Current through Register Vol. 48, No. 38, September 20, 2024
a)
Safe deposit boxes with contents that have remained unclaimed for 5
years after expiration of the lease or rental period are presumed
abandoned. [765
ILCS 1026/15-205] Presumptively abandoned boxes shall
be opened and inventoried in the presence of at least two employees of the
holder who shall verify the accuracy of the inventory. The property shall then
be sealed for safekeeping until delivered to the owner or the
administrator.
b) The Annual Report
containing information about the contents of safe deposit boxes must be filed
before November 1, for financial organizations, and before May 1, for all other
business associations, in the year in which the report is due. The Annual
Report is to be submitted online. If a holder provides safe deposit boxes, then
the Annual Report must be completed in its entirety, verified for accuracy, and
filed regardless of whether a holder has abandoned safe deposit boxes to
report. A "negative report" indicating no safe deposit box contents are being
reported and remitted serves as a control to assist in detecting and preventing
fraud or theft.
c) Notice to the
apparent owner must be given prior to remittance to the administrator.
1)
The holder of property presumed
abandoned shall send to the apparent owner notice by first-class United States
mail that complies with Section 15-502 of the Act in a format acceptable to the
administrator not more than one year nor less than 60 days before filing the
Annual Report under Section 15-401 of the Act if:
A)
the holder has in its records an
address for the apparent owner that the holder's records do not disclose to be
invalid and is sufficient to direct the delivery of first-class United States
mail to the apparent owner; and
B)
the value of the property is $50
or more.
2)
If an apparent owner has consented to receive electronic-mail delivery
from the holder, the holder shall send the notice both by first-class United
States mail to the apparent owner's last-known mailing address and by
electronic mail, unless the holder believes that the apparent owner's
electronic-mail address is invalid. [765 ILCS
1026/15-501]
d)
Tangible property from a safe
deposit box may not be delivered to the administrator until a mutually agreed
upon date that is no sooner than 60 days after filing the Annual
Report. [765 ILCS
1026/15-603(b)]
1) All safe deposit box shipments shall
include a full copy of the previously submitted Annual Report. The Annual
Report shall list all properties included and an inventory of each
property.
2) Each property shall be
provided in a tamper evident bag or envelope. An inventory sheet for each
specific property shall be attached to or enclosed in the bag or
envelope.
3) When remitting
multiple properties at the same time, each property shall be in a separate
tamper evident bag or envelope and labeled with the name of the owner. If a
single property requires the use of more than one bag/envelope, the
bags/envelopes are to be numbered accordingly (i.e., 1 of 3, 2 of 3,
etc.).
e) Reimbursement
of Holder
1)
Property removed from a
safe deposit box and delivered to the administrator under the Act is subject to
the holder's right to reimbursement for the cost of opening the box and a lien
or contract providing reimbursement to the holder for unpaid rent charges for
the box. Upon application by the holder, and after there are sufficient cash
funds available either from the contents of the box or the sale of the
property, the administrator shall reimburse the holder from the
proceeds. [765 ILCS
1026/15-606]
2) Holders may only be reimbursed for any
costs and charges that were included in the Annual Report listing the contents
of the safe deposit box whose owner owes the costs and charges to the
holder.
3) It is the responsibility
of the holder to apply for reimbursement of costs and charges under Section
15-606 of the Act. The administrator shall make available on the
administrator's website a form for holders to apply for reimbursement under
Section 15-606 of the Act.
4) If,
after the sale of property removed from a safe deposit box and delivered to the
administrator, there are not sufficient cash funds available to fully reimburse
the holder for costs and charges allowed under Section 15-606 of the Act, the
holder may apply to the administrator to be partially reimbursed up to the
amount of cash funds available. If, however, the administrator pays all
available cash funds to the holder under this subsection (e), the holder may
not claim any additional costs and charges from the same safe deposit
box.
f)
Exceptions to the sale of tangible property.
1)
Military medals or decorations.
The administrator may not sell a medal or decoration awarded for military
service in the armed forces of the United States.
2)
Property with historical value.
Property that the administrator reasonably believes may have historical value
may be, at their discretion, loaned to an accredited museum in
the United States where it will be kept until the administrator orders it to be
returned to their custody.
3)
Human remains. If human remains
are delivered to the administrator under the Act, the
administrator shall deliver those human remains to the coroner of the county in
which the human remains were abandoned for disposition under the Counties
Code [55 ILCS 5 ].
4)
Evidence in a criminal
investigation. Property that may have been used in the commission of a crime or
that may assist in the investigation of a crime, as determined after consulting
with the Illinois State Police, shall be delivered to the Illinois State Police
or other appropriate law enforcement authority to allow law enforcement to
determine whether a criminal investigation should take
place.
5) Firearms. The
administrator shall deliver to the Illinois State Police any firearm that
has been stolen or used in the commission of a crime. Further,
if the administrator is unable to return a firearm to its owner, the
administrator shall transfer custody of the firearm to the Illinois State
Police.
6) Religious
artifacts and records. Despite being property that has no substantial
commercial value under Section 15-609(a) of the Act, property that the
administrator reasonably believes may be a religious artifact or record, which
has no substantial commercial value or where the cost of disposing of that
property exceeds the value of the property, will be preserved and retained by
the administrator until that property is claimed by the owner or the owner's
heirs or successors if storage of that property does not unduly burden the
administrator.
7) Wills,
testamentary instruments, and trust documents. Despite being property that has
no substantial commercial value under Section 15-609(a) of the Act, records
that the administrator reasonably believes to be an original will, codicil, or
other testamentary instrument under the Probate Act of 1975 [755 ILCS 5 ] or a
trust document under the Illinois Trust Code [760 ILCS 3 ] will be preserved
and retained by the administrator until such property is claimed by the owner
or by the owner's heirs or successors, if those records are not required to be
filed with the clerk of the appropriate court, if storage of those records does
not unduly burden the administrator.
