HB5143 Summary

• Amends the State Officers and Employees Money Disposition Act to modify deposit timelines for state agency funds, requiring same-day deposit for items exceeding $10,000 and 24-hour deposit for accumulated receipts of $10,000 or more.

• Updates the Illinois Trust Code to require trustees to search for and claim unclaimed or presumptively abandoned property, and maintain trust records for a minimum of 7 years after trust dissolution.

• Expands the definition of presumed abandoned property under the Revised Uniform Unclaimed Property Act to include virtual currency (5-year abandonment period) and modifies bond classifications from "state or municipal" to "corporate" bonds.

• Increases the threshold for direct administrator payment without a formal claim from $2,000 to $5,000 for property valued under that amount, and establishes procedures for liquidating virtual currency held as abandoned property.

• Adds provisions allowing CPA firms licensed under the Illinois Public Accounting Act to assist non-natural person apparent owners in unclaimed property claims without violating contingent fee restrictions, subject to registration and compliance requirements.