HB4601 Summary

• Extends the presumption of abandonment period for most unclaimed property held by banking and financial organizations from 5 years to 8 years.

• Property is not presumed abandoned if the owner received a federal taxable interest statement that was not returned to the sender, cashed a dividend check, or engaged in any automatic transactions including dividend investments.

• Applies the 8-year abandonment period to demand deposits, savings accounts, matured time deposits, withdrawable shares, safe deposit box contents, and checks or written instruments.

• Maintains special abandonment periods for specific property types: 15 years for travelers checks and 1 year for unclaimed wages, payroll, and salary.

• Property held in individual retirement accounts (IRAs) and money of minors deposited under the Probate Act are not presumed abandoned until 8 years after the account holder reaches the applicable age threshold.