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Revised Uniform Unclaimed Property Act

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(765 ILCS 1026/Tit. 15 heading)

TITLE 15. REVISED UNIFORM UNCLAIMED PROPERTY ACT

(765 ILCS 1026/Art. 1 heading)

ARTICLE 1. GENERAL PROVISIONS

(765 ILCS 1026/15-101)

Sec. 15-101. Short title. This Act may be cited as the Revised Uniform Unclaimed Property Act. References in this Title 15 (the Revised Uniform Unclaimed Property Act) to "this Act" mean this Title 15 (the Revised Uniform Unclaimed Property Act).

(Source: P.A. 100-22, eff. 1-1-18; 100-863, eff. 8-14-18.)

(765 ILCS 1026/15-102)

Sec. 15-102. Definitions. In this Act:

(1) "Administrator" means the State Treasurer.
(2) "Administrator's agent" means a person with which the administrator contracts to conduct an examination under Article 10 on behalf of the administrator. The term includes an independent contractor of the person and each individual participating in the examination on behalf of the person or contractor.
(2.5) (Blank).
(3) "Apparent owner" means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder.
(4) "Business association" means a corporation, joint stock company, investment company, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, insurance company, federally chartered entity, utility, sole proprietorship, or other business entity, whether or not for profit.
(5) "Confidential information" means information that is "personal information" under the Personal Information Protection Act, "private information" under the Freedom of Information Act or personal information contained within public records, the disclosure of which would constitute a clearly unwarranted invasion of personal privacy, unless the disclosure is consented to in writing by the individual subjects of the information as provided in the Freedom of Information Act.
(6) "Domicile" means:

(A) for a corporation, the state of its incorporation;
(B) for a business association whose formation requires a filing with a state, other than a corporation, the state of its filing;
(C) for a federally chartered entity or an investment company registered under the Investment Company Act of 1940, the state of its home office; and
(D) for any other holder, the state of its principal place of business.

(7) "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
(8) "Electronic mail" means a communication by electronic means which is automatically retained and stored and may be readily accessed or retrieved.
(8.5) "Escheat fee" means any charge imposed solely by virtue of property being reported as presumed abandoned.
(9) "Financial organization" means a bank, savings bank, foreign bank, corporate fiduciary, currency exchange, money transmitter, or credit union.
(10) "Game-related digital content" means digital content that exists only in an electronic game or electronic-game platform. The term:

(A) includes:

(i) game-play currency such as a virtual wallet, even if denominated in United States currency; and
(ii) the following if for use or redemption only within the game or platform or another electronic game or electronic-game platform:

(I) points sometimes referred to as gems, tokens, gold, and similar names; and
(II) digital codes; and

(B) does not include an item that the issuer:

(i) permits to be redeemed for use outside a game or platform for:

(I) money; or
(II) goods or services that have more than minimal value; or

(ii) otherwise monetizes for use outside a game or platform.

(11) "Gift card" means a record evidencing a promise made for consideration by the seller or issuer of the record that goods, services, or money will be provided to the owner of the record to the value or amount shown in the record that is either:

(A) a record:

(i) issued on a prepaid basis primarily for personal, family, or household purposes to a consumer in a specified amount;
(ii) the value of which does not expire;
(iii) that is not subject to a dormancy, inactivity, or post-sale service fee;
(iv) that is redeemable upon presentation for goods or services; and
(v) that, unless required by law, may not be redeemed for or converted into money or otherwise monetized by the issuer; or

(B) a prepaid commercial mobile radio service, as defined in 47 CFR 20.3, as amended.

(12) "Holder" means a person obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this Act.
(13) "Insurance company" means an association, corporation, or fraternal or mutual-benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including accident, burial, casualty, credit-life, contract-performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage-protection, and worker-compensation insurance.
(14) "Loyalty card" means a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program which may be used or redeemed only to obtain goods or services or a discount on goods or services. The term does not include a record that may be redeemed for money or otherwise monetized by the issuer.
(15) "Mineral" means gas, oil, coal, oil shale, other gaseous liquid or solid hydrocarbon, cement material, sand and gravel, road material, building stone, chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other geothermal resources, and any other substance defined as a mineral by law of this State other than this Act.
(16) "Mineral proceeds" means an amount payable for extraction, production, or sale of minerals, or, on the abandonment of the amount, an amount that becomes payable after abandonment. The term includes an amount payable:

(A) for the acquisition and retention of a mineral lease, including a bonus, royalty, compensatory royalty, shut-in royalty, minimum royalty, and delay rental;
(B) for the extraction, production, or sale of minerals, including a net revenue interest, royalty, overriding royalty, extraction payment, and production payment; and
(C) under an agreement or option, including a joint-operating agreement, unit agreement, pooling agreement, and farm-out agreement.

(17) "Money order" means a payment order for a specified amount of money. The term includes an express money order and a personal money order on which the remitter is the purchaser.
(18) "Municipal bond" means a bond or evidence of indebtedness issued by a municipality or other political subdivision of a state.
(19) "Net card value" means the original purchase price or original issued value of a stored-value card, plus amounts added to the original price or value, minus amounts used and any service charge, fee, or dormancy charge permitted by law.
(20) "Non-freely transferable security" means a security that cannot be delivered to the administrator by the Depository Trust Clearing Corporation or similar custodian of securities providing post-trade clearing and settlement services to financial markets or cannot be delivered because there is no agent to effect transfer. The term includes a worthless security.
(21) "Owner", unless the context otherwise requires, means a person that has a legal, beneficial, or equitable interest in property subject to this Act or the person's legal representative when acting on behalf of the owner. The term includes:

(A) a depositor, for a deposit;
(B) a beneficiary, for a trust other than a deposit in trust;
(C) a creditor, claimant, or payee, for other property; and
(D) the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value.

(22) "Payroll card" means a record that evidences a payroll-card account as defined in Regulation E, 12 CFR Part 1005, as amended.
(23) "Person" means an individual, estate, business association, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity, whether or not for profit.
(24) "Property" means tangible property described in Section 15-201 or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality. The term:

(A) includes all income from or increments to the property;
(B) includes property referred to as or evidenced by:

(i) money, virtual currency, interest, or a dividend, check, draft, deposit, or payroll card;
(ii) a credit balance, customer's overpayment, stored-value card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance;
(iii) a security except for:

(I) a worthless security; or
(II) a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;

(iv) a bond, debenture, note, or other evidence of indebtedness;
(v) money deposited to redeem a security, make a distribution, or pay a dividend;
(vi) an amount due and payable under an annuity contract or insurance policy;
(vii) an amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit; and
(viii) any instrument on which a financial organization or business association is directly liable; and

(i) game-related digital content;
(ii) a loyalty card;
(iii) a gift card; or
(iv) funds on deposit or held in trust pursuant to Section 16 of the Illinois Pre-Need Cemetery Sales Act.

(25) "Putative holder" means a person believed by the administrator to be a holder, until the person pays or delivers to the administrator property subject to this Act or the administrator or a court makes a final determination that the person is or is not a holder.
(26) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. The phrase "records of the holder" includes records maintained by a third party that has contracted with the holder.
(27) "Security" means:

(A) a security as defined in Article 8 of the Uniform Commercial Code;
(B) a security entitlement as defined in Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:

(i) registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;
(ii) payable to the order of the person; or
(iii) specifically indorsed to the person; or

(28) "Sign" means, with present intent to authenticate or adopt a record:

(A) to execute or adopt a tangible symbol; or
(B) to attach to or logically associate with the record an electronic symbol, sound, or process.

(29) "State" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.
(30) "Stored-value card" means a card, code, or other device that is:

(A) issued on a prepaid basis primarily for personal, family, or household purposes to a consumer in a specified amount, whether or not that amount may be increased or reloaded in exchange for payment; and
(B) redeemable upon presentation at multiple unaffiliated merchants for goods or services or usable at automated teller machines; and

"Stored-value card" does not include a gift card, payroll card, loyalty card, or game-related digital content.
(31) "Utility" means a person that owns or operates for public use a plant, equipment, real property, franchise, or license for the following public services:

(A) transmission of communications or information;
(B) production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas; or
(C) provision of sewage or septic services, or trash, garbage, or recycling disposal.

(32) "Virtual currency" means any type of digital unit, including cryptocurrency, used as a medium of exchange, unit of account, or a form of digitally stored value, which does not have legal tender status recognized by the United States. The term does not include:

(A) the software or protocols governing the transfer of the digital representation of value;
(B) game-related digital content; or
(C) a loyalty card or gift card.

(33) "Worthless security" means a security whose cost of liquidation and delivery to the administrator would exceed the value of the security on the date a report is due under this Act.

(Source: P.A. 101-552, eff. 1-1-20; 102-288, eff. 8-6-21.)

(765 ILCS 1026/15-103)

Sec. 15-103. Inapplicability to foreign transaction. This Act does not apply to property held, due, and owing in a foreign country if the transaction out of which the property arose was a foreign transaction.

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

(765 ILCS 1026/15-104)

Sec. 15-104. Rulemaking. The administrator may adopt rules to implement and administer this Act pursuant to the Illinois Administrative Procedure Act.

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

(765 ILCS 1026/Art. 2 heading)

ARTICLE 2. PRESUMPTION OF ABANDONMENT

(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 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 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;
(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. 101-552, eff. 1-1-20; 102-288, eff. 8-6-21.)

(765 ILCS 1026/15-202)

Sec. 15-202. When tax-deferred and tax-exempt retirement accounts presumed abandoned.

(a) Subject to Section 15-210, property held in a pension account or retirement account that qualifies for tax deferral or tax exemption under the income-tax laws of the United States is presumed abandoned if it is unclaimed by the apparent owner after the later of:

(1) 3 years after the following dates:

(A) except as in subparagraph (B), the date a communication sent by the holder by first-class United States mail to the apparent owner is returned to the holder undelivered by the United States Postal Service; or
(B) if such communication is re-sent within 30 days after the date the first communication is returned undelivered, the date the second communication was returned undelivered by the United States Postal Service; or

(2) the earlier of the following dates:

(A) 3 years after the date the apparent owner becomes 72 years of age, if determinable by the holder; or
(B) one year after the date of mandatory distribution following death if the Internal Revenue Code requires distribution to avoid a tax penalty and the holder:

(i) receives confirmation of the death of the apparent owner in the ordinary course of its business; or
(ii) confirms the death of the apparent owner under subsection (b).

(b) If a holder in the ordinary course of its business receives notice or an indication of the death of an apparent owner and subsection (a)(2) applies, the holder shall attempt not later than 90 days after receipt of the notice or indication to confirm whether the apparent owner is deceased.

(c) If the holder does not send communications to the apparent owner of an account described in subsection (a) by first-class United States mail on at least an annual basis, the holder shall attempt to confirm the apparent owner's interest in the property by sending the apparent owner an electronic-mail communication not later than 2 years after the apparent owner's last indication of interest in the property. However, the holder promptly shall attempt to contact the apparent owner by first-class United States mail if:

(1) the holder does not have information needed to send the apparent owner an electronic mail communication or the holder believes that the apparent owner's electronic mail address in the holder's records is not valid;
(2) the holder receives notification that the electronic-mail communication was not received; or
(3) the apparent owner does not respond to the electronic-mail communication within 30 days after the communication was sent.

