State Codes and Statutes

Statutes > Illinois > Chapter765 > 2228

    (765 ILCS 1025/0.05)
    Sec. 0.05. Transfer of powers. The rights, powers, duties, and functions vested in the Department of Financial Institutions to administer this Act are transferred to the State Treasurer on July 1, 1999 in accordance with Sections 0.02 through 0.06 of the State Treasurer Act; provided, however, that the rights, powers, duties, and functions involving the examination of the records of any person that the State Treasurer has reason to believe has failed to report properly under this Act shall be transferred to the Office of Banks and Real Estate if the person is regulated by the Office of Banks and Real Estate under the Illinois Banking Act, the Corporate Fiduciary Act, the Foreign Banking Office Act, the Illinois Savings and Loan Act of 1985, or the Savings Bank Act and shall be retained by the Department of Financial Institutions if the person is doing business in the State under the supervision of the Department of Financial Institutions, the National Credit Union Administration, the Office of Thrift Supervision, or the Comptroller of the Currency.
(Source: P.A. 91‑16, eff. 6‑4‑99.)

    (765 ILCS 1025/1) (from Ch. 141, par. 101)
    Sec. 1. As used in this Act, unless the context otherwise requires:
    (a) "Banking organization" means any bank, trust company, savings bank, industrial bank, land bank, safe deposit company, or a private banker.
    (b) "Business association" means any corporation, joint stock company, business trust, partnership, or any association, limited liability company, or other business entity consisting of one or more persons, whether or not for profit.
    (c) "Financial organization" means any savings and loan association, building and loan association, credit union, currency exchange, co‑operative bank, mutual funds, or investment company.
    (d) "Holder" means any person in possession of property subject to this Act belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to this Act.
    (e) "Life insurance corporation" means any association or corporation transacting the business of insurance on the lives of persons or insurance appertaining thereto, including, but not by way of limitation, endowments and annuities.
    (f) "Owner" means a depositor in case of a deposit, a beneficiary in case of a trust, a creditor, claimant, or payee in case of other property, or any person having a legal or equitable interest in property subject to this Act, or his legal representative.
    (g) "Person" means any individual, business association, financial organization, government or political subdivision or agency, public authority, estate, trust, or any other legal or commercial entity.
    (h) "Utility" means any person who owns or operates, for public use, any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, oil or gas.
    (i) (Blank).
    (j) "Insurance company" means any person transacting the kinds of business enumerated in Section 4 of the Illinois Insurance Code other than life insurance.
    (k) "Economic loss", as used in Sections 2a and 9 of this Act includes, but is not limited to, delivery charges, mark‑downs and write‑offs, carrying costs, restocking charges, lay‑aways, special orders, issuance of credit memos, and the costs of special services or goods provided that reduce the property value or that result in lost sales opportunity.
    (l) "Reportable property" means property, tangible or intangible, presumed abandoned under this Act that must be appropriately and timely reported and remitted to the Office of the State Treasurer under this Act. Interest, dividends, stock splits, warrants, or other rights that become reportable property under this Act include the underlying security or commodity giving rise to the interest, dividend, split, warrant, or other right to which the owner would be entitled.
    (m) "Firearm" has the meaning ascribed to that term in the Firearm Owners Identification Card Act.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑16, eff. 7‑1‑99; 91‑748, eff. 6‑2‑00.)

    (765 ILCS 1025/2)(from Ch. 141, par. 102)
    Sec. 2. Property held by financial organizations; presumption of abandonment. The following property held or owing by a banking or financial organization is presumed abandoned:
    (a) Any demand, savings, or matured time deposit with a banking organization, together with any interest or dividend thereon, excluding any charges that may lawfully be withheld, unless the owner has, within 5 years:
        (1) Increased or decreased the amount of the
     deposit, or presented the passbook or other similar evidence of the deposit for the crediting of interest; or
        (2) Corresponded in writing with the banking
     organization concerning the deposit;
        (3) Otherwise indicated an interest in the deposit
     as evidenced by a memorandum on file with the banking organization; or
        (4) Engaged in the following activity regarding other
     funds or loan accounts with the banking organization:
            (i) undertook one or more the above actions
         described in subsection (a) of this Section regarding any account that appears on a consolidated statement with the inactive account;
            (ii) increased or decreased the amount of funds
         in any other account the owner has with the banking organization; or
            (iii) engaged in any other relationship with the
         banking organization, including payment of any amounts due on a loan.
    The foregoing apply so long as the mailing address for
     the owner in the banking organization's books and records is the same for both the inactive account and for the active account.
    (b) Any funds paid toward the purchase of withdrawable shares or other interest in a financial organization, or any deposit made, and any interest or dividends thereon, excluding any charges that may be lawfully withheld, unless the owner has within 5 years:
        (1) Increased or decreased the amount of the funds,
     or deposit, or presented an appropriate record for the crediting of interest or dividends; or
        (2) Corresponded in writing with the financial
     organization concerning the funds or deposit;
        (3) Otherwise indicated an interest in the funds or
     deposit as evidenced by a memorandum on file with the financial organization; or
        (4) Engaged in the following activity regarding other
     funds or loan accounts with the financial organization:
            (i) undertook one or more the above actions
         described in subsection (b) of this Section regarding any account that appears on a consolidated statement with the inactive account;
            (ii) increased or decreased the amount of funds
         in any other account the owner has with the financial organization; or
            (iii) engaged in any other relationship with the
         financial organization, including payment of any amounts due on a loan.
    The foregoing apply so long as the mailing address for
     the owner in the financial organization's books and records is the same for both the inactive account and for the active account.
    (c) Any sum payable on checks or on written instruments on which a banking or financial organization or business association is directly liable including, by way of illustration but not of limitation, certificates of deposit, drafts, money orders and travelers checks, that with the exception of travelers checks has been outstanding for more than 5 years from the date it was payable, or from the date of its issuance if payable on demand, or, in the case of travelers checks, that has been outstanding for more than 15 years from the date of its issuance, excluding any charges that may be lawfully withheld relating to money orders issued by currency exchanges, unless the owner has within 5 years or within 15 years in the case of travelers checks corresponded in writing with the banking or financial organization or business association concerning it, or otherwise indicated an interest as evidenced by a memorandum on file with the banking or financial organization or business association.
    (d) Any funds or other personal property, tangible or intangible, removed from a safe deposit box or any other safekeeping repository or agency or collateral deposit box on which the lease or rental period has expired due to nonpayment of rental charges or other reason, or any surplus amounts arising from the sale thereof pursuant to law, that have been unclaimed by the owner for more than 5 years from the date on which the lease or rental period expired, subject to lien of the holder for reimbursement of costs incurred in the opening of a safe deposit box as determined by the holder's regular schedule of charges.
    (e) Notwithstanding any other provision of this Section, no deposit except passbook, checking, NOW accounts, super NOW accounts, money market accounts, or such similar accounts as established by Rule of the State Treasurer, held by a banking or financial organization shall be presumed abandoned if with respect to such a deposit which specifies a definite maturity date, such organization was authorized in writing to extend or rollover the account for an additional like period and such organization does so extend. Such deposits are not presumed abandoned less than 5 years from that final maturity date. Property of any kind held in an individual retirement account (IRA) is not presumed abandoned earlier than 5 years after the owner attains the age at which distributions from the account become mandatory under law.
    (f) Notwithstanding any other provision of this Section, money of a minor deposited pursuant to Section 24‑21 of the Probate Act of 1975 shall not be presumed abandoned earlier than 5 years after the minor attains legal age. Such money shall be deposited in an account which shall indicate the birth date of the minor.
(Source: P.A. 94‑255, eff. 1‑1‑06.)

