reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 740 - ILLINOIS PUBLIC TREASURERS' INVESTMENT POOL FOR PUBLIC TREASURERS IN THE STATE OF ILLINOIS › Subpart C - ADMINISTRATION › Section 740.310 - Investment Policy

Current through Register Vol. 48, No. 28, July 12, 2024
The Treasurer shall develop, publish, and implement
				  an investment policy covering the management of funds in the Public Treasurers'
				  Investment Pool. The policy shall be published each year as part of the audit
				  of IPTIP by the Auditor General, which shall be distributed to all
				  participants. The Treasurer shall notify all IPTIP participants in writing, and
				  the Treasurer shall publish in at least one newspaper of general circulation in
				  both Springfield and Chicago, any changes to a previously published investment
				  policy at least 30 calendar days before implementing the policy. Any such
				  investment policy adopted by the Treasurer shall be reviewed, and updated if
				  necessary, within 90 days following the installation of a new
				  Treasurer.
[
				  15 ILCS
				  505/17 ]
a)
				The investment policy is a written statement describing the investment
				objectives, permissible investments, pool oversight and due diligence, and risk
				management practices and should be designed to:
1) describe the Treasurer's investment
				objectives;
2) state permissible
				investments;
3) describe the
				process of evaluating pool performance compared to applicable performance
				benchmarks and standards;
4) ensure
				that risks taken are prudent, properly managed and adequately compensated
				compared to applicable performance benchmarks and standards; and
5) ensure that an effective risk management
				process is in place to monitor the risk levels of the pool.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 740 - ILLINOIS PUBLIC TREASURERS' INVESTMENT POOL FOR PUBLIC TREASURERS IN THE STATE OF ILLINOIS › Subpart C - ADMINISTRATION › Section 740.320 - Custodian Bank Responsibilities

Current through Register Vol. 48, No. 28, July 12, 2024
The custodian bank is responsible for the day-to-day
				  management of IPTIP and will perform the following:
a) Enroll public agencies that meet the
				participation requirements set forth in Section
				740.400;
b) Provide participant accounting
				services;
c) Provide custodial
				services to participants;
d)
				Provide customer service;
e)
				Provide transfer agent and recordkeeping services;
f) Provide training;
g) Retain copies of participant documents;
				and
h) Provide sufficient reporting
				capabilities to the Treasurer and to participants.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 740 - ILLINOIS PUBLIC TREASURERS' INVESTMENT POOL FOR PUBLIC TREASURERS IN THE STATE OF ILLINOIS › Subpart C - ADMINISTRATION › Section 740.330 - Fees

Current through Register Vol. 48, No. 28, July 12, 2024
Administrative fees will be charged to the participants.
				  Administrative fees cover expenses related to the pool, such as fund
				  accounting, transfer agent services, customer service, marketing, and
				  investment management. Administrative fees shall be publicly available and
				  disclosed to public agencies prior to enrollment.
a) The administrative fees will be determined
				by the Treasurer as set forth in this Section and paid from earnings of IPTIP.
				In determining the administrative fees, the Treasurer shall weigh the following
				factors:
1) the IPTIP current and projected
				asset size; and
2) the Treasurer's
				anticipated administrative and management expenses.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 740 - ILLINOIS PUBLIC TREASURERS' INVESTMENT POOL FOR PUBLIC TREASURERS IN THE STATE OF ILLINOIS › Subpart C - ADMINISTRATION › Section 740.340 - Allocation of Investment Earnings or Losses

Current through Register Vol. 48, No. 28, July 12, 2024
Interest income will be computed daily, credited or paid
				  monthly, and reinvested in the participant's account or distributed to the
				  participant in a manner that equitably reflects the differing amounts of their
				  respective investments in the pool and the differing periods of time for which
				  those amounts were in the custody of the pool.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 740 - ILLINOIS PUBLIC TREASURERS' INVESTMENT POOL FOR PUBLIC TREASURERS IN THE STATE OF ILLINOIS › Subpart D - PARTICIPATION AND ENROLLMENT IN IPTIP › Section 740.400 - Participation

Current through Register Vol. 48, No. 28, July 12, 2024
In order to participate in IPTIP, a public agency shall
				  submit an enrollment form and agree to the terms and conditions established by
				  the Treasurer and its custodian bank.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 740 - ILLINOIS PUBLIC TREASURERS' INVESTMENT POOL FOR PUBLIC TREASURERS IN THE STATE OF ILLINOIS › Subpart D - PARTICIPATION AND ENROLLMENT IN IPTIP › Section 740.410 - Enrollment

