SB 3343

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 in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Provides that a corporate bond (rather than a state or municipal bond) is presumed abandoned 3 years after the earliest of the date the bond matures or is called or the obligation to pay the principal of the bond arises. Requires a holder who cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated to promptly notify the administrator in writing. 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. Requires compliance with the Act before exercising exclusive judicial remedy. Requires any appeal from the administrator's decision to be taken under the provisions of the Administrative Review Law. Provides that provisions governing void agreements does not apply to an apparent owner's agreement with specified CPA firms or their affiliates. Makes other changes. Senate Floor Amendment No. 1 Adds reference to: 760 ILCS 3/809 760 ILCS 3/810 Replaces everything after the enacting clause with the bill as introduced. Requires a trustee to search for and claim any unclaimed or presumptively abandoned property. Requires a trustee to maintain trust records for a minimum of 7 years after the dissolution of the trust. Provides that before trust records can be destructed, 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.