reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart E - CLAIMS › Section 760.620 - Filing of Claims

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Claimants may file claims with the administrator either in writing on forms
				prescribed by the administrator or through completion of a form on the
				administrator's website.
b) Claims
				shall be verified or signed by the claimant under penalty of perjury.
c) If the subject property, including
				contents of a safe deposit box, is valued at more than $2,000, the signatures
				of the claimants shall be notarized by a notary public or be guaranteed by an
				officer of a bank or financial institution with which the claimants currently
				do business.
d) If the value of the
				subject property is $5,000 or less:
1) a fully
				completed owner claim and owner indemnification form, submitted to the
				administrator either in writing or through completion of a form on the
				administrator's website, will be accepted as prima facie evidence of validity
				of the claim, unless the administrator has facts within his or her knowledge
				that would tend to rebut the claim; and
2) the administrator may waive the
				requirement to complete a claim form and may pay or deliver property directly
				to a claimant if the person receiving the property is shown to be the apparent
				owner of the property included on a report filed pursuant to the Act, and the
				administrator reasonably believes the claimant is entitled to receive the
				property or payment. [765 ILCS
				1026/15-903 ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart E - CLAIMS › Section 760.630 - Tax Return Identification of Apparent Owners

Current through Register Vol. 48, No. 28, July 12, 2024
a)
At least annually the
				administrator shall notify the
Illinois
Department of Revenue
				of the names
of apparent
owners of abandoned
				property
.
1)
The
				administrator shall also provide to
DOR
the social security
				numbers of
apparent owners of abandoned property,
if
				available
. [765 ILCS
				1026/15-503(e) ]
2) The administrator may also provide DOR
				with other data, such as the mailing address of the apparent owner.
3) The administrator shall not provide DOR
				with the name of an apparent owner of unclaimed property if a claim has been
				filed for that property with the administrator and the claim has not been
				denied or closed.
4)
The
				administrator does not need to notify
DOR
of the names or
				social security numbers of apparent owners of abandoned property if the
				administrator reasonably believes that
DOR
will be unable to
				provide information that would provide sufficient evidence to establish that
				the person in
DOR's
records is the apparent owner of unclaimed
				property in the custody of the administrator.
[765 ILCS
				1026/15-503(e)(6) ]
5) EXAMPLE: The administrator does not need
				to notify DOR of the name of an apparent owner of unclaimed property in the
				custody of the administrator when:
A) the
				administrator has previously notified DOR of the name of an apparent owner, DOR
				was unable to match the name to any person in DOR's records, and the
				administrator reasonably believes that DOR would continue to not be able to
				match the name;
B) the
				administrator's records contain the name of an apparent owner without an
				address or social security number and that name is so common as to prevent an
				unique match with DOR records;
C)
				the administrator has reason to believe that the apparent owner is deceased;
				or
D) even if DOR provided a
				current address for the apparent owner, the administrator would not be able to
				deliver the unclaimed property to that owner because the property is jointly
				owned, is an escrow account, or has other legal impediments to clear ownership
				of the property by a unique owner.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart E - CLAIMS › Section 760.640 - Crediting Income or Gain to Owner's Account

Current through Register Vol. 48, No. 28, July 12, 2024
a)
If property other than money is
				delivered to the administrator, the owner is entitled to receive from the
				administrator income or gain realized or accrued on the property before the
				property is sold.
[765 ILCS
				1026/15-607(a) ] (See Canel v.
				Topinka, 212 Ill. 2d 311, 818 N.E.2d 311 (2004).)
b)
Before August 22, 2017, interest
				on money is not payable to an owner for periods where the property is in the
				possession of the administrator.
[765 ILCS
				1026/15-607(b) ] August 22, 2017 is
				the earliest start date for interest under this Section. The date is set by the
				Act, but comes from the date of a Seventh Circuit opinion requiring the State
				to begin paying interest to owners. (See Kolton v. Frerichs, 869 F.3d 532
				(7th Cir. 2017).)
c)
Beginning on August 22, 2017, the
				administrator shall pay interest to the owner of property in the form of money
				at the greater of:
1)
the
				percentage increase, if any, in the Consumer Price Index for All Urban
				Consumers for all items published by the United States Department of Labor
				(CPI-U); or
2)
the
				actual rate of return the State Treasurer earned on the Unclaimed Property
				Trust Fund.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart E - CLAIMS › Section 760.650 - Finders

