HB 4541

Select Language
  ×
The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein.
Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet.
The English language version is always the official and authoritative version of this website.
NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window.
  Choose Language
  English
  Afrikaans
  Albanian
  Arabic
  Armenian
  Azerbaijani
  Basque
  Bengali
  Bosnian
  Catalan
  Croatian
  Czech
  Danish
  Dutch
  Esperanto
  Estonian
  Filipino
  Finnish
  French
  Galician
  Georgian
  German
  Greek
  Gujarati
  Haitian Creole
  Hausa
  Hawaiian
  Hebrew
  Hindi
  Hungarian
  Icelandic
  Indonesian
  Interlingua
  Interlingue
  Inuktitut
  Irish
  Italian
  Japanese
  Javanese
  Kannada
  Khmer
  Korean
  Latin
  Latvian
  Lithuanian
  Luxembourgish
  Macedonian
  Malagasy
  Malayalam
  Maltese
  Maori
  Marathi
  Myanmar
  Nepali
  Norwegian
  Odia
  Pashto
  Punjabi
  Romanian
  Russian
  Samoan
  Sango
  Sanskrit
  Sardinian
  Sindhi
  Sinhala
  Slovak
  Slovenian
  Somali
  Southern Sotho
  Spanish
  Sundanese
  Swahili
  Swedish
  Tamil
  Telugu
  Thai
  Tigrinya
  Tonga
  Turkish
  Ukrainian
  Urdu
  Vietnamese
  Welsh
  Xhosa
  Yiddish
  Yoruba
  Zulu
  Powered by Translate
  Close
Illinois General Assembly
Top Navigation Bar
  Translate
  Learn
  Select General Assembly
  Search the 104th General Assembly
  Enter search terms for legislation, members, committees, or schedules.
  ILGA.GOV
Mobile Top Bar
  Search the 104th General Assembly
  Enter keywords to search the Illinois General Assembly website.
Full Text of HB4541
Home
Legislation
Full Text
	HB4541 - 104th General Assembly
		Bill Status
		Full Text
		Votes
		Witness Slips
	Select Menu
	Bill Status
	Full Text
	Votes
	Witness Slips
	Printer Friendly Version
			Introduced
			Engrossed
			Enrolled
			House Amendment 001
			House Amendment 002
			Public Act
		Printer Friendly Version
		Introduced
		Engrossed
		Enrolled
		House Amendment 001
		House Amendment 002
		Public Act
			 Open PDF
		HB4541 Enrolled		LRB104 17848 JRC 31282 b
1    AN ACT concerning civil law.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Revised Uniform Unclaimed Property Act is
5amended by changing Sections 15-102 and 15-1302 as follows:
6    (765 ILCS 1026/15-102)
7    Sec. 15-102. Definitions. In this Act:
8        (1) "Administrator" means the State Treasurer.
9        (2) "Administrator's agent" means a person with which
10    the administrator contracts to conduct an examination
11    under Article 10 on behalf of the administrator. The term
12    includes an independent contractor of the person and each
13    individual participating in the examination on behalf of
14    the person or contractor.
15        (2.5) (Blank).
16        (3) "Apparent owner" means a person whose name appears
17    on the records of a holder as the owner of property held,
18    issued, or owing by the holder.
19        (3.5) "Asset purchaser" means a business association 
20    that has purchased property from a large business 
21    association as defined in subsection (j) of Section 
22    15-1302 of this Act.
23        (4) "Business association" means a corporation, joint
		HB4541 Enrolled	- 2 -	LRB104 17848 JRC 31282 b
1    stock company, investment company, unincorporated
2    association, joint venture, limited liability company,
3    business trust, trust company, land bank, safe deposit
4    company, safekeeping depository, financial organization,
5    insurance company, federally chartered entity, utility,
6    sole proprietorship, or other business entity, whether or
7    not for profit.
