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TREASURER > REVISED UNIFORM UNCLAIMED PROPERTY ACT
Short Summary
The provided legal document contains definitions related to the Revised Uniform Unclaimed Property Act in the Illinois Administrative Code. The Act governs the handling of unclaimed property in the state of Illinois. The document defines various terms essential for understanding the provisions and requirements of the Act. The first document pertains to safe deposit boxes and the handling of abandoned property. It establishes that safe deposit boxes with contents that have remained unclaimed for 5 years are presumed abandoned. Financial organizations and other business associations that provide safe deposit boxes are required to file an Annual Report containing information about the contents of the boxes. The second document governs the presumption of abandonment for tax deferred and tax exempt accounts. It establishes longer periods of abandonment compared to other accounts. The third document pertains to stored value cards and their treatment under the Act. It outlines reporting requirements and exemptions for certain types of stored value cards. The fourth document addresses the presumption of abandonment for financial organizations. It establishes conditions under which demand, savings, or time deposits are considered abandoned. The fifth document pertains to property related to pre-need death care contracts. It covers funds on deposit or held in trust under the Illinois Funeral or Burial Funds Act and the Illinois Pre-Need Cemetery Sales Act. The document specifies conditions under which funds are presumed abandoned and provides guidelines for reporting and remitting unclaimed property. The remaining documents cover various aspects of the Act, including reporting requirements for holders, notice requirements, sale of securities, examinations, enforcement, confidentiality of information, and transition provisions. No specific exemptions or penalties are mentioned in the provided content.
Whom does it apply to?
Holders of unclaimed property, business associations, financial organizations, governments, governmental entities, insurance companies, retirement systems, pension funds, investment boards, and individuals or entities involved in transactions with these entities
What does it govern?
Definitions related to the Revised Uniform Unclaimed Property Act in the Illinois Administrative Code
What are exemptions?
No specific exemptions are mentioned in the provided content
What are the Penalties?
No specific penalties are mentioned in any of the documents
Jurisdiction
Illinois