Illinois 94th Regular Session Status: Enacted

HB 583 — UNCLAIMED PROP-ABANDONED ACCT

Last action — Public Act . . . . . . . . . 94-0255

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

This bill has been enacted into law. Introduced January 27, 2005. 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

    0 primary, 2 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 2 recorded votes 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 Uniform Disposition of Unclaimed Property Act. Excepts from the presumption of abandonment by a financial organization a demand, savings, or matured deposit or a fund paid toward the purchase of withdrawable shares or other interest in a financial organization where the owner has, within 5 years, engaged in the following activity regarding other funds or loan accounts with the banking organization: (i) undertook one or more the of the described actions regarding any account that appears on a consolidated statement with the inactive account; (ii) increased or decreased the amount of funds in any other account the owner has with the banking organization; or (iii) engaged in any other relationship with the banking organization, including payment of any amounts due on a loan. Provides that the exception applies only so long as the mailing address for the owner in the banking organization's books and records is the same for both the inactive account and for the active account.

Bill Text

What changed in the latest version

4 added · 4 removed

Plain-language change summary

The recent changes to Bill HB 583 involve the addition and removal of some lines in its text. Specifically, certain provisions have been added to clarify the bill's intent or application, while previous language that was redundant has been removed. These adjustments are important because they help ensure the bill is clear and effective in addressing the issues it aims to resolve. By refining the language, lawmakers can avoid confusion and make it easier for individuals and organizations to understand and comply with the new regulations.

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Previous
Latest
HB0583 Engrossed LRB094 06718 LCB 36817 b AN ACT concerning civil law.
HB0583 Enrolled LRB094 06718 LCB 36817 b AN ACT concerning civil law.
or (iii) engaged in any other relationship with the HB0583 Engrossed - 2 - LRB094 06718 LCB 36817 b banking organization, including payment of any amounts due on a loan.
or (iii) engaged in any other relationship with the HB0583 Enrolled - 2 - LRB094 06718 LCB 36817 b banking organization, including payment of any amounts due on a loan.
(c) Any sum payable on checks or on written instruments on which a banking or financial organization or business association is directly liable including, by way of HB0583 Engrossed - 3 - LRB094 06718 LCB 36817 b illustration but not of limitation, certificates of deposit, drafts, money orders and travelers checks, that with the exception of travelers checks has been outstanding for more than 5 years from the date it was payable, or from the date of its issuance if payable on demand, or, in the case of travelers checks, that has been outstanding for more than 15 years from the date of its issuance, excluding any charges that may be lawfully withheld relating to money orders issued by currency exchanges, unless the owner has within 5 years or within 15 years in the case of travelers checks corresponded in writing with the banking or financial organization or business association concerning it, or otherwise indicated an interest as evidenced by a memorandum on file with the banking or financial organization or business association.
(c) Any sum payable on checks or on written instruments on which a banking or financial organization or business association is directly liable including, by way of HB0583 Enrolled - 3 - LRB094 06718 LCB 36817 b illustration but not of limitation, certificates of deposit, drafts, money orders and travelers checks, that with the exception of travelers checks has been outstanding for more than 5 years from the date it was payable, or from the date of its issuance if payable on demand, or, in the case of travelers checks, that has been outstanding for more than 15 years from the date of its issuance, excluding any charges that may be lawfully withheld relating to money orders issued by currency exchanges, unless the owner has within 5 years or within 15 years in the case of travelers checks corresponded in writing with the banking or financial organization or business association concerning it, or otherwise indicated an interest as evidenced by a memorandum on file with the banking or financial organization or business association.
Property of any kind held in an individual retirement account HB0583 Engrossed - 4 - LRB094 06718 LCB 36817 b (IRA) is not presumed abandoned earlier than 5 years after the owner attains the age at which distributions from the account become mandatory under law.
Property of any kind held in an individual retirement account HB0583 Enrolled - 4 - LRB094 06718 LCB 36817 b (IRA) is not presumed abandoned earlier than 5 years after the owner attains the age at which distributions from the account become mandatory under law.
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Action History

  1. Public Act . . . . . . . . . 94-0255

  2. Effective Date January 1, 2006

  3. Governor Approved

  4. Sent to the Governor

  5. Sent to the Governor

  6. Passed Both Houses

  7. Third Reading - Passed; 059-000-000

  8. Placed on Calendar Order of 3rd Reading May 10, 2005

  9. Second Reading

  10. Placed on Calendar Order of 2nd Reading May 3, 2005

  11. Do Pass Financial Institutions; 006-000-000

  12. Added as Alternate Co-Sponsor Sen. Pamela J. Althoff

  13. Assigned to Financial Institutions

  14. Referred to Rules

  15. First Reading

  16. Chief Senate Sponsor Sen. Dan Rutherford

  17. Placed on Calendar Order of First Reading February 24, 2005

  18. Arrive in Senate

  19. Third Reading - Short Debate - Passed 113-000-004

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

  21. Second Reading - Short Debate

  22. Placed on Calendar 2nd Reading - Short Debate

  23. Do Pass as Amended / Short Debate State Government Administration Committee; 008-000-001

  24. House Committee Amendment No. 1 Adopted in State Government Administration Committee; by Voice Vote

  25. House Committee Amendment No. 1 Filed with Clerk by State Government Administration Committee

  26. Assigned to State Government Administration Committee

  27. Chief Co-Sponsor Rep. Sidney H. Mathias

  28. Referred to Rules Committee

  29. First Reading

  30. Filed with the Clerk by Rep. Randall M. Hultgren

Sponsors

  • Randall M. Hultgren · Cosponsor
  • Pamela J. Althoff · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

0 sponsors · 2 co-sponsors · 181 not signed on

Sponsors (0)

None.

