IL HB0851

Modifies abandonment timelines for financial organization deposits by specifying separate 3-year periods for demand deposits, savings deposits, and time deposits based on last indication of owner interest, rather than maturity dates.

Allows State Treasurer to examine records of federally chartered banks, savings banks, and credit unions by issuing administrative subpoenas and seeking judicial enforcement when the administrator has reason to believe non-compliance with the Act.

Permits State Treasurer to decline notifying the Department of Revenue of abandoned property owners' names and social security numbers if the Department cannot provide sufficient evidence to establish the person in its records is the actual owner.

Removes requirement to include a telephone number in public notices about unclaimed property, keeping only the electronic-mail address and website information for inquiries.

Extends the time period for reporting and delivering automatically renewable time deposits to the administrator if early delivery would result in penalty or forfeiture of interest, with delivery occurring on the next regular reporting date.

Effective immediately upon enactment.