Public Act 103-0977

SB3343 Enrolled LRB103 37121 JRC 67240 b

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois,

represented in the General Assembly:

Section 5. The State Officers and Employees Money

Disposition Act is amended by changing Section 2 as follows:

(30 ILCS 230/2) (from Ch. 127, par. 171)

Sec. 2. Accounts of money received; payment into State

treasury.

(a) Every officer, board, commission, commissioner,

department, institution, arm or agency brought within the

provisions of this Act by Section 1 shall keep in proper books

a detailed itemized account of all moneys received for or on

behalf of the State of Illinois, showing the date of receipt,

the payor, and purpose and amount, and the date and manner of

disbursement as hereinafter provided, and, unless a different

time of payment is expressly provided by law or by rules or

regulations promulgated under subsection (b) of this Section,

shall pay into the State treasury the gross amount of money so

received on the day of actual physical receipt with respect to

any single item of receipt exceeding $10,000, within 24 hours

of actual physical receipt with respect to an accumulation of

receipts of $10,000 or more, or within 48 hours of actual

physical receipt with respect to an accumulation of receipts

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

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

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,

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.

(Source: P.A. 102-538, eff. 8-20-21.)

Section 7. The Illinois Trust Code is amended by changing

Sections 809 and 810 as follows:

(760 ILCS 3/809)

Sec. 809. Control and protection of trust property. A

trustee shall take reasonable steps to take control of and

protect the trust property, including searching for and

claiming any unclaimed or presumptively abandoned property. If

a corporation is acting as co-trustee with one or more

individuals, the corporate trustee shall have custody of the

trust estate unless all the trustees otherwise agree.

(Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/810)

Sec. 810. Recordkeeping and identification of trust

property.

(a) A trustee shall keep adequate records of the

administration of the trust.

(b) A trustee shall keep trust property separate from the

trustee's own property.

(c) Except as otherwise provided in subsection (d), a

trustee not subject to federal or state banking regulation

shall cause the trust property to be designated so that the

interest of the trust, to the extent feasible, appears in

records maintained by a party other than a trustee or

beneficiary to whom the trustee has delivered the property.

(d) If the trustee maintains records clearly indicating

the respective interests, a trustee may invest as a whole the

property of 2 or more separate trusts.

(e) A trustee shall maintain or cause to be maintained

trust records for a minimum of 7 years after the dissolution of

the trust.

(f) Prior to the destruction of trust records, a trustee

shall conduct a reasonable search for any trust property that

is presumptively abandoned or that has been reported and

remitted to a state unclaimed property administrator.

(Source: P.A. 101-48, eff. 1-1-20.)

Section 10. The Revised Uniform Unclaimed Property Act is

amended by changing Sections 15-201, 15-301, 15-501, 15-503,

15-603, 15-903, 15-906, and 15-1302 as follows:

(765 ILCS 1026/15-201)

Sec. 15-201. When property presumed abandoned. Subject to

Section 15-210, the following property is presumed abandoned

if it is unclaimed by the apparent owner during the period

specified below:

(1) a traveler's check, 15 years after issuance;

(2) a money order, 5 years after issuance;

(3) any instrument on which a financial organization

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

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

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;

(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

the property, other than an amount owed by an insurance

company on a life or endowment insurance policy or an annuity

contract that has matured or terminated, shall instead be

presumed abandoned 2 years from the date of the owner's last

indication of interest in the property.

(Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.)

(765 ILCS 1026/15-301)

Sec. 15-301. Address of apparent owner to establish

priority. In this Article, the following rules apply:

(1) The last-known address of an apparent owner is any

description, code, or other indication of the location of

the apparent owner which identifies the state, even if the

description, code, or indication of location is not

sufficient to direct the delivery of first-class United

States mail to the apparent owner.

(2) If the United States postal zip code associated

with the apparent owner is for a post office located in

this State, this State is deemed to be the state of the

last-known address of the apparent owner unless other

records associated with the apparent owner specifically

identify the physical address of the apparent owner to be

in another state.

(3) If the address under paragraph (2) is in another

state, the other state is deemed to be the state of the

last-known address of the apparent owner.

