98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB4796
 
Introduced , by Rep. Jim Durkin
 
SYNOPSIS AS INTRODUCED:

  
765 ILCS 1025/1 from Ch. 141, par. 101

 Amends the Uniform Disposition of Unclaimed Property Act. Makes a technical change in a Section concerning definitions.



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A BILL FOR
 


HB4796LRB098 14153 HEP 48742 b



1 AN ACT concerning civil law.


2 Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly: 


4 Section 5. The Uniform Disposition of Unclaimed Property 
5Act is amended by changing Section 1 as follows:




6 (765 ILCS 1025/1) (from Ch. 141, par. 101)



7 Sec. 1. As used in this Act, unless the context otherwise 
8requires: 

9 (a) "Banking organization" means any bank, trust company, 
10savings bank,
industrial bank, land bank, safe deposit company, 
11or a private banker.

12 (b) "Business association" means any corporation, joint 
13stock company,
business trust, partnership, or any

14association, limited liability company, or other business 
15entity consisting
of one or more persons, whether or not for 
16profit.

17 (c) "Financial organization" means any savings and
and loan 
18association,
building and loan association, credit union, 
19currency exchange,
co-operative bank, mutual funds, or 
20investment company.
21 (d) "Holder" means any person in possession of property 
22subject to this
Act belonging to another, or who is trustee in 
23case of a trust, or is
indebted to another on an obligation 
 
 
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1subject to this Act.

2 (e) "Life insurance corporation" means any association or 
3corporation
transacting the business of insurance on the lives 
4of
persons or insurance appertaining thereto, including, but 
5not by way of
limitation, endowments and annuities.

6 (f) "Owner" means a depositor in case of a deposit, a 
7beneficiary in
case of a trust, a creditor, claimant, or payee 
8in case of other property, or any person having a legal or 
9equitable interest in property
subject to this Act, or his 
10legal representative.

11 (g) "Person" means any individual, business association, 
12financial
organization, government or
political subdivision or 
13agency, public authority,
estate, trust, or any other legal or

14commercial entity.

15 (h) "Utility" means any person who owns or operates,
for 
16public use, any plant, equipment, property, franchise, or 
17license for
the transmission of communications or the 
18production, storage,
transmission, sale, delivery, or 
19furnishing of electricity, water,
steam, oil or gas.

20 (i) (Blank).

21 (j) "Insurance company" means any person transacting the 
22kinds of
business enumerated in Section 4 of the Illinois 
23Insurance Code other than
life insurance.

24 (k) "Economic loss", as used in Sections 2a and 9 of this 
25Act includes,
but is not limited to,
delivery charges, 
26mark-downs and write-offs, carrying
costs, restocking charges, 
 
 
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1lay-aways, special orders, issuance of credit memos,
and the 
2costs of special services or goods
provided that reduce the 
3property value or that result in lost sales
opportunity.

4 (l) "Reportable property" means property, tangible or 
5intangible, presumed
abandoned under this Act that must be 
6appropriately and timely reported and
remitted to the Office of 
7the State Treasurer under this
Act. Interest, dividends, stock 
8splits,
warrants, or other rights that become reportable 
9property under this Act
include the underlying security or 
10commodity giving rise to the interest,
dividend, split, 
11warrant, or other right to which the owner would be entitled.

12 (m) "Firearm" has the meaning ascribed to that term in the 
13Firearm Owners
Identification Card Act.

14(Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99; 91-748, 
15eff. 6-2-00.)