(d) If first-class United States mail sent under subsection (c) is returned to the holder undelivered by the United States Postal Service, the property is presumed abandoned 3 years after the later of:

(1) except as in paragraph (2), the date a communication to contact the apparent owner sent by first-class United States mail is returned to the holder undelivered;
(2) if such communication is re-sent within 30 days after the date the first communication is returned undelivered, the date the second communication was returned undelivered; or
(3) the date established by subsection (a)(2).

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

(765 ILCS 1026/15-203)

Sec. 15-203. When other tax-deferred account presumed abandoned.

(a) Subject to Section 15-210 and except for property described in Section 15-202, property held in an account or plan, including a health savings account, that qualifies for tax deferral under the income-tax laws of the United States is presumed abandoned if it is unclaimed by the apparent owner 3 years after the earlier of:

(1) the date, if determinable by the holder, specified in the income-tax laws and regulations of the United States by which distribution of the property must begin to avoid a tax penalty, with no distribution having been made; or
(2) 30 years after the date the account was opened.

(b) If the owner is deceased, then property subject to this Section is presumed abandoned 2 years from the earliest of:

(1) the date of the distribution or attempted distribution of the property;
(2) the date of the required distribution as stated in the plan or trust agreement governing the plan; or
(3) the date, if determinable by the holder, specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty.

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

(765 ILCS 1026/15-204)

Sec. 15-204. When custodial account for minor presumed abandoned.

(a) Subject to Section 15-210, property held in an account established under a state's Uniform Gifts to Minors Act or Uniform Transfers to Minors Act is presumed abandoned if it is unclaimed by or on behalf of the minor on whose behalf the account was opened 3 years after the later of:

(1) except as in subparagraph (2), the date a communication sent by the holder by first-class United States mail to the custodian of the minor on whose behalf the account was opened is returned undelivered to the holder by the United States Postal Service;
(2) if a communication is re-sent within 30 days after the date the first communication is returned undelivered, the date the second communication was returned undelivered; or
(3) the date on which the custodian is required to transfer the property to the minor or the minor's estate in accordance with the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act of the state in which the account was opened.

(b) If the holder does not send communications to the custodian of the minor on whose behalf an account described in subsection (a) was opened by first-class United States mail on at least an annual basis, the holder shall attempt to confirm the custodian's interest in the property by sending the custodian an electronic-mail communication not later than 2 years after the custodian's last indication of interest in the property. However, the holder promptly shall attempt to contact the custodian by first-class United States mail if:

(1) the holder does not have information needed to send the custodian an electronic mail communication or the holder believes that the custodian's electronic-mail address in the holder's records is not valid;
(2) the holder receives notification that the electronic-mail communication was not received; or
(3) the custodian does not respond to the electronic-mail communication within 30 days after the communication was sent.

(c) If first-class United States mail sent under subsection (b) is returned undelivered to the holder by the United States Postal Service, the property is presumed abandoned 3 years after the later of:

(1) the date a communication to contact the custodian by first-class United States mail is returned to the holder undelivered by the United States Postal Service; or
(2) the date established by subsection (a)(3).

(d) Notwithstanding any other provision of this Act, money of a minor deposited pursuant to Section 24-21 of the Probate Act of 1975 shall not be presumed abandoned earlier than 3 years after the minor attains legal age. Such money shall be deposited into an account which shall indicate the date of birth of the minor.

(e) (Blank).

(f) When the property in the account described in subsections (a) or (d) is transferred to the minor on whose behalf an account was opened or to the minor's estate, the property in the account is no longer subject to this Section.

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

(765 ILCS 1026/15-205)

Sec. 15-205. When contents of safe-deposit box presumed abandoned. Tangible property held in a safe-deposit box are presumed abandoned if the property remains unclaimed by the apparent owner 5 years after the expiration of the lease or rental period for the box.

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

(765 ILCS 1026/15-206)

Sec. 15-206. When stored-value card presumed abandoned.

(a) Subject to Section 15-210, the net card value of a stored-value card is presumed abandoned on the latest of 5 years after:

(1) December 31 of the year in which the card is issued or additional funds are deposited into it;
(2) the most recent indication of interest in the card by the apparent owner; or
(3) a verification or review of the balance by or on behalf of the apparent owner.

(b) The amount presumed abandoned in a stored-value card is the net card value at the time it is presumed abandoned.

(c) However, if a holder has reported and remitted to the administrator the net card value on a stored-value card presumed abandoned under this Section and the stored-value card does not have an expiration date, then the holder must honor the card on presentation indefinitely and may then request reimbursement from the administrator under Section 605.

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

(765 ILCS 1026/15-208)

Sec. 15-208. When security presumed abandoned.

(a) Subject to Section 15-210, a security is presumed abandoned upon the earlier of the following:

(1) 3 years after the date a communication sent by the holder by first-class United States mail to the apparent owner is returned to the holder undelivered by the United States Postal Service; however, if such returned communication is re-sent within one month to the apparent owner, the 3-year period does not begin to run until the day the resent item is returned as undeliverable; or
(2) 5 years after the date of the apparent owner's last indication of interest in the security.

(b) If the holder does not send communications to the apparent owner of a security by first-class United States mail on at least an annual basis, the holder shall attempt to confirm the apparent owner's interest in the security by sending the apparent owner an electronic-mail communication not later than 3 years after the apparent owner's last indication of interest in the security. However, the holder promptly shall attempt to contact the apparent owner by first-class United States mail if:

(1) the holder does not have information needed to send the apparent owner an electronic-mail communication or the holder believes that the apparent owner's electronic-mail address in the holder's records is not valid;
(2) the holder receives notification that the electronic-mail communication was not received; or
(3) the apparent owner does not respond to the electronic-mail communication within 30 days after the communication was sent.

(c) If first-class United States mail sent under subsection (b) is returned to the holder undelivered by the United States Postal Service, the security is presumed abandoned in accordance with subsection (a)(2) above.

(d) If a holder in the ordinary course of its business receives notice or an indication of the death of an apparent owner, the holder shall attempt not later than 90 days after receipt of the notice or indication to confirm whether the apparent owner is deceased. Notwithstanding the standards set forth in paragraphs (a), (b) and (c), if the holder either receives confirmation of the death of the apparent owner in the ordinary course of its business or confirms the death of the apparent owner under this subsection (d), then, the property shall be presumed abandoned 2 years after the date of death of the owner.

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

(765 ILCS 1026/15-209)

Sec. 15-209. When related property presumed abandoned. At and after the time property is presumed abandoned under this Act, any other property right or interest accrued or accruing from the property and not previously presumed abandoned is also presumed abandoned.

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

(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 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, except for a recurring Automated Clearing House (ACH) debit or credit previously authorized by the apparent owner 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 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 of the other accounts the apparent owner has with the financial organization;
(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 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. 102-288, eff. 8-6-21.)

(765 ILCS 1026/15-211)

Sec. 15-211. Knowledge of death of insured or annuitant.

(a) In this Section, "death master file" means the United States Social Security Administration Death Master File or other database or service that is at least as comprehensive as the United States Social Security Administration Death Master File for determining that an individual reportedly has died.

(b) With respect to a life or endowment insurance policy or annuity contract for which an amount is owed on proof of death, but which has not matured by proof of death of the insured or annuitant, the company has knowledge of the death of an insured or annuitant when:

(1) the company receives a death certificate or court order determining that the insured or annuitant has died;
(2) the company:

(A) receives notice of the death of the insured or annuitant from the administrator or an unclaimed property administrator of another state, a beneficiary, a policy owner, a relative of the insured, a representative under the Probate Act of 1975, or from an executor or other legal representative of the insured's or annuitant's estate; and
(B) validates the death of the insured or annuitant;

(3) the company conducts a comparison for any purpose between a death master file and the names of some or all of the company's insureds or annuitants, finds a match that provides notice that the insured or annuitant has died; or
(4) the administrator or the administrator's agent conducts a comparison for the purpose of finding matches during an examination conducted under Article 10 between a death master file and the names of some or all of the company's insureds or annuitants, finds a match that provides notice that the insured or annuitant has died.

(1) A death-master-file match under subsection (b)(3) or (4) occurs if the criteria for an exact or partial match are satisfied as provided by either:

(A) the Unclaimed Life Insurance Benefits Act or other law of this State other than this Act; or
(B) a rule or policy adopted by the Director of the Department of Insurance.

(2) The death-master-file match does not constitute proof of death for the purpose of submission to an insurance company of a claim by a beneficiary, annuitant, or owner of the policy or contract for an amount due under an insurance policy or annuity contract.
(3) The death-master-file match or validation of the insured's or annuitant's death does not alter the requirements for a beneficiary, annuitant, or owner of the policy or contract to make a claim to receive proceeds under the terms of the policy or contract.
(4) An insured or an annuitant is presumed dead if the date of his or her death is indicated by the death-master-file match under either subsection (b)(3) or (b)(4), unless the insurer has competent and substantial evidence that the person is living, including, but not limited to, a contact made by the insurer with the person or his or her legal representative.

(d) This Act does not affect the determination of the extent to which an insurance company before the effective date of this Act had knowledge of the death of an insured or annuitant or was required to conduct a death-master-file comparison to determine whether amounts owed by the company on a life or endowment insurance policy or annuity contract were presumed abandoned or unclaimed.

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

(765 ILCS 1026/15-212)

Sec. 15-212. Deposit account for proceeds of insurance policy or annuity contract. If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check or draft-writing privileges for the beneficiary of the policy or contract and, under a supplementary contract not involving annuity benefits other than death benefits, the proceeds are retained by the insurance company or the financial organization where the account is held, the policy or contract includes the assets in the account.

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

(765 ILCS 1026/15-213)

Sec. 15-213. United States savings bonds.

(a) As used in this Section, "United States savings bond" means property, tangible or intangible, in the form of a savings bond issued by the United States Treasury, whether in paper, electronic, or paperless form, along with all proceeds thereof.

(b) Notwithstanding any provision of this Act to the contrary, a United States savings bond subject to this Section or held or owing in this State by any person is presumed abandoned when such bond has remained unclaimed and unredeemed for 5 years after its date of final extended maturity.

(c) United States savings bonds that are presumed abandoned and unclaimed under subsection (b) shall escheat to the State of Illinois and all property rights and legal title to and ownership of the United States savings bonds, or proceeds from the bonds, including all rights, powers, and privileges of survivorship of any owner, co-owner, or beneficiary, shall vest solely in the State according to the procedure set forth in subsections (d) through (f).

(d) Within 180 days after a United States savings bond has been presumed abandoned, in the absence of a claim having been filed with the administrator for the savings bond, the administrator shall commence a civil action in the Circuit Court of Sangamon County for a determination that the United States savings bonds has escheated to the State. The administrator may postpone the bringing of the action until sufficient United States savings bonds have accumulated in the administrator's custody to justify the expense of the proceedings.

