Bill Text: IL SB3455 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Revised Uniform Unclaimed Property Act. Provides that an apparent owner's interest in property includes a deposit into or withdrawal from an account at a financial organization, including (rather than except for) a recurring Automated Clearing House debit or credit previously authorized by the apparent owner, except for (rather than or) an automatic reinvestment of dividends or interest.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3455 Detail]

Download: Illinois-2019-SB3455-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB3455 Introduced 2/13/2020, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED:
765 ILCS 1026/15-210
Amends the Revised Uniform Unclaimed Property Act. Provides that an apparent owner's interest in property includes a deposit into or withdrawal from an account at a financial organization, including (rather than except for) a recurring Automated Clearing House debit or credit previously authorized by the apparent owner, except for (rather than or) an automatic reinvestment of dividends or interest.
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A BILL FOR
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AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Revised Uniform Unclaimed Property Act is
amended by changing Section 15-210 as follows:
(765 ILCS 1026/15-210)
Sec. 15-210. Indication of apparent owner interest in
property.
(a) The period after which property is presumed abandoned
is measured from the later of:
(1) the date the property is presumed abandoned under
this Article; or
(2) the latest indication of interest by the apparent
owner in the property.
(b) Under this Act, an indication of an apparent owner's
interest in property includes:
(1) a record communicated by the apparent owner to the
holder or agent of the holder concerning the property or
the account in which the property is held;
(2) an oral communication by the apparent owner to the
holder or agent of the holder concerning the property or
the account in which the property is held, if the holder or
its agent contemporaneously makes and preserves a record of

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the fact of the apparent owner's communication;
(3) presentment of a check or other instrument of
payment of a dividend, interest payment, or other
distribution, or evidence of receipt of a distribution made
by electronic or similar means, with respect to an account,
underlying security, or interest in a business
association;
(4) activity directed by an apparent owner in the
account in which the property is held, including accessing
the account or information concerning the account, or a
direction by the apparent owner to increase, decrease, or
otherwise change the amount or type of property held in the
account;
(5) a deposit into or withdrawal from an account at a
financial organization, including except for a recurring
Automated Clearing House (ACH) debit or credit previously
authorized by the apparent owner, except for or an
automatic reinvestment of dividends or interest; and
(6) subject to subsection (e), payment of a premium on
an insurance policy.
(c) An action by an agent or other representative of an
apparent owner, other than the holder acting as the apparent
owner's agent, is presumed to be an action on behalf of the
apparent owner.
(d) A communication with an apparent owner by a person
other than the holder or the holder's representative is not an

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indication of interest in the property by the apparent owner
unless a record of the communication evidences the apparent
owner's knowledge of a right to the property.
(e) If the insured dies or the insured or beneficiary of an
insurance policy otherwise becomes entitled to the proceeds
before depletion of the cash surrender value of the policy by
operation of an automatic-premium-loan provision or other
nonforfeiture provision contained in the policy, the operation
does not prevent the policy from maturing or terminating.
(f) If the apparent owner has another property with the
holder to which Section 201(6) applies, then activity directed
by an apparent owner in any other accounts, including loan
accounts, at a financial organization holding an inactive
account of the apparent owner shall be an indication of
interest in all such accounts if:
(A) the apparent owner engages in one or more of
the following activities:
(i) the apparent owner undertakes one or more
of the actions described in subsection (b) of this
Section regarding any account that appears on a
consolidated statement with the inactive account;
(ii) the apparent owner increases or decreases
the amount of funds in any other account the
apparent owner has with the financial
organization; or
(iii) the apparent owner engages in any other

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relationship with the financial organization,
including payment of any amounts due on a loan; and
(B) the foregoing apply so long as the mailing
address for the apparent owner in the financial
organization's books and records is the same for both
the inactive account and the active account.
(Source: P.A. 100-22, eff. 1-1-18.)