SB1667 - 104th General Assembly (2025-2026)
TRUST CODE-UNCLAIMED PROPERTY
Last Action
08/01/2025 - Senate: Public Act . . . . . . . . . 104-0116
Senate Sponsors
Sen. Robert F. Martwick and Michael W. Halpin
House Sponsors
(Rep. Diane Blair-Sherlock)
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Trust Code. Requires a trustee to maintain, for a minimum of 7 years after the termination of the trust, a copy of the governing trust instrument under which the trustee was authorized to act at the time the trust terminated. Amends the Revised Uniform Unclaimed Property Act. Provides that property held in an account or plan, including a health savings account, that qualifies for tax deferral under the United States income tax law, is presumed abandoned 20 years after the account was opened. Requires State agencies to report final compensation due a State employee to the Treasurer's Office as unclaimed property if the employee dies while employed. Requires a holder who holds property presumed abandoned to hold the property in trust for the benefit of the State Treasurer on behalf of the owner from and after the date the property is presumed abandoned. Requires that the State Treasurer provide written notice to a State agency and the Governor's Office of Management and Budget of property presumed to be abandoned and allegedly owned by the State agency before it can be escheated to the State's General Revenue Fund if the property remains unclaimed after one year. Creates authority for the Secretary of the Department of Financial and Professional Regulation to order a regulated person under the Act to immediately report and remit property subject to the Act if the Secretary determines that the action is necessary to protect the interest of an owner. Establishes a procedure regulating agreements between an owner or apparent owner and a finder to locate or recover property held by the State Treasurer. Requires a finder to be licensed by the State Treasurer and creates qualifications to be so licensed. Makes definitions. Makes other changes. The Treasurer is authorized to adopt rules as necessary to implement the Act. Effective immediately.
Senate Floor Amendment No. 5
Adds reference to:
Replaces everything after the enacting clause with the provisions of the introduced bill with these changes. Amends the State Finance Act. Provides those funds owed to the estate or heirs of a deceased State employee under the Act that are not paid within one year of the State employee's death shall be reported and remitted to the State Treasurer under the Revised Uniform Unclaimed Property Act. Makes the changes to the licensing of a finder effective January 1, 2026. Provides that if the State Treasurer reasonably believes that the apparent owner of property presumed abandoned held under this Act is a State agency as defined in the Illinois State Auditing Act, the State Treasurer may give written notice to the chief executive officer of such State agency and the Governor's Office of Management and Budget. Requires that, before the termination of a trust, a trustee must conduct a reasonable search for any trust property that has been reported and remitted to a State unclaimed property administrator. Provides that, in the tenth year after the opening of an account holding property covered by the Act for which the apparent owner has not, within the previous 3 years, indicated interest under the Act and that is not otherwise presumed abandoned, the holder shall attempt to contact the apparent owner in a manner substantially similar to the notice required by the Act. Requires the State Treasurer to adopt rules to implement the Act. Specifies that a provision of the Act concerning presumptively abandoned property does not apply to property insured by the Federal Deposit Insurance Corporation, National Credit Union Administration, or other insurer of accounts approved by a depository institution's primary financial regulatory agency. Changes a cross-reference.
Actions
| Date | Chamber | Action |
|---|---|---|
| 02/05/2025 | Senate | Filed with Secretary by Sen. Robert F. Martwick |
| 02/05/2025 | Senate | First Reading |
| 02/05/2025 | Senate | Referred to Assignments |
| 02/18/2025 | Senate | Assigned to Judiciary |
| 02/27/2025 | Senate | Postponed - Judiciary |
| 03/04/2025 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Robert F. Martwick |
| 03/04/2025 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 03/04/2025 | Senate | Added as Co-Sponsor Sen. Michael W. Halpin |
| 03/06/2025 | Senate | Do Pass Judiciary; 007-000-000 |
| 03/06/2025 | Senate | Placed on Calendar Order of 2nd Reading March 18, 2025 |
| 03/18/2025 | Senate | Second Reading |
| 03/18/2025 | Senate | Placed on Calendar Order of 3rd Reading March 19, 2025 |
| 03/18/2025 | Senate | Senate Floor Amendment No. 2 Filed with Secretary by Sen. Robert F. Martwick |
| 03/18/2025 | Senate | Senate Floor Amendment No. 2 Referred to Assignments |
| 03/19/2025 | Senate | Senate Floor Amendment No. 2 Assignments Refers to Judiciary |
| 03/31/2025 | Senate | Senate Floor Amendment No. 3 Filed with Secretary by Sen. Robert F. Martwick |
| 03/31/2025 | Senate | Senate Floor Amendment No. 3 Referred to Assignments |
| 04/01/2025 | Senate | Senate Floor Amendment No. 3 Assignments Refers to Judiciary |
| 04/01/2025 | Senate | Senate Floor Amendment No. 4 Filed with Secretary by Sen. Robert F. Martwick |
| 04/01/2025 | Senate | Senate Floor Amendment No. 4 Referred to Assignments |
| 04/02/2025 | Senate | Senate Floor Amendment No. 4 Assignments Refers to Judiciary |
| 04/02/2025 | Senate | Senate Floor Amendment No. 2 Postponed - Judiciary |
| 04/03/2025 | Senate | Senate Floor Amendment No. 4 Recommend Do Adopt Judiciary; 008-000-000 |
| 04/03/2025 | Senate | Senate Floor Amendment No. 5 Filed with Secretary by Sen. Robert F. Martwick |
| 04/03/2025 | Senate | Senate Floor Amendment No. 5 Referred to Assignments |
| 04/08/2025 | Senate | Senate Floor Amendment No. 5 Assignments Refers to Judiciary |
| 04/09/2025 | Senate | Senate Floor Amendment No. 5 Recommend Do Adopt Judiciary; 008-000-000 |
| 04/10/2025 | Senate | Recalled to Second Reading |
| 04/10/2025 | Senate | Senate Floor Amendment No. 5 Adopted; Martwick |
| 04/10/2025 | Senate | Placed on Calendar Order of 3rd Reading |
| 04/10/2025 | Senate | Third Reading - Passed; 055-000-000 |
| 04/10/2025 | Senate | Senate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a) |
| 04/10/2025 | Senate | Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a) |
| 04/10/2025 | Senate | Senate Floor Amendment No. 3 Tabled Pursuant to Rule 5-4(a) |
| 04/10/2025 | Senate | Senate Floor Amendment No. 4 Tabled Pursuant to Rule 5-4(a) |
| 04/10/2025 | House | Arrived in House |
| 04/10/2025 | House | Chief House Sponsor Rep. Diane Blair-Sherlock |
| 04/11/2025 | House | First Reading |
| 04/11/2025 | House | Referred to Rules Committee |
| 04/17/2025 | House | Assigned to Judiciary - Civil Committee |
| 04/30/2025 | House | Do Pass / Short Debate Judiciary - Civil Committee; 013-007-000 |
| 04/30/2025 | House | Placed on Calendar 2nd Reading - Short Debate |
| 05/14/2025 | House | Second Reading - Short Debate |
| 05/14/2025 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 05/20/2025 | House | Third Reading - Short Debate - Passed 073-040-000 |
| 05/20/2025 | Senate | Passed Both Houses |
| 06/18/2025 | Senate | Sent to the Governor |
| 08/01/2025 | Senate | Governor Approved |
| 08/01/2025 | Senate | Effective Date January 1, 2026 |
| 08/01/2025 | Senate | Public Act . . . . . . . . . 104-0116 |