(e) The administrator shall make service by publication in the civil action in accordance with Sections 2-206 and 2-207 of the Code of Civil Procedure, which shall include the filing with the Circuit Court of Sangamon County of the affidavit required in Section 2-206 of that Code by an employee of the administrator with personal knowledge of the efforts made to contact the owners of United States savings bonds presumed abandoned under this Section. In addition to the diligent inquiries made pursuant to Section 2-206 of the Code of Civil Procedure, the administrator may also utilize additional discretionary means to attempt to provide notice to persons who may own a United States savings bond registered to a person with a last known address in the State of Illinois subject to a civil action pursuant to subsection (d).

(f) The owner of a United States savings bond registered to a person with a last known address in the State of Illinois subject to a civil action pursuant to subsection (d) may file a claim for such United States savings bond with either the administrator or by filing a claim in the civil action in the Circuit Court of Sangamon County in which the savings bond registered to that person is at issue prior to the entry of a final judgment by the Circuit Court pursuant to this subsection, and unless the Circuit Court determines that such United States savings bond is not owned by the claimant, then such United States savings bond shall no longer be presumed abandoned. If no person files a claim or appears at the hearing to substantiate a disputed claim or if the court determines that a claimant is not entitled to the property claimed by the claimant, then the court, if satisfied by evidence that the administrator has substantially complied with the laws of this State, shall enter a judgment that the United States savings bonds have escheated to this State, and all property rights and legal title to and ownership of such United States savings bonds or proceeds from such bonds, including all rights, powers, and privileges of survivorship of any owner, co-owner, or beneficiary, shall vest in this State.

(g) The administrator shall redeem from the Bureau of the Fiscal Service of the United States Treasury the United States savings bonds escheated to the State and deposit the proceeds from the redemption of United States savings bonds into the Unclaimed Property Trust Fund.

(h) Any person making a claim for the United States savings bonds escheated to the State under this subsection, or for the proceeds from such bonds, may file a claim with the administrator. Upon providing sufficient proof of the validity of such person's claim, the administrator may, in his or her sole discretion, pay such claim. If payment has been made to any claimant, no action thereafter may be maintained by any other claimant against the State or any officer thereof for or on account of such funds.

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

(765 ILCS 1026/Art. 3 heading)

ARTICLE 3. RULES FOR TAKING CUSTODY OF PROPERTY PRESUMED ABANDONED

(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.

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

(765 ILCS 1026/15-302)

Sec. 15-302. Address of apparent owner in this State. The administrator may take custody of property that is presumed abandoned, whether located in this State, another state, or a foreign country if:

(1) the last-known address of the apparent owner in the records of the holder is in this State; or
(2) the records of the holder do not reflect the identity or last-known address of the apparent owner, but the administrator has determined that the last-known address of the apparent owner is in this State.

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

(765 ILCS 1026/15-303)

Sec. 15-303. If records show multiple addresses of apparent owner.

(a) Except as in subsection (b), if records of a holder reflect multiple addresses for an apparent owner and this State is the state of the most recently recorded address, this State may take custody of property presumed abandoned, whether located in this State or another state.

(b) If it appears from records of the holder that the most recently recorded address of the apparent owner under subsection (a) is a temporary address and this State is the state of the next most recently recorded address that is not a temporary address, this State may take custody of the property presumed abandoned.

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

(765 ILCS 1026/15-304)

Sec. 15-304. Holder domiciled in this State.

(a) Except as in subsection (b) or Section 15-302 or 15-303, the administrator may take custody of property presumed abandoned, whether located in this State, another state, or a foreign country, if the holder is domiciled in this State or is this State or a governmental subdivision, agency, or instrumentality of this State, and

(1) another state or foreign country is not entitled to the property because there is no last-known address of the apparent owner or other person entitled to the property in the records of the holder; or
(2) the state or foreign country of the last-known address of the apparent owner or other person entitled to the property does not provide for custodial taking of the property.

(b) Property is not subject to custody of the administrator under subsection (a) if the property is specifically exempt from custodial taking under the law of this State or the state or foreign country of the last-known address of the apparent owner.

(c) If a holder's state of domicile has changed since the time property was presumed abandoned, the holder's state of domicile under this Section is deemed to be the state where the holder was domiciled at the time the property was presumed abandoned.

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

(765 ILCS 1026/15-305)

Sec. 15-305. Custody if transaction took place in this State. Except as in Section 15-302, 15-303, or 15-304, the administrator may take custody of property presumed abandoned whether located in this State or another state if:

(1) the transaction out of which the property arose took place in this State;
(2) the holder is domiciled in a state that does not provide for the custodial taking of the property, except that if the property is specifically exempt from custodial taking under the law of the state of the holder's domicile, the property is not subject to the custody of the administrator; and
(3) the last-known address of the apparent owner or other person entitled to the property is unknown or in a state that does not provide for the custodial taking of the property, except that if the property is specifically exempt from custodial taking under the law of the state of the last-known address, the property is not subject to the custody of the administrator.

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

(765 ILCS 1026/15-306)

Sec. 15-306. Traveler's check, money order, or similar instrument. The administrator may take custody of sums payable on a traveler's check, money order, or similar instrument presumed abandoned to the extent permissible under 12 U.S.C. Sections 2501 through 2503, as amended.

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

(765 ILCS 1026/15-307)

Sec. 15-307. Burden of proof to establish administrator's right to custody. Subject to Article 4 and Section 15-1005, if the administrator asserts a right to custody of unclaimed property and there is a dispute concerning such property, the administrator has the initial burden to prove:

(1) the amount of the property;
(2) the property is presumed abandoned; and
(3) the property is subject to the custody of the administrator.

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

(765 ILCS 1026/Art. 4 heading)

ARTICLE 4. REPORT BY HOLDER

(765 ILCS 1026/15-401)

Sec. 15-401. Report required by holder.

(a) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. A holder shall report via the internet in a format approved by the administrator, unless the administrator gives a holder specific permission to file a paper report.

(b) A holder may contract with a third party to make the report required under subsection (a).

(1) to the administrator for the complete, accurate, and timely reporting of property presumed abandoned; and
(2) for paying or delivering to the administrator property described in the report.

(d) A business association who has no reportable property shall so report to the administrator on forms via the Internet in a format approved by the administrator if the business association has:

(1) annual sales of more than $1,000,000;
(2) securities that are publicly traded;
(3) a net worth of more than $10,000,000; or
(4) more than 100 employees.

The administrator may increase one or more of the thresholds for filing a negative report by administrative rule.

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

(765 ILCS 1026/15-402)

Sec. 15-402. Content of report.

(a) The report required under Section 15-401 must:

(1) be signed by or on behalf of the holder and verified as to its completeness and accuracy;
(2) if filed electronically, be in a secure format approved by the administrator which protects confidential information of the apparent owner;
(3) describe the property;
(4) except for a traveler's check, money order, or similar instrument, contain the name, if known, last-known address, if known, and Social Security number or taxpayer identification number, if known or readily ascertainable, of the apparent owner of property with a value of $5 or more;
(5) for an amount held or owing under a life or endowment insurance policy, annuity contract, or other property where ownership vests in a beneficiary upon the death of the owner, contain the name and last-known address of the insured, annuitant, or other apparent owner of the policy or contract and of the beneficiary;
(6) for property held in or removed from a safe-deposit box, indicate the location of the property, where it may be inspected by the administrator, and any amounts owed to the holder under Section 15-606;
(7) contain the commencement date for determining abandonment under Article 2;
(8) state that the holder has complied with the notice requirements of Section 15-501;
(9) identify property that is a non-freely transferable security and explain why it is a non-freely transferable security; and
(10) contain other information the administrator prescribes by rules.

(b) A report under Section 15-401 may include in the aggregate items valued under $5 each. If the report includes items in the aggregate valued under $5 each, the administrator may not require the holder to provide the name and address of an apparent owner of an item unless the information is necessary to verify or process a claim in progress by the apparent owner.

(c) A report under Section 15-401 may include personal information as defined in Section 15-1401(a) about the apparent owner or the apparent owner's property.

(d) If a holder has changed its name while holding property presumed abandoned or is a successor to another person that previously held the property for the apparent owner, the holder must include in the report under Section 15-401 its former name or the name of the previous holder, if any, and the known name and address of each previous holder of the property.

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

(765 ILCS 1026/15-403)

Sec. 15-403. When report to be filed.

(a) Except as otherwise provided in subsection (b) and subject to subsection (c), the report under Section 15-401 must be filed before November 1 of each year and cover the 12 months preceding July 1 of that year. Business associations which must report under this subsection (a) include financial organizations and insurance companies other than life insurance companies; all other business associations must file under subsection (b).

(b) Subject to subsection (c), the report under Section 15-401 to be filed by any business associations that do not report under subsection (a) must be filed before May 1 of each year for the immediately preceding calendar year.

(c) Before the date for filing the report under Section 15-401, the holder of property presumed abandoned may request the administrator to extend the time for filing. The administrator may grant an extension. If the extension is granted, the holder may pay or make a partial payment of the amount the holder estimates ultimately will be due. The payment or partial payment terminates accrual of interest on the amount paid.

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

(765 ILCS 1026/15-404)

Sec. 15-404. Retention of records by holder. A holder required to file a report under Section 15-401 shall retain records for 10 years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter period is provided by rule of the administrator. The holder may satisfy the requirement to retain records under this Section through an agent. The records must contain:

(1) the information required to be included in the report;
(2) the date, place, and nature of the circumstances that gave rise to the property right;
(3) the amount or value of the property;
(4) the last address of the apparent owner, if known to the holder;
(5) sufficient records of items which were not reported as unclaimed, to allow examination to determine whether the holder has complied with the Act; and
(6) if the holder sells, issues, or provides to others for sale or issue in this State traveler's checks, money orders, or similar instruments, other than third-party bank checks, on which the holder is directly liable, a record of the instruments while they remain outstanding indicating the state and date of issue.

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

(765 ILCS 1026/15-405)

Sec. 15-405. Property reportable and payable or deliverable absent owner demand. Property is reportable and payable or deliverable under this Act even if the owner fails to make demand or present an instrument or document otherwise required to obtain payment.

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

(765 ILCS 1026/Art. 5 heading)

ARTICLE 5. NOTICE TO APPARENT OWNER OF PROPERTY PRESUMED ABANDONED

(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 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 1026/15-502)

Sec. 15-502. Contents of notice by holder.

(a) Notice under Section 15-501 must contain a heading that reads substantially as follows: "Notice. The State of Illinois requires us to notify you that your property may be transferred to the custody of the State Treasurer if you do not contact us before (insert date that is 30 days after the date of this notice).".

(b) The notice under Section 15-501 must:

(1) identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice;
(2) state that the property will be turned over to the State Treasurer;
(3) state that after the property is turned over to the State Treasurer an apparent owner that seeks return of the property may file a claim with the State Treasurer;
(4) state that property that is not legal tender of the United States may be sold by the State Treasurer;
(5) provide instructions that the apparent owner must follow to prevent the holder from reporting and paying or delivering the property to the State Treasurer; and
(6) provide the name, address, and e-mail address or telephone number to contact the holder.