    (765 ILCS 1025/2a) (from Ch. 141, par. 102a)
    Sec. 2a. (a) Business associations shall report, pursuant to Section 11 of this Act, all property and any earnings thereon to which the owner would be entitled that have remained unclaimed for 5 years and are therefore presumed abandoned. Before reporting and delivering property as required under this Act, a business association may deduct from the amount of otherwise reportable intangible personal property the economic loss suffered by it in connection with that intangible personal property arising from transactions involving the sale of tangible personal property at retail. This property shall consist of, but is not limited to:
        (1) unclaimed wages;
        (2) deposits or payment for repair or purchase of
     goods or services;
        (3) credit checks or memos, or customer overpayments;
        (4) stocks, bonds, or any other type of securities
     or debt instruments, and interest and dividends therefrom;
        (5) unidentified remittances, unrefunded overcharges;
        (6) unpaid claims, unpaid accounts payable or unpaid
     commissions; and
        (7) credit balances ‑ accounts receivable, checks
     written off, employee bond buying and profit‑sharing.
    (b) Notwithstanding the provisions of subsection (a), any property due or owed by a business association to or for the benefit of another business association resulting from a transaction occurring in the normal and ordinary course of business shall be exempt from the provisions of this Act.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑688, eff. 3‑23‑00.)

    (765 ILCS 1025/3) (from Ch. 141, par. 103)
    Sec. 3. (a) Unclaimed funds, as defined in this Section, held and owing by a life insurance corporation shall be presumed abandoned if the last known address, according to the records of the corporation, of the person entitled to the funds is within this State. If a person other than the insured or annuitant is entitled to the funds and no address of such person is known to the corporation or if it is not definite and certain from the records of the corporation what person is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the corporation.
    (b) "Unclaimed funds", as used in this Section, means all moneys held and owing by any life insurance corporation unclaimed and unpaid for more than 5 years after the moneys became due and payable as established from the records of the corporation under any life or endowment insurance policy or annuity contract which has matured or terminated. A life insurance policy not matured by actual proof of the death of the insured is deemed to be matured and the proceeds thereof are deemed to be due and payable if such policy was in force when the insured attained the limiting age under the mortality table on which the reserve is based, unless the person appearing entitled thereto has within the preceding 5 years, (1) assigned, readjusted, or paid premiums on the policy, or subjected the policy to loan, or (2) corresponded in writing with the life insurance corporation concerning the policy. Moneys otherwise payable according to the records of the corporation are deemed due and payable although the policy or contract has not been surrendered as required.
(Source: P.A. 87‑925.)

    (765 ILCS 1025/3a)
    Sec. 3a. Demutualization; insurance company.
    (a) Property distributable in the course of a demutualization, rehabilitation, or related reorganization of an insurance company shall be deemed abandoned as follows:
        (1) any funds, 2 years after the date of the
     demutualization, rehabilitation, or reorganization, if the funds remain unclaimed, and the owner has not otherwise communicated with the holder or its agent regarding the property as evidenced by a memorandum or other record on file with the holder or its agent;
        (2) any stock, 2 years after the date of the
     demutualization, rehabilitation, or reorganization if instruments or statements reflecting the distribution are either mailed to the owner and returned by the post office as undeliverable, or not mailed to the owner because of an address on the books and records of the holder that is known to be incorrect, and the owner has not otherwise communicated with the holder or its agent regarding the property as evidenced by a memorandum or other record on file with the holder or its agent; and
    (b) Property subject to items (1) and (2) of subsection
     (a) of this Section shall be set apart and held in the Demutualization Trust Fund, a special non‑appropriated fund hereby created in the State treasury, for the payment of claims and expenses associated with the processing of the claims by the State Treasurer and shall not be transferred to any other fund until such time as the property would be reportable under other Sections of this Act. The Demutualization Trust Fund shall not be subject to Section 8h or 8j of the State Finance Act.
    (c) Property not subject to the provisions of subsection (a), within 2 years of distribution shall remain reportable under other Sections of this Act.
(Source: P.A. 94‑686, eff. 11‑2‑05.)

    (765 ILCS 1025/4) (from Ch. 141, par. 104)
    Sec. 4. The following funds held or owing by any utility are presumed abandoned:
    (a) Any deposit made by a subscriber with a utility to secure payment for, or any sum paid in advance for, utility services to be furnished, less any lawful deduction, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than 5 years after the termination of the services for which the deposit or advance payment was made.
    (b) Any sum which a utility has been ordered to refund and which was received for utility services rendered in this State, together with any interest thereon, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than 5 years after the date it became payable in accordance with the final determination or order providing for the refund.
    (c) 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 have remained unclaimed by the person appearing on the records of the cooperative entitled thereto for more than 2 years. Such unclaimed capital credits or patronage capital 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.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/5) (from Ch. 141, par. 105)
    Sec. 5. The provisions of this Act shall not apply to any amount held or owing by a banking organization as agent, or as trustee of an express trust, for the purpose of making payment to holders of, or in respect of stocks, bonds, or other securities of a governmental or other public issuer, or of a business association other than a business association which shall have discontinued the conduct of its business, or the corporate existence of which shall have terminated, without the right to receive such amount having passed to a successor or successors.
    As of January 1, 1998, this Section shall not be applicable unless the Department has commenced, but not finalized, an examination of the holder as of that date and the property is included in a final examination report for the period covered by the examination.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/6) (from Ch. 141, par. 106)
    Sec. 6. All intangible personal property distributable in the course of a voluntary dissolution of a business association, banking organization, or financial organization that is unclaimed by the owner within 2 years after the date for final distribution, is presumed abandoned.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/7) (from Ch. 141, par. 107)
    Sec. 7. All intangible personal property and any income or increment thereon, held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner has, within 5 years after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary.
    A fiduciary may deduct any actual cost incurred in connection with the administration of suspense, abeyant, and similar accounts arising out of its fiduciary, stock transfer, corporation trust, and securities processing activities but not to exceed 8% of the property remitted.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/7a) (from Ch. 141, par. 107a)
    Sec. 7a. The provisions of this Act shall not apply to an active express trust.
    As of January 1, 1998, this Section shall not be applicable unless the Department has commenced, but not finalized, an examination of the holder as of that date and the property is included in a final examination report for the period covered by the examination.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/8) (from Ch. 141, par. 108)
    Sec. 8. All funds and intangible personal property held for the owner by any court, public authority, or public officer of this State, or a political subdivision thereof, that has remained unclaimed by the owner for more than 7 years is presumed abandoned. This Section does not apply to deposits made to municipalities as a condition for the issuance of a building permit.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)
    Sec. 8.1. Property held by governments.
    (a) All tangible personal property or intangible personal property and all debts owed or entrusted funds or other property held by any federal, state or local government or governmental subdivision, agency, entity, officer or appointee thereof, shall be presumed abandoned if the property has remained unclaimed for 7 years.
    (b) This Section applies to all abandoned property held by any federal, state or local government or governmental subdivision, agency, entity, officer or appointee thereof, on the effective date of this amendatory Act of 1991 or at any time thereafter, regardless of when the property became or becomes presumptively abandoned.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑357, eff. 7‑29‑99.)