Current through Register Vol. 48, No. 28, July 12, 2024
A public agency may enroll in IPTIP on documents prescribed
				  by the Treasurer and the custodian bank. Electronic signatures are permitted
				  when electronically submitting any documents, Illinois Funds agreements, or
				  custodian bank agreements.
a) The
				enrollment forms shall require public agencies to provide the following
				information:
1) name of public
				agency;
2) name and title of person
				who will be the principal;
3) names
				and titles of authorized traders;
4) names and titles of authorized
				signers;
5) tax identification
				number;
6) mailing and physical
				street address;
7) email
				address;
8) phone number;
9) bank instructions; and
10) any additional information needed to
				assist in clarifying when the enrollment form is unclear or
				insufficient.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 740 - ILLINOIS PUBLIC TREASURERS' INVESTMENT POOL FOR PUBLIC TREASURERS IN THE STATE OF ILLINOIS › Subpart D - PARTICIPATION AND ENROLLMENT IN IPTIP › Section 740.420 - Termination

Current through Register Vol. 48, No. 28, July 12, 2024
The Treasurer reserves the right to freeze and/or terminate
				  the participant's IPTIP services for failure to comply with the terms and
				  conditions of the custodian bank as set forth in the custodian bank agreement
				  or the Treasurer as set forth in the Illinois Funds agreement (see Section
				  744.410(b) and (c) ). Prior to freezing or terminating any services, the
				  Treasurer will provide a minimum of 30 days' notice of the intent to freeze or
				  terminate. The notice will identify the grounds for freezing or terminating. If
				  satisfactory remedial action is not taken by the participant within the 30 day
				  period, the Treasurer will freeze or terminate the services, depending upon the
				  type of notice given. Notwithstanding anything to the contrary in this Section,
				  the Treasurer may freeze the participant's custodial accounts without notice if
				  there is illegal, or suspected illegal, use of the custodial accounts; if there
				  is use of the custodial accounts that is unauthorized by the participant, or
				  suspected to be so unauthorized; if there is a request from law enforcement; or
				  for any reason that the custodial accounts cannot be provided through no fault
				  of the Treasurer's (e.g., problems with the custodian bank). Failure by the
				  Treasurer to freeze or terminate services in one instance does not waive the
				  Treasurer's right to freeze or terminate services in subsequent
				  instances.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 740 - ILLINOIS PUBLIC TREASURERS' INVESTMENT POOL FOR PUBLIC TREASURERS IN THE STATE OF ILLINOIS › Subpart E - CUSTODIAL ACCOUNT › Section 740.500 - Custodial Account

Current through Register Vol. 48, No. 28, July 12, 2024
Funding from investment activity will be distributed to the
				  participant's custodial account at the custodian bank. The custodian bank must,
				  at minimum, be authorized to do business in Illinois as an Illinois bank or a
				  national bank with a presence in Illinois. In addition, the custodian bank must
				  be a member of the Automated Clearing House network, participate in the Federal
				  Reserve's wire network, and qualify as a depository for public funds pursuant
				  to the Deposit of State Moneys Act [ 15 ILCS 520 ].
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 755 - HOSPITAL BASIC SERVICES PRESERVATION ACT › Section 755.100 - Introduction

Current through Register Vol. 48, No. 28, July 12, 2024
a) This Part has
			 been developed to regulate the Hospital Basic Services Preservation Fund. It
			 delineates the Treasurer's role in the maintenance and administration of the
			 Fund.
b) The Treasurer aims to
			 ensure the Fund will be used to enable essential community hospitals to
			 continue to provide basic quality health care services, especially those that
			 aid the elderly and those exhibiting financial need who would not otherwise be
			 able to receive the services, that are subject to and meet standards of need
			 under the Health Facilities Planning Act [20 ILCS 4050 ].
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 755 - HOSPITAL BASIC SERVICES PRESERVATION ACT › Section 755.200 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
The following words or phrases, when used in this Part, shall
				have the meanings ascribed to them in this Section.
"Act" - the Hospital Basic Services Preservation Act [20 ILCS
				4050 ].
"Basic Services" - emergency room and obstetrical service
				provided within a hospital. "Basic services" is limited to the emergency room
				and obstetric units and services provided within those units [20 ILCS
				4050/5 ].
"Eligible Expenses" - expenses for expanding obstetrical or
				emergency units, updating equipment, repairing essential equipment, and
				purchasing new equipment that will increase the quality of basic services
				provided. "Eligible expenses does not include expenses relating to cosmetic
				upgrades, staff expansion or salary, or structural expansion of any unit or
				department of a hospital. [20 ILCS
				4050/5 ]
"Essential Community Hospital Provider" - an Illinois general
				acute care hospital as described in 89 Ill. Adm. Code
				148.270(c)(1)
				that would not otherwise be able to meet financial institution credit standards
				for issuance of a standard commercial loan or obtain the loan at an affordable
				rate.
"Fund" - the Hospital Basic Services Preservation Fund
				established in Section 10 of the Act.
"Treasurer" - the Office of Illinois State
				Treasurer.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 755 - HOSPITAL BASIC SERVICES PRESERVATION ACT › Section 755.300 - Preferred Hospitals

