SB2783

  • Unclaimed property legislation signed into law

    link 052616SPRINGFIELD—A measure restricting the amount of time that unclaimed property can sit with government entities was signed into law on Friday.

    Senate Bill 2783, sponsored by State Senator Terry Link (D-Vernon Hills), will change the time that a government entity can hold on to unclaimed property from 7 years to 5 years. Currently, after 7 years, it has to be sent to the state treasurer to be put into the I-Cash system that tries to return unclaimed property to its rightful owner.

    “This new law will allow the state treasurer to get someone’s rightful property to them sooner,” Link said. “We are talking about unclaimed checks that are doing nothing but collecting dust. Now we can work towards getting it to where it can be utilized.”

    The proposal was an initiative of State Treasurer Michael Frerichs who has made it a priority to get unclaimed property where it belongs.

    “This simple step can make a big difference to thousands of families in our state,” Illinois Treasurer Michael Frerichs said. “Cities and other units of local government do not mean to retain this property. This change can relieve a government burden, reduce paperwork, and return money to where it belongs.”

    The legislation passed both chambers with bipartisan support.

  • Senator Link passes unclaimed property legislation

    link 041216SPRINGFIELD—State officials would be able to shorten the time it takes to reunite people with unclaimed property and money under legislation that Senator Terry Link (D-Vernon Hills) passed out of the Senate today.

    Senate Bill 2783 would require government entities to report unclaimed property as abandoned after five years instead of seven, giving the Illinois treasurer the ability to alert people about unclaimed property nearly two years earlier than before.

    “This could be a potential paycheck that is doing nothing but collecting dust in a vault somewhere,” Link said. “We need to be proactive in getting this property in the hands of those who can benefit from it and do some good with it.”

    The legislation passed the Illinois Senate. It now moves to the House for consideration.

  • Link proposes unclaimed property legislation

    link 030916SPRINGFIELD—People who may not have realized they have property sitting at government entities will find out much earlier that their unclaimed property is with the state treasurer waiting to be claimed.

    Senator Terry Link (D-Vernon Hills) has proposed legislation (SB 2783) that would require government entities to report unclaimed property as abandoned after five years instead of seven. This would allow the treasurer to receive the unclaimed property and attempt to alert someone to this nearly two years earlier.

    “For some people it could be a paycheck that got returned to the entity. That would do more good in the hands of the person it belonged to instead of sitting in a vault somewhere,” said Link.

    The legislation would bring government entities in line with private companies in needing to report any unclaimed property as abandoned after five years. After being reported as abandoned it is sent to the state treasurer’s office who maintains all unclaimed property.

    If anyone believes they may have unclaimed property, they should go to icash.illinois.gov.