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IL SB2783

Bill

Official Source

Status

Passed

7/15/2016

Primary Sponsor

Terry Link

Click for details

Origin

Senate

99th General Assembly

AI Summary

  • Reduces the presumption period for unclaimed funds and intangible personal property held by Illinois courts, public authorities, and public officers from 7 years to 5 years
  • Reduces the presumption period for all tangible and intangible personal property held by federal, state, or local governments from 7 years to 5 years
  • Applies the 5-year presumption period retroactively to all abandoned property held by government entities on the effective date of the 1991 amendatory act and thereafter
  • Excludes deposits made to municipalities as a condition for building permit issuance from the unclaimed property presumption rules

Legislative Description

UNCLAIMED PROPERTY

Last Action

Public Act . . . . . . . . . 99-0577

7/15/2016

Committee Referrals

Judiciary - Civil4/18/2016
Rules4/15/2016
Judiciary3/1/2016
Assignments2/17/2016

Full Bill Text

No bill text available