(4) The address of the apparent owner of a life or

endowment insurance policy or annuity contract or its

proceeds is presumed to be the address of the insured or

annuitant if a person other than the insured or annuitant

is entitled to the amount owed under the policy or

contract and the address of the other person is not known

by the insurance company and cannot be determined under

Section 15-302. The address of the apparent owner of other

property where ownership vests in a beneficiary upon the

death of the owner is presumed to be the address of the

now-deceased owner if the address of the beneficiary is

not known by the holder and cannot be determined under

Section 15-302.

(5) The address of the owner of other property where

ownership vests in a beneficiary upon the death of the

owner is presumed to be the address of the deceased owner

if the address of the beneficiary is not known by the

holder and cannot be determined under Section 15-302.

(Source: P.A. 100-22, eff. 1-1-18.)

(765 ILCS 1026/15-501)

Sec. 15-501. Notice to apparent owner by holder.

(a) Subject to subsections (b) and (c), the holder of

property presumed abandoned shall send to the apparent owner

notice by first-class United States mail that complies with

Section 15-502 in a format acceptable to the administrator not

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

owner's interest in property pursuant to Section 15-210, a

signed return receipt in response to a notice sent pursuant to

this Section by certified United States mail shall constitute

a record communicated by the apparent owner to the holder

concerning the property or the account in which the property

is held.

(e) The administrator may adopt rules allowing a holder to

deduct reasonable costs incurred in sending a notice by United

States mail under this Section.

(Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)

(765 ILCS 1026/15-503)

Sec. 15-503. Notice by administrator.

(a) The administrator shall give notice to an apparent

owner that property presumed abandoned and appears to be owned

by the apparent owner is held by the administrator under this

Act.

(b) In providing notice under subsection (a), the

administrator shall:

(1) except as otherwise provided in paragraph (2),

send written notice by first-class United States mail to

each apparent owner of property valued at $100 or more

held by the administrator, unless the administrator

determines that a mailing by first-class United States

mail would not be received by the apparent owner, and, in

the case of a security held in an account for which the

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

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

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

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

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

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

currently resides at the last known address from the

Secretary of State or the Illinois State Board of

Elections.

(Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.)

(765 ILCS 1026/15-603)

Sec. 15-603. Payment or delivery of property to

administrator.

(a) Except as otherwise provided in this Section, on

filing a report under Section 15-401, the holder shall pay or

deliver to the administrator the property described in the

report.

(b) If property in a report under Section 15-401 is an

automatically renewable time deposit and the holder determines

that a penalty or forfeiture in the payment of interest would

result from paying the deposit to the administrator at the

time of the report, the date for reporting and delivering the

property to the administrator is extended until a penalty or

forfeiture no longer would result from delivery of the

property to the administrator. The holder shall report and

deliver the property on the next regular date prescribed for

reporting by the holder under this Act after this extended

date, and the holder shall indicate in its report to the

administrator that the property is being reported on an

extended date pursuant to this subsection (b).

(c) Tangible property in a safe-deposit box may not be

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

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

either (1) transfer the virtual currency that cannot be

liquidated to a custodian selected by the administrator,

or (2) continue to hold the virtual currency until the

administrator or the holder determines that the virtual

currency can be liquidated pursuant to this Act or there

is an indication of apparent owner interest pursuant to

Section 15-210.

(Source: P.A. 102-288, eff. 8-6-21.)

(765 ILCS 1026/15-903)

Sec. 15-903. Claim for property by person claiming to be

owner.

(a) A person claiming to be the owner of property held

under this Act by the administrator or to the proceeds from the

sale thereof may file a claim for the property on a form

prescribed by the administrator. The claimant must verify the

claim as to its completeness and accuracy.

(b) The administrator may waive the requirement in

subsection (a) and may pay or deliver property directly to a

person if:

(1) the person receiving the property or payment is

shown to be the apparent owner included on a report filed

under Section 15-401;

(2) the administrator reasonably believes the person

is entitled to receive the property or payment; and

(3) the property has a value of less than $5,000

$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.)