8        (5) "Confidential information" means information that
9    is "personal information" under the Personal Information
10    Protection Act, "private information" under the Freedom of
11    Information Act or personal information contained within
12    public records, the disclosure of which would constitute a
13    clearly unwarranted invasion of personal privacy, unless
14    the disclosure is consented to in writing by the
15    individual subjects of the information as provided in the
16    Freedom of Information Act.
17        (6) "Domicile" means:
18            (A) for a corporation, the state of its
19        incorporation;
20            (B) for a business association whose formation
21        requires a filing with a state, other than a
22        corporation, the state of its filing;
23            (C) for a federally chartered entity or an
24        investment company registered under the Investment
25        Company Act of 1940, the state of its home office; and
26            (D) for any other holder, the state of its
		HB4541 Enrolled	- 3 -	LRB104 17848 JRC 31282 b
1        principal place of business.
2        (7) "Electronic" means relating to technology having
3    electrical, digital, magnetic, wireless, optical,
4    electromagnetic, or similar capabilities.
5        (8) "Electronic mail" means a communication by
6    electronic means which is automatically retained and
7    stored and may be readily accessed or retrieved.
8        (8.5) "Escheat fee" means any charge imposed solely by
9    virtue of property being reported as presumed abandoned.
10        (9) "Financial organization" means a bank, savings
11    bank, foreign bank, corporate fiduciary, currency
12    exchange, money transmitter, or credit union.
13        (9.5) "Finder" means (i) a person engaged in the
14    location, recovery, purchase, or assignment of property
15    held by the administrator for a fee, compensation,
16    commission, or other remuneration paid by the owner of the
17    property or (ii) a person engaged in assisting in the
18    location, recovery, purchase, or assignment of property
19    held by the administrator for a fee, compensation,
20    commission, or other remuneration paid by the owner of the
21    property.
22        (10) "Game-related digital content" means digital
23    content that exists only in an electronic game or
24    electronic-game platform. The term:
25            (A) includes:
26                (i) game-play currency such as a virtual
		HB4541 Enrolled	- 4 -	LRB104 17848 JRC 31282 b
1            wallet, even if denominated in United States
2            currency; and
3                (ii) the following if for use or redemption
4            only within the game or platform or another
5            electronic game or electronic-game platform:
6                    (I) points sometimes referred to as gems,
7                tokens, gold, and similar names; and
8                    (II) digital codes; and
9            (B) does not include an item that the issuer:
10                (i) permits to be redeemed for use outside a
11            game or platform for:
12                    (I) money; or
13                    (II) goods or services that have more than
14                minimal value; or
15                (ii) otherwise monetizes for use outside a
16            game or platform.
17        (11) "Gift card" means a record evidencing a promise
18    made for consideration by the seller or issuer of the
19    record that goods, services, or money will be provided to
20    the owner of the record to the value or amount shown in the
21    record that is either:
22            (A) a record:
23                (i) issued on a prepaid basis primarily for
24            personal, family, or household purposes to a
25            consumer in a specified amount;
26                (ii) the value of which does not expire;
		HB4541 Enrolled	- 5 -	LRB104 17848 JRC 31282 b
1                (iii) that is not subject to a dormancy,
2            inactivity, or post-sale service fee;
3                (iv) that is redeemable upon presentation for
4            goods or services; and
5                (v) that, unless required by law, may not be
6            redeemed for or converted into money or otherwise
7            monetized by the issuer; or
8            (B) a prepaid commercial mobile radio service, as
9        defined in 47 CFR 20.3, as amended.
10        (12) "Holder" means a person obligated to hold for the
11    account of, or to deliver or pay to, the owner, property
12    subject to this Act.
13        (13) "Insurance company" means an association,
14    corporation, or fraternal or mutual-benefit organization,
15    whether or not for profit, engaged in the business of
16    providing life endowments, annuities, or insurance,
17    including accident, burial, casualty, credit-life,
18    contract-performance, dental, disability, fidelity, fire,
19    health, hospitalization, illness, life, malpractice,
20    marine, mortgage, surety, wage-protection, and
21    worker-compensation insurance.
