IL SB1667

Amends the State Finance Act to require unpaid funds owed to deceased State employees' estates or heirs to be reported and remitted to the State Treasurer as unclaimed property if not paid within one year of the employee's death

Modifies trustee duties under the Illinois Trust Code, requiring trustees to search for and claim unclaimed property "if practicable," maintain copies of governing trust instruments for 7 years after trust termination, and search for unreported unclaimed property before termination

Reduces the dormancy period for tax-deferred accounts (other than pension plans) from 30 years to 20 years after account opening, and requires holders to contact apparent owners in the 10th year if no activity has occurred in the previous 3 years

Creates a new licensing requirement for "finders" (persons who locate unclaimed property for a fee) effective January 1, 2026, including qualifications, background checks, fidelity bonds up to $100,000, and penalties for unlicensed practice up to $10,000 per violation

Strengthens finder fee regulations by capping compensation at 10% of the amount collected, requiring agreements to disclose that property can be claimed directly from the State without fees, and prohibiting assignments of property that result in finder profits exceeding 10%