HB 5143

Abstract

Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property that is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond). Provides that the address of the owner of other property where ownership vests in a beneficiary upon the death of the owner is presumed to be the address of the deceased owner if the address of the beneficiary is not known by the holder and cannot be determined otherwise. Requires the administrator to publish notice twice every year (rather than once every 6 months). Provides that, if a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, the holder shall promptly notify the administrator in writing and explain the reasons why the virtual currency cannot be liquidated. Allows the administrator to direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated or there is an indication of apparent owner interest. Provides that a provision regarding void agreements does not apply to an apparent owner's agreement with a CPA firm or with an affiliate of such firm under certain conditions. Makes other changes. House Floor Amendment No. 2 Adds reference to: 760 ILCS 3/809 760 ILCS 3/810 Amends the Illinois Trust Code. Requires a trustee to search for and claim any unclaimed or presumptively abandoned property. Requires a trustee to maintain or cause to be maintained trust records for a minimum of 7 years after the dissolution of the trust. Provides that, before destruction of trust records, a trustee must conduct a reasonable search for any trust property that is presumptively abandoned or that has been reported and remitted to a state unclaimed property administrator.