Earlier this year, the Illinois Revised Uniform Unclaimed Property Act was passed by the Illinois General Assembly. This was the first complete re-write of the Illinois Unclaimed Property law since the original enacted in 1961.
The new law took effect on January 1, 2018.
With the passage of the Illinois Revised Uniform Unclaimed Property Act, many changes will affect your unclaimed property reports. A few highlights include:
- All holder reports MUST be filed online in a NAUPA standard electronic file
- Due diligence letters are only required for property valued at $50 or more (instead of $10)
- Most abandonment periods will now be 3 years instead of 5 years
- Changes in owner contact standards will allow more owner accounts to stay active
- New abandonment rules for certain types of property, such as securities, retirement accounts, pre-need funeral trusts, college savings accounts, life insurance, and others
- Removal of the Business to Business exemption loophole
If you have questions, or need help filing your report, contact the experts at UPCR!