§ 15-401 — Report required by holder

Illinois § 15-401

• Jurisdiction: Illinois
• Topic: RIGHTS AND REMEDIES
• Ch. 765: PROPERTY
• Act 765 ILCS 1026/: Revised Uniform Unclaimed Property Act.
• Art.: Title 15 - Revised Uniform Unclaimed Property Act

Text

(a) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. A holder shall report via the internet in a format approved by the administrator, unless the administrator gives a holder specific permission to file a paper report. (b) A holder may contract with a third party to make the report required under subsection (a). (c) Whether or not a holder contracts with a third party under subsection (b), the holder is responsible: (1) to the administrator for the complete, accurate, and timely reporting of property presumed abandoned; and (2) for paying or delivering to the administrator property described in the report. (d) A business association who has no reportable property shall so report to the administrator on forms via the Internet in a format approved by the administrator if the business association has: (1) annual sales of more than $1,000,000; (2) securities that are publicly traded; (3) a net worth of more than $10,000,000; or (4) more than 100 employees. The administrator may increase one or more of the thresholds for filing a negative report by administrative rule.

Legislative History

(Source: P.A. 102-288, eff. 8-6-21.)