FINANCE-RUUPA
Summary
Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property that is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Provides that a corporate bond (rather than a state or municipal bond) is presumed abandoned 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. Requires a holder who cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated to promptly notify the administrator in writing. Allows the administrator to direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator, or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated or there is an indication of apparent owner interest. Requires compliance with the Act before exercising exclusive judicial remedy. Requires any appeal from the administrator's decision to be taken under the provisions of the Administrative Review Law. Provides that provisions governing void agreements does not apply to an apparent owner's agreement with specified CPA firms or their affiliates. Makes other changes.
Bill status
signed
all 4 stages cleared
Introduction
Apr 2024
Committee Review
Apr 2024
House Passage
May 2024
Signed into Law
Aug 2024
Introduced Apr 10, 2024
Signed Aug 9, 2024
Floor votes · House May 23, 2024
How they voted
110–0
Passed · 6 other
Total votes 116
May 23, 2024
D
Democratic76
93% Yea
R
Republican40
97% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
33
Key actions
7
Committee
7
Amendments
4
Aug 9, 2024
Signed into law
Governor Approved
lower
May 23, 2024
Lower · Passed
Passed Both Houses
lower
May 23, 2024
Lower · Passed
Third Reading - Short Debate - Passed 111-000-000
lower
Apr 30, 2024
Lower · Passed
Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000
lower
Apr 24, 2024
Committee
Assigned to Financial Institutions and Licensing Committee
lower
Apr 11, 2024
Committee
Referred to Rules Committee
lower
Apr 10, 2024
Introduced
Arrived in House
lower
Apr 10, 2024
Lower · Passed
Third Reading - Passed; 058-000-000
lower
Apr 10, 2024
Lower · Passed
Senate Floor Amendment No. 1 Adopted
lower
Apr 10, 2024
Introduced
Senate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 008-000-000
lower
Apr 9, 2024
Introduced
Senate Floor Amendment No. 1 Assignments Refers to Judiciary
lower
Mar 21, 2024
Committee
Senate Floor Amendment No. 1 Referred to Assignments
lower
Mar 21, 2024
Introduced
Senate Floor Amendment No. 1 Filed with Secretary by Sen. Robert F. Martwick
lower
Mar 6, 2024
Lower · Passed
Do Pass Judiciary; 008-000-000
lower
Feb 20, 2024
Committee
Assigned to Judiciary
lower
Feb 7, 2024
Committee
Referred to Assignments
lower
2 primary · 1 co-sponsor
Sponsors
Role
Legislator
Party
State
District
P
Marcus Evans
DDemocratic
P
Rob Martwick
DDemocratic
Co
Mike Hastings
DDemocratic
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