IL HB4278

Increases the property value threshold for administrators to deliver unclaimed property without requiring a formal claim from $2,000 to $5,000 under Section 15-503(e)(4) and Section 15-503(h)(4).

Raises the maximum property value for heirs or agents claiming decedent's property without submitting a certified will from $100 to $250, with option to submit an affidavit instead under Section 15-904(b-5).

Allows administrators to waive the formal claim requirement and pay property directly for amounts under $2,000 if the apparent owner is identified on the original report under Section 15-903(b).

Permits administrators to use public and commercial databases, as well as interagency agreements with the Department of Revenue, Secretary of State, and Illinois State Board of Elections to identify property owners and verify current addresses.

Establishes a 90-day timeline for administrators to allow or deny unclaimed property claims after they are deemed complete, with authority to close inactive claims after 90 days if the claimant fails to provide required documentation.