(c) The holder may supplement the required information by listing a website where apparent owners may obtain more information about how to prevent the holder from reporting and paying or delivering the property to the State Treasurer.

(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.

(1) publish 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) the total value of property received by the administrator during the preceding 6-month period, taken from the reports under Section 15-401;
(B) the total value of claims paid by the administrator during the preceding 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 $2,000 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 $2,000, 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 $2,000 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.)

(765 ILCS 1026/15-504)

Sec. 15-504. Cooperation among State officers and agencies to locate apparent owner. Unless prohibited by law of this State other than this Act, on request of the administrator, each officer, agency, board, commission, division, and department of this State, any body politic and corporate created by this State for a public purpose, and each political subdivision of this State shall make its books and records available to the administrator and cooperate with the administrator to determine the current address of an apparent owner of property held by the administrator under this Act or to otherwise assist the administrator in the administration of this Act. The administrator may also enter into data sharing agreements to enable such other governmental agencies to provide an additional notice to apparent owners of property held by the administrator.

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

(765 ILCS 1026/Art. 6 heading)

ARTICLE 6. TAKING CUSTODY OF PROPERTY BY ADMINISTRATOR

(765 ILCS 1026/15-601)

Sec. 15-601. Definition of good faith. In this Article, payment or delivery of property is made in good faith if a holder:

(1) had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid or delivered to the administrator under this Act; or
(2) made payment or delivery:

(A) in response to a demand by the administrator or administrator's agent; or
(B) under a guidance or ruling issued by the administrator which the holder reasonably believed required or permitted the property to be paid or delivered.

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

(765 ILCS 1026/15-602)

Sec. 15-602. Dormancy charge; escheat fee.

(a) A holder may deduct a dormancy charge or an escheat fee from property required to be paid or delivered to the administrator if:

(1) a valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time; and
(2) the holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.

(b) The amount of the deduction under subsection (a) is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner's property and any services received by the apparent owner.

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

(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) If property reported to the administrator is virtual currency, the holder shall liquidate the virtual currency and remit the proceeds to the administrator. 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.

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

(765 ILCS 1026/15-604)

Sec. 15-604. Effect of payment or delivery of property to administrator.

(a) On payment or delivery of property to the administrator under this Act, the administrator as agent for the State assumes custody and responsibility for safekeeping the property. A holder that pays or delivers property to the administrator in good faith and substantially complies with Sections 15-501 and 15-502 is relieved of all liability which thereafter may arise or be made in respect to the property to the extent of the value of the property so paid or delivered.

(b) If legal proceedings are instituted by any other state or states in any state or federal court with respect to unclaimed funds or abandoned property previously paid or delivered to the administrator, the holder shall give written notification to the administrator and the Attorney General of this State of such proceedings within 10 days after service of process, or in the alternative at least 10 days before the return date or date on which an answer or similar pleading is due (or any extension thereof secured by the holder). The Attorney General may take such action as he or she deems necessary or expedient to protect the interests of this State. The Attorney General by written notice prior to the return date or date on which an answer or similar pleading is due (or any extension thereof secured by the holder), but in any event in reasonably sufficient time for the holder to comply with the directions received, shall either direct the holder actively to defend in such proceedings or that no defense need be entered in such proceedings. If a direction is received from the Attorney General that the holder need not make a defense, such shall not preclude the holder from entering a defense in its own name if it should so choose. However, any defense made by the holder on its own initiative shall not entitle the holder to reimbursement for legal fees, costs and other expenses as is hereinafter provided in respect to defenses made pursuant to the directions of the Attorney General. If, after the holder has actively defended in such proceedings pursuant to a direction of the Attorney General, or has been notified in writing by the Attorney General that no defense need be made with respect to such funds, a judgment is entered against the holder for any amount paid to the administrator under this Act, the administrator shall, upon being furnished with proof of payment in satisfaction of such judgment, reimburse the holder the amount so paid. The administrator shall also reimburse the holder for any legal fees, costs and other directly related expenses incurred in legal proceedings undertaken pursuant to the direction of the Attorney General.

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

(765 ILCS 1026/15-605)

Sec. 15-605. Recovery of property by holder from administrator.

(a) A holder that under this Act pays money to the administrator may file a claim for reimbursement from the administrator of the amount paid if the holder:

(1) paid the money in error; or
(2) after paying the money to the administrator, paid money to a person the holder reasonably believed entitled to the money.

(b) If a claim for reimbursement under subsection (a) is made for a payment made on a negotiable instrument, including a traveler's check, money order, or similar instrument, the holder must submit proof that the instrument was presented and payment was made to a person the holder reasonably believed entitled to payment. The holder may claim reimbursement even if the payment was made to a person whose claim was made after expiration of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute, or court order.

(c) If a holder is reimbursed by the administrator under subsection (a)(2), the holder may also recover from the administrator income or gain under Section 15-607 that would have been paid to the owner if the money had been claimed from the administrator by the owner to the extent the income or gain was paid by the holder to the owner.

(d) A holder that under this Act delivers property other than money to the administrator may file a claim for return of the property from the administrator if:

(1) the holder delivered the property in error; or
(2) the apparent owner has claimed the property from the holder.

(e) If a claim for return of property under subsection (d) is made, the holder shall include with the claim evidence sufficient to establish that the apparent owner has claimed the property from the holder or that the property was delivered by the holder to the administrator in error.

(f) The administrator may determine that an affidavit submitted by a holder is evidence sufficient to establish that the holder is entitled to reimbursement or to recover property under this Section.

(g) A holder is not required to pay a fee or other charge for reimbursement or return of property under this Section.

(h) Unless extended for reasonable cause, not later than 90 days after a holder's claim is complete the administrator shall allow or deny the claim and give the holder notice in a record of the decision. If a holder fails to provide all the information and documentation requested by the administrator as necessary to establish legal ownership of the property and the claim is inactive for at least 90 days, then the administrator may close the claim without issuing a final decision. However, if the claimant makes a request in writing for a final decision prior to the administrator's closing of the claim, the administrator shall issue a final decision. A claim will be considered complete when a holder has provided all the information and documentation requested by the administrator as necessary to establish legal ownership and such information or documentation is entered into the administrator's unclaimed property system.

(i) The claimant may initiate a proceeding under the Illinois Administrative Procedure Act for review of the administrator's decision or the deemed denial under subsection (h) not later than:

(1) 30 days following receipt of the notice of the administrator's decision; or
(2) 120 days following the filing of a claim under subsection (a) or (d) in the case of a deemed denial under subsection (h).

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

(765 ILCS 1026/15-606)

Sec. 15-606. Property removed from safe-deposit box. Property removed from a safe-deposit box and delivered under this Act to the administrator under this Act is subject to the holder's right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box. Upon application by the holder, and after there are sufficient cash funds available either from the contents of the box or the sale of the property, the administrator shall reimburse the holder from the proceeds. The administrator shall promulgate administrative rules concerning the reimbursement process under this Section.

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

(765 ILCS 1026/15-607)

Sec. 15-607. Crediting income or gain to owner's account.

(a) If property other than money is delivered to the administrator, the owner is entitled to receive from the administrator income or gain realized or accrued on the property before the property is sold.

(b) Before August 22, 2017, interest on money is not payable to an owner for periods where the property is in the possession of the administrator.

(c) Beginning on August 22, 2017, the administrator shall pay interest to the owner of property in the form of money at the greater of: (i) the percentage increase, if any, in the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor (CPI-U); or (ii) the actual rate of return the State Treasurer earned on the Unclaimed Property Trust Fund. Interest begins to accrue when property in the form of money is delivered to the administrator or when the administrator converts property to money pursuant to Article 7 and ends on the earlier of the expiration of 10 years after the property begins to accrue interest or the date on which payment is made to the owner. The administrator may establish by administrative rule more detailed methodologies for calculating the amount of interest to be paid to an owner under this Section.

(d) When paying interest to an owner pursuant to subsection (c), the administrator shall charge a one-time administrative fee of $5, deductible only from interest.

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

(765 ILCS 1026/15-608)

Sec. 15-608. Administrator's options as to custody.

(a) The administrator may decline to take custody of property reported under Section 15-401 if the administrator determines that:

(1) the property has a value less than the estimated expenses of notice and sale of the property; or
(2) taking custody of the property would be unlawful.

(b) A holder may pay or deliver property to the administrator before the property is presumed abandoned under this Act if the holder:

(1) provides the apparent owner of the property any notice required by Section 15-501 and provides the administrator evidence of the holder's compliance with this paragraph;
(2) includes with the payment or delivery a report regarding the property conforming to Section 15-402; and
(3) first obtains the administrator's consent in a record to accept payment or delivery.

(c) A holder's request for the administrator's consent under subsection (b)(3) must be in a record. If the administrator fails to respond to the request not later than 30 days after receipt of the request, the administrator is deemed to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith.

(d) On payment or delivery of property under subsection (b), the property is presumed abandoned.

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

(765 ILCS 1026/15-609)

Sec. 15-609. Disposition of property having no substantial value; immunity from liability.

(a) If the administrator takes custody of property delivered under this Act and later determines that the property has no substantial commercial value or that the cost of disposing of the property will exceed the value of the property, the administrator may return the property to the holder or destroy or otherwise dispose of the property.

(b) An action or proceeding may not be commenced against the State, an agency of the State, the administrator, another officer, employee, or agent of the State, or a holder for or because of an act of the administrator under this Section, except for intentional misconduct or malfeasance.

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

(765 ILCS 1026/15-610)

Sec. 15-610. Periods of limitation and repose.

(a) Expiration, before, on, or after the effective date of this Act, of a period of limitation on an owner's right to receive or recover property, whether specified by contract, statute, or court order, does not prevent the property from being presumed abandoned or affect the duty of a holder under this Act to file a report or pay or deliver property to the administrator.

(b) An action or proceeding may not be maintained by the administrator to enforce this Act in regard to the reporting, delivery, or payment of property more than 10 years after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property. In the absence of such a report or other express notice, the period of limitation is tolled. The period of limitation is also tolled by the filing of a report that is fraudulent.

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

(765 ILCS 1026/Art. 7 heading)

ARTICLE 7. SALE OF PROPERTY BY ADMINISTRATOR

(765 ILCS 1026/15-701)

Sec. 15-701. Public sale of property.

(a) Subject to Section 15-702, not earlier than 3 years after receipt of property presumed abandoned, the administrator may sell the property.

(b) Before selling property under subsection (a), the administrator shall give notice to the public of:

(1) the date of the sale; and
(2) a reasonable description of the property.

(1) at public sale at a location in this State which the administrator determines to be the most favorable market for the property;
(2) on the Internet; or
(3) on another forum the administrator determines is likely to yield the highest net proceeds of sale.

(d) The administrator may decline the highest bid at a sale under this Section and reoffer the property for sale if the administrator determines the highest bid is insufficient.

(e) If a sale held under this Section is to be conducted other than on the Internet, the administrator must cause to be published at least one notice of the sale, at least 2 weeks but not more than 5 weeks before the sale, in a newspaper of general circulation in the county in which the property is to be sold. For purposes of this subsection, the reasonable description of property to be sold required by subsection (b) above may be satisfied by posting such information on the administrator's website so long as the newspaper notice includes the website address where such information is posted.

