summary
Introduced
02/05/2025
02/05/2025
In Committee
04/30/2025
04/30/2025
Crossed Over
04/10/2025
04/10/2025
Passed
08/01/2025
08/01/2025
Dead
Signed/Enacted/Adopted
08/01/2025
08/01/2025
Introduced Session
104th General Assembly
Bill Summary
Amends the Illinois Trust Code. Requires a trustee to maintain, for a minimum of 7 years after the termination of the trust, a copy of the governing trust instrument under which the trustee was authorized to act at the time the trust terminated. Amends the Revised Uniform Unclaimed Property Act. Provides that property held in an account or plan, including a health savings account, that qualifies for tax deferral under the United States income tax law, is presumed abandoned 20 years after the account was opened. Requires State agencies to report final compensation due a State employee to the Treasurer's Office as unclaimed property if the employee dies while employed. Requires a holder who holds property presumed abandoned to hold the property in trust for the benefit of the State Treasurer on behalf of the owner from and after the date the property is presumed abandoned. Requires that the State Treasurer provide written notice to a State agency and the Governor's Office of Management and Budget of property presumed to be abandoned and allegedly owned by the State agency before it can be escheated to the State's General Revenue Fund if the property remains unclaimed after one year. Creates authority for the Secretary of the Department of Financial and Professional Regulation to order a regulated person under the Act to immediately report and remit property subject to the Act if the Secretary determines that the action is necessary to protect the interest of an owner. Establishes a procedure regulating agreements between an owner or apparent owner and a finder to locate or recover property held by the State Treasurer. Requires a finder to be licensed by the State Treasurer and creates qualifications to be so licensed. Makes definitions. Makes other changes. The Treasurer is authorized to adopt rules as necessary to implement the Act. Effective immediately.
AI Summary
This bill amends several laws related to unclaimed property and state employee benefits in Illinois. Specifically, it requires trustees to maintain a copy of their trust instrument for 7 years after a trust terminates and modifies rules about when certain tax-deferred accounts are considered abandoned. The bill changes the abandonment period for such accounts from 30 to 20 years and requires holders to attempt to contact account owners in the tenth year after an account is opened. For deceased state employees, the bill mandates that any outstanding funds owed to their estate must be paid within one year, after which the funds must be reported to the state treasurer. The legislation also establishes a new licensing system for "finders" who help locate unclaimed property, requiring them to obtain a license from the state treasurer starting January 1, 2026. Finders will need to meet specific qualifications, including being of good moral character, passing a background check, and paying a fee. The bill gives the state treasurer and the Secretary of Financial and Professional Regulation additional powers to regulate unclaimed property, including the ability to order immediate reporting of abandoned property and to protect owners' interests. These changes aim to improve the management and transparency of unclaimed property in Illinois.
Committee Categories
Justice
Sponsors (3)
Last Action
Public Act . . . . . . . . . 104-0116 (on 08/01/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1667&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB1667enr.htm |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB1667eng.htm |
| Senate Amendment 005 | https://www.ilga.gov/legislation/104/SB/10400SB1667sam005.htm |
| Senate Amendment 004 | https://www.ilga.gov/legislation/104/SB/10400SB1667sam004.htm |
| Senate Amendment 003 | https://www.ilga.gov/legislation/104/SB/10400SB1667sam003.htm |
| Senate Amendment 002 | https://www.ilga.gov/legislation/104/SB/10400SB1667sam002.htm |
| Senate Amendment 001 | https://www.ilga.gov/legislation/104/SB/10400SB1667sam001.htm |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB1667.htm |
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