Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT › Subpart A - DEFINITIONS › Section 760.100 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Act" or "Revised Act" means the Revised Uniform Unclaimed
				  Property Act [765 ILCS 1026 ].
"Administrator" means the State
				  Treasurer.
"Administrator's Agent"
or "Auditor"
means a person with whom the administrator contracts to conduct an
				  examination under Article 10 of the Act on behalf of the administrator. The
				  term includes an independent contractor of the person and each individual
				  participating in the examination on behalf of the person or
				  contractor.
[765 ILCS
				  1026/15-102 ]
"Affiliated Group of Merchants" means 2 or more affiliated
				  merchants or other persons that are related by common ownership or common
				  corporate control and that share the same name, mark, or logo. The term also
				  applies to 2 or more merchants or other persons that agree among themselves, by
				  contract or otherwise, to redeem cards, codes, or other devices bearing the
				  same name, mark, or logo (other than the mark, logo, or brand of a payment
				  network), for the purchase of goods or services solely at such merchants or
				  persons. However, merchants or other persons are not considered to be
				  affiliated merely because they agree to accept a card that bears the mark,
				  logo, or brand of a payment network.
"Apparent Owner" means a person whose name appears on
				  the records of a holder as the owner of property held, issued or owing by the
				  holder.
"Business Association" means a corporation, joint
				  stock company, investment company, unincorporated association, joint venture,
				  limited liability company, business trust, trust company, land bank, safe
				  deposit company, safekeeping depository, financial organization, insurance
				  company, federally chartered entity, utility, sole proprietorship, or other
				  business entity, whether or not for profit.
"Confidential Information" means information that is
				  "personal information" under the Personal Information Protection Act
[815 ILCS 530/5
				  ]
, "private information" under the Freedom of Information Act
[5 ILCS 140/2 (c-5)],
or personal information contained within public records, the disclosure
				  of which would constitute a clearly unwarranted invasion of personal privacy,
				  unless the disclosure is consented to in writing by the individual subjects of
				  the information as provided in the Freedom of Information Act
[5
				  ILCS 140/7(1)(c)
				  ]
.
"Domicile" means:
for a corporation, the state of its
				  incorporation;
for a business association whose formation requires a
				  filing with a state, other than a corporation, the state of its
				  filing;
for a federally chartered entity or an investment
				  company registered under the Investment Company Act of 1940
(15 U.S.C.
				  80a-1 through
				  80a-63)
, the state of its home office; and
for any other holder, the state of its principal
				  place of business.
[765 ILCS
				  1026/15-102 ]
"DOR" means the Illinois Department of Revenue.
"Electronic" means relating to technology having
				  electrical, digital, magnetic, wireless, optical, electromagnetic or similar
				  capabilities.
"Electronic Mail"
or "E-mail"
means
				  a communication by electronic means that is automatically retained and stored
				  and may be readily accessed or retrieved.
"Escheat Fee" means any charge imposed solely by
				  virtue of property being reported as presumed abandoned.
"Financial Organization" means a bank, savings bank,
				  foreign bank, corporate fiduciary, currency exchange, money transmitter, or
				  credit union.
[765 ILCS
				  1026/15-102 ]
"Former Act" means the Uniform Disposition of Unclaimed
				  Property Act [765 ILCS 1025 ], repealed effective January 1, 2018.
"Game-Related Digital Content" means digital content
				  that exists only in an electronic game or electronic game platform. The term
				  includes:
game-play currency such as a virtual wallet, even if
				  denominated in United States currency;
the following, if for use or redemption only within
				  the game or platform or another electronic game or electronic game
				  platform:
points sometimes referred to as gems, tokens, gold
				  and similar names; and
digital codes; and
does not include an item that the
				  issuer:
permits to be redeemed for use outside a game or
				  platform for money or goods/services that have more than minimal value;
				  or
otherwise monetizes for use outside a game or
				  platform.
"Gift Card" means a record evidencing a promise made
				  for consideration by the seller or issuer of the record that goods, services or
				  money will be provided to the owner of the record to the value or amount shown
				  in the record that is either:
a record:
issued on a prepaid basis primarily for personal,
				  family or household purposes to a consumer in a specified
				  amount;
the value of which does not expire;
that is not subject to a dormancy, inactivity or
				  post-sale service fee;
that is redeemable upon presentation for goods or
				  services; and
that, unless required by law, may not be redeemed for
				  or converted into money or otherwise monetized by the issuer;
				  or
a prepaid commercial mobile radio service, as defined
				  in 47 CFR
				  20.3.