(f) Property eligible for sale will not be sold when a claim has been filed with the administrator by an apparent owner, heir, or agent. However, upon approval of a claim, the owner, heir or, agent may request the administrator to dispose of the property by sale and remit the net proceeds to the owner, heir, or agent. Upon disapproval of the claim, the administrator may dispose of the property by sale.

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

(765 ILCS 1026/15-702)

Sec. 15-702. Disposal of securities.

(a) The administrator may not sell or otherwise liquidate a security until 3 years after the administrator receives the security and gives the apparent owner notice under Section 15-503 that the administrator holds the security unless the administrator determines it would be in the best interests of the owner for the sale to occur prior to the expiration of the 3-year period after the administrator receives the security and gives the apparent owner notice under Section 15-503. The administrator shall by administrative rule provide examples of situations where it would be in the best interests of the owner for the sale to occur prior to the expiration of the 3-year period.

(b) The administrator may not sell a security listed on an established stock exchange for less than the price prevailing on the exchange at the time of sale. The administrator may sell a security not listed on an established exchange by any commercially reasonable method.

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

(765 ILCS 1026/15-703)

Sec. 15-703. Recovery of securities or value by owner.

(a) If the administrator sells a security before the expiration of 3 years after delivery of the security to the administrator, an apparent owner that files a valid claim under this Act of ownership of the security before the 3-year period expires is entitled, at the option of the owner, to receive:

(1) replacement of the security;
(2) the market value of the security at the time the claim is filed, plus dividends, interest, and other increments on the security up to the time the claim is paid; or
(3) the net proceeds of the sale of the security, plus dividends, interest, and other increments on the security up to the time the security was sold.

(b) Replacement of the security or calculation of market value under subsection (a) must take into account a stock split, reverse stock split, stock dividend, or similar corporate action.

(c) A person that makes a valid claim under this Act of ownership of a security after expiration of 3 years after delivery of the security to the administrator is entitled to receive:

(1) the security the holder delivered to the administrator, if it is in the custody of the administrator, plus dividends, interest, and other increments on the security up to the time the administrator delivers the security to the person; or
(2) the net proceeds of the sale of the security, plus dividends, interest, and other increments on the security up to the time the security was sold.

(d) Securities eligible for sale will not be sold when a claim has been filed with the administrator by an apparent owner, heir, or agent. However, upon approval of a claim, the owner, heir or, agent may request the administrator to dispose of the securities by sale and remit the net proceeds to the owner, heir, or agent. Upon disapproval of the claim, the administrator may dispose of the securities by sale.

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

(765 ILCS 1026/15-704)

Sec. 15-704. Purchaser owns property after sale. A purchaser of property at a sale conducted by the administrator under this Act takes the property free of all claims of the owner, a previous holder, or a person claiming through the owner or holder. The administrator shall execute documents necessary to complete the transfer of ownership to the purchaser.

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

(765 ILCS 1026/15-705)

Sec. 15-705. Exceptions to the sale of tangible property. The administrator shall dispose of tangible property identified by this Section in accordance with this Section.

(a) Military medals or decorations. The administrator may not sell a medal or decoration awarded for military service in the armed forces of the United States. Instead, the administrator, with the consent of the respective organization under paragraph (1), agency under paragraph (2), or entity under paragraph (3), may deliver a medal or decoration to be held in custody for the owner, to:

(1) a military veterans organization qualified under Section 501(c)(19) of the Internal Revenue Code;
(2) the agency that awarded the medal or decoration; or
(3) a governmental entity.

After delivery, the administrator is not responsible for the safekeeping of the medal or decoration.

(b) Property with historical value. Property that the administrator reasonably believes may have historical value may be, at his or her discretion, loaned to an accredited museum in the United States where it will be kept until such time as the administrator orders it to be returned to his or her custody.

(c) Human remains. If human remains are delivered to the administrator under this Act, the administrator shall deliver those human remains to the coroner of the county in which the human remains were abandoned for disposition under Section 3-3034 of the Counties Code. The only human remains that may be delivered to the administrator under this Act and that the administrator may receive are those that are reported and delivered as contents of a safe deposit box.

(d) Evidence in a criminal investigation. Property that may have been used in the commission of a crime or that may assist in the investigation of a crime, as determined after consulting with the Illinois State Police, shall be delivered to the Illinois State Police or other appropriate law enforcement authority to allow law enforcement to determine whether a criminal investigation should take place. Any such property delivered to a law enforcement authority shall be held in accordance with existing statutes and rules related to the gathering, retention, and release of evidence.

(e) Firearms.

(1) The administrator, in cooperation with the Illinois State Police, shall develop a procedure to determine whether a firearm delivered to the administrator under this Act has been stolen or used in the commission of a crime. The Illinois State Police shall determine the appropriate disposition of a firearm that has been stolen or used in the commission of a crime. The administrator shall attempt to return a firearm that has not been stolen or used in the commission of a crime to the rightful owner if the Illinois State Police determines that the owner may lawfully possess the firearm.
(2) If the administrator is unable to return a firearm to its owner, the administrator shall transfer custody of the firearm to the Illinois State Police. Legal title to a firearm transferred to the Illinois State Police under this subsection (e) is vested in the Illinois State Police by operation of law if:

(i) the administrator cannot locate the owner of the firearm;
(ii) the owner of the firearm may not lawfully possess the firearm;
(iii) the apparent owner does not respond to notice published under Section 15-503 of this Act; or
(iv) the apparent owner responds to notice published under Section 15-502 and states that he or she no longer claims an interest in the firearm.

(3) With respect to a firearm whose title is transferred to the Illinois State Police under this subsection (e), the Illinois State Police may:

(i) retain the firearm for use by the crime laboratory system, for training purposes, or for any other application as deemed appropriate by the Department;
(ii) transfer the firearm to the Illinois State Museum if the firearm has historical value; or
(iii) destroy the firearm if it is not retained pursuant to subparagraph (i) or transferred pursuant to subparagraph (ii).

As used in this subsection, "firearm" has the meaning provided in the Firearm Owners Identification Card Act.

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

(765 ILCS 1026/Art. 8 heading)

ARTICLE 8. ADMINISTRATION OF PROPERTY

(765 ILCS 1026/15-801)

Sec. 15-801. Deposit of funds by administrator.

(a) Except as otherwise provided in this Section, the administrator shall deposit in the Unclaimed Property Trust Fund all funds received under this Act, including proceeds from the sale of property under Article 7. The administrator may deposit any amount in the Unclaimed Property Trust Fund into the State Pensions Fund during the fiscal year at his or her discretion; however, he or she shall, on April 15 and October 15 of each year, deposit any amount in the Unclaimed Property Trust Fund exceeding $2,500,000 into the State Pensions Fund. If on either April 15 or October 15, the administrator determines that a balance of $2,500,000 is insufficient for the prompt payment of unclaimed property claims authorized under this Act, the administrator may retain more than $2,500,000 in the Unclaimed Property Trust Fund in order to ensure the prompt payment of claims. Beginning in State fiscal year 2023, all amounts that are deposited into the State Pensions Fund from the Unclaimed Property Trust Fund shall be apportioned to the designated retirement systems as provided in subsection (c-6) of Section 8.12 of the State Finance Act to reduce their actuarial reserve deficiencies.

(b) The administrator shall make prompt payment of claims he or she duly allows as provided for in this Act from the Unclaimed Property Trust Fund. This shall constitute an irrevocable and continuing appropriation of all amounts in the Unclaimed Property Trust Fund necessary to make prompt payment of claims duly allowed by the administrator pursuant to this Act.

(Source: P.A. 101-10, eff. 6-5-19; 101-636, eff. 6-10-20; 102-16, eff. 6-17-21.)

(765 ILCS 1026/15-802)

Sec. 15-802. Administrator to retain records of property. The administrator shall:

(1) record and retain the name and last-known address of each person shown on a report filed under Section 15-401 to be the apparent owner of property delivered to the administrator;
(2) record and retain the name and last-known address of each insured or annuitant and beneficiary shown on the report;
(3) for each policy of insurance or annuity contract listed in the report of an insurance company, record and retain the policy or account number, the name of the company, and the amount due or paid shown on the report;
(4) for each apparent owner listed in the report, record and retain the name of the holder that filed the report and the amount due or paid; and
(5) maintain records sufficient to indicate the filing of reports required under Section 15-401 and the payment or delivery of property to the administrator under Section 15-603.

Records created or maintained pursuant to this Section are subject to the requirements of the Illinois State Records Act.

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

(765 ILCS 1026/15-803)

Sec. 15-803. Expenses and service charges of administrator. Before making a deposit of funds received under this Act to the Unclaimed Property Trust Fund, the administrator may deduct expenses incurred in examining records of or collecting property from a putative holder or holder as provided in the State Officers and Employees Money Disposition Act.

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

(765 ILCS 1026/15-804)

Sec. 15-804. Administrator holds property as custodian for owner. Upon the payment or delivery of abandoned property to the administrator, the State shall assume custody and shall be responsible for the safekeeping thereof.

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

(765 ILCS 1026/Art. 9 heading)

ARTICLE 9. CLAIM TO RECOVER PROPERTY FROM ADMINISTRATOR

(765 ILCS 1026/15-901)

Sec. 15-901. Claim of another state to recover property.

(a) If the administrator knows that property held by the administrator under this Act is subject to a superior claim of another state, the administrator shall:

(1) report and pay or deliver the property to the other state; or
(2) return the property to the holder so that the holder may pay or deliver the property to the other state.

(b) The administrator is not required to enter into an agreement to transfer property to the other state under subsection (a).

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

(765 ILCS 1026/15-902)

Sec. 15-902. Property subject to recovery by another state.

(a) Property held under this Act by the administrator is subject to the right of another state to take custody of the property if:

(1) the property was paid or delivered to the administrator because the records of the holder did not reflect a last-known address in the other state of the apparent owner and:

(A) the other state establishes that the last-known address of the apparent owner or other person entitled to the property was in the other state; or
(B) under the law of the other state, the property has become subject to a claim by the other state of abandonment;

(2) the records of the holder did not accurately identify the owner of the property, the last-known address of the owner was in another state, and, under the law of the other state, the property has become subject to a claim by the other state of abandonment;
(3) the property was subject to the custody of the administrator of this State under Section 15-305 and, under the law of the state of domicile of the holder, the property has become subject to a claim by the state of domicile of the holder of abandonment; or
(4) the property:

(A) is a sum payable on a traveler's check, money order, or similar instrument that was purchased in the other state and delivered to the administrator under Section 15-306; and
(B) under the law of the other state, has become subject to a claim by the other state of abandonment.

(b) A claim by another state to recover property under this Section must be presented in a form prescribed by the administrator, unless the administrator waives presentation of the form.

(c) The administrator shall decide a claim under this Section not later than 90 days after it is presented. If the administrator determines that the other state is entitled under subsection (a) to custody of the property, the administrator shall allow the claim and pay or deliver the property to the other state.

