HB 851 Illinois House · 102nd Regular Session

UNCLAIMED PROPERTY-VARIOUS

Summary
Amends the Revised Uniform Unclaimed Property Act. Makes changes concerning the time and circumstances under which financial organization deposits are presumed abandoned. Makes changes in provisions governing extending the reporting date of certain reported renewable time deposits. Deletes language requiring a holder to inform the State Treasurer, as administrator, to provide a telephone number that persons may call to inquire about or claim property. Provides that 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 he or she 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. Provides that the State Treasurer may, at reasonable times and upon reasonable notice: (1) examine the records of specified types of financial organizations under certain conditions; (2) issue an administrative subpoena requiring the financial organization to make records available for examination; and (3) bring an action seeking judicial enforcement of the subpoena. Provides that records obtained in examinations of State-regulated financial organizations are subject to the same provisions concerning use and confidentiality as records obtained in examinations of other persons. Makes other changes. Effective immediately.
Bill status failed 1 of 4 stages cleared
Introduction
Feb 2021
Committee Review
Floor Vote
Governor
Introduced Feb 10, 2021 Last action Jan 10, 2023
Floor votes

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Full legislative history

Actions timeline

Total actions
7
Key actions
1
Committee
4
Mar 27, 2021
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Mar 11, 2021
Lower · Passed
To Property Tax Subcommittee
lower
Mar 2, 2021
Committee
Assigned to Revenue & Finance Committee
lower
Feb 10, 2021
Committee
Referred to Rules Committee
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Michael J. Zalewski
Michael J. Zalewski
DDemocratic
IL
23