Unclaimed Property

  • Tom Cullerton helps reunite residents with unclaimed possessions

    tc 021617SPRINGFIELD- Illinois residents may now be reunited with unclaimed property sooner than in the past.

    State Senator Tom Cullerton (D-Villa Park) advanced Senate Bill 886 which would allow the Illinois’ Treasurer’s Office to facilitate a faster return of unclaimed property.

    “This small step will reunite Illinois residents with their money sooner,” Cullerton said. “Data sharing between the Treasurer’s Office and Illinois Revenue Department will help cut government bureaucracy and get money and property in your hands faster.”

    In Illinois, the State Treasurer’s Office is tasked with safeguarding unclaimed property, such as forgotten bank accounts, life insurance benefits and unused rebate cards. The office recovers hundreds of thousands of properties each year from government agencies, banks, insurers, utilities and other companies across the country that have been unable to return the properties to their rightful owners.

    Then the office’s I-CASH program works to notify owners and reunite them with their money and other property. In the last year, the program returned a record-setting $155 million to Illinois residents.

    The Treasurer’s office currently holds more than 14 million properties valued at more than $2 billion.

    “We need to cut government red tape wherever we can,” Cullerton said. “This will help get property in your hands sooner rather than later.”

    Senate Bill 886 advanced out of the Senate’s State Government Committee with bipartisan support and now moves to the full Senate for consideration.

  • Senator Murphy helped suburban man reclaim $40,000 in lost stocks

    WolffSCHAUMBURG – When 91-year old Leroy Wolff received a letter in May stating nearly $40,000 in stock he owned had been transferred to Illinois’ unclaimed property division, he didn’t know where to turn.

    “The letter stated the account had been determined to be inactive due to correspondence from the company being returned,” Wolff said. “It didn’t make any sense. I was reading a letter from the company saying correspondence had been returned. I was dumbfounded.”

  • 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.

  • 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.