Current through Register Vol. 48, No. 28, July 12, 2024
a) No person or
				company shall be entitled to a fee for discovering presumptively abandoned
				property until it has been in the custody of the administrator for at least 24
				months. Fees for discovering property that has been in the custody of the
				administrator for more than 24 months shall be limited to not more than 10% of
				the amount collected. (See
				765 ILCS
				1026/15-1302.)
b) Notwithstanding anything in this Section
				to the contrary, a licensed attorney may
pursue a claim for recovery of
				specifically identified property held by the administrator or to contest the
				administrator's denial of a claim for recovery of the property
provided he or she has an attorney-client relationship with the apparent owner.
				[
				765 ILCS
				1026/15-1302(f) ]
c) For claims in which a finder is assisting
				an apparent owner, the following shall be submitted to the administrator:
1) a signed, dated and notarized copy of the
				contract between the finder and the apparent owner that satisfies the
				requirements of the Act, specifies the obligations of the parties, and
				establishes the fee arrangement between the finder and claimant; and
2) if the finder charges a contingent fee, a
				copy of the active private detective license issued by the Illinois Department
				of Financial and Professional Regulation to the finder.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart E - CLAIMS › Section 760.660 - Property Subject to Recovery by Another State

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the administrator is aware that
				property held under the Act is subject to a superior claim of another state,
				the administrator shall either report and deliver the property to the other
				state or return the property to the holder for delivery to the other
				state.
b) A claim by another state
				to recover property under this Section must be presented in a form prescribed
				by the administrator, unless the administrator waives presentation of the
				form.
c) The administrator shall
				decide a claim under this Section not later than 90 days after it is
				presented.
d) To the extent
				permitted under the law of the other state, the administrator may require
				another state to agree to indemnify the administrator and the State of Illinois
				and its agents, officers and employees against any liability on a claim to the
				property.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart E - CLAIMS › Section 760.670 - Debt Collection Agencies

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				debt collection agency shall initiate its own claims for unclaimed property in
				the custody of the administrator. The administrator will not initiate claims
				for debt collection agencies.
b)
				Debt collection agencies shall submit citations to discover assets to the
				administrator at least 30 days in advance of the return date.
c) Unclaimed property held by the
				administrator for a debtor will be held pursuant to a citation to discover
				assets for up to 90 days.
d) Claims
				submitted by debt collection agencies will be closed after 90 days without the
				submission of a valid turnover order from a court of competent
				jurisdiction.
e) Claims submitted
				by debt collection agencies will be paid after receipt of a valid turnover
				order from a court of competent jurisdiction.
f) The administrator shall reject claims
				submitted by debt collection agencies on behalf of entities that:
1) are under examination by the administrator
				pursuant to the Act; or
2) the
				administrator reasonably believes are not in compliance with the requirements
				of the Act including, but not limited to, failure to file reports under Section
				15-401 of the Act.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart E - CLAIMS › Section 760.680 - Holder Reimbursement

Current through Register Vol. 48, No. 28, July 12, 2024
a)
A holder that pays money to the
				administrator may file a claim for reimbursement from the administrator of the
				amount paid if the holder:
1)
paid the money in error; or
2)
after paying the money to the
				administrator, paid money to a person the holder reasonably believed entitled
				to the money.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart E - CLAIMS › Section 760.690 - Securities Sale and Claims

