Ill. Admin. Code tit. 74 § 760.440

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

Section 760.440 - Extensions

a) A holder may request an extension for filing. The request must be in writing and must specify the proposed period of extension.

b) The request must include a reasonable cause for an extension.

1) Reasonable cause includes, without limitation, natural disaster, criminal activity related to the holder's books and records, recent changes in the form of ownership of the holder, etc.

2) Providing due diligence notices to apparent owners and other holder actions required by the Act does not constitute reasonable cause.

c) Extension requests must be received by the administrator at least 15 business days before the date the report would otherwise be due.

d) Not later than 10 business days after the date of the request, the administrator shall respond to the request. The administrator may grant the request, deny the request, or grant an extension for a different period of time.

e)If an extension is granted, the holder may pay or make a partial payment of the amount the holder estimates ultimately will be due. The payment or partial payment terminates accrual of interest on the amount paid. [ 765 ILCS 1026/15-403(c) ]

Ill. Admin. Code tit. 74, § 760.440

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