Bill Title: Amends the Presumption of Abandonment Article of the Revised Uniform Unclaimed Property Act. Provides that funds on deposit or held in trust in relation to a prepayment contract are presumed abandoned 40 years after the contract for prepayment was executed, unless the apparent owner has indicated an interest in the property more than 40 years after the contract for prepayment was executed, in which case, 3 years after the last indication of interest in the property by the apparent owner. Amends the Illinois Funeral or Burial Funds Act and the Illinois Pre-Need Cemetery Sales Act. Provides that if a trustee has a reason to believe that the contact information for a purchaser is no longer valid or the purchaser is deceased, then the trustee shall promptly notify the seller. Provides that a trustee shall report and remit any trust funds relating to an individual account that is presumed abandoned to the State Treasurer.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2019-08-23 - Public Act . . . . . . . . . 101-0552 [SB1464 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2019-08-26	HTML/Text	Link	View
Enrolled	2019-06-02	HTML/Text	Link	View
Engrossed	2019-04-12	HTML/Text	Link	View
Introduced	2019-02-13	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
House Amendment 002	2019-05-26	Proposed	HTML/Text	Link	View
House Amendment 001	2019-05-17	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB1464 currently on file.

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