    (765 ILCS 1025/8.2) (from Ch. 141, par. 108.2)
    Sec. 8.2. (Repealed).
(Source: P.A. 87‑1135. Repealed by P.A. 89‑567, eff. 7‑26‑96.)

    (765 ILCS 1025/9) (from Ch. 141, par. 109)
    Sec. 9. All personal property, not otherwise covered by this Act, including any income or increment thereon that the owner would be entitled to and deducting any lawful charges, that has remained unclaimed by the owner for more than 5 years is presumed abandoned. Before reporting and delivering property as required under this Act, a business association may deduct from the amount of otherwise reportable intangible personal property the economic loss suffered by it in connection with that intangible personal property arising from transactions involving the sale of tangible personal property at retail. Except as provided in Section 10.5, this provision shall not apply to personal property held prior to October 1, 1968 by business associations. Property remitted to the State pursuant to this Act, prior to the effective date of this amendatory Act of 1982, shall not be affected by this amendatory Act of 1982.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/10) (from Ch. 141, par. 110)
    Sec. 10. If specific property which is subject to the provisions of Sections 2, 5, 6, 7 and 9 is held for or owed or distributable to an owner whose last known address is in another state by a holder who is subject to the jurisdiction of that state, the specific property is not presumed abandoned in this State and subject to this Act if:
    (a) It may be claimed as abandoned or escheated under the laws of such other state; and
    (b) The laws of such other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by such other state when held for or owed or distributable to an owner whose last known address is within this State by a holder who is subject to the jurisdiction of this State.
(Source: Laws 1963, p. 1805.)

    (765 ILCS 1025/10.5)
    Sec. 10.5. Nonapplicability of Act.
    (a) Unless the personal property was identified in a final examination report by the Director of Financial Institutions issued pursuant to a duly authorized examination and the final examination report was received by the holder on or before May 1, 1993, this Act does not apply to (i) travelers checks reportable as unclaimed property before July 1, 1973, (ii) funds held by any federal, state, or local government or governmental subdivision, agency, entity, officer, or appointee thereof reportable as unclaimed property before July 1, 1981, or (iii) any other personal property reportable as unclaimed property before July 1, 1985, based upon the presumptive abandonment period in effect on that date.
    (b) For reports required to be filed after December 31, 1993, this Act does not apply to any reportable personal property held prior to the period required for presumptive abandonment of the property plus the 9 years immediately preceding the beginning of that period.
    (c) Subsections (a) and (b) do not apply to property held by a trust division or trust department or by a trust company, or affiliate of any of the foregoing that provides nondealer corporate custodial services for securities or securities transactions, organized under the laws of this or another state or the United States.
    As of January 1, 1998, this subsection shall not be applicable unless the Department of Financial Institutions has commenced, but not finalized, an examination of the holder as of that date and the property is included in a final examination report for the period covered by the examination.
    (d) Subsections (a) and (b) do not apply to property held by a holder who files a fraudulent report or fails to file a report.
    (e) Subsections (a) and (b) do not apply if, as a result of their application, another state would have a legal right to delivery of the property and such other state has commenced proceedings with respect to the property.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑16, eff. 7‑1‑99.)

    (765 ILCS 1025/10.6)
    Sec. 10.6. Gift certificates and gift cards.
    (a) This Act applies to a gift certificate or gift card only if:
        (i) the gift certificate or gift card contains or
     has language indicating there is an expiration date, expiration period or language indicating that there is any type of post‑sale charge or fee including but not limited to service charges, dormancy fees, account maintenance fees, cash‑out fees, replacement card fees, and activation or reactivation charges; and
        (ii) none of the exceptions in this Section apply.
    (b) This Act does not apply to a gift certificate or gift card that contains or has language indicating that there is an expiration date or expiration period, or any type of post‑sale charge or fee including but not limited to service charges, dormancy fees, account maintenance fees, cash‑out fees, replacement card fees, and activation or reactivation charges if:
        (i) the gift certificate or gift card was issued
     before the effective date of this amendatory Act of the 93rd General Assembly; and
        (ii) it is the policy and practice of the issuer of
     the gift certificate or gift card to honor the gift certificate or gift card after its expiration date or the end of its expiration period and it is the policy an

State Codes and Statutes

Statutes > Illinois > Chapter765 > 2228

    (765 ILCS 1025/0.05)
    Sec. 0.05. Transfer of powers. The rights, powers, duties, and functions vested in the Department of Financial Institutions to administer this Act are transferred to the State Treasurer on July 1, 1999 in accordance with Sections 0.02 through 0.06 of the State Treasurer Act; provided, however, that the rights, powers, duties, and functions involving the examination of the records of any person that the State Treasurer has reason to believe has failed to report properly under this Act shall be transferred to the Office of Banks and Real Estate if the person is regulated by the Office of Banks and Real Estate under the Illinois Banking Act, the Corporate Fiduciary Act, the Foreign Banking Office Act, the Illinois Savings and Loan Act of 1985, or the Savings Bank Act and shall be retained by the Department of Financial Institutions if the person is doing business in the State under the supervision of the Department of Financial Institutions, the National Credit Union Administration, the Office of Thrift Supervision, or the Comptroller of the Currency.
(Source: P.A. 91‑16, eff. 6‑4‑99.)

    (765 ILCS 1025/1) (from Ch. 141, par. 101)
    Sec. 1. As used in this Act, unless the context otherwise requires:
    (a) "Banking organization" means any bank, trust company, savings bank, industrial bank, land bank, safe deposit company, or a private banker.
    (b) "Business association" means any corporation, joint stock company, business trust, partnership, or any association, limited liability company, or other business entity consisting of one or more persons, whether or not for profit.
    (c) "Financial organization" means any savings and loan association, building and loan association, credit union, currency exchange, co‑operative bank, mutual funds, or investment company.
    (d) "Holder" means any person in possession of property subject to this Act belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to this Act.
    (e) "Life insurance corporation" means any association or corporation transacting the business of insurance on the lives of persons or insurance appertaining thereto, including, but not by way of limitation, endowments and annuities.
    (f) "Owner" means a depositor in case of a deposit, a beneficiary in case of a trust, a creditor, claimant, or payee in case of other property, or any person having a legal or equitable interest in property subject to this Act, or his legal representative.
    (g) "Person" means any individual, business association, financial organization, government or political subdivision or agency, public authority, estate, trust, or any other legal or commercial entity.
    (h) "Utility" means any person who owns or operates, for public use, any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, oil or gas.
    (i) (Blank).
    (j) "Insurance company" means any person transacting the kinds of business enumerated in Section 4 of the Illinois Insurance Code other than life insurance.
    (k) "Economic loss", as used in Sections 2a and 9 of this Act includes, but is not limited to, delivery charges, mark‑downs and write‑offs, carrying costs, restocking charges, lay‑aways, special orders, issuance of credit memos, and the costs of special services or goods provided that reduce the property value or that result in lost sales opportunity.
    (l) "Reportable property" means property, tangible or intangible, presumed abandoned under this Act that must be appropriately and timely reported and remitted to the Office of the State Treasurer under this Act. Interest, dividends, stock splits, warrants, or other rights that become reportable property under this Act include the underlying security or commodity giving rise to the interest, dividend, split, warrant, or other right to which the owner would be entitled.
    (m) "Firearm" has the meaning ascribed to that term in the Firearm Owners Identification Card Act.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑16, eff. 7‑1‑99; 91‑748, eff. 6‑2‑00.)