"Holder" means a person obligated to hold for the
				  account of, or to deliver or pay to, the owner, property subject to the
				  Act.
"Insurance Company" means an association, corporation
				  or fraternal or mutual-benefit organization, whether or not for profit, engaged
				  in the business of providing life endowments, annuities or insurance, including
				  accident, burial, casualty, credit-life, contract performance, dental,
				  disability, fidelity, fire, health, hospitalization, illness, life,
				  malpractice, marine, mortgage, surety, wage protection, and workers'
				  compensation insurance.
"Loyalty Card" means a record given without direct
				  monetary consideration under an award, reward, benefit, loyalty, incentive,
				  rebate, or promotional program that may be used or redeemed only to obtain
				  goods or services or a discount on goods or services. The term does not include
				  a record that may be redeemed for money or otherwise monetized by the
				  issuer.
[765 ILCS 1026/15-102
				  ]
"Merchandise Credit" means in-store credit for returned
				  merchandise redeemable for merchandise, goods or services upon presentation at
				  a single merchant or an affiliated group of merchants.
"Mineral" means gas, oil, coal, oil shale, other
				  gaseous liquid or solid hydrocarbon, cement material, sand and gravel, road
				  material, building stone, chemical raw material, gemstone, fissionable and
				  nonfissionable ores, colloidal and other clay, steam and other geothermal
				  resources, and any other substance defined as a mineral by other law of this
				  State.
"Mineral Proceeds" means an amount payable for
				  extraction, production, or sale of minerals, or, on the abandonment of the
				  amount, an amount that becomes payable after abandonment. The term includes an
				  amount payable:
for the acquisition and retention of a mineral lease,
				  including a bonus, royalty, compensatory royalty, shut-in royalty, minimum
				  royalty, and delay rental;
for the extraction, production or sale of minerals,
				  including a net revenue interest, royalty, overriding royalty, extraction
				  payment, and production payment; and
under an agreement or option, including a
				  joint-operating agreement, unit agreement, pooling agreement, and farm-out
				  agreement.
"Money Order" means a payment order for a specified
				  amount of money. The term includes an express money order and a personal money
				  order on which the remitter is the purchaser.
"Municipal Bond" means a bond or evidence of
				  indebtedness issued by a municipality or other political subdivision of a
				  state.
"Net Card Value" means the original purchase price or
				  original issued value of a stored-value card, plus amounts added to the
				  original price or value, minus amounts used and any service charge, fee, or
				  dormancy charge permitted by law.
"Non-Freely Transferable Security" means a security
				  that cannot be delivered to the administrator by the Depository Trust Clearing
				  Corporation or similar custodian of securities providing post-trade clearing
				  and settlement services to financial markets or cannot be delivered because
				  there is no agent to effect transfer. The term includes a worthless
				  security.
[765 ILCS 1026/15-102
				  ]
"Online sports wagering" means internet sports gaming and
				  sports betting that is subject to the applicable laws administered by the
				  Illinois Gaming Board under the Sports Wagering Act [230 ILCS 45 ] and the
				  Illinois Racing Board under the Illinois Horse Racing Act of 1975 [230 ILCS 5
				  ].
"Owner", unless the context otherwise requires, means
				  a person that has a legal, beneficial, or equitable interest in property
				  subject to the Act or the person's legal representative when acting on behalf
				  of the owner. The term includes:
a depositor, for a deposit;
a beneficiary, for a trust other than a deposit in
				  trust;
a creditor, claimant or payee, for other property;
				  and
the lawful bearer of a record that may be used to
				  obtain money, a reward, or a thing of value.
"Payroll Card" means a record that evidences a
				  payroll-card account as defined in 12 CFR 1005 (Regulation E).
[765 ILCS 1026/15-102
				  ]
"Payroll-Card Account" is an account that is directly or
				  indirectly established through an employer and to which electronic fund
				  transfers of the consumer's wages, salary or other employee compensation (such
				  as commissions) are made on a recurring basis, whether the account is operated
				  or managed by the employer, a third-party payroll processor, a depository
				  institution, or any other person.
"Person" means an individual, estate, business
				  association, public corporation, government or governmental subdivision,
				  agency, or instrumentality, or other legal entity, whether or not for
				  profit.