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Sale of Securities
1) The administrator may
				not sell a security prior to attempting to provide notice as provided for in
				Section 15-503 of the Act.
2)
				Unless the administrator reasonably determines it would be in the best
				interests of the owner for the sale to occur sooner, the administrator may not
				sell or otherwise liquidate a security until 3 years after the administrator
				receives the security.
A) Instances in which
				it would be in the best interest of the owner for a sale of securities to occur
				prior to the expiration of the 3-year period include, without limitation:
				responding to a tender offer; a bankruptcy filing; a business liquidation; and
				instances in which fees will significantly deplete the value.
B) If the administrator sells a security
				prior to the expiration of the 3-year period, the administrator shall document
				in a record the reasons for the sale.
3) Unless otherwise provided in the Act or
				this Part, the administrator may sell a security at any time after 3 years
				after the administrator receives the security.
A)
The administrator may not sell a
				security listed on an established stock exchange for less than the price
				prevailing on the exchange at the time of sale.
B)
The administrator may sell a
				security not listed on an established exchange by any commercially reasonable
				method.
[
				765 ILCS
				1026/15-702(b) ]
4) Securities will not be sold when a claim
				has been filed with the administrator by an apparent owner for those
				securities.
A) However, the apparent owner
				may direct the administrator to dispose of the securities by sale and remit the
				net proceeds to the apparent owner.
B) Upon denial of a claim, the administrator
				may dispose of the securities as provided in the Act and this Part.
C) The administrator may also dispose of the
				securities as provided in the Act and this Part if, after being requested by
				the administrator, the apparent owner fails to provide necessary and sufficient
				information to allow the administrator to transfer the securities within 30
				days after the administrator's request.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.700 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to the Act the administrator may, at reasonable
				  times and on reasonable notice,
examine the records of any person to
				  determine whether the person has complied with the Act even if the person
				  believes it is not in possession of any property that must be reported, paid,
				  or delivered under the Act
. [
				  765 ILCS
				  1026/15-1002(1) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.710 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) The goal of an
				unclaimed property examination shall be to determine whether a person is in
				compliance with the Act. Unclaimed property is reported to the State of
				Illinois pursuant to the Act and the federal common law as established by the
				U.S. Supreme Court (Texas v. New Jersey, 379 U.S. 674 (1965); Pennsylvania v.
				New York, 407 U.S. 206 (1972); and Delaware v. New York, 507 U.S. 490
				(1993)).
b) The administrator's
				goal in every examination is to be predictable, fair and consistent while
				determining the historical compliance of the person being examined, and to
				encourage and facilitate that person's ongoing and future compliance with the
				Act.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.720 - Contract Auditors

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The administrator may contract with a person to conduct
unclaimed property examinations to determine compliance with the Act. Such a
contract shall be awarded pursuant to a request for proposals issued in
				compliance with the Office of the Treasurer Procurement Rules
(44 Ill.
				Adm. Code 1400). [765
				ILCS 1026/15-1009(a) ]
b) A
contract
to conduct an
				examination
may provide for compensation of the person based on a fixed
				fee, hourly fee, or contingent fee.
[765
				ILCS 1026/15-1009(b)(1) ]
1) A
contingent fee arrangement may
				not provide for a payment that exceeds 15% of the amount or value of property
				paid or delivered as a result of the examination.
[765
				ILCS 1026/15-1009(b)(2) ]
2)
As authorized in the State
				Officers and Employees Money Disposition Act
[30
				ILCS 230/2(a) (3.5) ]
, the
				administrator may permit the deduction of fees from property recovered during
				an
unclaimed property
examination prior to depositing funds
				received under the Act into the Unclaimed Property Trust Fund.
[765
				ILCS 1026/15-1009(b)(3) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.730 - Holder Advocates

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				person subject to examination may retain third-party advocates to assist them
				in the examination process.
b) The
				retention of an advocate is no basis to delay the commencement of the
				examination and the administrator will not delay the examination so that the
				advocate may conduct a review or its own audit of the books and records of the
				person subject to examination in advance of the administrator's
				examination.
c) The administrator
				will, to the extent practicable, cooperate with the person subject to
				examination and its advocate and keep both apprised of records requests,
				interviews, and the progress of the audit in general.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.740 - Notice of Examination

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				All unclaimed property examinations begin with an official notice of
				examination letter.
b) A notice
				letter shall notify the person subject to examination that:
1) its books and records (including those
				belonging to subsidiary and related entities or maintained by a third party
				that has contracted with the person) are subject to examination;
2) identify the assigned auditor;
				and
3) include auditor contact
				information.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.750 - Entrance Conference