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Preference shall be given to those facilities that serve significant numbers of
			 Medicaid recipients to preserve access to basic services.
b) Additional preference shall be given to
			 those facilities that qualify for expedited reimbursement for medical services
			 as described in 89 Ill. Adm. Code
			 140.71.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 755 - HOSPITAL BASIC SERVICES PRESERVATION ACT › Section 755.400 - Hospital Responsibilities

Current through Register Vol. 48, No. 28, July 12, 2024
Each hospital receiving a loan collateralized under the Act
				shall:
a) Submit documentation that
			 the expenses for which the loan was granted were approved by the Illinois
			 Health Facilities Planning Board (HFPB) in accordance with Section 15(a) of the
			 Act [20 ILCS
			 4050/15(a) ] and the Hospital Basic
			 Services Review Board in accordance with Section 15(b) of the Act
			 [20 ILCS
			 4050/15(b) ].
b) File quarterly reports with the Treasurer.
			 The reports shall include a cash basis statement of expenditures for the loan
			 proceeds, a loan payment history, and the current loan balance. The cash basis
			 method recognizes revenues and expenses at the time physical cash is actually
			 received or paid out.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 755 - HOSPITAL BASIC SERVICES PRESERVATION ACT › Section 755.500 - Bank Proposals

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Before disbursing moneys from the Fund, the Treasurer shall contact at least 5
			 approved financial institutions.
b)
			 Potential lenders shall provide the Treasurer with an estimated
			 collateralization ratio and a potential range of interest rates applicable to
			 the proposed loan.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 755 - HOSPITAL BASIC SERVICES PRESERVATION ACT › Section 755.600 - Treasurer Review

Current through Register Vol. 48, No. 28, July 12, 2024
The Treasurer shall be responsible for:
a) Reviewing HFPB's determination as to
			 whether applicant hospitals offer basic services as defined by the Act and this
			 Part.
b) Reviewing HFPB's
			 determination as to whether applicant hospitals are seeking funds to cover
			 eligible expenses as defined by the Act and this Part.
1) Eligible expenses shall be limited to
			 tangible improvements such as expansion of the emergency and obstetrical units
			 and the purchase of new equipment. The goal is to increase the quality of the
			 basic services provided.
2)
			 Cosmetic improvements and salary increases are specifically excluded from
			 eligible expenses.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.210 - Safe Deposit Boxes

Current through Register Vol. 48, No. 28, July 12, 2024
a)
Safe deposit boxes with contents that have remained unclaimed for 5
				years after expiration of the lease or rental period are presumed
				abandoned.
[765
				ILCS 1026/15-205 ] Presumptively abandoned boxes shall
				be opened and inventoried in the presence of at least two employees of the
				holder who shall verify the accuracy of the inventory. The property shall then
				be sealed for safekeeping until delivered to the owner or the
				administrator.
b) The Annual Report
				containing information about the contents of safe deposit boxes must be filed
				before November 1, for financial organizations, and before May 1, for all other
				business associations, in the year in which the report is due. The Annual
				Report is to be submitted online. If a holder provides safe deposit boxes, then
				the Annual Report must be completed in its entirety, verified for accuracy, and
				filed regardless of whether a holder has abandoned safe deposit boxes to
				report. A "negative report" indicating no safe deposit box contents are being
				reported and remitted serves as a control to assist in detecting and preventing
				fraud or theft.
c) Notice to the
				apparent owner must be given prior to remittance to the administrator.
1)
The holder of property presumed
				abandoned shall send to the apparent owner notice by first-class United States
				mail that complies with Section 15-502 of the Act in a format acceptable to the
				administrator not more than one year nor less than 60 days before filing the
				Annual Report under Section 15-401 of the Act
if:
A)
the holder has in its records an
				address for the apparent owner that the holder's records do not disclose to be
				invalid and is sufficient to direct the delivery of first-class United States
				mail to the apparent owner; and
B)
the value of the property is $50
				or more.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.215 - Financial Organizations

