Current through Register Vol. 48, No. 38, September 20, 2024
a) The
report required by Article 4 of the Act must:
1)
be signed by or on behalf of the
holder and verified as to its completeness and accuracy;
2)
if filed electronically, be in a
secure format approved by the administrator that protects confidential
information of the apparent owner;
3)
describe the
property;
4)
except for a traveler's check, money order, or similar instrument,
contain the name, if known, last-known address, if known, e-mail
address, if known, and Social Security number or taxpayer
identification number, if known or readily ascertainable, of the apparent owner
of property with a value of $5 or more;
5)
for an amount held or owing under
a life or endowment insurance policy, annuity contract, or other property in
which ownership vests in a beneficiary upon the death of the owner, contain the
name and last-known address of the insured, annuitant, or other apparent owner
of the policy or contract and of the beneficiary;
6)
for property held in or removed
from a safe deposit box, indicate the location of the property, where it may be
inspected by the administrator, and any amounts owed to the holder under
Section 15-606 of the Act;
7) combine all dividend checks into one
property for each reported account;
8)
contain the commencement date for
determining abandonment;
9)
state that the holder has complied
with the notice requirements of the Act;
10)
identify property that is a
non-freely transferable security and explain why it is a non-freely
transferable security;
11)
detail the gross amount of the property as well as any dormancy fees deducted
as allowed under Section 15-602 of the Act and the addition of any interest as
required under Section 15-1204 of the Act; and
12) identify the remitter and payee for all
two-party checks (e.g., cashier's checks).
b) Holders may report property valued at less
than $5 each in the aggregate. However, the administrator may request that the
holder provide information about the name, address, Social Security number or
taxpayer identification number of an apparent owner of property with a value of
less than $5 when the information is necessary to verify or process a claim
filed with the administrator by an apparent owner.
c)
If a holder has changed its name
while holding property presumed abandoned or is a successor to another person
that previously held the property for the apparent owner, the holder must
include in the report its former name or the name of the previous holder, if
any, and the known name and address of each previous holder of the
property. [765 ILCS
1026/15-402(d)]