22        (14) "Loyalty card" means a record given without
23    direct monetary consideration under an award, reward,
24    benefit, loyalty, incentive, rebate, or promotional
25    program which may be used or redeemed only to obtain goods
26    or services or a discount on goods or services. The term
		HB4541 Enrolled	- 6 -	LRB104 17848 JRC 31282 b
1    does not include a record that may be redeemed for money or
2    otherwise monetized by the issuer.
3        (15) "Mineral" means gas, oil, coal, oil shale, other
4    gaseous liquid or solid hydrocarbon, cement material, sand
5    and gravel, road material, building stone, chemical raw
6    material, gemstone, fissionable and nonfissionable ores,
7    colloidal and other clay, steam and other geothermal
8    resources, and any other substance defined as a mineral by
9    law of this State other than this Act.
10        (16) "Mineral proceeds" means an amount payable for
11    extraction, production, or sale of minerals, or, on the
12    abandonment of the amount, an amount that becomes payable
13    after abandonment. The term includes an amount payable:
14            (A) for the acquisition and retention of a mineral
15        lease, including a bonus, royalty, compensatory
16        royalty, shut-in royalty, minimum royalty, and delay
17        rental;
18            (B) for the extraction, production, or sale of
19        minerals, including a net revenue interest, royalty,
20        overriding royalty, extraction payment, and production
21        payment; and
22            (C) under an agreement or option, including a
23        joint-operating agreement, unit agreement, pooling
24        agreement, and farm-out agreement.
25        (17) "Money order" means a payment order for a
26    specified amount of money. The term includes an express
		HB4541 Enrolled	- 7 -	LRB104 17848 JRC 31282 b
1    money order and a personal money order on which the
2    remitter is the purchaser.
3        (18) "Municipal bond" means a bond or evidence of
4    indebtedness issued by a municipality or other political
5    subdivision of a state.
6        (19) "Net card value" means the original purchase
7    price or original issued value of a stored-value card,
8    plus amounts added to the original price or value, minus
9    amounts used and any service charge, fee, or dormancy
10    charge permitted by law.
11        (20) "Non-freely transferable security" means a
12    security that cannot be delivered to the administrator by
13    the Depository Trust Clearing Corporation or similar
14    custodian of securities providing post-trade clearing and
15    settlement services to financial markets or cannot be
16    delivered because there is no agent to effect transfer.
17    The term includes a worthless security.
18        (21) "Owner", unless the context otherwise requires,
19    means a person that has a legal, beneficial, or equitable
20    interest in property subject to this Act or the person's
21    legal representative when acting on behalf of the owner.
22    The term includes:
23            (A) a depositor, for a deposit;
24            (B) a beneficiary, for a trust other than a
25        deposit in trust;
26            (C) a creditor, claimant, or payee, for other
		HB4541 Enrolled	- 8 -	LRB104 17848 JRC 31282 b
1        property; and
2            (D) the lawful bearer of a record that may be used
3        to obtain money, a reward, or a thing of value.
4        (22) "Payroll card" means a record that evidences a
5    payroll-card account as defined in Regulation E, 12 CFR
6    Part 1005, as amended.
7        (23) "Person" means an individual, estate, business
8    association, public corporation, government or
9    governmental subdivision, agency, or instrumentality, or
10    other legal entity, whether or not for profit.
