IL HB4206

Creates the Charitable Organization Beneficiary Act requiring holders of nonprobate assets (such as insurance policies, retirement accounts, and payable-on-death accounts) to notify 501(c)(3) charitable organizations within 30 business days when they are named beneficiaries and the property owner has died

Allows charitable organizations to submit an affidavit to claim property or request information, including documentation such as IRS determination letter, Certificate of Good Standing, and proof of death

Prohibits property holders from requiring charitable organizations to open accounts, submit claims simultaneously with co-beneficiaries, or provide personal information about employees or board members (such as Social Security numbers, home addresses, or financial details)

Provides liability protection for property holders who transfer assets or information in good faith reliance on a charitable organization's affidavit

Allows charitable organizations to sue property holders who unreasonably fail to comply within 30 days, with potential court-awarded penalties of $500 to $10,000, damages, attorney's fees, and costs, with a one-year statute of limitations