IL SB2976

Authorizes the Illinois State Treasurer to bring claims against warrantors of drafts for breach of presentment warranty to recover State funds under the Uniform Commercial Code (Sections 3-417 and 4-208)

Exempts the State Treasurer from the standard limitations periods that normally apply to presentment warranty claims under the UCC

Declares that these changes are "declaratory of existing law," asserting this authority already existed rather than creating new powers

Amends the State Treasurer Act by adding new Section 11.5

Takes effect immediately upon becoming law