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IL SB3455

Bill

Status

Failed

1/13/2021

Primary Sponsor

Robert Martwick

Click for details

Origin

Senate

101st General Assembly

AI Summary

  • Amends the Revised Uniform Unclaimed Property Act (765 ILCS 1026/15-210) to clarify what constitutes an indication of an apparent owner's interest in property.

  • Changes language regarding recurring Automated Clearing House (ACH) debits or credits from an exception to an inclusion, meaning such transactions now count as evidence of owner interest in the property.

  • Maintains that automatic reinvestment of dividends or interest is excluded from the definition of owner interest in property.

  • Allows activity in one account to establish interest in multiple accounts held by the same owner at a financial organization, provided the accounts share the same mailing address on the institution's records.

Legislative Description

RUUPA-AUTOMATED CLEARING HOUSE

Last Action

Session Sine Die

1/13/2021

Committee Referrals

Assignments4/12/2020
Judiciary2/25/2020
Assignments2/14/2020

Full Bill Text

No bill text available