HB 2224

Abstract

Amends the State Comptroller Act. Provides that after 3 years from the date of issuance of an original Comptroller's warrant, any sum of money payable shall be presumed abandoned and subject to disposition under the Revised Uniform Unclaimed Property Act (rather than after 5 years from the date of issuance of the original warrant but no later than 10 years after that date, the Comptroller may issue a replacement warrant on the Warrant Escheat Fund to a person or entity entitled thereto if certain requirements are met). Amends the Probate Act of 1975. Provides that on or after July 1, 2024, when the receipt of a ward, a distributee of an estate, or a claimant cannot be found, the representative shall report and remit the share of the missing person to the State Treasurer for disposition under the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Provides that certain amounts payable under a provision related to the refund for erroneous assessments or overpayments are presumed abandoned if it is unclaimed by the apparent owner 3 years after the property becomes payable. Provides that if the administrator reasonably believes that the apparent owner of property presumed abandoned held by the administrator is: a unit of local government which files an audit report or annual financial report with the Comptroller, the administrator may give written notice to the person or persons identified in the most recent annual financial report as the contact person, the chief executive officer, and the chief financial officer; and a State agency, the administrator may give written notice to the person whom the records of the Comptroller indicate are the chief executive officer and chief fiscal officer of such State agency. Provides that property presumed abandoned where the administrator reasonably believes the owner is a unit of local government shall escheat to the State and shall be deposited into the Comptroller's Audit Expense Revolving Fund if certain requirements apply. Provides that property presumed abandoned where the administrator reasonably believes the owner is a State agency shall escheat to the State and shall be deposited into the General Revenue Fund if certain requirements apply. Makes other changes. Makes conforming changes in the Property Tax Code and the Governmental Account Audit Act. Effective immediately.