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Demand, Savings, or Time Deposits. A demand, savings, or time deposit is
				presumed abandoned as follows:
1)
a
				demand deposit, 3 years after the date of the last indication of interest in
				the property by the apparent owner;
2)
a savings deposit, 3 years after
				the date of last indication of interest in the property by the apparent
				owner;
3)
a time
				deposit for which the owner has not consented to automatic renewal of the time
				deposit, 3 years after the later of maturity or the date of the last indication
				of interest in the property by the apparent owner;
and
4)
an automatically renewable time
				deposit for which the owner consented to the automatic renewal in a record to
				file with the holder, 3 years after the date of last indication of interest in
				the property by the apparent owner, following the completion of the initial
				term of the time deposit and one automatic renewal term of the time
				deposit.
[765 ILCS
				1026/15-201(6) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.220 - Stored Value Cards

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Stored Value Cards
1) Unless otherwise
				exempted by the Act or this Part, the net card value of a stored value card is
				required to be reported and remitted under the Act as property that is presumed
				abandoned pursuant to Section 15-206 of the Act.
2) In determining whether property falls
				within the definition of stored value card under the Act, the State Treasurer
				will consider the federal regulations concerning gift cards and gift
				certificates and official staff interpretations issued by the Board of
				Governors of the Federal Reserve System as part of what is commonly known as
				"Regulation E" ( 12 CFR 1005 (2011)). A stored value card will, in most cases,
				be a "general-use prepaid card" under those federal regulations. The use of
				those federal regulations and interpretations by the State Treasurer is
				intended to harmonize definitions and concepts used by state and federal
				regulators to make compliance easier for affected businesses.
3) Property that satisfies the definition of
				payroll card, merchandise credit, or gift card is not a stored value
				card.
4) If a holder has reported
				and remitted to the administrator the net card value on a stored-value card
				presumed abandoned under the Act and the stored-value card does not have an
				expiration date, then the holder must honor the card on presentation
				indefinitely and may then request reimbursement from the administrator under
				Section 15-605 of the Act.
A) This provision
				is required for the Act to avoid preemption by federal law.
B) See Notice of preemption determination
				"Electronic Fund Transfers; Determination of Effect on State Laws (Maine and
				Tennessee)" (Docket No. CFPB-2012-0036) issued by the federal Bureau of
				Consumer Financial Protection holding that Maine's unclaimed property law was
				not preempted by federal law because it contained an indefinite presentation
				provision, but Tennessee's unclaimed property law, which did not contain an
				indefinite presentation provision, was preempted by federal law.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.230 - Gift Cards

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Gift cards as defined in the Act are exempt from being reported and remitted as
				property that is presumed abandoned. Gift cards are excluded from the
				definition of property in the Act (see
				765 ILCS
				1026/15-102(24)(C)(iii) ).
b) If property does not satisfy all the parts
				of the definition of gift card under the Act, then it does not qualify for the
				gift card exemption.
c) Property
				that does not qualify as a gift card includes, but is not limited to, property
				that:
1) has an expiration date;
2) is subject to a dormancy, inactivity, or
				post-sale service fee; or
3) may be
				redeemed for money, including at automated teller machines.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.240 - Payroll Cards

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Amounts held on payroll cards are presumed abandoned one year after the amount
				becomes payable under Section 15-201(13) of the Act.
b) Because payroll cards are not stored value
				cards, this one year period of abandonment applies to payroll cards instead of
				the 5-year period of abandonment for stored value cards under Section 15-206 of
				the Act.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.250 - Merchandise Credits

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Merchandise credits are exempt from being reported and remitted under the Act
				pursuant to Section 15-201(7) of the Act.
b) This exemption includes, but is not
				limited to, a stored value card that is given as in-store credit for returned
				merchandise.
c) However, the
				exemption for merchandise credits does not include stored value cards that:
1) are redeemable at multiple, unaffiliated
				merchants; or
2) may be redeemed
				for or converted into money or otherwise monetized by the issuer.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.260 - Loyalty Cards

Current through Register Vol. 48, No. 28, July 12, 2024
A loyalty card as defined in the Act is not a stored value
				  card and is exempt from being reported and remitted. The exemption from the Act
				  for loyalty cards does not apply to a "rebate card" as defined in Section 2LLL
				  of the Consumer Fraud and Deceptive Business Practices Act [815 ILCS 505 ] as
				  rebate cards are given for the direct monetary consideration of the consumer's
				  purchase of a product or service.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.280 - Reporting Securities