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Once an examination is assigned and written notice of an examination is
				provided to the person subject to examination, an entrance conference will be
				scheduled with the auditor and representatives of the person subject to
				examination. A representative of the administrator may, but is not required, to
				participate in an entrance conference. If the person subject to examination
				refuses to schedule an entrance conference with the auditor, the auditor shall
				inform the administrator of that refusal.
b) During the entrance conference, the
				auditor shall, to the extent practicable:
1)
				identify of the types of property that will be subject to the examination and
				the time period covered by the examination;
2) discuss an examination work plan, a
				tentative schedule, and any potential scoping issues;
3) provide contact information for both the
				auditor and the administrator;
4)
				if a draft has not been presented prior to the entrance conference, provide the
				person subject to examination a draft confidentiality agreement;
5) notify the person subject to examination
				of his or her ability to request an informal conference with the administrator
				pursuant to Section 15-1008 of the Act;
6) advise the person subject to examination
				that the administrator and not the auditor makes determinations concerning that
				person's liability under the Act and that interpretations of the Act are made
				by the administrator;
7) request
				records and materials necessary to proceed with the next steps of the
				examination;
8) explain the
				requirement to provide a due diligence notice to the apparent owner of property
				presumed abandoned; and
9) explain
				that, unless otherwise agreed to in writing by the administrator, the person
				subject to examination shall remit to the auditor any unclaimed property
				identified during the examination that is owed to the State of
				Illinois.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.760 - Examination Guidelines

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				auditor and the person subject to examination shall act in good faith to
				conduct the examination under the terms and within the time frame established
				in the entrance conference.
b)
				During the examination, the auditor may make subsequent requests, to the person
				subject to examination, for additional books and records required to complete
				the examination.
1) The auditor shall submit
				record requests to the person subject to examination in writing or, if the
				request is made verbally, shall follow up with written documentation of the
				request.
2) Record requests shall
				have reasonable deadlines in order to move the examination forward and avoid
				unnecessary delays.
3) The auditor
				shall provide a reasonable timeframe for the person subject to examination to
				respond to the request based on the type and extent of the information
				requested and other relevant facts and circumstances.
4) The auditor shall provide confirmation of
				receipt with reasonable projected response times to submissions received from
				the person subject to examination.
5) The person subject to examination cannot
				unilaterally require the auditor to perform an onsite examination. Onsite
				examinations may be allowed if mutually agreed upon by the person subject to
				examination, the auditor, and the administrator.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.770 - Confidentiality Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				person subject to examination may require,
as a condition of disclosure
				of the records of the person to be examined, that the administrator
,
				if the administrator is performing the examination,
or the
				administrator's agent execute and deliver to the person to be examined a
				confidentiality agreement that:
1)
is in a form that is reasonably satisfactory to the administrator;
				and
2)
requires
				the person having access to the records to comply with the provisions
of Article 14 of the Act (Confidentiality and Security of Information)
applicable to the person
. [
				765 ILCS
				1026/15-1402 ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.780 - Evidence of Unpaid Debt or Undischarged Obligation

Current through Register Vol. 48, No. 28, July 12, 2024
a)
A record of a
person
				subject to examination
showing an unpaid debt or undischarged
				obligation is prima facie evidence of the debt or obligation
. [
				765
				ILCS 1026/15-1005(a) ]
b) A person subject to examination
may establish by a preponderance of the evidence that there is no
				unpaid debt or undischarged obligation for a debt or obligation or that the
				debt or obligation was not, or no longer is, a fixed and certain obligation of
				the
person subject to examination. [
				765
				ILCS 1026/15-1005(b) ] Thus, the
				prima facie evidence may be rebutted by the person subject to
				examination.
c) A person subject to
				examination
may overcome prima facie evidence by establishing by a
				preponderance of the evidence that a check, draft, or similar instrument
				was:
1)
issued as an
				unaccepted offer in settlement of an unliquidated amount;
2)
issued but later was replaced with
				another instrument because the earlier instrument was lost or contained an
				error that was corrected;
3)
issued to a party affiliated with
				the issuer;
4)
paid, satisfied, or discharged;
5)
issued in
				error;
6)
issued
				without consideration;
7)
issued but there was a failure of consideration;
8)
voided not later than 90 days
				after issuance for a valid business reason set forth in a contemporaneous
				record;
A) for purposes of this
				provision "valid business reason" does not include a policy of voiding
				outstanding checks, drafts, or similar instruments after a specified number of
				days;
B) a policy of automatically
				voiding would be tantamount to a private escheat law in violation of
				longstanding public policy in Illinois (see People ex rel. Callahan v. Marshall
				Field & Co., 83 Ill. App. 3d 811, 818, 404 N.E.2d 368, 374
				(1980));
C) this defense merely
				indicates that when a check, draft, or similar instrument is voided quickly,
				for a valid business reason (i.e., not as a private escheat law), and the
				reason is indicated in a contemporaneous record, there is sufficient evidence
				to overcome the prima facie evidence of the existence of a debt or obligation;
				or
9)
issued but
				not delivered to the third-party payee for a sufficient reason recorded within
				a reasonable time after issuance.
[
				765
				ILCS 1026/15-1005(c) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.790 - Estimation

