Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT
Subpart E - CLAIMS
Section 760.650 - Finders

Universal Citation: 74 IL Admin Code ยง 760.650

Current through Register Vol. 48, No. 38, September 20, 2024

a) No person or company shall be entitled to a fee for discovering presumptively abandoned property until it has been in the custody of the administrator for at least 24 months. Fees for discovering property that has been in the custody of the administrator for more than 24 months shall be limited to not more than 10% of the amount collected. (See 765 ILCS 1026/15-1302.)

b) Notwithstanding anything in this Section to the contrary, a licensed attorney may pursue a claim for recovery of specifically identified property held by the administrator or to contest the administrator's denial of a claim for recovery of the property provided he or she has an attorney-client relationship with the apparent owner. [ 765 ILCS 1026/15-1302(f)]

c) For claims in which a finder is assisting an apparent owner, the following shall be submitted to the administrator:

1) a signed, dated and notarized copy of the contract between the finder and the apparent owner that satisfies the requirements of the Act, specifies the obligations of the parties, and establishes the fee arrangement between the finder and claimant; and

2) if the finder charges a contingent fee, a copy of the active private detective license issued by the Illinois Department of Financial and Professional Regulation to the finder.

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