Ill. Admin. Code tit. 74 § 760.430

Current through Register Vol. 48, No. 50, December 13, 2024

Section 760.430 - Early Reporting and Remittance of Property

a)A holder may pay or deliver property to the administrator before the property is presumed abandoned under the Act if the holder:

1)provides the apparent owner of the property any notice required by Section 15-501 of the Act and provides the administrator evidence of the holder's compliance with any notice required by the Act;

2)includes with the payment or delivery a report regarding the property conforming to the Act and this Section; and

3)first obtains the administrator's written consent to accept payment or delivery of the property.

b)A holder's request for the administrator's consent to remit or deliver property before the property is presumed abandoned under the Act must be in writing.

c)If the administrator fails to respond to the request not later than 30 days after receipt of the request, the administrator is deemed to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith.

d)On payment or delivery of property under this Section, the property is presumed abandoned. [ 765 ILCS 1026/15-608 ]

e)A holder that pays or delivers property to the administrator pursuant to Section 15-608 of the Act in good faith and substantially complies with Sections 15-501 and 15-502 of the Act is relieved of all liability that thereafter may arise or be made in respect to the property to the extent of the value of the property so paid or delivered. [ 765 ILCS 15 -604(a)]

Ill. Admin. Code tit. 74, § 760.430

Adopted at 43 Ill. Reg. 4253, effective 3/25/2019.