 
8the trust.
9 (f) Prior to the destruction of trust records, a trustee 
10shall conduct a reasonable search for any trust property that 
11is presumptively abandoned or that has been reported and 
12remitted to a state unclaimed property administrator. 
13(Source: P.A. 101-48, eff. 1-1-20.)

14 Section 10. The Revised Uniform Unclaimed Property Act is 
15amended by changing Sections 15-201, 15-301, 15-501, 15-503, 
1615-603, 15-903, 15-906, and 15-1302 as follows:

17 (765 ILCS 1026/15-201)
18 Sec. 15-201. When property presumed abandoned. Subject to 
19Section 15-210, the following property is presumed abandoned 
20if it is unclaimed by the apparent owner during the period 
21specified below: 
22  (1) a traveler's check, 15 years after issuance;
23  (2) a money order, 5 years after issuance;
24  (3) any instrument on which a financial organization 
 
 
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1 or business association is directly liable, other than a 
2 money order, 3 years after issuance;
3  (4) a corporate state or municipal bond, bearer bond, 
4 or original-issue-discount bond, 3 years after the 
5 earliest of the date the bond matures or is called or the 
6 obligation to pay the principal of the bond arises;
7  (5) a debt of a business association, 3 years after 
8 the obligation to pay arises; 
9  (6) financial organization deposits as follows:
10   (i) a demand deposit, 3 years after the date of the 
11 last indication of interest in the property by the 
12 apparent owner;
13   (ii) a savings deposit, 3 years after the date of 
14 last indication of interest in the property by the 
15 apparent owner;
16   (iii) a time deposit for which the owner has not 
17 consented to automatic renewal of the time deposit, 3 
18 years after the later of maturity or the date of the 
19 last indication of interest in the property by the 
20 apparent owner;
21   (iv) an automatically renewable time deposit for 
22 which the owner consented to the automatic renewal in 
23 a record on file with the holder, 3 years after the 
24 date of last indication of interest in the property by 
25 the apparent owner, following the completion of the 
26 initial term of the time deposit and one automatic 
 
 
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1 renewal term of the time deposit;
2  (6.5) virtual currency, 5 years after the last 
3 indication of interest in the property; 
4  (7) money or a credit owed to a customer as a result of 
5 a retail business transaction, other than in-store credit 
6 for returned merchandise, 3 years after the obligation 
7 arose; 
8  (8) an amount owed by an insurance company on a life or 
9 endowment insurance policy or an annuity contract that has 
10 matured or terminated, 3 years after the obligation to pay 
11 arose under the terms of the policy or contract or, if a 
12 policy or contract for which an amount is owed on proof of 
13 death has not matured by proof of the death of the insured 
14 or annuitant, as follows: 
15   (A) with respect to an amount owed on a life or 
16 endowment insurance policy, the earlier of:
17    (i) 3 years after the death of the insured; or
18    (ii) 2 years after the insured has attained, 
19 or would have attained if living, the limiting age 
20 under the mortality table on which the reserve for 
21 the policy is based; and 
22   (B) with respect to an amount owed on an annuity 
23 contract, 3 years after the death of the annuitant.
24  (9) funds on deposit or held in trust pursuant to the 
25 Illinois Funeral or Burial Funds Act, the earliest of:
26   (A) 2 years after the date of death of the 
 
 
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1 beneficiary;
2   (B) one year after the date the beneficiary has 
3 attained, or would have attained if living, the age of 
4 105 where the holder does not know whether the 
5 beneficiary is deceased;
6   (C) 40 years after the contract for prepayment was 
7 executed, unless the apparent owner has indicated an 
8 interest in the property more than 40 years after the 
9 contract for prepayment was executed, in which case, 3 
10 years after the last indication of interest in the 
11 property by the apparent owner;
12  (10) property distributable by a business association 
13 in the course of bankruptcy or 
 dissolution or 
14 distributions from the termination of a retirement plan, 
15 one year after the property becomes distributable;
16  (11) property held by a court, including property 
17 received as proceeds of a class action, 3 years after the 
18 property becomes distributable; 
19  (12) property held by a government or governmental 
20 subdivision, agency, or instrumentality, including 
21 municipal bond interest and unredeemed principal under the 
22 administration of a paying agent or indenture trustee, 3 
23 years after the property becomes distributable;
24  (12.5) amounts payable pursuant to Section 20-175 of 
25 the Property Tax Code, 3 years after the property becomes 
26 payable; 
 
