Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT
Subpart E - CLAIMS
Section 760.670 - Debt Collection Agencies

Universal Citation: 74 IL Admin Code ยง 760.670

Current through Register Vol. 48, No. 12, March 22, 2024

a) A debt collection agency shall initiate its own claims for unclaimed property in the custody of the administrator. The administrator will not initiate claims for debt collection agencies.

b) Debt collection agencies shall submit citations to discover assets to the administrator at least 30 days in advance of the return date.

c) Unclaimed property held by the administrator for a debtor will be held pursuant to a citation to discover assets for up to 90 days.

d) Claims submitted by debt collection agencies will be closed after 90 days without the submission of a valid turnover order from a court of competent jurisdiction.

e) Claims submitted by debt collection agencies will be paid after receipt of a valid turnover order from a court of competent jurisdiction.

f) The administrator shall reject claims submitted by debt collection agencies on behalf of entities that:

1) are under examination by the administrator pursuant to the Act; or

2) the administrator reasonably believes are not in compliance with the requirements of the Act including, but not limited to, failure to file reports under Section 15-401 of the Act.

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