Current through Register Vol. 48, No. 28, July 12, 2024
Remittance of securities. Unless otherwise provided, all
				  securities and commodities when remitted by the holder to the administrator
				  shall:
a) be registered as "Treasurer
				of the State of Illinois"; or
b) be
				deposited into a new or existing securities or commodities account either in
				the name of "Treasurer of the State of Illinois" or in a nominee account (aka
				"street name" account) established by a vendor acting as a custodian for the
				administrator; and
c) include all
				dividends, interest, warrants, or other rights, or associated cash in a check
				payable to "Treasurer of the State of Illinois" unless otherwise directed by
				the administrator.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.290 - Deceased Owner

Current through Register Vol. 48, No. 28, July 12, 2024
a)
Subject to
the owner interest provisions of Section 15-210 of
				the Act,
a deceased owner cannot indicate interest in his or her
				property.
[
				765 ILCS
				1026/15-201 ]
1)
				Apparent owner interest shall include the activity of beneficiaries and estate
				executors or other persons who have a legal or equitable right to ownership or
				custody of the property when the apparent owner as listed in the records of the
				holder is deceased.
2) Thus, while
				a deceased apparent owner can no longer indicate interest in their own
				property, the new owner or his/her agent(s) may indicate interest in the
				property and, thus, prevent abandonment.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.300 - Apparent Owner Interest

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Under Section 15-210(a) of the Act
the period after which property is
				presumed abandoned is measured from the later of:
1)
the date the property is presumed
				abandoned under the
Act
; or
2)
the latest indication of interest
				by the apparent owner in the property.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.310 - Anti-Limitations Provision

Current through Register Vol. 48, No. 28, July 12, 2024
a)
Expiration of a period of limitation on an owner's right to receive or
				recover property, whether specified by contract, statute, or court order, does
				not prevent the property from being presumed abandoned or affect the duty of a
				holder under the Act to file a report or pay or deliver property to the
				administrator.
[
				765 ILCS
				1026/15-610(a) ]
b) This provision of the Act is a
				continuation of existing Illinois law. Under the common law in Illinois,
				contracts could not serve as a limitation on the ability of the State to take
				custody of unclaimed property. (See People ex rel. Callahan v. Marshall Field
				& Co., 83 Ill. App. 3d 811, 818, 404 N.E.2d 368, 374 (1980) citing
				Connecticut Mutual Life Insurance Co. v. Moore, 333 U.S. 541 (1948); Screen
				Actors Guild, Inc. v. Cory (1979), 91 Cal. App. 3d 111, 154 Cal. Rptr. 77; and
				State v. Jefferson Lake Sulphur Co. (1962), 36 N.J. 577, 178 A.2d
				329.)
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.320 - Online Sports Wagering

Current through Register Vol. 48, No. 28, July 12, 2024
a) As
				the debt of a business association, an online sports wagering account with a
				balance, where 3 years have passed from the date of last indication of interest
				by the apparent owner, is presumed to be an abandoned account.
b) The amount to be reported and remitted to
				the administrator from an abandoned online sports wagering account is
				determined by relevant law beyond the Act including where applicable, the
				relevant state laws concerning online sports wagering. However, the
				anti-limitations provisions of Section 15-610(a) of the Act are
				applicable.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart B - PRESUMPTION OF ABANDONMENT › Section 760.330 - Virtual Currency

Current through Register Vol. 48, No. 28, July 12, 2024
Virtual currency is presumed abandoned 5 years after the last
				  indication of interest in the property by the apparent owner. [765 ILCS
				  1026/15-201 (6.5) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart C - REPORTING › Section 760.400 - Holder Reporting Required

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				holder of property presumed abandoned shall report to the administrator via the
				internet in a format approved by the administrator, unless granted written
				permission by the administrator to file a paper report.
b) A holder may contract with a third party
				to make the report required, but remains responsible to the administrator for
				the complete, accurate, and timely reporting of property presumed abandoned and
				for paying or delivering to the administrator property described in the
				report.
c) The administrator will
				accept a report filed in the current National Association of Unclaimed Property
				Administrators (NAUPA) standard format found on the administrator's website:
				icash.illinoistreasurer.gov.
d)
A business association who has no reportable property shall so report
				to the administrator on forms via the Internet in a format approved by the
				administrator if the business association has:
1)
annual sales of more than
				$1,000,000;
2)
securities that are publicly traded;
3)
a net worth of more than
				$10,000,000; or
4)
more than 100 employees.
[765 ILCS
				1026/15-401(d) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart C - REPORTING › Section 760.405 - Reporting and Remitting by Pension Systems Subject to Section 15-1506 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) All
				retirement systems, pension funds, and investment boards created pursuant to
				Article 3, 4, or 22 of the Illinois Pension Code (Police, Firefighters' and
				Miscellaneous Collateral Provisions) must report abandoned property to the
				administrator.
b) The report must
				include:
1) Name of the owner and the names of
				any beneficiaries;
2) Last known
				address, if known, of owner and beneficiaries, if any;
3) Social Security number or taxpayer
				identification number of owner and beneficiaries, if any; and
4) Dollar amount.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart C - REPORTING › Section 760.406 - Reporting and Remitting by Pension Systems Subject to Section 15-1505 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Property in an annuity, pension, or benefit fund held in a fiduciary capacity
				by or on behalf of a retirement system, pension fund, or investment board
				created pursuant to any Article of the Illinois Pension Code, except for
				Articles 3, 4, and 22, that would be presumed abandoned under Article 2 of the
				Act shall be reported to the administrator but not paid or delivered to the
				administrator.
b) The report must
				include:
1) Name of the owner and the names
				of any beneficiaries;
2) Last known
				address, if known, of owner and beneficiaries;
3) Social Security number or taxpayer
				identification number of owner and beneficiaries, if any; and
4) Dollar amount.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart C - REPORTING › Section 760.407 - Reporting Virtual Currency