 
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1  (13) wages, commissions, bonuses, or reimbursements to 
2 which an employee is entitled, or other compensation for 
3 personal services, including amounts held on a payroll 
4 card, one year after the amount becomes payable;
5  (14) a deposit or refund owed to a subscriber by a 
6 utility, one year after the deposit or refund becomes 
7 payable, except that any capital credits or patronage 
8 capital retired, returned, refunded or tendered to a 
9 member of an electric cooperative, as defined in Section 
10 3.4 of the Electric Supplier Act, or a telephone or 
11 telecommunications cooperative, as defined in Section 
12 13-212 of the Public Utilities Act, that has remained 
13 unclaimed by the person appearing on the records of the 
14 entitled cooperative for more than 2 years, shall not be 
15 subject to, or governed by, any other provisions of this 
16 Act, but rather shall be used by the cooperative for the 
17 benefit of the general membership of the cooperative; and
18  (15) property not specified in this Section or 
19 Sections 15-202 through 15-208, the earlier of 3 years 
20 after the owner first has a right to demand the property or 
21 the obligation to pay or distribute the property arises.
22 Notwithstanding anything to the contrary in this Section 
2315-201, and subject to Section 15-210, a deceased owner cannot 
24indicate interest in his or her property. If the owner is 
25deceased and the abandonment period for the owner's property 
26specified in this Section 15-201 is greater than 2 years, then 
 
 
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1the property, other than an amount owed by an insurance 
2company on a life or endowment insurance policy or an annuity 
3contract that has matured or terminated, shall instead be 
4presumed abandoned 2 years from the date of the owner's last 
5indication of interest in the property.
6(Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.)

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

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

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

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

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

9 (765 ILCS 1026/15-906)
10 Sec. 15-906. Action by person whose claim is denied. Not 
11later than one year after filing a claim under subsection (a) 
12of Section 15-903, the claimant may commence a contested case 
13pursuant to the Illinois Administrative Procedure Act to 
14establish a claim by the preponderance of the evidence after 
15either receiving notice under subsection (b) of Section 15-904 
16or the claim is deemed denied under subsection (b) of Section 
1715-904. Any appeal from the administrator's decision pursuant 
18to the Illinois Administrative Procedure Act must be taken via 
19the provisions of the Administrative Review Law. 
20(Source: P.A. 102-288, eff. 8-6-21.)

21 (765 ILCS 1026/15-1302)
22 Sec. 15-1302. When agreement to locate property void. 
23 (a) Subject to subsection (b), an agreement under Section 
2415-1301 is void if it is entered into during the period 
 
 
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1beginning on the date the property was presumed abandoned 
2under this Act and ending 24 months after the payment or 
3delivery of the property to the administrator.
4 (b) If a provision in an agreement described in Section 
515-1301 applies to mineral proceeds for which compensation is 
6to be paid to the other person based in whole or in part on a 
7part of the underlying minerals or mineral proceeds not then 
8presumed abandoned, the provision is void regardless of when 
9the agreement was entered into.
10 (c) An agreement under this Article 13 which provides for 
11compensation in an amount that is more than 10% of the amount 
12collected is unenforceable except by the apparent owner.
13 (d) An apparent owner or the administrator may assert that 
14an agreement described in this Article 13 is void on a ground 
15other than it provides for payment of unconscionable 
16compensation.
17 (e) A person attempting to collect a contingent fee for 
18discovering, on behalf of an apparent owner, presumptively 
19abandoned property must be licensed as a private detective 
20pursuant to the Private Detective, Private Alarm, Private 
21Security, Fingerprint Vendor, and Locksmith Act of 2004.
22 (f) This Section does not apply to an apparent owner's 
23agreement between an owner and with an attorney to pursue a 
24claim for recovery of specifically identified property held by 
25the administrator or to contest the administrator's denial of 
26a claim for recovery of the property where the attorney has an 
 
 
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