    (765 ILCS 1025/2)(from Ch. 141, par. 102)
    Sec. 2. Property held by financial organizations; presumption of abandonment. The following property held or owing by a banking or financial organization is presumed abandoned:
    (a) Any demand, savings, or matured time deposit with a banking organization, together with any interest or dividend thereon, excluding any charges that may lawfully be withheld, unless the owner has, within 5 years:
        (1) Increased or decreased the amount of the
     deposit, or presented the passbook or other similar evidence of the deposit for the crediting of interest; or
        (2) Corresponded in writing with the banking
     organization concerning the deposit;
        (3) Otherwise indicated an interest in the deposit
     as evidenced by a memorandum on file with the banking organization; or
        (4) Engaged in the following activity regarding other
     funds or loan accounts with the banking organization:
            (i) undertook one or more the above actions
         described in subsection (a) of this Section regarding any account that appears on a consolidated statement with the inactive account;
            (ii) increased or decreased the amount of funds
         in any other account the owner has with the banking organization; or
            (iii) engaged in any other relationship with the
         banking organization, including payment of any amounts due on a loan.
    The foregoing apply so long as the mailing address for
     the owner in the banking organization's books and records is the same for both the inactive account and for the active account.
    (b) Any funds paid toward the purchase of withdrawable shares or other interest in a financial organization, or any deposit made, and any interest or dividends thereon, excluding any charges that may be lawfully withheld, unless the owner has within 5 years:
        (1) Increased or decreased the amount of the funds,
     or deposit, or presented an appropriate record for the crediting of interest or dividends; or
        (2) Corresponded in writing with the financial
     organization concerning the funds or deposit;
        (3) Otherwise indicated an interest in the funds or
     deposit as evidenced by a memorandum on file with the financial organization; or
        (4) Engaged in the following activity regarding other
     funds or loan accounts with the financial organization:
            (i) undertook one or more the above actions
         described in subsection (b) of this Section regarding any account that appears on a consolidated statement with the inactive account;
            (ii) increased or decreased the amount of funds
         in any other account the owner has with the financial organization; or
            (iii) engaged in any other relationship with the
         financial organization, including payment of any amounts due on a loan.
    The foregoing apply so long as the mailing address for
     the owner in the financial organization's books and records is the same for both the inactive account and for the active account.
    (c) Any sum payable on checks or on written instruments on which a banking or financial organization or business association is directly liable including, by way of illustration but not of limitation, certificates of deposit, drafts, money orders and travelers checks, that with the exception of travelers checks has been outstanding for more than 5 years from the date it was payable, or from the date of its issuance if payable on demand, or, in the case of travelers checks, that has been outstanding for more than 15 years from the date of its issuance, excluding any charges that may be lawfully withheld relating to money orders issued by currency exchanges, unless the owner has within 5 years or within 15 years in the case of travelers checks corresponded in writing with the banking or financial organization or business association concerning it, or otherwise indicated an interest as evidenced by a memorandum on file with the banking or financial organization or business association.
    (d) Any funds or other personal property, tangible or intangible, removed from a safe deposit box or any other safekeeping repository or agency or collateral deposit box on which the lease or rental period has expired due to nonpayment of rental charges or other reason, or any surplus amounts arising from the sale thereof pursuant to law, that have been unclaimed by the owner for more than 5 years from the date on which the lease or rental period expired, subject to lien of the holder for reimbursement of costs incurred in the opening of a safe deposit box as determined by the holder's regular schedule of charges.
    (e) Notwithstanding any other provision of this Section, no deposit except passbook, checking, NOW accounts, super NOW accounts, money market accounts, or such similar accounts as established by Rule of the State Treasurer, held by a banking or financial organization shall be presumed abandoned if with respect to such a deposit which specifies a definite maturity date, such organization was authorized in writing to extend or rollover the account for an additional like period and such organization does so extend. Such deposits are not presumed abandoned less than 5 years from that final maturity date. Property of any kind held in an individual retirement account (IRA) is not presumed abandoned earlier than 5 years after the owner attains the age at which distributions from the account become mandatory under law.
    (f) Notwithstanding any other provision of this Section, money of a minor deposited pursuant to Section 24‑21 of the Probate Act of 1975 shall not be presumed abandoned earlier than 5 years after the minor attains legal age. Such money shall be deposited in an account which shall indicate the birth date of the minor.
(Source: P.A. 94‑255, eff. 1‑1‑06.)

    (765 ILCS 1025/2a) (from Ch. 141, par. 102a)
    Sec. 2a. (a) Business associations shall report, pursuant to Section 11 of this Act, all property and any earnings thereon to which the owner would be entitled that have remained unclaimed for 5 years and are therefore presumed abandoned. Before reporting and delivering property as required under this Act, a business association may deduct from the amount of otherwise reportable intangible personal property the economic loss suffered by it in connection with that intangible personal property arising from transactions involving the sale of tangible personal property at retail. This property shall consist of, but is not limited to:
        (1) unclaimed wages;
        (2) deposits or payment for repair or purchase of
     goods or services;
        (3) credit checks or memos, or customer overpayments;
        (4) stocks, bonds, or any other type of securities
     or debt instruments, and interest and dividends therefrom;
        (5) unidentified remittances, unrefunded overcharges;
        (6) unpaid claims, unpaid accounts payable or unpaid
     commissions; and
        (7) credit balances ‑ accounts receivable, checks
     written off, employee bond buying and profit‑sharing.
    (b) Notwithstanding the provisions of subsection (a), any property due or owed by a business association to or for the benefit of another business association resulting from a transaction occurring in the normal and ordinary course of business shall be exempt from the provisions of this Act.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑688, eff. 3‑23‑00.)

    (765 ILCS 1025/3) (from Ch. 141, par. 103)
    Sec. 3. (a) Unclaimed funds, as defined in this Section, held and owing by a life insurance corporation shall be presumed abandoned if the last known address, according to the records of the corporation, of the person entitled to the funds is within this State. If a person other than the insured or annuitant is entitled to the funds and no address of such person is known to the corporation or if it is not definite and certain from the records of the corporation what person is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the corporation.
    (b) "Unclaimed funds", as used in this Section, means all moneys held and owing by any life insurance corporation unclaimed and unpaid for more than 5 years after the moneys became due and payable as established from the records of the corporation under any life or endowment insurance policy or annuity contract which has matured or terminated. A life insurance policy not matured by actual proof of the death of the insured is deemed to be matured and the proceeds thereof are deemed to be due and payable if such policy was in force when the insured attained the limiting age under the mortality table on which the reserve is based, unless the person appearing entitled thereto has within the preceding 5 years, (1) assigned, readjusted, or paid premiums on the policy, or subjected the policy to loan, or (2) corresponded in writing with the life insurance corporation concerning the policy. Moneys otherwise payable according to the records of the corporation are deemed due and payable although the policy or contract has not been surrendered as required.
(Source: P.A. 87‑925.)

