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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB4896 Introduced , by Rep. Jim Durkin SYNOPSIS AS INTRODUCED:
| | 765 ILCS 1025/1 | from Ch. 141, par. 101 |
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Amends the Uniform Disposition of Unclaimed Property Act. Makes a technical change in a Section concerning definitions.
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| | A BILL FOR |
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| | HB4896 | | LRB099 17797 HEP 42159 b |
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1 | | AN ACT concerning civil law.
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2 | | Be it enacted by the People of the State of Illinois, |
3 | | represented in the General Assembly:
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4 | | Section 5. The Uniform Disposition of Unclaimed Property |
5 | | Act is amended by changing Section 1 as follows:
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6 | | (765 ILCS 1025/1) (from Ch. 141, par. 101)
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7 | | Sec. 1. As used in this Act, unless the context otherwise |
8 | | requires:
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9 | | (a) "Banking organization" means any bank, trust company, |
10 | | savings bank,
industrial bank, land bank, safe deposit company, |
11 | | or a private banker.
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12 | | (b) "Business association" means any corporation, joint |
13 | | stock company,
business trust, partnership, or any
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14 | | association, limited liability company, or other business |
15 | | entity consisting
of one or more persons, whether or not for |
16 | | profit.
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17 | | (c) "Financial organization" means any savings and
and loan |
18 | | association,
building and loan association, credit union, |
19 | | currency exchange,
co-operative bank, mutual funds, or |
20 | | investment company. |
21 | | (d) "Holder" means any person in possession of property |
22 | | subject to this
Act belonging to another, or who is trustee in |
23 | | case of a trust, or is
indebted to another on an obligation |
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| | HB4896 | - 2 - | LRB099 17797 HEP 42159 b |
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1 | | subject to this Act.
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2 | | (e) "Life insurance corporation" means any association or |
3 | | corporation
transacting the business of insurance on the lives |
4 | | of
persons or insurance appertaining thereto, including, but |
5 | | not by way of
limitation, endowments and annuities.
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6 | | (f) "Owner" means a depositor in case of a deposit, a |
7 | | beneficiary in
case of a trust, a creditor, claimant, or payee |
8 | | in case of other property, or any person having a legal or |
9 | | equitable interest in property
subject to this Act, or his |
10 | | legal representative.
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11 | | (g) "Person" means any individual, business association, |
12 | | financial
organization, government or
political subdivision or |
13 | | agency, public authority,
estate, trust, or any other legal or
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14 | | commercial entity.
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15 | | (h) "Utility" means any person who owns or operates,
for |
16 | | public use, any plant, equipment, property, franchise, or |
17 | | license for
the transmission of communications or the |
18 | | production, storage,
transmission, sale, delivery, or |
19 | | furnishing of electricity, water,
steam, oil or gas.
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20 | | (i) (Blank).
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21 | | (j) "Insurance company" means any person transacting the |
22 | | kinds of
business enumerated in Section 4 of the Illinois |
23 | | Insurance Code other than
life insurance.
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24 | | (k) "Economic loss", as used in Sections 2a and 9 of this |
25 | | Act includes,
but is not limited to,
delivery charges, |
26 | | mark-downs and write-offs, carrying
costs, restocking charges, |
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1 | | lay-aways, special orders, issuance of credit memos,
and the |
2 | | costs of special services or goods
provided that reduce the |
3 | | property value or that result in lost sales
opportunity.
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4 | | (l) "Reportable property" means property, tangible or |
5 | | intangible, presumed
abandoned under this Act that must be |
6 | | appropriately and timely reported and
remitted to the Office of |
7 | | the State Treasurer under this
Act. Interest, dividends, stock |
8 | | splits,
warrants, or other rights that become reportable |
9 | | property under this Act
include the underlying security or |
10 | | commodity giving rise to the interest,
dividend, split, |
11 | | warrant, or other right to which the owner would be entitled.
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12 | | (m) "Firearm" has the meaning ascribed to that term in the |
13 | | Firearm Owners
Identification Card Act.
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14 | | (Source: P.A. 90-167, eff. 7-23-97; 91-16, eff. 7-1-99; 91-748, |
15 | | eff. 6-2-00.)
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