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IL SB3455
Bill
Status
1/13/2021
Primary Sponsor
Robert Martwick
Click for details
AI Summary
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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.
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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.
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Maintains that automatic reinvestment of dividends or interest is excluded from the definition of owner interest in property.
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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