    (765 ILCS 1025/3a)
    Sec. 3a. Demutualization; insurance company.
    (a) Property distributable in the course of a demutualization, rehabilitation, or related reorganization of an insurance company shall be deemed abandoned as follows:
        (1) any funds, 2 years after the date of the
     demutualization, rehabilitation, or reorganization, if the funds remain unclaimed, and the owner has not otherwise communicated with the holder or its agent regarding the property as evidenced by a memorandum or other record on file with the holder or its agent;
        (2) any stock, 2 years after the date of the
     demutualization, rehabilitation, or reorganization if instruments or statements reflecting the distribution are either mailed to the owner and returned by the post office as undeliverable, or not mailed to the owner because of an address on the books and records of the holder that is known to be incorrect, and the owner has not otherwise communicated with the holder or its agent regarding the property as evidenced by a memorandum or other record on file with the holder or its agent; and
    (b) Property subject to items (1) and (2) of subsection
     (a) of this Section shall be set apart and held in the Demutualization Trust Fund, a special non‑appropriated fund hereby created in the State treasury, for the payment of claims and expenses associated with the processing of the claims by the State Treasurer and shall not be transferred to any other fund until such time as the property would be reportable under other Sections of this Act. The Demutualization Trust Fund shall not be subject to Section 8h or 8j of the State Finance Act.
    (c) Property not subject to the provisions of subsection (a), within 2 years of distribution shall remain reportable under other Sections of this Act.
(Source: P.A. 94‑686, eff. 11‑2‑05.)

    (765 ILCS 1025/4) (from Ch. 141, par. 104)
    Sec. 4. The following funds held or owing by any utility are presumed abandoned:
    (a) Any deposit made by a subscriber with a utility to secure payment for, or any sum paid in advance for, utility services to be furnished, less any lawful deduction, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than 5 years after the termination of the services for which the deposit or advance payment was made.
    (b) Any sum which a utility has been ordered to refund and which was received for utility services rendered in this State, together with any interest thereon, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than 5 years after the date it became payable in accordance with the final determination or order providing for the refund.
    (c) 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 have remained unclaimed by the person appearing on the records of the cooperative entitled thereto for more than 2 years. Such unclaimed capital credits or patronage capital 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.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/5) (from Ch. 141, par. 105)
    Sec. 5. The provisions of this Act shall not apply to any amount held or owing by a banking organization as agent, or as trustee of an express trust, for the purpose of making payment to holders of, or in respect of stocks, bonds, or other securities of a governmental or other public issuer, or of a business association other than a business association which shall have discontinued the conduct of its business, or the corporate existence of which shall have terminated, without the right to receive such amount having passed to a successor or successors.
    As of January 1, 1998, this Section shall not be applicable unless the Department has commenced, but not finalized, an examination of the holder as of that date and the property is included in a final examination report for the period covered by the examination.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/6) (from Ch. 141, par. 106)
    Sec. 6. All intangible personal property distributable in the course of a voluntary dissolution of a business association, banking organization, or financial organization that is unclaimed by the owner within 2 years after the date for final distribution, is presumed abandoned.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/7) (from Ch. 141, par. 107)
    Sec. 7. All intangible personal property and any income or increment thereon, held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner has, within 5 years after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary.
    A fiduciary may deduct any actual cost incurred in connection with the administration of suspense, abeyant, and similar accounts arising out of its fiduciary, stock transfer, corporation trust, and securities processing activities but not to exceed 8% of the property remitted.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/7a) (from Ch. 141, par. 107a)
    Sec. 7a. The provisions of this Act shall not apply to an active express trust.
    As of January 1, 1998, this Section shall not be applicable unless the Department has commenced, but not finalized, an examination of the holder as of that date and the property is included in a final examination report for the period covered by the examination.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/8) (from Ch. 141, par. 108)
    Sec. 8. All funds and intangible personal property held for the owner by any court, public authority, or public officer of this State, or a political subdivision thereof, that has remained unclaimed by the owner for more than 7 years is presumed abandoned. This Section does not apply to deposits made to municipalities as a condition for the issuance of a building permit.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)
    Sec. 8.1. Property held by governments.
    (a) All tangible personal property or intangible personal property and all debts owed or entrusted funds or other property held by any federal, state or local government or governmental subdivision, agency, entity, officer or appointee thereof, shall be presumed abandoned if the property has remained unclaimed for 7 years.
    (b) This Section applies to all abandoned property held by any federal, state or local government or governmental subdivision, agency, entity, officer or appointee thereof, on the effective date of this amendatory Act of 1991 or at any time thereafter, regardless of when the property became or becomes presumptively abandoned.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑357, eff. 7‑29‑99.)

    (765 ILCS 1025/8.2) (from Ch. 141, par. 108.2)
    Sec. 8.2. (Repealed).
(Source: P.A. 87‑1135. Repealed by P.A. 89‑567, eff. 7‑26‑96.)

    (765 ILCS 1025/9) (from Ch. 141, par. 109)
    Sec. 9. All personal property, not otherwise covered by this Act, including any income or increment thereon that the owner would be entitled to and deducting any lawful charges, that has remained unclaimed by the owner for more than 5 years is presumed abandoned. Before reporting and delivering property as required under this Act, a business association may deduct from the amount of otherwise reportable intangible personal property the economic loss suffered by it in connection with that intangible personal property arising from transactions involving the sale of tangible personal property at retail. Except as provided in Section 10.5, this provision shall not apply to personal property held prior to October 1, 1968 by business associations. Property remitted to the State pursuant to this Act, prior to the effective date of this amendatory Act of 1982, shall not be affected by this amendatory Act of 1982.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/10) (from Ch. 141, par. 110)
    Sec. 10. If specific property which is subject to the provisions of Sections 2, 5, 6, 7 and 9 is held for or owed or distributable to an owner whose last known address is in another state by a holder who is subject to the jurisdiction of that state, the specific property is not presumed abandoned in this State and subject to this Act if:
    (a) It may be claimed as abandoned or escheated under the laws of such other state; and
    (b) The laws of such other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by such other state when held for or owed or distributable to an owner whose last known address is within this State by a holder who is subject to the jurisdiction of this State.
(Source: Laws 1963, p. 1805.)