Current through Register Vol. 48, No. 28, July 12, 2024
a)
If a
				person subject to examination does not retain the records required by
				the
Act
, the administrator may determine the value of property
				due using a reasonable method of estimation based on all information available
				to the administrator, including extrapolation and use of statistical sampling
				when appropriate and necessary.
b)
A payment made based on estimation
				under this Section is a penalty for failure to maintain the records required by
				the Act and does not relieve a person from an obligation to report and deliver
				property to a state in which the holder is domiciled.
[
				765 ILCS
				1026/15-1006 ]
c) Unless agreed to by a person subject to
				examination, estimation should be used only when there has been a violation of
				Section 15-404 of the Act. The ability of the administrator to use estimation
				is intended as a deterrent to the intentional or negligent destruction of
				records that would be used in an unclaimed property examination to identify
				unclaimed property.
d) An auditor
				may not use estimation in an examination unless:
1) the person subject to examination agrees
				in writing to the use of estimation as part of an audit resolution agreement;
				or
2) the administrator approves in
				writing the use of estimation in the examination.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.800 - Multistate Examinations

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The administrator may agree to participate in an examination of a person for
				compliance with unclaimed property laws of multiple states, including the Act,
				when a single auditor performs an examination for more than one
				state.
b) Multistate examinations
				are intended to be more efficient and effective for both the person being
				examined and the states that have authorized the examination. Having a single
				auditor conducting an unclaimed property examination reduces the occurrence of
				a person being simultaneously subject to multiple unclaimed property
				examinations by multiple auditors representing multiple states.
c) Because different states participating in
				a multistate examination will have different rules for examinations, there may
				be conflicts between the statutory or regulatory requirements for how the
				auditor should conduct the examination. When practicable, the auditor should
				comply with the requirements of this Section when conducting a multistate
				examination. However, if there is a conflict between the requirements of this
				Section and the requirements of one or more other states, the auditor may vary
				from the requirements of this Section so long as the auditor:
1) follows any requirements imposed by the
				Act, including but not limited to confidentiality requirements;
2) uses the Act with regards to any property
				for which the State of Illinois has the superior claim pursuant to the federal
				common law established in the U.S. Supreme Court cases listed in Appendix A(g);
				and
3) complies with the goal to be
				predictable, fair and consistent while determining the historical compliance of
				the person being examined, and to encourage and facilitate that person's
				ongoing and future compliance with the Act.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.810 - Bankruptcy

Current through Register Vol. 48, No. 28, July 12, 2024
If, at any time before or during the course of an
				  examination, the person subject to examination files for bankruptcy, that
				  person shall give notice of the filing to the auditor. The auditor shall,
				  within 7 calendar days after receiving notice or the discovery of the event,
				  notify the administrator of the bankruptcy filing. If the administrator so
				  elects, the auditor shall assist the administrator to ensure that a proper
				  proof of claim is timely filed in the bankruptcy action.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.820 - Audit Resolution Agreements

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Pursuant to the administrator's authority to conduct an examination, the
				administrator possesses the authority to resolve an examination via negotiation
				and settlement with the person subject to examination. This provides
				flexibility to both the person subject to examination and the administrator to
				resolve issues that could require formal appeal or litigation. These
				settlements are often referred to as audit resolution agreements.
b) The administrator may not agree in a
				settlement to provide indemnification beyond that provided in Section 15-604 of
				the Act.
c) Pursuant to Section
				15-1206(1) of the Act, the administrator may agree to reduce or waive interest
				and penalties as part of a settlement.
d) A mutually-agreed upon settlement resolves
				a specific examination and does not create any precedent on specific legal
				issues.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.830 - Report to Holder

