summary
Introduced
05/16/2025
05/16/2025
In Committee
05/16/2025
05/16/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
If and only if Senate Bill 1667 of the 104th General Assembly becomes law in the form in which it passed the Senate, amends the Revised Uniform Unclaimed Property Act. Excludes from the definition of "finder": (A) a person holding a durable power of attorney of a person who is medically incapacitated; (B) a bankruptcy trustee, bankruptcy estate representative, or other person or business association authorized pursuant to the Bankruptcy Title of the U.S. Code or an order of a bankruptcy court to act on behalf of or for the benefit of the reported owner's creditors and bankruptcy estate, or the successor or assignee thereof; (C) an assignee for the benefit of a business association's creditors pursuant to applicable state or federal law, or the successor or assignee thereof; (D) a court-ordered receiver for a business association, or the successor or assignee thereof; (E) a survivor, corporate designee, assignee, successor, governor, or delegate of a business association pursuant to a merger, conversion, acquisition, divestiture, joint venture, assignment, wind-down, resolution, or corporate reorganization, or the successor or assignee thereof; (F) an employee of an owner; and (G) any other person that is entitled to receive the property under other law, court order, or policy.
AI Summary
This bill amends the Revised Uniform Unclaimed Property Act by modifying the definition of "finder" to exclude several specific categories of individuals and entities from being considered finders who can claim compensation for locating unclaimed property. The excluded categories include people holding a durable power of attorney for medically incapacitated individuals, bankruptcy trustees and representatives, assignees for creditors, court-ordered receivers, survivors or representatives involved in corporate reorganizations, employees of property owners, and any other persons entitled to receive property through legal means. The bill clarifies that these individuals or entities would not be eligible to receive fees, compensation, commissions, or other remuneration for locating or assisting in the recovery of unclaimed property held by the state administrator (in this case, the State Treasurer). This modification aims to prevent certain professionals and legal representatives from profiting from the process of identifying and returning unclaimed property, ensuring that the property is more directly returned to its rightful owners or their legal representatives.
Sponsors (1)
Last Action
Referred to Rules Committee (on 05/16/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4057&GAID=18&DocTypeID=HB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/HB/10400HB4057.htm |
Loading...