(d) The administrator may require another state, before recovering property under this Section, to agree to indemnify this State and its agents, officers and employees against any liability on a claim to the property.

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

(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 $500.

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

(765 ILCS 1026/15-904)

Sec. 15-904. When administrator must honor claim for property.

(a) The administrator shall pay or deliver property to a claimant under subsection (a) of Section 15-903 if the administrator receives evidence sufficient to establish to the satisfaction of the administrator that the claimant is the owner of the property.

(b) A claim will be considered complete when a claimant has provided all the information and documentation requested by the administrator as necessary to establish legal ownership and such information or documentation is entered into the administrator's unclaimed property system. Unless extended for reasonable cause, not later than 90 days after a claim is complete the administrator shall allow or deny the claim and give the claimant notice in a record of the decision. If a claimant fails to provide all the information and documentation requested by the administrator as necessary to establish legal ownership of the property and the claim is inactive for at least 90 days, then the administrator may close the claim without issuing a final decision. However, if the claimant makes a request in writing for a final decision prior to the administrator's closing of the claim, the administrator shall issue a final decision.

(b-5) An heir or agent who files an unclaimed property claim in which the decedent's property does not exceed $100 may submit an affidavit attesting to the heir's or agent's capacity to claim in lieu of submitting a certified copy to verify a claim. The affidavit shall be accompanied by a copy of other documentary proof that the administrator requests. The administrator may change the maximum value in this subsection by administrative rule.

(1) the administrator shall inform the claimant of the reason for the denial and may specify what additional evidence, if any, is required for the claim to be allowed;
(2) the claimant may file an amended claim with the administrator or commence an action under Section 15-906; and
(3) the administrator shall consider an amended claim filed under paragraph (2) as an initial claim.

(Source: P.A. 100-22, eff. 1-1-18; 101-342, eff. 8-9-19.)

(765 ILCS 1026/15-905)

Sec. 15-905. Allowance of claim for property.

(a) The administrator shall pay or deliver to the owner the property or pay to the owner the net proceeds of a sale of the property, together with income or gain to which the owner is entitled under Section 15-607. On request of the owner, the administrator may sell or liquidate property and pay the net proceeds to the owner, even if the property had been held by the administrator for less than 3 years or the administrator has not complied with the notice requirements under Section 15-503.

(b) Property held under this Act by the administrator is subject to offset under Section 10.05 of the State Comptroller Act.

(c) Any warrants issued by the Comptroller pursuant to a voucher from the administrator to pay an owner under this Act that are not presented to the Treasurer within 12 months of the date of issuance shall be void pursuant to Section 10.07 of the State Comptroller Act, but the funds shall not escheat to the State and shall instead be redeposited in the Unclaimed Property Trust Fund.

(d) The administrator shall be responsible for any tax reporting required by federal law related to payments made pursuant to this Act. The administrator may contract with a vendor to assist with the tax reporting duties required by this subsection.

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

(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.

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

(765 ILCS 1026/Art. 10 heading)

ARTICLE 10. VERIFIED REPORT OF PROPERTY; EXAMINATION OF RECORDS

(765 ILCS 1026/15-1001)

Sec. 15-1001. Verified report of property. If a person does not file a report required by Section 15-401 or the administrator believes that a person may have filed an inaccurate, incomplete, or false report, the administrator may require the person to file a verified report in a form prescribed by the administrator. The verified report must:

(1) state whether the person is holding property reportable under this Act;
(2) describe property not previously reported or about which the administrator has inquired;
(3) specifically identify property described under paragraph (2) about which there is a dispute whether it is reportable under this Act; and
(4) state the amount or value of the property.

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

(765 ILCS 1026/15-1002)

Sec. 15-1002. Examination of records to determine compliance. The administrator, at reasonable times and on reasonable notice, may:

(1) examine the records of any person to determine whether the person has complied with this Act even if the person believes it is not in possession of any property that must be reported, paid, or delivered under this Act;
(2) issue an administrative subpoena requiring the person or agent of the person to make records available for examination; and
(3) bring an action seeking judicial enforcement of the subpoena.

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

(765 ILCS 1026/15-1002.1)

Sec. 15-1002.1. Examination of State-regulated financial organizations.

(a) Notwithstanding Section 15-1002 of this Act, for any financial organization for which the Department of Financial and Professional Regulation is the primary prudential regulator, the administrator shall not examine such financial institution unless the administrator has consulted with the Secretary of Financial and Professional Regulation and the Department of Financial and Professional Regulation has not examined such financial organization for compliance with this Act within the past 5 years. The Secretary of Financial and Professional Regulation may waive in writing the provisions of this subsection (a) in order to permit the administrator to examine a financial organization or group of financial organizations for compliance with this Act.

(b) Nothing in this Section shall be construed to prohibit the administrator from examining a financial organization for which the Department of Financial and Professional Regulation is not the primary prudential regulator. Further, nothing in this Act shall be construed to limit the authority of the Department of Financial and Professional Regulation to examine financial organizations.

(1) examine the records of a financial organization that is a federally chartered bank, savings bank, or credit union if the administrator has reason to believe that the financial organization has failed to comply with this Act;
(2) issue an administrative subpoena requiring the financial organization or an agent of the financial organization to make records available for examination; and
(3) bring an action seeking judicial enforcement of the subpoena.

The administrator may adopt administrative rules that specify conditions under which the administrator has a reason to believe that a financial organization is not in compliance with this Act.

(Source: P.A. 101-81, eff. 7-12-19; 102-288, eff. 8-6-21.)

(765 ILCS 1026/15-1003)

Sec. 15-1003. Rules for conducting examination.

(a) The administrator shall adopt rules governing procedures and standards for an examination under Section 15-1002; the rules may reference any standards concerning unclaimed property examinations promulgated by the National Association of Unclaimed Property Administrators and shall make provisions for multi-state examinations.

(b) After the adoption of rules under subsection (a), an examination under Section 15-1002 must be performed under the rules adopted under subsection (a).

(c) If a person subject to examination under Section 15-1002 has filed the reports required under Section 15-401 and Section 15-1001 and has retained the records required by Section 15-404, the following rules apply:

(1) The examination must include a review of the person's records.
(2) The examination may not be based on an estimate unless the person expressly consents in a record to the use of an estimate.
(3) The person conducting the examination shall consider the evidence presented in good faith by the person in preparing the findings of the examination under Section 15-1007.

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

(765 ILCS 1026/15-1004)

Sec. 15-1004. Records obtained in examination. Records obtained and records, including work papers, compiled by the administrator or administrator's agent in the course of conducting an examination under Section 15-1002 or Section 15-1002.1:

(1) are subject to the confidentiality and security provisions of Article 14 and are exempt from disclosure under the Freedom of Information Act;
(2) may be used by the administrator in an action to collect property or otherwise enforce this Act;
(3) may be used in a joint examination conducted with another state, the United States, a foreign country or subordinate unit of a foreign country, or any other governmental entity if the governmental entity conducting the examination is legally bound to maintain the confidentiality and security of information obtained from a person subject to examination in a manner substantially equivalent to Article 14;
(4) may be disclosed, on request, to the person that administers the unclaimed property law of another state for that state's use in circumstances equivalent to circumstances described in this Article, if the other state is required to maintain the confidentiality and security of information obtained in a manner substantially equivalent to Article 14;
(5) must be produced by the administrator under an administrative or judicial subpoena or administrative or court order; and
(6) must be produced by the administrator on request of the person subject to the examination in an administrative or judicial proceeding relating to the property.

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

(765 ILCS 1026/15-1005)

Sec. 15-1005. Evidence of unpaid debt or undischarged obligation.

(a) A record of a putative holder showing an unpaid debt or undischarged obligation is prima facie evidence of the debt or obligation.

(b) A putative holder may establish by a preponderance of the evidence that there is no unpaid debt or undischarged obligation for a debt or obligation described in subsection (a) or that the debt or obligation was not, or no longer is, a fixed and certain obligation of the putative holder.

(c) A putative holder may overcome prima facie evidence under subsection (a) by establishing by a preponderance of the evidence that a check, draft, or similar instrument was:

(1) issued as an unaccepted offer in settlement of an unliquidated amount;
(2) issued but later was replaced with another instrument because the earlier instrument was lost or contained an error that was corrected;
(3) issued to a party affiliated with the issuer;
(4) paid, satisfied, or discharged;
(5) issued in error;
(6) issued without consideration;
(7) issued but there was a failure of consideration;
(8) voided not later than 90 days after issuance for a valid business reason set forth in a contemporaneous record; or
(9) issued but not delivered to the third-party payee for a sufficient reason recorded within a reasonable time after issuance.

(d) In asserting a defense under this Section, and subject to the records retention requirements of Section 15-404, a putative holder may present evidence of a course of dealing between the putative holder and the apparent owner.

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

(765 ILCS 1026/15-1006)

Sec. 15-1006. Failure of person examined to retain records. If a person subject to examination under Section 15-1002 does not retain the records required by Section 15-404, the administrator may determine the value of property due using a reasonable method of estimation based on all information available to the administrator, including extrapolation and use of statistical sampling when appropriate and necessary, consistent with examination procedures and standards adopted under Section 15-1003. A payment made based on estimation under this Section is a penalty for failure to maintain the records required by Section 15-404 and does not relieve a person from an obligation to report and deliver property to a State in which the holder is domiciled.

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

(765 ILCS 1026/15-1007)

Sec. 15-1007. Report to person whose records were examined. At the conclusion of an examination under Section 15-1002, unless waived in writing by the person being examined, the administrator shall provide to the person whose records were examined a report that specifies:

(1) the work performed;
(2) the property types reviewed;
(3) the methodology of any estimation technique, extrapolation, or statistical sampling used in conducting the examination;
(4) each calculation showing the value of property determined to be due; and
(5) the findings of the person conducting the examination.

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

(765 ILCS 1026/15-1008)

Sec. 15-1008. Informal conference during examination.

(a) If a person subject to examination under Section 15-1002 believes the person conducting the examination has made an unreasonable or unauthorized request or is not proceeding expeditiously to complete the examination, the person in a record may request an informal conference with the administrator.

(b) If a person in a record requests an informal conference with the administrator, the administrator shall hold the informal conference not later than 30 days after receiving the request. For good cause, and after notice in a record to the person requesting an informal conference, the administrator may extend the time for the holding of an informal conference. The administrator may hold the informal conference in person, by telephone, or by electronic means.

(c) If an informal conference is held under subsection (b), not later than 30 days after the conference ends, the administrator shall provide a response to the person that requested the conference.

(d) The administrator may deny a request for an informal conference under this Section if the administrator reasonably believes that the request was made in bad faith or primarily to delay the examination. If the administrator denies a request for an informal conference the denial shall be in a record provided to the person requesting the informal conference.

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

(765 ILCS 1026/15-1009)

Sec. 15-1009. Administrator's contract with another to conduct examination.

(a) The administrator may contract with a person to conduct an examination under this Article. The contract shall be awarded pursuant to a request for proposals issued in compliance with the procurement rules of the administrator.