    (765 ILCS 1025/10.5)
    Sec. 10.5. Nonapplicability of Act.
    (a) Unless the personal property was identified in a final examination report by the Director of Financial Institutions issued pursuant to a duly authorized examination and the final examination report was received by the holder on or before May 1, 1993, this Act does not apply to (i) travelers checks reportable as unclaimed property before July 1, 1973, (ii) funds held by any federal, state, or local government or governmental subdivision, agency, entity, officer, or appointee thereof reportable as unclaimed property before July 1, 1981, or (iii) any other personal property reportable as unclaimed property before July 1, 1985, based upon the presumptive abandonment period in effect on that date.
    (b) For reports required to be filed after December 31, 1993, this Act does not apply to any reportable personal property held prior to the period required for presumptive abandonment of the property plus the 9 years immediately preceding the beginning of that period.
    (c) Subsections (a) and (b) do not apply to property held by a trust division or trust department or by a trust company, or affiliate of any of the foregoing that provides nondealer corporate custodial services for securities or securities transactions, organized under the laws of this or another state or the United States.
    As of January 1, 1998, this subsection shall not be applicable unless the Department of Financial Institutions has commenced, but not finalized, an examination of the holder as of that date and the property is included in a final examination report for the period covered by the examination.
    (d) Subsections (a) and (b) do not apply to property held by a holder who files a fraudulent report or fails to file a report.
    (e) Subsections (a) and (b) do not apply if, as a result of their application, another state would have a legal right to delivery of the property and such other state has commenced proceedings with respect to the property.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑16, eff. 7‑1‑99.)

    (765 ILCS 1025/10.6)
    Sec. 10.6. Gift certificates and gift cards.
    (a) This Act applies to a gift certificate or gift card only if:
        (i) the gift certificate or gift card contains or
     has language indicating there is an expiration date, expiration period or language indicating that there is any type of post‑sale charge or fee including but not limited to service charges, dormancy fees, account maintenance fees, cash‑out fees, replacement card fees, and activation or reactivation charges; and
        (ii) none of the exceptions in this Section apply.
    (b) This Act does not apply to a gift certificate or gift card that contains or has language indicating that there is an expiration date or expiration period, or any type of post‑sale charge or fee including but not limited to service charges, dormancy fees, account maintenance fees, cash‑out fees, replacement card fees, and activation or reactivation charges if:
        (i) the gift certificate or gift card was issued
     before the effective date of this amendatory Act of the 93rd General Assembly; and
        (ii) it is the policy and practice of the issuer of
     the gift certificate or gift card to honor the gift certificate or gift card after its expiration date or the end of its expiration period and it is the policy an

State Codes and Statutes

State Codes and Statutes

Statutes > Illinois > Chapter765 > 2228

    (765 ILCS 1025/0.05)
    Sec. 0.05. Transfer of powers. The rights, powers, duties, and functions vested in the Department of Financial Institutions to administer this Act are transferred to the State Treasurer on July 1, 1999 in accordance with Sections 0.02 through 0.06 of the State Treasurer Act; provided, however, that the rights, powers, duties, and functions involving the examination of the records of any person that the State Treasurer has reason to believe has failed to report properly under this Act shall be transferred to the Office of Banks and Real Estate if the person is regulated by the Office of Banks and Real Estate under the Illinois Banking Act, the Corporate Fiduciary Act, the Foreign Banking Office Act, the Illinois Savings and Loan Act of 1985, or the Savings Bank Act and shall be retained by the Department of Financial Institutions if the person is doing business in the State under the supervision of the Department of Financial Institutions, the National Credit Union Administration, the Office of Thrift Supervision, or the Comptroller of the Currency.
(Source: P.A. 91‑16, eff. 6‑4‑99.)

    (765 ILCS 1025/1) (from Ch. 141, par. 101)
    Sec. 1. As used in this Act, unless the context otherwise requires:
    (a) "Banking organization" means any bank, trust company, savings bank, industrial bank, land bank, safe deposit company, or a private banker.
    (b) "Business association" means any corporation, joint stock company, business trust, partnership, or any association, limited liability company, or other business entity consisting of one or more persons, whether or not for profit.
    (c) "Financial organization" means any savings and loan association, building and loan association, credit union, currency exchange, co‑operative bank, mutual funds, or investment company.
    (d) "Holder" means any person in possession of property subject to this Act belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to this Act.
    (e) "Life insurance corporation" means any association or corporation transacting the business of insurance on the lives of persons or insurance appertaining thereto, including, but not by way of limitation, endowments and annuities.
    (f) "Owner" means a depositor in case of a deposit, a beneficiary in case of a trust, a creditor, claimant, or payee in case of other property, or any person having a legal or equitable interest in property subject to this Act, or his legal representative.
    (g) "Person" means any individual, business association, financial organization, government or political subdivision or agency, public authority, estate, trust, or any other legal or commercial entity.
    (h) "Utility" means any person who owns or operates, for public use, any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, oil or gas.
    (i) (Blank).
    (j) "Insurance company" means any person transacting the kinds of business enumerated in Section 4 of the Illinois Insurance Code other than life insurance.
    (k) "Economic loss", as used in Sections 2a and 9 of this Act includes, but is not limited to, delivery charges, mark‑downs and write‑offs, carrying costs, restocking charges, lay‑aways, special orders, issuance of credit memos, and the costs of special services or goods provided that reduce the property value or that result in lost sales opportunity.
    (l) "Reportable property" means property, tangible or intangible, presumed abandoned under this Act that must be appropriately and timely reported and remitted to the Office of the State Treasurer under this Act. Interest, dividends, stock splits, warrants, or other rights that become reportable property under this Act include the underlying security or commodity giving rise to the interest, dividend, split, warrant, or other right to which the owner would be entitled.
    (m) "Firearm" has the meaning ascribed to that term in the Firearm Owners Identification Card Act.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑16, eff. 7‑1‑99; 91‑748, eff. 6‑2‑00.)

