Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 760 - REVISED UNIFORM UNCLAIMED PROPERTY ACT
Subpart G - ENFORCEMENT
Section 760.980 - Periods of Limitation and Repose

Universal Citation: 74 IL Admin Code ยง 760.980

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

a) An action or proceeding may not be maintained by the administrator to enforce the Act in regard to the reporting, delivery or payment of property more than 10 years after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property. [ 765 ILCS 1026/15-610(b)]

b) The 10-year period of limitation is tolled:

1) if the holder did not specifically identify the property in a report filed with the administrator or provide other express notice to the administrator; or

2) by the filing of a report that is fraudulent. [ 765 ILCS 1026/15-610(b)]

c) Notwithstanding the tolling of the 10-year period of limitation because of a failure of a holder to specifically identify property in a report filed with the administrator or provide other express notice to the administrator, the administrator will not maintain an action in regard to the reporting, delivery or payment of property more than 10 years after that property should have been reported and remitted to the administrator if all of the following apply:

1) the holder has filed reports with the administrator for the past 10 years;

2) the holder agrees in writing to file all reports required by the Act, including providing express notice to the administrator of any future disputes concerning the reporting of property;

3) the total amount of property, excluding any interest or penalties that the administrator could impose under the Act, is less than $2,500 or is otherwise de minimis as reasonably determined by the administrator; and

4) the administrator determines that the holder acted in good faith and without negligence. [ 765 ILCS 1026/15-1206(2)]

AGENCY NOTE: The language of Section 15-610(b) of the Act comes from Section 19(b) of the 1995 Uniform Unclaimed Property Act promulgated by the Uniform Law Commission (www.uniformlaws.org). The official comments to the 1995 Uniform Unclaimed Property Act note that this provision parallels the Internal Revenue Code ( 26 USC 6501(c)) . The official comments further note that as "the Unclaimed Property Act is based on a theory of truthful self-reporting, a holder which conceals property, willfully or otherwise, cannot expect the protection of the stated limitations period".

Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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