(b) If the administrator contracts with a person under subsection (a):

(1) the contract may provide for compensation of the person based on a fixed fee, hourly fee, or contingent fee;
(2) a contingent fee arrangement may not provide for a payment that exceeds 15% of the amount or value of property paid or delivered as a result of the examination; and
(3) as authorized in the State Officers and Employees Money Disposition Act, the administrator may permit the deduction of fees from property recovered during an examination under this Article prior to depositing funds received under this Act into the Unclaimed Property Trust Fund.

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

(765 ILCS 1026/15-1010)

Sec. 15-1010. Report by administrator. As part of the report required by Section 15 of the State Treasurer Act, the administrator shall compile and include the following information about property presumed abandoned for the preceding fiscal year for the State:

(1) the total amount and value of all property paid or delivered under this Act to the administrator, separated into:

(A) the part voluntarily paid or delivered; and
(B) the part paid or delivered as a result of an examination under Section 15-1002;

(2) the total amount and value of all property paid or delivered by the administrator to persons that made claims for property held by the administrator under this Act;
(3) the amounts expended from the State Pensions Fund; and
(4) such other information as the administrator believes would be useful or informative.

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

(765 ILCS 1026/15-1011)

Sec. 15-1011. Determination of liability for unreported reportable property. If the administrator determines from an examination conducted under Section 15-1002 that a putative holder failed or refused to pay or deliver to the administrator property which is reportable under this Act, the administrator shall issue a determination of the putative holder's liability to pay or deliver and give notice in a record to the putative holder of the determination.

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

(765 ILCS 1026/Art. 11 heading)

ARTICLE 11. DETERMINATION OF LIABILITY; PUTATIVE HOLDER REMEDIES

(765 ILCS 1026/15-1101)

Sec. 15-1101. Informal conference.

(a) Not later than 30 days after receipt of a notice under Section 15-1011, the putative holder may request an informal conference with the administrator to review the determination. Except as otherwise provided in this Section, the administrator may designate an employee to act on behalf of the administrator.

(b) If a putative holder makes a timely request under subsection (a) for an informal conference:

(1) not later than 30 days after the date of the request, the administrator shall set the time and place of the conference;
(2) the administrator shall give the putative holder notice in a record of the time and place of the conference;
(3) the conference may be held in person, by telephone, or by electronic means, as determined by the administrator;
(4) the request tolls the 90-day period under Sections 15-1103 and 15-1104 until notice of a decision under paragraph (7) has been given to the putative holder or the putative holder withdraws the request for the conference;
(5) the conference may be postponed, adjourned, and reconvened as the administrator determines appropriate;
(6) the administrator or administrator's designee with the approval of the administrator may modify a determination made under Section 15-1011 or withdraw it; and
(7) the administrator shall issue a decision in a record and provide a copy of the record to the putative holder and examiner not later than 30 days after the conference ends.

(c) A conference under subsection (b) is not an administrative remedy and is not a contested case subject to the Illinois Administrative Procedure Act. An oath is not required and rules of evidence do not apply in the conference.

(d) At a conference under subsection (b), the putative holder must be given an opportunity to confer informally with the administrator and the person that examined the records of the putative holder to:

(1) discuss the determination made under Section 15-1011; and
(2) present any issue concerning the validity of the determination.

(e) If the administrator fails to act within the period prescribed in subsection (b)(1) or (7), the failure does not affect a right of the administrator, except that interest does not accrue on the amount for which the putative holder was determined to be liable under Section 15-1011 during the period in which the administrator failed to act until the earlier of:

(1) the date under Section 15-1103 the putative holder initiates administrative review or files an action under Section 15-1104; or
(2) 90 days after the putative holder received notice of the administrator's determination under Section 15-1011 if no review was initiated under Section 15-1103 and no action was filed under Section 15-1104.

(f) The administrator may hold an informal conference with a putative holder about a determination under Section 15-1011 without a request at any time before the putative holder initiates administrative review under Section 15-1102.

(g) Interest and penalties under Section 15-1204 continue to accrue on property not reported, paid, or delivered as required by this Act after the initiation, and during the pendency, of an informal conference under this Section.

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

(765 ILCS 1026/15-1102)

Sec. 15-1102. Administrative review.

(a) Not later than 90 days after receiving notice of the administrator's determination under Section 15-1011, or, if applicable and as provided in Section 15-1101(b)(4), after notice of a decision under 15-1101(b)(7) has been given to the putative holder or the putative holder has withdrawn the request for an informal conference, a putative holder may initiate a contested case under the Illinois Administrative Procedure Act for review of the administrator's determination.

(b) A final decision in an administrative proceeding initiated under subsection (a) is subject to judicial review under the Article III of Code of Civil Procedure.

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

(765 ILCS 1026/Art. 12 heading)

ARTICLE 12. ENFORCEMENT BY ADMINISTRATOR

(765 ILCS 1026/15-1201)

Sec. 15-1201. Judicial action to enforce liability.

(a) If a determination under Section 15-1011 becomes final and is not subject to administrative or judicial review, the administrator may commence an action in the Circuit Court of Sangamon County or Cook County, federal court, or in an appropriate court of another state to enforce the determination and secure payment or delivery of past due, unpaid, or undelivered property. The action must be brought not later than 5 years after the determination becomes final.

(b) In an action under subsection (a), if no court in this State has jurisdiction over the defendant, the administrator may commence an action in any court having jurisdiction over the defendant.

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

(765 ILCS 1026/15-1202)

Sec. 15-1202. Interstate and international agreement; cooperation.

(a) Subject to subsection (b), the administrator may:

(1) exchange information with another state or foreign country relating to property presumed abandoned or relating to the possible existence of property presumed abandoned; and
(2) authorize in a record another state or foreign country or a person acting on behalf of the other state or country to examine its records of a putative holder as provided in Article 10.

(b) An exchange or examination under subsection (a) may be done only if the state or foreign country has confidentiality and security requirements substantially equivalent to those in Article 14 or agrees in a record to be bound by this State's confidentiality and security requirements.

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

(765 ILCS 1026/15-1203)

Sec. 15-1203. Action involving another state or foreign country.

(a) The administrator may join another state or foreign country to examine and seek enforcement of this Act against a putative holder.

(b) On request of another state or foreign country, the Attorney General may commence an action on behalf of the other state or country to enforce, in this State, the law of the other state or country against a putative holder subject to a claim by the other state or country.

(c) The administrator may request the official authorized to enforce the unclaimed property law of another state or foreign country to commence an action to recover property in the other state or country on behalf of the administrator. This state may pay the costs, including reasonable attorney's fees and expenses, incurred by the other state or foreign country in an action under this subsection.

(d) The administrator may pursue an action on behalf of this State to recover property subject to this Act but delivered to the custody of another state if the administrator believes the property is subject to the custody of the administrator.

(e) At the request of the administrator, the Attorney General may commence an action to recover property on behalf of the administrator in this State, another state, or a foreign country. With the written consent of the Attorney General, the administrator may retain an attorney in this State, another state, or a foreign country to recover property on behalf of the administrator in this State, another state, or a foreign country and may agree to pay attorney's fees based in whole or in part on a fixed fee, hourly fee, or a percentage of the amounts or value of property recovered in the action.

(f) Expenses incurred by this State in an action under this Section may be paid from property received under this Act or the net proceeds of the property. Expenses paid to recover property may not be deducted from the amount that is subject to a claim under this Act by the owner.

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

(765 ILCS 1026/15-1204)

Sec. 15-1204. Interest and penalty for failure to act in timely manner.

(a) A holder that fails to report, pay, or deliver property within the time prescribed by this Act shall pay to the administrator interest at a rate of 1% per month on the property or value of the property from the date the property should have been reported, paid, or delivered to the administrator until the date reported, paid, or delivered.

(b) Except as otherwise provided in Section 15-1 or 15-1206, the administrator may require a holder that fails to report, pay, or deliver property within the time prescribed by this Act to pay to the administrator, in addition to interest included under subsection (a), a civil penalty of $200 for each day the duty is not performed, up to a cumulative maximum amount of $5,000.

(c) A holder who fails to report, pay, or deliver property within the time prescribed by this Act shall not be required to pay interest under subsection (a) above or be subject to penalties under subsection (b) above if the failure to report, pay, or deliver the property was due to lack of knowledge of the death that established the period of abandonment under this Act.

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

(765 ILCS 1026/15-1205)

Sec. 15-1205. Other civil penalties.

(a) If a holder enters into a contract or other arrangement for the purpose of evading an obligation under this Act or otherwise willfully fails to perform a duty imposed on the holder under this Act, the administrator may require the holder to pay the administrator, in addition to interest as provided in subsection (a) of Section 15-1204, a civil penalty of $1,000 for each day the obligation is evaded or the duty is not performed, up to a cumulative maximum amount of $25,000, plus 25% of the amount or value of property that should have been but was not reported, paid, or delivered as a result of the evasion or failure to perform.

(b) If a holder makes a fraudulent report under this Act, the administrator may require the holder to pay to the administrator, in addition to interest under subsection (a) of Section 15-1204, a civil penalty of $1,000 for each day from the date the report was made until corrected, up to a cumulative maximum of $25,000, plus 25% of the amount or value of any property that should have been reported but was not included in the report or was underreported.

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

(765 ILCS 1026/15-1206)

Sec. 15-1206. Waiver of interest and penalty. The administrator:

(1) may waive, in whole or in part, interest under subsection (a) of Section 15-1204 and penalties under subsection (b) of Section 15-1204 or Section 15-1; and
(2) shall waive a penalty under subsection (b) of Section 15-1204 if the administrator determines that the holder acted in good faith and without negligence.

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

(765 ILCS 1026/Art. 13 heading)

ARTICLE 13. AGREEMENT TO LOCATE PROPERTY OF APPARENT OWNER HELD BY ADMINISTRATOR

(765 ILCS 1026/15-1301)

Sec. 15-1301. When agreement to locate property enforceable. An agreement by an apparent owner and another person, the primary purpose of which is to locate, deliver, recover, or assist in the location, delivery, or recovery of property held by the administrator, is enforceable only if the agreement:

(1) is in a record that clearly states the nature of the property and the services to be provided;
(2) is signed by or on behalf of the apparent owner; and
(3) states the amount or value of the property reasonably expected to be recovered, computed before and after a fee or other compensation to be paid to the person has been deducted.

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

(765 ILCS 1026/15-1302)

Sec. 15-1302. When agreement to locate property void.

(a) Subject to subsection (b), an agreement under Section 15-1301 is void if it is entered into during the period beginning on the date the property was presumed abandoned under this Act and ending 24 months after the payment or delivery of the property to the administrator.

(b) If a provision in an agreement described in Section 15-1301 applies to mineral proceeds for which compensation is to be paid to the other person based in whole or in part on a part of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void regardless of when the agreement was entered into.

(c) An agreement under this Article 13 which provides for compensation in an amount that is more than 10% of the amount collected is unenforceable except by the apparent owner.

(d) An apparent owner or the administrator may assert that an agreement described in this Article 13 is void on a ground other than it provides for payment of unconscionable compensation.

