Examiners of unclaimed property remitted to State treasurer to hold presumptively abandoned securities, virtual currency may deduct fees prior to remittance.
Changes definition of property presumed to be abandoned to a corporate bond.
If holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, requires the holder to promptly notify the administrator in writing.
Administrator may direct holder to transfer virtual currency that cannot be liquidated to custodian selected by administrator, or continue to hold the virtual currency.
Until administrator or holder determines that the virtual currency can be liquidated.
The sole administrative and legal procedure for claiming property is under this act.
Requires compliance with this act before exercising the exclusive judicial remedy.
Any appeal from the administrator's decision under the Illinois administrative procedure act must be taken under the provisions of the Administrative Review Law.
In governing void agreements, Act does not apply to apparent owner's agreement with CPA firm licensed under Illinois public accounting act or with an affiliate of such firm.
Trustee Provisions
Require trustee to search for, claim any unclaimed/presumptively abandoned property.
Must maintain trust records for a minimum of 7 years after the dissolution of the trust.
Before trust records destructed, trustee must search for trust property presumptively abandoned or reported and remitted to the State unclaimed property administrator.
Legislative History
On Feb. 7, 2024, bill was introduced in Senate; on Apr. 10, 2024, bill passed Senate.
On Apr. 11, 2024, bill was introduced in House; on May 23, 2024, bill passed in House.
Effectiveness
Illinois bills passed before Jun. 1 take effect Jan. 1 of the next year, on Jan. 1, 2025.