Current through Register Vol. 48, No. 28, July 12, 2024
At the conclusion of an examination, unless waived in
				  writing by the person being examined, the administrator shall provide to the
				  person whose records were examined a report that specifies:
a)
the work
				performed;
b)
the
				property types reviewed;
c)
the methodology of any estimation
				technique, extrapolation, or statistical sampling used in conducting the
				examination;
d)
each calculation showing the value of property determined to be due;
				and
e)
the
				findings of the person conducting the examination.
[
				765 ILCS
				1026/15-1007 ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.840 - Voluntary Disclosure Agreement Program

Current through Register Vol. 48, No. 28, July 12, 2024
a) Pursuant to the authority of the
				administrator under Section 15-1206 of the Act to waive, in whole or in part,
				interest and penalties, the administrator may establish a voluntary disclosure
				agreement (VDA) program for persons who are not in compliance with the
				Act.
b) Under a VDA program, the
				administrator will agree to waive, in whole or in part, interest and penalties
				for a person who voluntarily reports and remits to the administrator property
				that should have been previously reported, paid or delivered to the
				administrator pursuant to the Act. The VDA program includes, but is not limited
				to, property that is reportable pursuant to the transition provisions of
				Section 15-1503 of the Act. Thus, property reportable under the Act or the
				previous Uniform Disposition of Unclaimed Property Act may be eligible to be
				voluntarily reported and remitted under the VDA program.
c) A person who has been sent an official
				notice of examination letter may not participate in the VDA program.
d) Participation in the administrator's VDA
				program does not waive or otherwise limit the administrator's authority to
				order and conduct an unclaimed property examination pursuant to Section 15-1002
				of the Act.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart F - EXAMINATIONS › Section 760.850 - Examination of Regulated Financial Organizations

Current through Register Vol. 48, No. 28, July 12, 2024
a) Purpose of Section 15-1002.1 of the Act
1) Section 15-1002.1 of the Act establishes a
				system in which the Illinois Department of Financial and Professional
				Regulation (DFPR) will include unclaimed property compliance as part of the
				regular audits or examinations performed on State-regulated financial
				organizations. Because DFPR will perform regular examinations of these
				entities, the administrator will not perform unclaimed property examinations of
				these State-regulated financial organizations pursuant to Section 15-1002 of
				the Act.
2) State-regulated
				financial organizations whose operations are either entirely or almost entirely
				within the State of Illinois shall be regularly examined by DFPR for compliance
				with unclaimed property laws. This should both ensure compliance with the Act
				and generally subject these State-regulated financial organizations to only one
				set of unclaimed property examinations.
3) Section 15-1002.1 of the Act is not,
				however, intended to restrict the ability of the administrator to examine
				national banks, national credit unions, and other financial organizations that
				operate in multiple states. For financial organizations that operate in
				multiple states or are created pursuant to a federal law, the administrator
				should either participate in multi-state examinations to determine compliance
				with the Act and similar unclaimed property laws of other states or otherwise
				perform an unclaimed property examination pursuant to Section 15-1002 of the
				Act.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart G - ENFORCEMENT › Section 760.900 - Purpose of Enforcement

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				State unclaimed property laws are based on a theory of truthful self-reporting
				by the holders of unclaimed property. Enforcement actions by the administrator
				are intended to both bring holders subject to enforcement actions into
				compliance with the Act and to encourage voluntary compliance by other holders.
				The expectation is that a holder who has been the subject of an enforcement
				action by the administrator will voluntarily comply with the Act in the future.
				And, further, a program of enforcement by the administrator will encourage
				holders to voluntarily comply with the Act in order to avoid being subject to
				enforcement actions.
b) Unclaimed
				property examinations are an essential aspect of unclaimed property compliance.
				However, if a holder is reporting correctly under the Act, there should be no
				determination of liability by the administrator. (For rules concerning
				unclaimed property examinations, see Subpart F.)
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart G - ENFORCEMENT › Section 760.910 - Verified Report of Property

Current through Register Vol. 48, No. 28, July 12, 2024
a)
If a person does not file a report required by Section 15-401 of the
				Act or the administrator believes that a person may have filed an inaccurate,
				incomplete, or false report, the administrator may require the person to file a
				verified report in a form prescribed by the administrator.
b)
The verified report must:
1)
state whether the person is
				holding property reportable under the Act;
2)
describe property not previously
				reported or about which the administrator has inquired;
3)
specifically identify property
				about which there is a dispute whether it is reportable under the Act;
				and
4)
state the
				amount or value of the property.
[
				765 ILCS
				1026/15-1001 ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart G - ENFORCEMENT › Section 760.920 - Administrative Subpoenas