(e) A person attempting to collect a contingent fee for discovering, on behalf of an apparent owner, presumptively abandoned property must be licensed as a private detective pursuant to the Private Detective, Private Alarm, Private Security, Fingerprint Vendor, and Locksmith Act of 2004.

(f) This Section does not apply to an apparent owner's agreement with an attorney to pursue a claim for recovery of specifically identified property held by the administrator or to contest the administrator's denial of a claim for recovery of the property.

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

(765 ILCS 1026/Art. 14 heading)

ARTICLE 14. CONFIDENTIALITY AND SECURITY OF INFORMATION

(765 ILCS 1026/15-1401)

Sec. 15-1401. Confidential information.

(a) Except as otherwise provided in this Section, information that is confidential under law of this State other than this Act, another state, or the United States, including "private information" as defined in the Freedom of Information Act and "personal information" as defined in the Personal Information Protection Act, continues to be confidential when disclosed or delivered under this Act to the administrator or administrator's agent.

(b) Information provided in reports filed pursuant to Section 15-401, information obtained in the course of an examination pursuant to Section 15-1002 or Section 15-1002.1, and the database required by Section 15-503 is exempt from disclosure under the Freedom of Information Act.

(c) If reasonably necessary to enforce or implement this Act, the administrator or the administrator's agent may disclose confidential information concerning property held by the administrator or the administrator's agent to:

(1) an apparent owner or the apparent owner's representative under the Probate Act of 1975, attorney, other legal representative, or relative;
(2) the representative under the Probate Act of 1975, other legal representative, relative of a deceased apparent owner, or a person entitled to inherit from the deceased apparent owner;
(3) another department or agency of this State or the United States;
(4) the person that administers the unclaimed property law of another state, if the other state accords substantially reciprocal privileges to the administrator of this State if the other state is required to maintain the confidentiality and security of information obtained in a manner substantially equivalent to Article 14;
(5) a person subject to an examination as required by Section 15-1004; and
(6) an agent of the administrator.

(d) The administrator may include on the website or in the database the names and addresses of apparent owners of property held by the administrator as provided in Section 15-503. The administrator may include in published notices, printed publications, telecommunications, the Internet, or other media and on the website or in the database additional information concerning the apparent owner's property if the administrator believes the information will assist in identifying and returning property to the owner and does not disclose personal information as defined in the Personal Information Protection Act.

(e) The administrator and the administrator's agent may not use confidential information provided to them or in their possession except as expressly authorized by this Act or required by law other than this Act.

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

(765 ILCS 1026/15-1402)

Sec. 15-1402. Confidentiality agreement. A person to be examined under Section 15-1002 or Section 15-1002.1 may require, as a condition of disclosure of the records of the person to be examined, that the administrator or the administrator's agent execute and deliver to the person to be examined a confidentiality agreement that:

(1) is in a form that is reasonably satisfactory to the administrator; and
(2) requires the person having access to the records to comply with the provisions of this Article applicable to the person.

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

(765 ILCS 1026/15-1403)

Sec. 15-1403. No confidential information in notice. Except as otherwise provided in Sections 15-501 and 15-502, a holder is not required under this Act to include confidential information in a notice the holder is required to provide to an apparent owner under this Act.

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

(765 ILCS 1026/15-1404)

Sec. 15-1404. Security of information.

(a) If a holder is required to include confidential information in a report to the administrator, the information must be provided by a secure means.

(b) If confidential information in a record is provided to and maintained by the administrator or administrator's agent as required by this Act, the administrator or agent shall implement and maintain reasonable security measures to protect those records from unauthorized access, acquisition, destruction, use, modification, or disclosure as required by the Personal Information Protection Act. If a State or federal law requires the administrator or agent to provide greater protection to records that contain personal information that are maintained by the administrator or agent and the administrator or agent is in compliance with the provisions of that State or federal law, the administrator or agent is deemed to be in compliance with the provisions of this subsection.

(c) If there is any breach of the security of the system data or written material, the administrator and the administrator's agent shall comply with the notice requirements of Section 12 of the Personal Information Protection Act, and shall, if applicable, cooperate with a holder in complying with the notice requirements of Section 10 of the Personal Information Protection Act.

(d) The administrator and the administrator's agent shall either return in a secure manner or destroy in a manner consistent with the Personal Information Protection Act all confidential information no longer reasonably needed under this Act.

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

(765 ILCS 1026/Art. 15 heading)

ARTICLE 15. MISCELLANEOUS

(765 ILCS 1026/15-1501)

Sec. 15-1501. Uniformity of application and construction. In applying and construing this uniform Act consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

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

(765 ILCS 1026/15-1502)

Sec. 15-1502. Relation to Electronic Signatures in Global and National Commerce Act. This Act modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that Act, 15 U.S.C. Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of that Act, 15 U.S.C. Section 7003(b).

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

(765 ILCS 1026/15-1503)

Sec. 15-1503. Transitional provision.

(a) An initial report filed under this Act for property that was not required to be reported before the effective date of this Act, but that is required to be reported under this Act, must include all items of property that would have been presumed abandoned during the 5-year period preceding the effective date of this Act as if this Act had been in effect during that period.

(b) This Act does not relieve a holder of a duty that arose before the effective date of this Act to report, pay, or deliver property. Subject to subsection (b) of Section 15-610, a holder that did not comply with the law governing unclaimed property before the effective date of this Act is subject to applicable provisions for enforcement and penalties in effect before the effective date of this Act.

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

(765 ILCS 1026/15-1504)

Sec. 15-1504. Severability. If any provision of this Act or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this Act which can be given effect without the invalid provision or application, and to this end the provisions of this Act are severable.

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

(765 ILCS 1026/15-1505)

Sec. 15-1505. Application.

(a) Except as provided in this Section and Section 15-1506, this Act does not apply to any annuity, pension, or benefit fund held in a fiduciary capacity by or on behalf of a retirement system, pension fund, or investment board created pursuant to any Article of the Illinois Pension Code.

(b) Beginning on the effective date of this amendatory Act of the 101st General Assembly, property presumed abandoned in an annuity, pension, or benefit fund held in a fiduciary capacity by or on behalf of a retirement system, pension fund, or investment board created pursuant to any Article of the Illinois Pension Code shall be reported by the retirement system, pension fund, or investment board to the administrator within the time in subsection (a) of Section 15-403 by providing: (i) the name of the owner and the names of any beneficiaries; (ii) the last known address, if known; (iii) the Social Security number or taxpayer identification number, if known or readily ascertainable; and (iv) the dollar amount.

(c) Beginning on the effective date of this amendatory Act of the 101st General Assembly, a retirement system, pension fund, or investment board created pursuant to Article 3, 4, or 22 of the Illinois Pension Code shall also comply with the provisions of Section 15-1506.

(d) Notwithstanding any provision of law to the contrary, no retirement system, pension fund, or investment board created pursuant to any Article of the Illinois Pension Code shall pay or deliver any annuity, pension, or benefit fund held in a fiduciary capacity to the administrator.

(e) For the purposes of this Section and Section 15-1506, property is presumed abandoned in accordance with Article 2 of this Act.

(f) Except for subsections (b) and (c), this Section is operative retroactively to January 1, 2018.

(Source: P.A. 101-546, eff. 1-1-20.)

(765 ILCS 1026/15-1506)

Sec. 15-1506. Compliance provisions.

(a) This Section applies only to a retirement system, pension fund, or investment board created pursuant to Article 3, 4, or 22 of the Illinois Pension Code.

(b) Each retirement system, pension fund, or investment board shall meet or exceed the minimum standards for due diligence specified in this Section. If an annuity, pension, or benefit fund held in a fiduciary capacity by the retirement system, pension fund, or investment board would otherwise be presumed abandoned in accordance with Section 15-202, then the retirement system, pension fund, or investment board shall engage in the following due diligence:

(1) Use mail, telephone, and electronic mail. The retirement system, pension fund, or investment board shall attempt, not less than 90 days before filing the report under subsection (b) of Section 15-1505, to contact the apparent owner using, in any order, first-class United States mail, telephone, and electronic mail. The retirement system, pension fund, or investment board shall use the most current contact information available for the apparent owner. The retirement system, pension fund, or investment board shall use these routine methods in its initial attempts to contact the apparent owner. If the apparent owner does not respond or otherwise indicate interest in the property in response to these routine methods, then the retirement system, pension fund, or investment board shall take the additional due diligence steps outlined in this Section to locate the apparent owner or a beneficiary.
(2) Use certified mail. The retirement system, pension fund, or investment board shall send to the apparent owner a notice using certified United States mail not less than 60 days before filing the report under subsection (b) of Section 15-1505.
(3) Check related plan and employer records. The retirement system, pension fund, or investment board shall ask any employer, and any former employer, of the apparent owner and any other retirement system, pension fund, or investment board to search its records for more current contact information for the apparent owner as well as for more current contact information for any beneficiaries. Unless prohibited by law of this State other than this Act, on request of a retirement system, pension fund, or investment board pursuant to this Section, each officer, agency, board, commission, division, and department of this State, body politic and corporate created by this State for a public purpose, and political subdivision of this State shall make its books and records available to the retirement system, pension fund, or investment board and cooperate with such retirement system, pension fund, or investment board to determine the current address of an apparent owner of property covered by Section 15-1505.
(4) Attempt to contact designated beneficiaries. The retirement system, pension fund, or investment board shall try to identify and contact any individual that the apparent owner has designated as a beneficiary to find updated contact information for the apparent owner. The retirement system, pension fund, or investment board shall attempt to contact beneficiaries, if any, using, in any order, first-class United States mail, telephone calls, and electronic mail if the retirement system, pension fund, or investment board has the relevant contact information for such beneficiaries.
(5) Use electronic search tools. The retirement system, pension fund, or investment board shall make reasonable use of Internet search tools that do not charge a fee to search for an apparent owner, including Internet search engines, public record databases, obituaries, and social media.
(6) Use additional steps if the property is over $1,000. The retirement system, pension fund, or investment board shall take additional due diligence steps if the apparent owner's property is valued at more than $1,000. Such additional due diligence includes the use of Internet search tools, commercial locator services, credit reporting agencies, information brokers, investigation databases, and analogous services that may involve charges.

(c) If the property is no longer presumptively abandoned because an apparent owner responds or otherwise indicates interest in the property in response to the due diligence efforts of the retirement system, pension fund, or investment board, then the retirement system, pension fund, or investment board does not need to engage in further due diligence.

(d) Notwithstanding any provision of this Section to the contrary, a retirement system, pension fund, or investment board does not need to engage in due diligence for property with a value of less than $50, and a retirement system, pension fund, or investment board does not need to send due diligence mail or electronic mail to an address that it knows to be invalid.

(e) The administrator and each retirement system, pension fund, and investment board to which this Section applies shall enter into an interagency agreement concerning the implementation of this Section. The interagency agreement shall specify that the retirement system, pension fund, or investment board shall certify at least annually that it meets or exceeds the minimum standards for due diligence required by this Section.

(f) If the United States Department of Labor issues guidance or regulations that conflict with this Section, then the retirement system, pension fund, or investment board shall comply with that guidance or those regulations.

(Source: P.A. 101-546, eff. 1-1-20.)

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