11        (24) "Property" means tangible property described in
12    Section 15-205 or a fixed and certain interest in
13    intangible property held, issued, or owed in the course of
14    a holder's business or by a government, governmental
15    subdivision, agency, or instrumentality. The term:
16            (A) includes all income from or increments to the
17        property;
18            (B) includes property referred to as or evidenced
19        by:
20                (i) money, virtual currency, interest, or a
21            dividend, check, draft, deposit, or payroll card;
22                (ii) a credit balance, customer's overpayment,
23            stored-value card, security deposit, refund,
24            credit memorandum, unpaid wage, unused ticket for
25            which the issuer has an obligation to provide a
26            refund, mineral proceeds, or unidentified
		HB4541 Enrolled	- 9 -	LRB104 17848 JRC 31282 b
1            remittance;
2                (iii) a security except for:
3                    (I) a worthless security; or
4                    (II) a security that is subject to a lien,
5                legal hold, or restriction evidenced on the
6                records of the holder or imposed by operation
7                of law, if the lien, legal hold, or
8                restriction restricts the holder's or owner's
9                ability to receive, transfer, sell, or
10                otherwise negotiate the security;
11                (iv) a bond, debenture, note, or other
12            evidence of indebtedness;
13                (v) money deposited to redeem a security, make
14            a distribution, or pay a dividend;
15                (vi) an amount due and payable under an
16            annuity contract or insurance policy;
17                (vii) an amount distributable from a trust or
18            custodial fund established under a plan to provide
19            health, welfare, pension, vacation, severance,
20            retirement, death, stock purchase, profit-sharing,
21            employee-savings, supplemental-unemployment
22            insurance, or a similar benefit; and
23                (viii) any instrument on which a financial
24            organization or business association is directly
25            liable; [and]
26            (C) does not include:
		HB4541 Enrolled	- 10 -	LRB104 17848 JRC 31282 b
1                (i) game-related digital content;
2                (ii) a loyalty card;
3                (iii) a gift card; or
4                (iv) funds on deposit or held in trust
5            pursuant to Section 16 of the Illinois Pre-Need
6            Cemetery Sales Act; and [.]
7            (D) includes any overpayment made by any person to 
8        a government, governmental subdivision, agency, or 
9        instrumentality, including, but not limited to, a 
10        payment for any tax, license, or fee that was made in 
11        excess of the amount ultimately required of the payor. 
12        The changes made by this amendatory Act of the 104th 
13        General Assembly is a restatement and clarification of 
14        existing law.
15        (25) "Putative holder" means a person believed by the
16    administrator to be a holder, until the person pays or
17    delivers to the administrator property subject to this Act
18    or the administrator or a court makes a final
19    determination that the person is or is not a holder.
20        (26) "Record" means information that is inscribed on a
21    tangible medium or that is stored in an electronic or
22    other medium and is retrievable in perceivable form. The
23    phrase "records of the holder" includes records maintained
24    by a third party that has contracted with the holder.
25        (27) "Security" means:
26            (A) a security as defined in Article 8 of the
		HB4541 Enrolled	- 11 -	LRB104 17848 JRC 31282 b
1        Uniform Commercial Code;
2            (B) a security entitlement as defined in Article 8
3        of the Uniform Commercial Code, including a customer
4        security account held by a registered broker-dealer,
5        to the extent the financial assets held in the
6        security account are not:
7                (i) registered on the books of the issuer in
8            the name of the person for which the broker-dealer
9            holds the assets;
10                (ii) payable to the order of the person; or
11                (iii) specifically indorsed to the person; or
12            (C) an equity interest in a business association
13        not included in subparagraph (A) or (B).
14        (28) "Sign" means, with present intent to authenticate
15    or adopt a record:
16            (A) to execute or adopt a tangible symbol; or
17            (B) to attach to or logically associate with the
18        record an electronic symbol, sound, or process.
19        (29) "State" means a state of the United States, the
20    District of Columbia, the Commonwealth of Puerto Rico, the
21    United States Virgin Islands, or any territory or insular
22    possession subject to the jurisdiction of the United
23    States.
24        (30) "Stored-value card" means a card, code, or other
25    device that is:
26            (A) issued on a prepaid basis primarily for
		HB4541 Enrolled	- 12 -	LRB104 17848 JRC 31282 b
1        personal, family, or household purposes to a consumer
2        in a specified amount, whether or not that amount may
3        be increased or reloaded in exchange for payment; and
4            (B) redeemable upon presentation at multiple
5        unaffiliated merchants for goods or services or usable
6        at automated teller machines; and
7        "Stored-value card" does not include a gift card,
8    payroll card, loyalty card, or game-related digital
9    content.