Co-sponsors (2)

  • Randall M. Hultgren
  • Pamela J. Althoff

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 59 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 53000
Democrat 5000
Republican 1000
Total 59000
% of votes cast 100%0%0%0%
How each member voted (59)
Member Party Vote
Sandoval — Yea
Althoff — Yea
Martinez — Yea
Bomke — Yea
Burzynski — Yea
Cronin — Yea
Garrett — Yea
Halvorson — Yea
Meeks — Yea
Peterson — Yea
Schoenberg — Yea
Shadid — Yea
Sieben — Yea
Silverstein — Yea
Munoz — Yea
Trotter — Yea
Brady — Yea
Viverito — Yea
Sullivan, D. — Yea
Sullivan, J. — Yea
Petka — Yea
Jacobs — Yea
Clayborne — Yea
Crotty — Yea
Geo-Karis — Yea
Haine — Yea
Hendon — Yea
Jones, J. — Yea
Cullerton — Yea
Watson — Yea
Jones, W. — Yea
Lauzen — Yea
Demuzio — Yea
Link — Yea
Luechtefeld — Yea
Maloney — Yea
Wilhelmi — Yea
Winkel — Yea
Dahl — Yea
DeLeo — Yea
Dillard — Yea
Forby — Yea
Wojcik — Yea
Pankau — Yea
Radogno — Yea
Raoul — Yea
Rauschenberger — Yea
Righter — Yea
Risinger — Yea
Ronen — Yea
Roskam — Yea
Rutherford — Yea
del Valle — Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Third Reading

Passed 113 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 102004
Democrat 8001
Republican 3000
Total 113005
% of votes cast 96%0%0%4%
How each member voted (118)
Member Party Vote
Sacia — Yea
Saviano — Yea
Schmitz — Yea
Scully — Not Voting
Sommer — Yea
Soto — Yea
Acevedo — Yea
Bassi — Yea
Mathias — Yea
Beaubien — Yea
Beiser — Yea
Bellock — Yea
Berrios — Yea
Mautino — Yea
Biggins — Yea
Black — Yea
Boland — Yea
May — Yea
Bost — Yea
Brauer — Yea
Brosnahan — Yea
Churchill — Yea
Colvin — Yea
Millner — Yea
Coulson — Yea
Mulligan — Yea
Giles — Yea
Granberg — Yea
Nekritz — Yea
Jakobsson — Yea
Jefferson — Yea
Jenisch — Yea
Lang — Yea
Leitch — Yea
Lindner — Yea
McAuliffe — Yea
Bailey — Yea
McCarthy — Yea
Lyons, Eileen — Yea
Pihos — Yea
Reitz — Yea
Lyons, Joseph — Yea
McGuire — Yea
Dugan — Yea
Dunkin — Yea
Dunn — Yea
Eddy — Yea
Flider — Yea
Flowers — Yea
Fritchey — Yea
Froehlich — Yea
Krause — Yea
Madigan — Not Voting
Bradley, Richard — Yea
McKeon — Yea
Brady — Yea
Mendoza — Yea
Meyer — Yea
Moffitt — Yea
Molaro — Yea
Mitchell, Bill — Yea
Hannig — Yea
Burke — Yea
Sullivan — Yea
Mitchell, Jerry — Yea
Munson — Yea
Myers — Yea
Osmond — Yea
Phelps — Yea
Schock — Yea
Howard — Yea
Tenhouse — Yea
Tryon — Yea
Turner — Yea
Verschoore — Yea
Watson — Yea
Wait — Yea
Jones — Yea
Washington — Yea
Winters — Yea
Yarbrough — Yea
Davis, Monique — Yea
Younge — Yea
Bradley, John — Not Voting
Chavez — Yea
Cross — Yea
Cultra — Yea
Currie — Yea
D'Amico — Yea
Daniels — Yea
Franks — Not Voting
Gordon — Yea
Graham — Yea
Hamos — Yea
Hassert — Yea
Holbrook — Yea
Hultgren — Yea
Kosel — Yea
Osterman — Yea
Parke — Yea
Patterson — Yea
Poe — Yea
Pritchard — Yea
Reis — Yea
Ryg — Yea
Chapa LaVia — Yea
Eva-Dina Delgado Democrat Yea
Jay Hoffman Democrat Yea
Lakesia Collins Democrat Yea
Michael J. Kelly Democrat Yea
Nicholas K. Smith Democrat Yea
Patrick J. Joyce Democrat Yea
Robert "Bob" Rita Democrat Yea
Sara Feigenholtz Democrat Yea
William "Will" Davis Democrat Not Voting
Brad Stephens Republican Yea
Chapin Rose Republican Yea
Chris Miller Republican Yea

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 HB 583 do?
Amends the Uniform Disposition of Unclaimed Property Act. Excepts from the presumption of abandonment by a financial organization a demand, savings, or matured deposit or a fund paid toward the purchase of withdrawable shares or other interest in a financial organization where the owner has, within 5 years, engaged in the following activity regarding other funds or loan accounts with the banking organization: (i) undertook one or more the of the described actions regarding any account that appears on a consolidated statement with the inactive account; (ii) increased or decreased the amount of funds in any other account the owner has with the banking organization; or (iii) engaged in any other relationship with the banking organization, including payment of any amounts due on a loan. Provides that the exception applies only so long as the mailing address for the owner in the banking organization's books and records is the same for both the inactive account and for the active account.
Who sponsors HB 583?
HB 583 is sponsored by Randall M. Hultgren and Pamela J. Althoff.
What is the current status of HB 583?
This bill has been enacted into law. Introduced January 27, 2005. Enacted.
Where can I track HB 583?
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