    (765 ILCS 1025/2)(from Ch. 141, par. 102)
    Sec. 2. Property held by financial organizations; presumption of abandonment. The following property held or owing by a banking or financial organization is presumed abandoned:
    (a) Any demand, savings, or matured time deposit with a banking organization, together with any interest or dividend thereon, excluding any charges that may lawfully be withheld, unless the owner has, within 5 years:
        (1) Increased or decreased the amount of the
     deposit, or presented the passbook or other similar evidence of the deposit for the crediting of interest; or
        (2) Corresponded in writing with the banking
     organization concerning the deposit;
        (3) Otherwise indicated an interest in the deposit
     as evidenced by a memorandum on file with the banking organization; or
        (4) Engaged in the following activity regarding other
     funds or loan accounts with the banking organization:
            (i) undertook one or more the above actions
         described in subsection (a) of this Section regarding any account that appears on a consolidated statement with the inactive account;
            (ii) increased or decreased the amount of funds
         in any other account the owner has with the banking organization; or
            (iii) engaged in any other relationship with the
         banking organization, including payment of any amounts due on a loan.
    The foregoing apply so long as the mailing address for
     the owner in the banking organization's books and records is the same for both the inactive account and for the active account.
    (b) Any funds paid toward the purchase of withdrawable shares or other interest in a financial organization, or any deposit made, and any interest or dividends thereon, excluding any charges that may be lawfully withheld, unless the owner has within 5 years:
        (1) Increased or decreased the amount of the funds,
     or deposit, or presented an appropriate record for the crediting of interest or dividends; or
        (2) Corresponded in writing with the financial
     organization concerning the funds or deposit;
        (3) Otherwise indicated an interest in the funds or
     deposit as evidenced by a memorandum on file with the financial organization; or
        (4) Engaged in the following activity regarding other
     funds or loan accounts with the financial organization:
            (i) undertook one or more the above actions
         described in subsection (b) of this Section regarding any account that appears on a consolidated statement with the inactive account;
            (ii) increased or decreased the amount of funds
         in any other account the owner has with the financial organization; or
            (iii) engaged in any other relationship with the
         financial organization, including payment of any amounts due on a loan.
    The foregoing apply so long as the mailing address for
     the owner in the financial organization's books and records is the same for both the inactive account and for the active account.
    (c) Any sum payable on checks or on written instruments on which a banking or financial organization or business association is directly liable including, by way of illustration but not of limitation, certificates of deposit, drafts, money orders and travelers checks, that with the exception of travelers checks has been outstanding for more than 5 years from the date it was payable, or from the date of its issuance if payable on demand, or, in the case of travelers checks, that has been outstanding for more than 15 years from the date of its issuance, excluding any charges that may be lawfully withheld relating to money orders issued by currency exchanges, unless the owner has within 5 years or within 15 years in the case of travelers checks corresponded in writing with the banking or financial organization or business association concerning it, or otherwise indicated an interest as evidenced by a memorandum on file with the banking or financial organization or business association.
    (d) Any funds or other personal property, tangible or intangible, removed from a safe deposit box or any other safekeeping repository or agency or collateral deposit box on which the lease or rental period has expired due to nonpayment of rental charges or other reason, or any surplus amounts arising from the sale thereof pursuant to law, that have been unclaimed by the owner for more than 5 years from the date on which the lease or rental period expired, subject to lien of the holder for reimbursement of costs incurred in the opening of a safe deposit box as determined by the holder's regular schedule of charges.
    (e) Notwithstanding any other provision of this Section, no deposit except passbook, checking, NOW accounts, super NOW accounts, money market accounts, or such similar accounts as established by Rule of the State Treasurer, held by a banking or financial organization shall be presumed abandoned if with respect to such a deposit which specifies a definite maturity date, such organization was authorized in writing to extend or rollover the account for an additional like period and such organization does so extend. Such deposits are not presumed abandoned less than 5 years from that final maturity date. Property of any kind held in an individual retirement account (IRA) is not presumed abandoned earlier than 5 years after the owner attains the age at which distributions from the account become mandatory under law.
    (f) Notwithstanding any other provision of this Section, money of a minor deposited pursuant to Section 24‑21 of the Probate Act of 1975 shall not be presumed abandoned earlier than 5 years after the minor attains legal age. Such money shall be deposited in an account which shall indicate the birth date of the minor.
(Source: P.A. 94‑255, eff. 1‑1‑06.)

    (765 ILCS 1025/2a) (from Ch. 141, par. 102a)
    Sec. 2a. (a) Business associations shall report, pursuant to Section 11 of this Act, all property and any earnings thereon to which the owner would be entitled that have remained unclaimed for 5 years and are therefore presumed abandoned. Before reporting and delivering property as required under this Act, a business association may deduct from the amount of otherwise reportable intangible personal property the economic loss suffered by it in connection with that intangible personal property arising from transactions involving the sale of tangible personal property at retail. This property shall consist of, but is not limited to:
        (1) unclaimed wages;
        (2) deposits or payment for repair or purchase of
     goods or services;
        (3) credit checks or memos, or customer overpayments;
        (4) stocks, bonds, or any other type of securities
     or debt instruments, and interest and dividends therefrom;
        (5) unidentified remittances, unrefunded overcharges;
        (6) unpaid claims, unpaid accounts payable or unpaid
     commissions; and
        (7) credit balances ‑ accounts receivable, checks
     written off, employee bond buying and profit‑sharing.
    (b) Notwithstanding the provisions of subsection (a), any property due or owed by a business association to or for the benefit of another business association resulting from a transaction occurring in the normal and ordinary course of business shall be exempt from the provisions of this Act.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑688, eff. 3‑23‑00.)

    (765 ILCS 1025/3) (from Ch. 141, par. 103)
    Sec. 3. (a) Unclaimed funds, as defined in this Section, held and owing by a life insurance corporation shall be presumed abandoned if the last known address, according to the records of the corporation, of the person entitled to the funds is within this State. If a person other than the insured or annuitant is entitled to the funds and no address of such person is known to the corporation or if it is not definite and certain from the records of the corporation what person is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the corporation.
    (b) "Unclaimed funds", as used in this Section, means all moneys held and owing by any life insurance corporation unclaimed and unpaid for more than 5 years after the moneys became due and payable as established from the records of the corporation under any life or endowment insurance policy or annuity contract which has matured or terminated. A life insurance policy not matured by actual proof of the death of the insured is deemed to be matured and the proceeds thereof are deemed to be due and payable if such policy was in force when the insured attained the limiting age under the mortality table on which the reserve is based, unless the person appearing entitled thereto has within the preceding 5 years, (1) assigned, readjusted, or paid premiums on the policy, or subjected the policy to loan, or (2) corresponded in writing with the life insurance corporation concerning the policy. Moneys otherwise payable according to the records of the corporation are deemed due and payable although the policy or contract has not been surrendered as required.
(Source: P.A. 87‑925.)

    (765 ILCS 1025/3a)
    Sec. 3a. Demutualization; insurance company.
    (a) Property distributable in the course of a demutualization, rehabilitation, or related reorganization of an insurance company shall be deemed abandoned as follows:
        (1) any funds, 2 years after the date of the
     demutualization, rehabilitation, or reorganization, if the funds remain unclaimed, and the owner has not otherwise communicated with the holder or its agent regarding the property as evidenced by a memorandum or other record on file with the holder or its agent;
        (2) any stock, 2 years after the date of the
     demutualization, rehabilitation, or reorganization if instruments or statements reflecting the distribution are either mailed to the owner and returned by the post office as undeliverable, or not mailed to the owner because of an address on the books and records of the holder that is known to be incorrect, and the owner has not otherwise communicated with the holder or its agent regarding the property as evidenced by a memorandum or other record on file with the holder or its agent; and
    (b) Property subject to items (1) and (2) of subsection
     (a) of this Section shall be set apart and held in the Demutualization Trust Fund, a special non‑appropriated fund hereby created in the State treasury, for the payment of claims and expenses associated with the processing of the claims by the State Treasurer and shall not be transferred to any other fund until such time as the property would be reportable under other Sections of this Act. The Demutualization Trust Fund shall not be subject to Section 8h or 8j of the State Finance Act.
    (c) Property not subject to the provisions of subsection (a), within 2 years of distribution shall remain reportable under other Sections of this Act.
(Source: P.A. 94‑686, eff. 11‑2‑05.)