Current through Register Vol. 48, No. 28, July 12, 2024
a)
If property reported to the administrator is virtual currency, the
				holder shall liquidate the virtual currency and remit the proceeds to the
				administrator. The liquidation shall occur anytime within 30 days prior to the
				filing of the report under Section 15-401
of the Act.
b)
The owner shall not have recourse
				against the holder or the administrator to recover any gain in value that
				occurs after the liquidation of the virtual currency under
this
				Section. [765 ILCS
				1026/15-603(i) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart C - REPORTING › Section 760.410 - Report Contents

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				report required by Article 4 of the Act must:
1)
be signed by or on behalf of the
				holder and verified as to its completeness and accuracy;
2)
if filed electronically, be in a
				secure format approved by the administrator that protects confidential
				information of the apparent owner;
3)
describe the
				property;
4)
except for a traveler's check, money order, or similar instrument,
				contain the name, if known, last-known address, if known,
e-mail
				address, if known,
and Social Security number or taxpayer
				identification number, if known or readily ascertainable, of the apparent owner
				of property with a value of $5 or more;
5)
for an amount held or owing under
				a life or endowment insurance policy, annuity contract, or other property in
				which ownership vests in a beneficiary upon the death of the owner, contain the
				name and last-known address of the insured, annuitant, or other apparent owner
				of the policy or contract and of the beneficiary;
6)
for property held in or removed
				from a safe deposit box, indicate the location of the property, where it may be
				inspected by the administrator, and any amounts owed to the holder under
				Section 15-606
of the Act;
7) combine all dividend checks into one
				property for each reported account;
8)
contain the commencement date for
				determining abandonment;
9)
state that the holder has complied
				with the notice requirements
of the Act;
10)
identify property that is a
				non-freely transferable security and explain why it is a non-freely
				transferable security;
11)
				detail the gross amount of the property as well as any dormancy fees deducted
				as allowed under Section 15-602 of the Act and the addition of any interest as
				required under Section 15-1204 of the Act; and
12) identify the remitter and payee for all
				two-party checks (e.g., cashier's checks).
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart C - REPORTING › Section 760.420 - Filing Dates

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Financial organizations, governments, governmental entities, and insurance
				companies except life insurance companies must file a report before November 1
				of each year that covers the 12 months preceding July 1 of that year.
b) All other business associations must file
				before May 1 of each year for the immediately preceding calendar
				year.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart C - REPORTING › Section 760.430 - Early Reporting and Remittance of Property

Current through Register Vol. 48, No. 28, July 12, 2024
a)
A holder may pay or deliver
				property to the administrator before the property is presumed abandoned under
				the Act if the holder:
1)
provides the apparent owner of the property any notice required by
				Section 15-501 of the Act and provides the administrator evidence of the
				holder's compliance with
any notice required by the
				Act
;
2)
includes with the payment or delivery a report regarding the property
				conforming to the Act
and this Section; and
3)
first obtains the
				administrator's
written
consent to accept payment or
				delivery
of the property.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart C - REPORTING › Section 760.440 - Extensions

Current through Register Vol. 48, No. 28, July 12, 2024
a) A holder may
				request an extension for filing. The request must be in writing and must
				specify the proposed period of extension.
b) The request must include a reasonable
				cause for an extension.
1) Reasonable cause
				includes, without limitation, natural disaster, criminal activity related to
				the holder's books and records, recent changes in the form of ownership of the
				holder, etc.
2) Providing due
				diligence notices to apparent owners and other holder actions required by the
				Act does not constitute reasonable cause.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart C - REPORTING › Section 760.450 - Incomplete and Rejected Reports