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The administrator may, at reasonable times and on reasonable
				notice,
issue an administrative subpoena requiring the person
				or agent of that person to make records available for examination
pursuant to the Act. [
				765 ILCS
				1026/15-1002(2) ]
b) Prior to issuance, administrative
				subpoenas shall be reviewed and approved by the administrator's General Counsel
				or by another employee of the administrator who is an attorney licensed to
				practice law in Illinois designated by the General Counsel.
c) The administrator may request that the
				Attorney General bring an action seeking judicial enforcement of a subpoena
				issued pursuant to the Act on behalf of the administrator.
d) If a person to whom the administrator
				issues an administrative subpoena brings an action seeking a judicial order to
				quash, limit, or otherwise prevent enforcement of the administrative subpoena,
				then the administrator shall request that the Attorney General represent the
				administrator in that action.
e)
				The administrator may request that the Attorney General appoint a Special
				Assistant Attorney General to represent the administrator in any action to
				enforce or defend an administrative subpoena issued pursuant to the
				Act.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart G - ENFORCEMENT › Section 760.930 - Determination of Liability

Current through Register Vol. 48, No. 28, July 12, 2024
a)
If the administrator determines from an examination conducted under
				Section 15-1002 of the Act that a putative holder failed or refused to pay or
				deliver to the administrator property that is reportable under the Act, the
				administrator shall issue a determination of the putative holder's liability to
				pay or deliver and give notice in a record to the putative holder of the
				determination.
[
				765
				ILCS 1026/15-1011 ]
b) The administrator may give notice of any
				interest and civil penalties at the same time that notice of a determination of
				liability is given.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart G - ENFORCEMENT › Section 760.940 - Interest and Penalties

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Interest on Unreported Property.
A holder that fails to report, pay or
				deliver property within the time prescribed by the Act shall pay to the
				administrator interest at a rate of 1% per month on the property or value of
				the property from the date the property should have been reported, paid or
				delivered to the administrator until the date reported, paid or
				delivered.
[
				765
				ILCS 1026/15-1204(a) ] Thus, unless
				waived by the administrator pursuant to Section 15-1206, payment of interest on
				unreported reportable property is mandatory under the Act.
b) Civil Penalty for Failure to Act in Timely
				Manner. The
administrator may require a holder that fails to report,
				pay, or deliver property within the time prescribed by the Act to pay to the
				administrator, in addition to interest, a civil penalty of $200 for each day
				the duty is not performed, up to a cumulative maximum amount of
				$5,000
. [
				765
				ILCS 1026/15-1204(b) ] Thus, unless
				the administrator determines that the holder acted in good faith and without
				negligence pursuant to Section 15-1206(b) of the Act, payment of a penalty for
				failure to act in a timely manner is a discretionary enforcement action by the
				administrator.
c) Civil Penalty for
				Willful Failure to Perform a Duty Under the Act.
If a holder willfully
				fails to perform a duty imposed on the holder under the Act, the administrator
				may require the holder to pay the administrator, in addition to interest, a
				civil penalty of $1,000 for each day the obligation is evaded or the duty is
				not performed, up to a cumulative maximum amount of $25,000, plus 25% of the
				amount or value of property that should have been but was not reported, paid or
				delivered as a result of the evasion or failure to perform.
[
				765 ILCS
				1026/15-1205(a) ]
d) Civil Penalty for Filing a Fraudulent
				Report.
If a holder makes a fraudulent report under
the
Act, the administrator may require the holder to pay to the
				administrator, in addition to interest, a civil penalty of $1,000 for each day
				from the date the report was made until corrected, up to a cumulative maximum
				of $25,000, plus 25% of the amount or value of any property that should have
				been reported but was not included in the report or was underreported.
[
				765 ILCS
				1026/15-1205(b) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart G - ENFORCEMENT › Section 760.950 - Waiver of Interest and Penalties