    (765 ILCS 1025/4) (from Ch. 141, par. 104)
    Sec. 4. The following funds held or owing by any utility are presumed abandoned:
    (a) Any deposit made by a subscriber with a utility to secure payment for, or any sum paid in advance for, utility services to be furnished, less any lawful deduction, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than 5 years after the termination of the services for which the deposit or advance payment was made.
    (b) Any sum which a utility has been ordered to refund and which was received for utility services rendered in this State, together with any interest thereon, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than 5 years after the date it became payable in accordance with the final determination or order providing for the refund.
    (c) 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 have remained unclaimed by the person appearing on the records of the cooperative entitled thereto for more than 2 years. Such unclaimed capital credits or patronage capital 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.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/5) (from Ch. 141, par. 105)
    Sec. 5. The provisions of this Act shall not apply to any amount held or owing by a banking organization as agent, or as trustee of an express trust, for the purpose of making payment to holders of, or in respect of stocks, bonds, or other securities of a governmental or other public issuer, or of a business association other than a business association which shall have discontinued the conduct of its business, or the corporate existence of which shall have terminated, without the right to receive such amount having passed to a successor or successors.
    As of January 1, 1998, this Section shall not be applicable unless the Department has commenced, but not finalized, an examination of the holder as of that date and the property is included in a final examination report for the period covered by the examination.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/6) (from Ch. 141, par. 106)
    Sec. 6. All intangible personal property distributable in the course of a voluntary dissolution of a business association, banking organization, or financial organization that is unclaimed by the owner within 2 years after the date for final distribution, is presumed abandoned.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/7) (from Ch. 141, par. 107)
    Sec. 7. All intangible personal property and any income or increment thereon, held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner has, within 5 years after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary.
    A fiduciary may deduct any actual cost incurred in connection with the administration of suspense, abeyant, and similar accounts arising out of its fiduciary, stock transfer, corporation trust, and securities processing activities but not to exceed 8% of the property remitted.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/7a) (from Ch. 141, par. 107a)
    Sec. 7a. The provisions of this Act shall not apply to an active express trust.
    As of January 1, 1998, this Section shall not be applicable unless the Department has commenced, but not finalized, an examination of the holder as of that date and the property is included in a final examination report for the period covered by the examination.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/8) (from Ch. 141, par. 108)
    Sec. 8. All funds and intangible personal property held for the owner by any court, public authority, or public officer of this State, or a political subdivision thereof, that has remained unclaimed by the owner for more than 7 years is presumed abandoned. This Section does not apply to deposits made to municipalities as a condition for the issuance of a building permit.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/8.1) (from Ch. 141, par. 108.1)
    Sec. 8.1. Property held by governments.
    (a) All tangible personal property or intangible personal property and all debts owed or entrusted funds or other property held by any federal, state or local government or governmental subdivision, agency, entity, officer or appointee thereof, shall be presumed abandoned if the property has remained unclaimed for 7 years.
    (b) This Section applies to all abandoned property held by any federal, state or local government or governmental subdivision, agency, entity, officer or appointee thereof, on the effective date of this amendatory Act of 1991 or at any time thereafter, regardless of when the property became or becomes presumptively abandoned.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑357, eff. 7‑29‑99.)

    (765 ILCS 1025/8.2) (from Ch. 141, par. 108.2)
    Sec. 8.2. (Repealed).
(Source: P.A. 87‑1135. Repealed by P.A. 89‑567, eff. 7‑26‑96.)

    (765 ILCS 1025/9) (from Ch. 141, par. 109)
    Sec. 9. All personal property, not otherwise covered by this Act, including any income or increment thereon that the owner would be entitled to and deducting any lawful charges, that has remained unclaimed by the owner for more than 5 years is presumed abandoned. Before reporting and delivering property as required under this Act, a business association may deduct from the amount of otherwise reportable intangible personal property the economic loss suffered by it in connection with that intangible personal property arising from transactions involving the sale of tangible personal property at retail. Except as provided in Section 10.5, this provision shall not apply to personal property held prior to October 1, 1968 by business associations. Property remitted to the State pursuant to this Act, prior to the effective date of this amendatory Act of 1982, shall not be affected by this amendatory Act of 1982.
(Source: P.A. 90‑167, eff. 7‑23‑97.)

    (765 ILCS 1025/10) (from Ch. 141, par. 110)
    Sec. 10. If specific property which is subject to the provisions of Sections 2, 5, 6, 7 and 9 is held for or owed or distributable to an owner whose last known address is in another state by a holder who is subject to the jurisdiction of that state, the specific property is not presumed abandoned in this State and subject to this Act if:
    (a) It may be claimed as abandoned or escheated under the laws of such other state; and
    (b) The laws of such other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by such other state when held for or owed or distributable to an owner whose last known address is within this State by a holder who is subject to the jurisdiction of this State.
(Source: Laws 1963, p. 1805.)

    (765 ILCS 1025/10.5)
    Sec. 10.5. Nonapplicability of Act.
    (a) Unless the personal property was identified in a final examination report by the Director of Financial Institutions issued pursuant to a duly authorized examination and the final examination report was received by the holder on or before May 1, 1993, this Act does not apply to (i) travelers checks reportable as unclaimed property before July 1, 1973, (ii) funds held by any federal, state, or local government or governmental subdivision, agency, entity, officer, or appointee thereof reportable as unclaimed property before July 1, 1981, or (iii) any other personal property reportable as unclaimed property before July 1, 1985, based upon the presumptive abandonment period in effect on that date.
    (b) For reports required to be filed after December 31, 1993, this Act does not apply to any reportable personal property held prior to the period required for presumptive abandonment of the property plus the 9 years immediately preceding the beginning of that period.
    (c) Subsections (a) and (b) do not apply to property held by a trust division or trust department or by a trust company, or affiliate of any of the foregoing that provides nondealer corporate custodial services for securities or securities transactions, organized under the laws of this or another state or the United States.
    As of January 1, 1998, this subsection shall not be applicable unless the Department of Financial Institutions has commenced, but not finalized, an examination of the holder as of that date and the property is included in a final examination report for the period covered by the examination.
    (d) Subsections (a) and (b) do not apply to property held by a holder who files a fraudulent report or fails to file a report.
    (e) Subsections (a) and (b) do not apply if, as a result of their application, another state would have a legal right to delivery of the property and such other state has commenced proceedings with respect to the property.
(Source: P.A. 90‑167, eff. 7‑23‑97; 91‑16, eff. 7‑1‑99.)

    (765 ILCS 1025/10.6)
    Sec. 10.6. Gift certificates and gift cards.
    (a) This Act applies to a gift certificate or gift card only if:
        (i) the gift certificate or gift card contains or
     has language indicating there is an expiration date, expiration period or language indicating that there is any type of post‑sale charge or fee including but not limited to service charges, dormancy fees, account maintenance fees, cash‑out fees, replacement card fees, and activation or reactivation charges; and
        (ii) none of the exceptions in this Section apply.
    (b) This Act does not apply to a gift certificate or gift card that contains or has language indicating that there is an expiration date or expiration period, or any type of post‑sale charge or fee including but not limited to service charges, dormancy fees, account maintenance fees, cash‑out fees, replacement card fees, and activation or reactivation charges if:
        (i) the gift certificate or gift card was issued
     before the effective date of this amendatory Act of the 93rd General Assembly; and
        (ii) it is the policy and practice of the issuer of
     the gift certificate or gift card to honor the gift certificate or gift card after its expiration date or the end of its expiration period and it is the policy an