Current through Register Vol. 48, No. 28, July 12, 2024
If the administrator notifies a holder that a report is
				  incomplete or incorrect, then a corrected report must be filed by the holder no
				  later than 20 calendar days after notification by the administrator. The
				  administrator may grant an extension in writing for reasonable
				  cause.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart C - REPORTING › Section 760.460 - Due Diligence Notice by Holder

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Sections 15-501 and 15-502 of the Act specify when and how a holder must
				provide notice to the apparent owner of property presumed abandoned. This
				notice process is a "due diligence notice" from the holder to the apparent
				owner. A due diligence notice is intended to provide an opportunity for an
				apparent owner to indicate interest in the property presumed abandoned prior to
				such property being reported and remitted to the administrator.
b) Unless otherwise provided by the Act or
				these rules, the holder of property presumed abandoned shall send to the
				apparent owner a due diligence notice by first-class U.S. Mail between 60 days
				and one year before reporting the property (see
				765 ILCS
				1026/15-501(a) ).
c) A holder does not need to send notice by
				first-class U.S. Mail if any of the following are true:
1) the property is valued at less than
				$50;
2) the holder does not have in
				its records an address for the apparent owner that is sufficient for delivery
				of first-class U.S. Mail;
3) the
				holder's records indicate that the address for the apparent owner is invalid;
				or,
4) the holder sends notice by
				certified U.S. Mail.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart C - REPORTING › Section 760.470 - Retention of Records by Holder

Current through Register Vol. 48, No. 28, July 12, 2024
a) A holder is required to
retain
				records for 10 years after the later of the date the report was filed or the
				last date a timely report was due to be filed.
b)
The records must contain:
1)
the information required to be
				included in the report;
2)
the date, place, and nature of the circumstances that gave rise to the
				property right;
3)
the amount or value of the property;
4)
the last address of the apparent
				owner, if known to the holder;
5)
sufficient records of items that
				were not reported as unclaimed, to allow examination to determine whether the
				holder has complied with the Act
[
				765 ILCS
				1026/15-404 ]
;
EXAMPLE: Records related to property when the holder
gave express notice to the administrator of a dispute regarding the
				  property.
[
				  765 ILCS
				  1026/15-610(b) ]; and
6)
a record of the
				instruments while they remain outstanding indicating the state and date of
				issue if the holder sells, issues, or provides to others for sale or issue in
				this State traveler's checks, money orders, or similar instruments, other than
				third-party bank checks, on which the holder is directly liable.
[
				765 ILCS
				1026/15-404 ].
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart D - NOTICE TO APPARENT OWNERS BY THE ADMINISTRATOR › Section 760.500 - Notices by United States Mail

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The administrator shall send at least one written notice by first-class U.S.
				Mail to each apparent owner of unclaimed property held by the administrator and
				valued at $100 or more.
b) However,
				the administrator shall not send a notice under this Section by first-class
				U.S. Mail if the administrator reasonably believes that a mailing by
				first-class U.S. Mail would not be received by the apparent owner.
c) In
the case of a security held in
				an account for which the apparent owner had consented to receiving e-mail from
				the holder,
the administrator shall
send notice
				by
e-mail if the e-mail address of the apparent owner is known
				to the administrator, instead of by first-class U.S. Mail.
[
				765 ILCS
				1026/15-503(b)(1) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart D - NOTICE TO APPARENT OWNERS BY THE ADMINISTRATOR › Section 760.510 - E-Mail Notices

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Whenever the administrator has an e-mail address for an apparent owner of
				unclaimed property held by the administrator and valued at $100 or more and the
				administrator does not know that e-mail address to be invalid, the
				administrator shall send at least one notice to the apparent owner by e-mail if
				the administrator did not send a written notice by first-class U.S. Mail. (See
				765 ILCS
				1026/15-503(b)(2).)
b) In addition to any notice mandated by the
				Act, the administrator may send an additional notice to an apparent owner to
				any e-mail address for the apparent owner that the administrator does not know
				to be invalid.
c) When practicable,
				e-mail notices from the administrator shall provide a hyperlink to the website
				maintained by the administrator.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart D - NOTICE TO APPARENT OWNERS BY THE ADMINISTRATOR › Section 760.520 - Newspaper Notices

Current through Register Vol. 48, No. 28, July 12, 2024
a) At
				least once
every 6 months, the administrator shall cause to be
				published in at least one English language newspaper of general circulation in
				each county in this State a notice concerning the unclaimed property
				program.
b)
The
				newspaper notice shall include the following information:
1)
the total value of property
				received
statewide
by the administrator during the preceding
				6-month period;
2)
the total value of claims paid by the administrator
statewide
during the preceding 6-month period;
3)
the address of the unclaimed
				property website maintained by the administrator;
4)
an e-mail address to contact the
				administrator to inquire about or claim property; and
5)
a statement that computers may be
				available at a local public library to search for unclaimed property.
[765 ILCS
				1026/15-503(c)(1)
				]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart D - NOTICE TO APPARENT OWNERS BY THE ADMINISTRATOR › Section 760.530 - Website