10        (31) "Utility" means a person that owns or operates
11    for public use a plant, equipment, real property,
12    franchise, or license for the following public services:
13            (A) transmission of communications or information;
14            (B) production, storage, transmission, sale,
15        delivery, or furnishing of electricity, water, steam,
16        or gas; or
17            (C) provision of sewage or septic services, or
18        trash, garbage, or recycling disposal.
19        (32) "Virtual currency" means any type of digital
20    unit, including cryptocurrency, used as a medium of
21    exchange, unit of account, or a form of digitally stored
22    value, which does not have legal tender status recognized
23    by the United States. The term does not include:
24            (A) the software or protocols governing the
25        transfer of the digital representation of value;
26            (B) game-related digital content; or
		HB4541 Enrolled	- 13 -	LRB104 17848 JRC 31282 b
1            (C) a loyalty card or gift card.
2        (33) "Worthless security" means a security whose cost
3    of liquidation and delivery to the administrator would
4    exceed the value of the security on the date a report is
5    due under this Act.
6(Source: P.A. 104-116, eff. 1-1-26.)
7    (765 ILCS 1026/15-1302)
8    Sec. 15-1302. When agreement to locate property void.
9    (a) Time period. Subject to subsection (b), an agreement
10under Section 15-1301 is void if it is entered into during the
11period beginning on the date the property was presumed
12abandoned under this Act and ending 24 months after the
13payment or delivery of the property to the administrator.
14    (b) Prohibition on future assignments. If a provision in
15an agreement described in Section 15-1301 applies to an
16obligation that did not exist or was not owed to the assignor
17at the time of execution of the agreement, the provision is
18void regardless of when the agreement was entered into.
19    (c) Limit on fees. An agreement under this Article 13 that
20provides for a fee, compensation, commission, or other
21remuneration in an amount that is more than 10% of the amount
22collected is unenforceable except by the apparent owner. The
23purchase, assignment, or other conveyance of unclaimed
24property to a finder, resulting in a net fee, compensation,
25commission, remuneration, or other profit to the finder in
		HB4541 Enrolled	- 14 -	LRB104 17848 JRC 31282 b
1excess of 10% of the amount collected is prohibited.
2    (d) Other grounds for being void. An apparent owner or the
3administrator may assert that an agreement described in this
4Article 13 is void on a ground other than it provides for
5payment of compensation in excess of the amount authorized by
6paragraph (c) of this Section.
7    (e) License required. On or after January 1, 2026, a
8person attempting or seeking to act as a finder must be
9licensed as a finder by the administrator pursuant to Section
1015-1303 [15-1503].
11    (f) Attorneys. This Section does not apply to an agreement
12between an owner and an attorney to pursue a claim for recovery
13of specifically identified property held by the administrator
14or to contest the administrator's denial of a claim for
15recovery of the property where the attorney has an
16attorney-client relationship with the owner.
17    (g) CPA firms. This Section does not apply to an apparent
18owner's agreement with a CPA firm licensed under the Illinois
19Public Accounting Act, or with an affiliate of such firm, if
20all of the following apply:
21        (1) the CPA firm has registered with the administrator
22    and is in good standing with the Illinois Department of
23    Financial and Professional Regulation;
24        (2) the apparent owner is not a natural person; and
25        (3) the CPA firm, or with an affiliate of such firm,
26    also provides the apparent owner professional services to
		HB4541 Enrolled	- 15 -	LRB104 17848 JRC 31282 b
1    assist with the apparent owner's compliance with the
2    reporting requirements of this Act. The administrator
3    shall adopt rules to implement and administer the
4    registration of CPA firms and the claims process under
5    this paragraph (g).
