IL HB3658

Amends the State Property Control Act to define "nominal value" as property valued at $1,000 or less, based on depreciated value as determined by the administrator.

Allows the administrator to set the threshold for "nominal value" at a higher amount through rulemaking.

Exempts tangible personal property of nominal value and consumable supplies from permanent record-keeping requirements by responsible officers.

Requires physical inventory checks only for property not of nominal value, reducing inventory burden for lower-value items.

Clarifies that exemptions from record-keeping do not relieve responsible officers of their duty to prevent theft of State property.