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The administrator may waive, in
				whole or in part, interest under Section 15-1204(a)
of the Act
				and penalties under Section 15-1204(b)
[
				765 ILCS
				1026/15-1206(1) ].
1) This authority does not provide for waiver
				of penalties imposed for willful failure or filing a fraudulent report.
				However, the imposition of penalties under Section 15-1205 is not
				mandatory.
2) The administrator may
				agree to reduce or waive interest and penalties as part of an audit resolution
				agreement (see Section 760.820 ).
3) Unless the holder willfully failed to
				report, pay or deliver property within the time prescribed by the Act, the
				administrator will waive the payment of interest of less than 3
				months.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart G - ENFORCEMENT › Section 760.960 - Judicial Enforcement

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The administrator may commence an action in the Circuit Court of
				Sangamon County or Cook County, federal court, or an appropriate court of
				another state to enforce
a final
determination
of
				liability
and secure payment or delivery of past due, unpaid, or
				undelivered property
.
b)
				An
action
to enforce a final determination of liability
must be brought not later than 5 years after the determination becomes
				final.
[
				765 ILCS
				1026/15-1201(a) ]
c) If
no court in
Illinois
has jurisdiction over the defendant, the administrator may commence an
				action in any court having jurisdiction over the defendant.
[
				765 ILCS
				1026/15-1201(b) ]
d) The administrator may request that the
				Attorney General appoint a Special Assistant Attorney General to represent the
				administrator in any action to enforce a final determination of
				liability.
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart G - ENFORCEMENT › Section 760.970 - Action Involving Another State or Foreign Country

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The administrator may join another
				state or foreign country to examine and seek enforcement of the Act against a
				putative holder.
[
				765 ILCS
				1026/15-1203(a) ]
b)
On request of another state or
				foreign country, the Attorney General may commence an action on behalf of the
				other state or country to enforce, in Illinois, the law of the other state or
				country against a putative holder subject to a claim by the other state or
				country.
[
				765 ILCS
				1026/15-1203(b) ]
c)
The administrator may request the
				official authorized to enforce the unclaimed property law of another state or
				foreign country to commence an action to recover property in the other state or
				country on behalf of the administrator. Illinois may pay the costs, including
				reasonable attorney's fees and expenses, incurred by the other state or foreign
				country in an action under this subsection.
[
				765 ILCS
				1026/15-1203(c) ]
d)
The administrator may pursue an
				action on behalf of Illinois to recover property subject to the Act but
				delivered to the custody of another state if the administrator believes the
				property is subject to the custody of the administrator.
[
				765 ILCS
				1026/15-1203(d) ]
e)
At the request of the
				administrator, the Attorney General may commence an action to recover property
				on behalf of the administrator in Illinois, another state, or a foreign
				country. With the written consent of the Attorney General, the administrator
				may retain an attorney in Illinois, another state, or a foreign
				country
as a special assistant attorney general
to recover
				property on behalf of the administrator in Illinois, another state, or a
				foreign country and may agree to pay attorney's fees based in whole or in part
				on a fixed fee, hourly fee, or percentage of the amounts or value of property
				recovered in the action.
[
				765 ILCS
				1026/15-1203(e) ]
f) In all actions commenced pursuant to
				Section 15-1203 of the Act, unless otherwise given permission in writing by the
				Attorney General, the administrator shall be represented by the Attorney
				General or a special assistant attorney general appointed by the Attorney
				General.
g)
Expenses
				incurred by Illinois in an action under
Section 15-1203 of the Act
may be paid from property received under the Act or the net proceeds of
				the property. Expenses paid to recover property may not be deducted from the
				amount that is subject to a claim under the Act by the owner.
[
				765 ILCS
				1026/15-1203(f) ]
Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart G - ENFORCEMENT › Section 760.980 - Periods of Limitation and Repose

Current through Register Vol. 48, No. 28, July 12, 2024
a)
An action or proceeding may not be
				maintained by the administrator to enforce the Act in regard to the reporting,
				delivery or payment of property more than 10 years after the holder
				specifically identified the property in a report filed with the administrator
				or gave express notice to the administrator of a dispute regarding the
				property.
[
				765 ILCS
				1026/15-610(b) ]
b) The 10-year period of limitation is
				tolled:
1) if the holder did not specifically
				identify the property in a report filed with the administrator or provide other
				express notice to the administrator; or
2)
by the filing of a report that is
				fraudulent.
[
				765 ILCS
				1026/15-610(b) ]