"Property" means tangible property described in
				  Section 15-201
of the Act
or a fixed and certain interest in
				  intangible property held, issued, or owed in the course of a holder's business
				  or by a government, governmental subdivision, agency or instrumentality. The
				  term:
includes all income from or increments to the
				  property;
includes property referred to as or evidenced
				  by:
money, virtual currency, interest, or a dividend,
				  check, draft, deposit or payroll card;
a credit balance, customer's overpayment,
				  stored-value card, security deposit, refund, credit memorandum, unpaid wage,
				  unused ticket for which the issuer has an obligation to provide a refund,
				  mineral proceeds, or unidentified remittance;
a security except for:
a worthless security; or
a security that is subject to a lien, legal hold, or
				  restriction evidenced on the records of the holder or imposed by operation of
				  law, if the lien, legal hold, or restriction restricts the holder's or owner's
				  ability to receive, transfer, sell, or otherwise negotiate the
				  security;
a bond, debenture, note, or other evidence of
				  indebtedness;
money deposited to redeem a security, make a
				  distribution, or pay a dividend;
an amount due and payable under an annuity contract
				  or insurance policy;
an amount distributable from a trust or custodial
				  fund established under a plan to provide health, welfare, pension, vacation,
				  severance, retirement, death, stock purchase, profitsharing, employee savings,
				  supplemental unemployment insurance, or a similar benefit; and
any instrument on which a financial organization or
				  business association is directly liable; and
does not include:
game related digital content;
a loyalty card;
a gift card; or
funds on deposit or held in trust pursuant to Section
				  16 of the Illinois Pre-Need Cemetery Sales Act.
[815 ILCS 390 ]
"Putative Holder" means a person believed by the
				  administrator to be a holder, until the person pays or delivers to the
				  administrator property subject to
the
Act, or the
				  administrator or a court makes a final determination that the person is or is
				  not a holder.
"Record" means information that is inscribed on a
				  tangible medium or that is stored in an electronic or other medium and is
				  retrievable in perceivable form.
"Records of the Holder" includes records maintained
				  by a third party that has contracted with the holder.
"Security" means:
a security as defined in Article 8 of the Uniform
				  Commercial Code
[810 ILCS
				  5/8-102 ]
;
a security entitlement as defined in Article 8 of the
				  Uniform Commercial Code, including a customer security account held by a
				  registered broker-dealer, to the extent the financial assets held in the
				  security account are not:
registered on the books of the issuer in the name of
				  the person for which the broker-dealer holds the assets;
payable to the order of the person;
				  or
specifically indorsed to the person;
				  or
an equity interest in a business association not
				  included in the above paragraph.
"Sign" means, with present intent to authenticate or
				  adopt a record:
to execute or adopt a tangible symbol;
				  or
to attach to or logically associate with the record
				  an electronic symbol, sound or process.
"State"
, when not limited to the State of
				  Illinois,
means a state of the United States, the District of Columbia,
				  the Commonwealth of Puerto Rico, the United States Virgin Islands, or any
				  territory or insular possession subject to the jurisdiction of the United
				  States.
When capitalized, the term "State" means the State of
				  Illinois. [765 ILCS
				  1026/15-102 ]
"State Treasurer" means the duly elected Treasurer of the
				  State of Illinois.
"Stored-Value Card" means a card, code, or other
				  device that is:
issued on a prepaid basis primarily for personal,
				  family, or household purposes to a consumer in a specified amount, whether or
				  not that amount may be increased or reloaded in exchange for payment;
				  and
redeemable upon presentation at multiple unaffiliated
				  merchants for goods or services or usable at automated teller
				  machines;
Stored value card does not include a gift card,
				  payroll card, loyalty card, or game related digital content.
"Utility" means a person that owns or operates for
				  public use a plant, equipment, real property, franchise, or license for the
				  following public services:
transmission of communications or
				  information;
production, storage, transmission, sale, delivery, or
				  furnishing of electricity, water, steam or gas; or
provision of sewage or septic services, or trash,
				  garbage or recycling disposal.
"Virtual Currency" means any type of digital unit,
				  including cryptocurrency used as a medium of exchange, unit of account, or a
				  form of digitally stored value that does not have legal tender status
				  recognized by the United States. The term does not include:
the software or protocols governing the transfer of
				  the digital representation of value;
game related digital content; or
a loyalty card or gift card.
"Worthless Security" means a security whose cost of
				  liquidation and delivery to the administrator would exceed the value of the
				  security on the date a report is due under
the
Act.
[765 ILCS 1026/15-102
				  ]