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The
				administrator shall maintain a website accessible by the public and
				electronically searchable that contains the names reported to the administrator
				of apparent owners for whom property is being held by the
				administrator
.
b)
The administrator does not need to list property on the unclaimed
				property website when:
1)
no
				owner name was reported;
2)
a claim has been initiated or is
				pending for the property;
3)
the administrator has made direct
				contact with the apparent owner of the property; and
4)
in other instances in which the
				administrator reasonably believes exclusion of the property is in the best
				interests of both the State and the owner of the property.
[
				765 ILCS
				1026/15-503(c)(1) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart D - NOTICE TO APPARENT OWNERS BY THE ADMINISTRATOR › Section 760.540 - Tax Return Identification of Apparent Owners

Current through Register Vol. 48, No. 28, July 12, 2024
The administrator will work with the Illinois Department of
				  Revenue (DOR) to facilitate the return of unclaimed property to Illinois
				  taxpayers through data sharing as required by the Act. This data sharing is
				  intended to update contact information for apparent owners in the
				  administrator's records, to allow the administrator to return some types of
				  unclaimed property directly to apparent owners without a claim being filed, and
				  to otherwise facilitate the return of unclaimed property in the custody of the
				  administrator to the legal owners.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart D - NOTICE TO APPARENT OWNERS BY THE ADMINISTRATOR › Section 760.550 - Updating Apparent Owner Data

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The administrator may utilize publicly and commercially available databases, as
				well as information obtained through data sharing agreements authorized by the
				Act, to find and update or add information for apparent owners of property held
				by the administrator.
b) The
				administrator may, but is not required to, update or add a mailing address or
				e-mail address for an apparent owner prior to sending notices required by the
				Act.
c) If a required notice has
				already been sent by the administrator, the administrator does not need to send
				a new written notice merely because a mailing address or e-mail address for an
				apparent owner has been subsequently updated or added.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart D - NOTICE TO APPARENT OWNERS BY THE ADMINISTRATOR › Section 760.560 - Other Discretionary Means of Providing Notice

Current through Register Vol. 48, No. 28, July 12, 2024
a) Paid Advertising
1) The administrator may use paid advertising
				to increase awareness of the unclaimed property program, provide notice to
				persons who may be the owners of unclaimed property in the custody of the
				administrator, or to otherwise facilitate the return of unclaimed property to
				legal owners.
2) Any paid
				advertising shall conform to the requirements of Section 5-20 of the State
				Officials and Employees Ethics Act [ 5 ILCS 430 ].
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart D - NOTICE TO APPARENT OWNERS BY THE ADMINISTRATOR › Section 760.570 - Confidentiality

Current through Register Vol. 48, No. 28, July 12, 2024
The administrator may include in published notices,
				  printed publications, telecommunications, the Internet, or other media and on
				  the website or in the database additional information concerning the apparent
				  owner's property if the administrator believes the information will assist in
				  identifying and returning property to the owner and does not disclose personal
				  information as defined in the Personal Information Protection Act
[
				  815 ILCS 530 ]. [
				  765 ILCS
				  1026/15-1401(d) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart E - CLAIMS › Section 760.600 - Claims

Current through Register Vol. 48, No. 28, July 12, 2024
A person claiming to be the owner of property held
				  under the Act by the administrator or
of
the proceeds from the
				  sale of property may file a claim for the property or proceeds from the sale of
				  property on a form prescribed by the administrator
and that is
				  available on the Administrator's website at icash.illinoistreasurer.gov. [
				  765 ILCS
				  1026/15-903 ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart E - CLAIMS › Section 760.610 - Burden of Proof

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The administrator is the custodian for property delivered to the State under
				the Act and is responsible for the safekeeping of that property. Therefore, any
				person who files a claim for any property held by the administrator pursuant to
				the Act shall bear the burden of proof in establishing that person is the
				lawful owner of the property or has an interest in the property.
b) The administrator will release the
				property to a claimant after the person establishes his or her ownership of the
				property or an interest in the property by a preponderance of the
				evidence.
c) Notwithstanding the
				requirements of subsection (a) and (b), the administrator may waive those
				requirements if a claimant satisfies the requirements for payment or delivery
				of property under Section 760.620 or 760.630.