Illinois 102nd Regular Session Status: Enacted

SB 338 — RUUPA-VARIOUS

Last action — Public Act . . . . . . . . . 102-0288

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 19, 2021. Enacted.

Prognosis

Likely to advance 72% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 2 sponsors

    2 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 1 recorded vote so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Amends the State Treasurer Act. Repeals provisions regarding transfer of power; transfer of personnel; transfer of property; and rules and standards. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of "virtual currency". Provides that a money order is presumed abandoned if it is unclaimed by the apparent owner 3 (rather than 7) years after issuance. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner 5 years after the last indication of interest in the property. Provides that a business association who has no reportable property shall so report to the administrator under specified circumstances. Provides that the administrator does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property if the administrator reasonably believes that the Department of Revenue will be unable to provide information that would provide sufficient evidence to establish that the person in the Department of Revenue's records is the apparent owner of unclaimed property in the custody of the administrator. Includes a provision regarding identification of apparent owners of abandoned property using other State databases. Provides that if property reported to the administrator is virtual currency, the holder shall liquidate the virtual currency and remit the proceeds to the administrator. Makes changes to provisions regarding: when tax-deferred and tax-exempt retirement accounts presumed abandoned; United States savings bonds; crediting income or gain to owner's account; and action by a person whose claim is denied. Senate Committee Amendment No. 1 Adds reference to: 765 ILCS 1026/15-905 Provides that the Secretary of State may (rather than shall) provide the Treasurer with the last known address as it appears in its respective records of any person reasonably believed to be the apparent owner of abandoned property. Provides that any warrants issued by the Comptroller pursuant to a voucher from the Treasurer to pay an owner that are not presented to the Treasurer within 12 months of the date of issuance shall be void, but the funds shall not escheat to the State and shall instead be redeposited in the Unclaimed Property Trust Fund. Provides that the Treasurer shall be responsible for any tax reporting required by federal law related to payments under the Revised Uniform Unclaimed Property Act. House Floor Amendment No. 3 Adds reference to: 765 ILCS 1026/15-210 765 ILCS 1026/15-1002.1 765 ILCS 1026/15-1004 765 ILCS 1026/15-1401 765 ILCS 1026/15-1402 Replaces everything after the enacting clause with the provisions of the engrossed bill, and makes the following changes: Further amends the Revised Uniform Unclaimed Property Act. Provides that a money order is presumed abandoned if it is unclaimed by the apparent owner 5 (rather than 3) years after issuance. Provides that any instrument on which a financial organization or business association is directly liable, other than a money order, is presumed abandoned if it is unclaimed by the apparent owner 3 years after issuance. Makes changes concerning the time and circumstances under which financial organization deposits are presumed abandoned. Makes changes in provisions governing extending the reporting date of certain reported renewable time deposits. Deletes language requiring a holder to inform the State Treasurer, as administrator, to provide a telephone number that persons may call to inquire about or claim property. Provides that the State Treasurer may, at reasonable times and upon reasonable notice: (1) examine the records of specified types of financial organizations under certain conditions; (2) issue an administrative subpoena requiring the financial organization to make records available for examination; and (3) bring an action seeking judicial enforcement of the subpoena. Provides that records obtained in examinations of State-regulated financial organizations are subject to the same provisions concerning use and confidentiality as records obtained in examinations of other persons. Makes other changes. Adds an immediate effective date. House Floor Amendment No. 4 Provides that a time deposit for which the owner has not consented to automatic renewal of the time deposit is presumed abandoned 3 years after the later of maturity or the date of the last indication of interest in the property by the apparent owner (instead of "3 years after the date of last indication of interest in the property by the apparent owner").

Bill Text

Amendments

5 amendments

Click Show changes on an amendment above to see how it modifies the bill.

