![]() While unclaimed property laws are heralded as consumer protection laws, in reality much of the money turned over to the state is never claimed and it is often a source of significant revenue to the state. While the RUUPA is surely not viewed as a business-friendly law, as we highlight in this article, Illinois chose to be even more business unfriendly by principally adopting those provisions from the RUUPA that are very harsh on business and then ignoring many of the more moderate provisions of the RUUPA, such as the revised statute of limitations, as discussed below.īy way of background, state unclaimed property laws generally require that property owed to others and not returned to the true owner should be turned over to the state for safekeeping (to hold on behalf of the true owner) after an abandonment or holding period. Illinois thus became one of four states so far, along with Delaware, Utah, and Tennessee, to adopt a modified version of the newly released and controversial Revised Uniform Unclaimed Property Act (RUUPA), which was finalized by the Uniform Law Commission in July 2016 as a replacement for the 1995 Uniform Unclaimed Property Act (1995 UUPA). Regarding the unclaimed property law, the General Assembly repealed the decades-old and relatively business-friendly Uniform Disposition of Unclaimed Property Act (the Old Act) and replaced it with a much less friendly Revised Uniform Unclaimed Property Act (the Revised Act). Bruce Rauner (R) and implemented major changes to state taxes and the state's unclaimed property law. Let me know in the comments if you have unclaimed property with the state.In its budget passed in July, the Illinois General Assembly overrode the veto of Gov. Illinois currently has over $3.5 billion in unclaimed property. This total includes 12,554 claims resulting in $11.5 million in cash and interest and almost $45,000 in stock value. In July 2023 alone, they returned $11.5 Million in unclaimed property according to their August 2023 newsletter. Since January 2023, nearly $120 million has been returned by the office. Since Michael Frerichs took office as the Illinois State Treasurer in January 2015, the Illinois Treasury Office has returned over $1 billion in assets to individuals and businesses. Final Words on Returned Unclaimed Property in Illinois If you've changed your name, search using both names and aliases. With the required identification, property is returned to an owner or their heirs at no cost. The Treasurer's office recommends you check for any unclaimed property at least twice a year. Follow the steps on the screen to claim the funds. It is so simple! Visit and type in your name to see if you have any unclaimed property waiting for you. The State Treasurer holds on to the property until the original owner or their heirs claims the property. The State Treasurer is the chief banking officer of Illinois, and it operates the state’s oldest consumer-protection program, Unclaimed Property. According to the iCash website, there is more than 3.5 billion dollars in unclaimed property for Illinoisans. The funds are held in the State Treasurer's Office. In an effort to protect consumer rights and ensure that individuals do not permanently lose access to their assets, the Illinois state governments has laws that require businesses and financial institutions to turn over unclaimed property, usually monetary, after a specified period of time. ![]() ![]() ![]() The property may also be unclaimed due to a change of name or address. Unclaimed property can take various forms, including unpaid life insurance benefits, forgotten bank accounts, unused rebate cards, uncashed dividend, or payroll checks, forgotten security deposits, abandoned safe deposit boxes and more. The State Treasurer's Office has introduced digital methods for submitting claims, removed bureaucratic obstacles that previously delayed the retrieval of smaller sums, and harnessed technology to enable payments to be issued without requiring a formal claim submission. When funds are returned, it provides the individual with extra cash to invest in themselves and/or their loved ones. Ever since Frerichs assumed the role of Treasurer, there has been a comprehensive overhaul of the unclaimed property procedure.
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