§ 15-607 — Crediting income or gain to owner's account

Illinois § 15-607

• 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) If property other than money is delivered to the administrator, the owner is entitled to receive from the administrator income or gain realized or accrued on the property before the property is sold. (b) Before August 22, 2017, interest on money is not payable to an owner for periods where the property is in the possession of the administrator. (c) Beginning on August 22, 2017, the administrator shall pay interest to the owner of property in the form of money at the greater of: (i) the percentage increase, if any, in the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor (CPI-U); or (ii) the actual rate of return the State Treasurer earned on the Unclaimed Property Trust Fund. Interest begins to accrue when property in the form of money is delivered to the administrator or when the administrator converts property to money pursuant to Article 7 and ends on the earlier of the expiration of 10 years after the property begins to accrue interest or the date on which payment is made to the owner. The administrator may establish by administrative rule more detailed methodologies for calculating the amount of interest to be paid to an owner under this Section. (d) When paying interest to an owner pursuant to subsection (c), the administrator shall charge a one-time administrative fee of $5, deductible only from interest.

Legislative History

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