IL SB3229

Extends the abandonment period for certain property from 3 to 5 years, including demand/savings/time deposits and instruments on which financial organizations are directly liable.

Changes payroll card compensation reporting timeline to 5 years after the last indication of owner interest, rather than 1 year after the amount becomes payable.

Treats recurring ACH debits or credits previously authorized by apparent owners as deposits/withdrawals for purposes of determining holder duties.

Reduces the statute of limitations for administrator actions against holders from 10 years to 5 years after the duty arises, and removes tolling provisions.

Eliminates the requirement to pay interest using the lower of CPI-U or the rate property earned while held; changes contingent fee arrangements for financial organization examinations to fixed or hourly fees only.