Action History

  1. Public Act . . . . . . . . . 102-0288

  2. Effective Date August 6, 2021

  3. Governor Approved

  4. Sent to the Governor

  5. Passed Both Houses

  6. Senate Concurs

  7. House Floor Amendment No. 4 Senate Concurs 042-017-000

  8. House Floor Amendment No. 3 Senate Concurs 042-017-000

  9. House Floor Amendment No. 4 Motion To Concur Recommended Do Adopt Judiciary; 005-002-000

  10. House Floor Amendment No. 3 Motion To Concur Recommended Do Adopt Judiciary; 005-002-000

  11. House Floor Amendment No. 4 Motion to Concur Assignments Referred to Judiciary

  12. House Floor Amendment No. 3 Motion to Concur Assignments Referred to Judiciary

  13. House Floor Amendment No. 4 Motion to Concur Referred to Assignments

  14. House Floor Amendment No. 4 Motion to Concur Filed with Secretary Sen. Rachelle Crowe

  15. House Floor Amendment No. 3 Motion to Concur Referred to Assignments

  16. House Floor Amendment No. 3 Motion to Concur Filed with Secretary Sen. Rachelle Crowe

  17. Placed on Calendar Order of Concurrence House Amendment(s) 3, 4 - May 28, 2021

  18. Secretary's Desk - Concurrence House Amendment(s) 3, 4

  19. House Floor Amendment No. 2 Tabled Pursuant to Rule 40

  20. Third Reading - Short Debate - Passed 073-043-000

  21. Placed on Calendar Order of 3rd Reading - Short Debate

  22. House Floor Amendment No. 4 Adopted

  23. House Floor Amendment No. 3 Adopted

  24. Second Reading - Short Debate

  25. House Floor Amendment No. 4 Recommends Be Adopted Rules Committee; 004-000-000

  26. House Floor Amendment No. 4 Referred to Rules Committee

  27. House Floor Amendment No. 4 Filed with Clerk by Rep. Michael J. Zalewski

  28. House Floor Amendment No. 3 Recommends Be Adopted Revenue & Finance Committee; 010-007-000

  29. House Floor Amendment No. 3 Rules Refers to Revenue & Finance Committee

  30. House Floor Amendment No. 3 Referred to Rules Committee

  31. House Floor Amendment No. 3 Filed with Clerk by Rep. Michael J. Zalewski

  32. House Floor Amendment No. 2 Rules Refers to Revenue & Finance Committee

  33. House Floor Amendment No. 2 Referred to Rules Committee

  34. House Floor Amendment No. 2 Filed with Clerk by Rep. Michael J. Zalewski

  35. House Committee Amendment No. 1 Tabled Pursuant to Rule 40

  36. Placed on Calendar 2nd Reading - Short Debate

  37. Do Pass / Short Debate Revenue & Finance Committee; 011-006-000

  38. House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee

  39. House Committee Amendment No. 1 Referred to Rules Committee

  40. House Committee Amendment No. 1 Filed with Clerk by Rep. Michael J. Zalewski

  41. Assigned to Revenue & Finance Committee

  42. Referred to Rules Committee

  43. First Reading

  44. Chief House Sponsor Rep. Michael J. Zalewski

  45. Arrived in House

  46. Third Reading - Passed; 041-018-000

  47. Placed on Calendar Order of 3rd Reading April 21, 2021

  48. Second Reading

  49. Placed on Calendar Order of 2nd Reading April 15, 2021

  50. Do Pass as Amended Judiciary; 005-002-000

  51. Senate Committee Amendment No. 1 Adopted

  52. Senate Committee Amendment No. 1 Assignments Refers to Judiciary

  53. Senate Committee Amendment No. 1 Referred to Assignments

  54. Senate Committee Amendment No. 1 Filed with Secretary by Sen. Rachelle Crowe

  55. Postponed - Judiciary

  56. Assigned to Judiciary

  57. Referred to Assignments

  58. First Reading

  59. Filed with Secretary by Sen. Rachelle Crowe

Sponsors

  • Rachelle Crowe · Primary
  • Michael J. Zalewski · Primary

Sponsorship breakdown

Export CSV (upgrade) →

2 sponsors · 0 co-sponsors · 181 not signed on · 14 voted No

Sponsors (2)

  • Rachelle Crowe
  • Michael J. Zalewski

Co-sponsors (0)

None.

Not signed on (181)

181 members have not signed on to this bill.

Show all 181 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 41 Yea · 18 Nay
Party YeaNayPresentNot Voting
Democrat 26000
Unaffiliated 15400
Republican 01400
Total 411800
% of votes cast 69%31%0%0%
How each member voted (59)
Member Party Vote
Gillespie — Yea
Harris — Yea
Bennett — Yea
Johnson — Yea
Bush — Yea
Landek — Yea
Connor — Yea
Crowe — Yea
Cullerton, T. — Yea
Muñoz — Yea
Pacione-Zayas — Yea
Bailey — Nay
Barickman — Nay
Stewart — Nay
Stoller — Nay
Glowiak Hilton — Yea
Loughran Cappel — Yea
Simmons, Mike — Yea
Van Pelt — Yea
Bill Cunningham Democrat Yea
Celina Villanueva Democrat Yea
Christopher Belt Democrat Yea
Cristina Castro Democrat Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Doris Turner Democrat Yea
Elgie R. Sims, Jr. Democrat Yea
Emil Jones, III Democrat Yea
Julie A. Morrison Democrat Yea
Karina Villa Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura Ellman Democrat Yea
Laura Fine Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Michael E. Hastings Democrat Yea
Omar Aquino Democrat Yea
Patrick J. Joyce Democrat Yea
Ram Villivalam Democrat Yea
Robert F. Martwick Democrat Yea
Robert Peters Democrat Yea
Sara Feigenholtz Democrat Yea
Steve Stadelman Democrat Yea
Chapin Rose Republican Nay
Craig Wilcox Republican Nay
Dale Fowler Republican Nay
Dan McConchie Republican Nay
Dave Syverson Republican Nay
Donald P. DeWitte Republican Nay
Jason Plummer Republican Nay
Jil Tracy Republican Nay
John F. Curran Republican Nay
Neil Anderson Republican Nay
Sally J. Turner Republican Nay
Steve McClure Republican Nay
Sue Rezin Republican Nay
Terri Bryant Republican Nay

