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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.

Sen. Terry Link

Assistant Majority Leader Terry Link

30th District

Years served:
1997 - Present

Committee assignments: Energy and Public Utilities; Executive Appointments; Executive; Financial Institutions (Vice-Chairperson); Insurance; Subcommittee on Gaming (Sub-Chairperson).

Biography: Born March 20, 1947, in Waukegan; attended Stout State University; married (wife, Susan McCall Link), has four children.

Associated Representatives:
Daniel Didech
Rita Mayfield