|
|
Rep. Harry Osterman
Filed: 4/15/2008
|
|
09500HB5373ham002 |
|
LRB095 18856 AJO 49550 a |
|
|
| 1 |
| AMENDMENT TO HOUSE BILL 5373
|
| 2 |
| AMENDMENT NO. ______. Amend House Bill 5373 on page 3, by |
| 3 |
| replacing lines 1 through 11 with the following:
|
| 4 |
| "owner of such property in exchange for a fee must provide the |
| 5 |
| owner with a written disclosure. The disclosure shall be set |
| 6 |
| forth in a clear and conspicuous manner and at a minimum shall |
| 7 |
| state the following: |
| 8 |
| Each state maintains an office of unclaimed property. |
| 9 |
| Generally, if for a number of years an owner of property |
| 10 |
| has not communicated directly with the holder of the |
| 11 |
| property, and has not otherwise indicated an interest in or |
| 12 |
| claimed the property, the property will be delivered to a |
| 13 |
| state administered unclaimed property program. Upon such |
| 14 |
| delivery, the owner will be able to recover the property |
| 15 |
| from the state administered program without charge by the |
| 16 |
| state. The unclaimed asset referred to in this Agreement |
| 17 |
| has not yet been reported or remitted to any state |
|
|
|
09500HB5373ham002 |
- 2 - |
LRB095 18856 AJO 49550 a |
|
|
| 1 |
| unclaimed property office. Since you reside (or resided) in |
| 2 |
| Illinois, you may obtain information about the Illinois |
| 3 |
| unclaimed property program by logging onto its website at |
| 4 |
| www.treasurer.il.gov. |
| 5 |
| A person or company may not charge a fee greater than |
| 6 |
| 25% of the property's value for the recovery of that |
| 7 |
| property where the property is not yet reportable under |
| 8 |
| this Act and the designated owner of that property, as |
| 9 |
| reflected within the books and records of the holder, is |
| 10 |
| living. |
| 11 |
| A person or company may not charge a fee greater than |
| 12 |
| 33% of the property's value for the recovery of that |
| 13 |
| property where the property is not yet reportable under |
| 14 |
| this Act and the recovery of that property involves |
| 15 |
| documentation of the owner's death or any elements of |
| 16 |
| estate or trust administration."; and
|
| 17 |
| on page 3 by replacing lines 16 through 24 with the following:
|
| 18 |
| "Sec. 2BBB. Abandoned property recovery fee. Any person or |
| 19 |
| company offering to identify, discover, or collect property |
| 20 |
| held by a public agency, as that term is defined by the Public |
| 21 |
| Funds Investment Act, on behalf of a consumer in exchange for a |
| 22 |
| fee must provide the owner of the property with a written |
| 23 |
| disclosure. This disclosure shall include, at a minimum, a |
| 24 |
| statement indicating the public agency does not charge fees for |
|
|
|
09500HB5373ham002 |
- 3 - |
LRB095 18856 AJO 49550 a |
|
|
| 1 |
| the recovery of any property. A person or company may not |
| 2 |
| charge a fee greater than 25% for the recovery of property held |
| 3 |
| by a public agency.
Any person who violates this Section |
| 4 |
| commits an unlawful practice within the meaning of this Act. |
| 5 |
| This Section is not applicable to any category of property that |
| 6 |
| is, or will become, reportable pursuant to the Uniform |
| 7 |
| Disposition of Unclaimed Property Act."; and
|
| 8 |
| on page 4, by deleting lines 1 through 10.
|