HB0854 Summary

• Shortens the presumption of abandonment period for money orders from 7 years to 3 years after issuance.

• Establishes a 5-year presumption of abandonment period for virtual currency measured from the last indication of owner interest.

• Requires holders of virtual currency reported as abandoned to liquidate it and remit proceeds to the State Treasurer, with owners having no recourse for gains after liquidation.

• Changes the definition of "virtual currency" to include any type of digital unit, including cryptocurrency, used as a medium of exchange, unit of account, or digitally stored value.

• Adds provisions allowing the State Treasurer to use Department of Revenue, Secretary of State, and Illinois State Board of Elections databases to identify apparent owners of abandoned property and deliver property under $2,000 without requiring a claim filing.

• Modifies interest calculations on abandoned money in the administrator's possession to the greater of Consumer Price Index increases or actual State Treasurer earnings on the Unclaimed Property Trust Fund, capped at 10 years.

• Repeals provisions regarding transfer of power and personnel from the State Treasurer Act related to unclaimed property administration functions.