State of Illinois
2015 and 2016

Introduced , by Rep. Jim Durkin

765 ILCS 1025/1 from Ch. 141, par. 101

Amends the Uniform Disposition of Unclaimed Property Act. Makes a technical change in a Section concerning definitions.
LRB099 17797 HEP 42159 b


HB4896LRB099 17797 HEP 42159 b
1 AN ACT concerning civil law.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Uniform Disposition of Unclaimed Property
5Act is amended by changing Section 1 as follows:
6 (765 ILCS 1025/1) (from Ch. 141, par. 101)
7 Sec. 1. As used in this Act, unless the context otherwise
9 (a) "Banking organization" means any bank, trust company,
10savings bank, industrial bank, land bank, safe deposit company,
11or a private banker.
12 (b) "Business association" means any corporation, joint
13stock company, business trust, partnership, or any
14association, limited liability company, or other business
15entity consisting of one or more persons, whether or not for
17 (c) "Financial organization" means any savings and and loan
18association, building and loan association, credit union,
19currency exchange, co-operative bank, mutual funds, or
20investment company.
21 (d) "Holder" means any person in possession of property
22subject to this Act belonging to another, or who is trustee in
23case of a trust, or is indebted to another on an obligation

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1subject to this Act.
2 (e) "Life insurance corporation" means any association or
3corporation transacting the business of insurance on the lives
4of persons or insurance appertaining thereto, including, but
5not by way of limitation, endowments and annuities.
6 (f) "Owner" means a depositor in case of a deposit, a
7beneficiary in case of a trust, a creditor, claimant, or payee
8in case of other property, or any person having a legal or
9equitable interest in property subject to this Act, or his
10legal representative.
11 (g) "Person" means any individual, business association,
12financial organization, government or political subdivision or
13agency, public authority, estate, trust, or any other legal or
14commercial entity.
15 (h) "Utility" means any person who owns or operates, for
16public use, any plant, equipment, property, franchise, or
17license for the transmission of communications or the
18production, storage, transmission, sale, delivery, or
19furnishing of electricity, water, steam, oil or gas.
20 (i) (Blank).
21 (j) "Insurance company" means any person transacting the
22kinds of business enumerated in Section 4 of the Illinois
23Insurance Code other than life insurance.
24 (k) "Economic loss", as used in Sections 2a and 9 of this
25Act includes, but is not limited to, delivery charges,
26mark-downs and write-offs, carrying costs, restocking charges,

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1lay-aways, special orders, issuance of credit memos, and the
2costs of special services or goods provided that reduce the
3property value or that result in lost sales opportunity.
4 (l) "Reportable property" means property, tangible or
5intangible, presumed abandoned under this Act that must be
6appropriately and timely reported and remitted to the Office of
7the State Treasurer under this Act. Interest, dividends, stock
8splits, warrants, or other rights that become reportable
9property under this Act include the underlying security or
10commodity giving rise to the interest, dividend, split,
11warrant, or other right to which the owner would be entitled.
12 (m) "Firearm" has the meaning ascribed to that term in the
13Firearm Owners Identification Card Act.
14(Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99; 91-748,
15eff. 6-2-00.)