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 338 do?
Amends the State Treasurer Act. Repeals provisions regarding transfer of power; transfer of personnel; transfer of property; and rules and standards. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of "virtual currency". Provides that a money order is presumed abandoned if it is unclaimed by the apparent owner 3 (rather than 7) years after issuance. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner 5 years after the last indication of interest in the property. Provides that a business association who has no reportable property shall so report to the administrator under specified circumstances. Provides that the administrator does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property if the administrator reasonably believes that the Department of Revenue will be unable to provide information that would provide sufficient evidence to establish that the person in the Department of Revenue's records is the apparent owner of unclaimed property in the custody of the administrator. Includes a provision regarding identification of apparent owners of abandoned property using other State databases. Provides that if property reported to the administrator is virtual currency, the holder shall liquidate the virtual currency and remit the proceeds to the administrator. Makes changes to provisions regarding: when tax-deferred and tax-exempt retirement accounts presumed abandoned; United States savings bonds; crediting income or gain to owner's account; and action by a person whose claim is denied. Senate Committee Amendment No. 1 Adds reference to: 765 ILCS 1026/15-905 Provides that the Secretary of State may (rather than shall) provide the Treasurer with the last known address as it appears in its respective records of any person reasonably believed to be the apparent owner of abandoned property. Provides that any warrants issued by the Comptroller pursuant to a voucher from the Treasurer to pay an owner that are not presented to the Treasurer within 12 months of the date of issuance shall be void, but the funds shall not escheat to the State and shall instead be redeposited in the Unclaimed Property Trust Fund. Provides that the Treasurer shall be responsible for any tax reporting required by federal law related to payments under the Revised Uniform Unclaimed Property Act. House Floor Amendment No. 3 Adds reference to: 765 ILCS 1026/15-210 765 ILCS 1026/15-1002.1 765 ILCS 1026/15-1004 765 ILCS 1026/15-1401 765 ILCS 1026/15-1402 Replaces everything after the enacting clause with the provisions of the engrossed bill, and makes the following changes: Further amends the Revised Uniform Unclaimed Property Act. Provides that a money order is presumed abandoned if it is unclaimed by the apparent owner 5 (rather than 3) years after issuance. Provides that any instrument on which a financial organization or business association is directly liable, other than a money order, is presumed abandoned if it is unclaimed by the apparent owner 3 years after issuance. Makes changes concerning the time and circumstances under which financial organization deposits are presumed abandoned. Makes changes in provisions governing extending the reporting date of certain reported renewable time deposits. Deletes language requiring a holder to inform the State Treasurer, as administrator, to provide a telephone number that persons may call to inquire about or claim property. Provides that the State Treasurer may, at reasonable times and upon reasonable notice: (1) examine the records of specified types of financial organizations under certain conditions; (2) issue an administrative subpoena requiring the financial organization to make records available for examination; and (3) bring an action seeking judicial enforcement of the subpoena. Provides that records obtained in examinations of State-regulated financial organizations are subject to the same provisions concerning use and confidentiality as records obtained in examinations of other persons. Makes other changes. Adds an immediate effective date. House Floor Amendment No. 4 Provides that a time deposit for which the owner has not consented to automatic renewal of the time deposit is presumed abandoned 3 years after the later of maturity or the date of the last indication of interest in the property by the apparent owner (instead of "3 years after the date of last indication of interest in the property by the apparent owner").
Who sponsors SB 338?
SB 338 is sponsored by Rachelle Crowe and Michael J. Zalewski.
What is the current status of SB 338?
This bill has been enacted into law. Introduced February 19, 2021. Enacted.
Where can I track SB 338?
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