6    (h) Enforcement. The administrator may use all the powers
7under Section 15-1002 to determine compliance with this
8Article.
9    (i) Bankrupt and dissolved business associations. Article 
1013 does not apply to asset purchase agreements involving the 
11assets of a business association arising out of a bankruptcy 
12proceeding under Title 11 of the United States Code or 
13corporate dissolution or similar proceeding under applicable 
14State law such as receiverships and assignments for the 
15benefit of creditors. Claimants for property acquired under 
16the provisions of this subsection are not required to be 
17licensed as finders.
18    (j) Asset purchasers. Article 13 does not apply to asset 
19purchase agreements between an asset purchaser and sellers who 
20comprise a large business association. For the purposes of 
21this subsection, a large business association is a business 
22association or group of business associations that:
23        (1) generates $100 million or more in annual gross 
24    receipts or sales;
25        (2) employs 100 or more full-time employees in the 
26    United States; or
		HB4541 Enrolled	- 16 -	LRB104 17848 JRC 31282 b
1        (3) has equity securities publicly traded on an 
2    exchange regulated by the federal Securities and Exchange 
3    Commission.
4    Annual gross receipts or sales shall be determined at the 
5level of the unitary business group as that term is defined in 
6the Illinois Income Tax Act. The administrator may change by 
7administrative rule the annual gross receipts or sales 
8threshold to an amount less than $100 million.
9    Claims filed by an asset purchaser under this subsection 
10must include:
11        (1) a complete and unredacted copy of the asset 
12    purchase agreement or similar contract between the asset 
13    purchaser and the seller; and
14        (2) an attestation by the seller in the asset purchase 
15    agreement or in a separate written affirmation from the 
16    owner that the owner meets one or more of the above 
17    characteristics that qualify it as a large business 
18    association and is aware that it is selling unclaimed 
19    property that may be recovered from the administrator 
20    without paying a fee.
21    If the seller is a publicly traded entity, the asset 
22purchaser may provide a copy, or a link to an online copy, of 
23the most recently filed 10K with the Securities and Exchange 
24Commission in lieu of the affirmation that the owner meets one 
25or more of the characteristics that qualify as a large 
26business association.
		HB4541 Enrolled	- 17 -	LRB104 17848 JRC 31282 b
1    Asset purchase agreements that include future interests in 
2property held by the administrator must provide sellers with a 
3right to receive notice of amounts received by the asset 
4purchaser on claims for that property. Asset purchase 
5agreements that include future interests in property held by 
6the administrator may provide for a share, purchase price 
7adjustment, or deferred payment to the seller upon receipt of 
8amounts on claims for that property.
9    The asset purchase agreement and the written affirmation 
10provided under this subsection are exempt from disclosure 
11under the Freedom of Information Act.
12    Nothing in this subsection limits the ability of the 
13administrator to request or receive additional evidence 
14sufficient to establish to the satisfaction of the 
15administrator that the claimant is the owner of the property 
16under Article 9.
17    Asset purchasers must register with the administrator. The 
18administrator must adopt rules to implement and administer the 
19registration of asset purchasers and the claims process under 
20this subsection.
21    This subsection applies retroactively to any claim filed 
22by an asset purchaser between January 1, 2026 and the 
23effective date of this Act. Claims filed by an asset purchaser 
24after January 1, 2026 based on an asset purchase agreement 
25executed before January 1, 2026 must be accompanied by a 
26complete and unredacted copy of the asset purchase agreement 
		HB4541 Enrolled	- 18 -	LRB104 17848 JRC 31282 b
1or similar contract between the asset purchaser and the seller 
2but otherwise comply with Article 13 as it existed before 
3January 1, 2026.
4(Source: P.A. 103-977, eff. 1-1-25; 104-116, eff. 1-1-26.)
5    Section 99. Effective date. This Act takes effect upon
6becoming law.