The legislature's own summary of the bill, or its official long title.
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…
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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.
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SenateFiled with Secretary by Sen. Robert F. Martwick
SenateFirst Reading
CommitteeReferred to Assignments · Senate Assignments
