IL HB5607

Amends the Uniform Disposition of Unclaimed Property Act to establish a 5-year abandonment period for United States savings bonds, shorter than the standard 7-year period for other unclaimed property.

Grants the State Treasurer authority to commence civil action in Sangamon County Circuit Court within 180 days of a savings bond being presumed abandoned to establish escheatment to Illinois.

Requires the State Treasurer to use service by publication and diligent inquiry efforts to notify potential bond owners before seeking court judgment for escheatment.

Allows claimants to file claims with the State Treasurer or in the civil action prior to final judgment; bonds no longer presumed abandoned if valid ownership is established.

Directs the State Treasurer to redeem escheated savings bonds from the U.S. Treasury and deposit proceeds into the Unclaimed Property Trust Fund, with claims payable at the State Treasurer's discretion.