Big Changes for Illinois Unclaimed Property Law – Holders Beware!

Illinois unclaimed property business to business exemption download singleparentmeet app Unclaimed property Editor. Mark Heroux, J. Unclaimed property laws protect owners vulnerable to the loss of their property. For this reason, many states have specific reporting requirements for life insurance companies, financial institutions, and propfrty entities here act as fiduciaries. The laws are based on the policy that these entities illinois unclaimed property business to business exemption not benefit financially from the vulnerability of the individuals they serve.

illinois revised uniform unclaimed property act

One item in the budget, it should be noted, that could have easily been overlooked was the significant change Illinois made to its unclaimed property reporting requirements. We discuss these changes in the following paragraphs. This can include uncashed payroll or vendor checks, unapplied customer deposits or credit balances, uncashed dividend checks, and voided checks that lack proof of having been reissued. All states have laws that require such property to be handed over to the state when the owner has had no contact with the business for what is referred to as a dormancy period now typically three years in Illinois. The new Unclaimed Property Act made several changes, including decreasing most dormancy periods from five to three years and eliminating the business-to-business transaction exemption.

how long does it take to get unclaimed money in illinois

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Unclaimed Property Database- Free search

illinois revised unclaimed property act

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