Ill. Admin. Code tit. 74 § 760.680

Current through Register Vol. 48, No. 45, November 8, 2024

Section 760.680 - Holder Reimbursement

a)A holder that pays money to the administrator may file a claim for reimbursement from the administrator of the amount paid if the holder:

1)paid the money in error; or

2)after paying the money to the administrator, paid money to a person the holder reasonably believed entitled to the money.

b)If a claim for reimbursement is made for a payment made on a negotiable instrument, including a traveler's check, money order, or similar instrument, the holder must submit proof that the instrument was presented and payment was made to a person the holder reasonably believed entitled to payment. The holder may claim reimbursement even if the payment was made to a person whose claim was made after expiration of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute or court order.

c)If a holder is reimbursed by the administrator, the holder may also recover any income or gain that would have been paid by the administrator to the owner on an owner claim provided the holder paid the earned income or gain to the owner.

d)A holder that delivers property other than money to the administrator may file a claim for return of the property from the administrator if:

1)the holder delivered the property to the administrator in error; or

2)the apparent owner has claimed the property from the holder.

e)If a claim for return of property is made, the holder shall include with the claim evidence sufficient to establish that the apparent owner has claimed the property from the holder or that the property was delivered by the holder to the administrator in error.

f)The administrator may make a determination that an affidavit submitted by a holder is evidence sufficient to establish that the holder is entitled to reimbursement or to recover property under this Section.

g)A holder is not required to pay a fee or other charge for reimbursement or return of property.

h)The administrator shall allow or deny a holder's claim not later than 90 days after the claim is complete and give the holder notice in a record of the decision. The administrator may grant an extension for reasonable cause.

i)A claim will be considered complete when a holder has provided all the information and documentation requested by the administrator as necessary to establish legal ownership and that information or documentation is entered into the administrator's unclaimed property system.

j)If a holder fails to provide all the information and documentation requested by the administrator as necessary to establish legal ownership of the property and the claim is inactive for at least 90 days, the administrator may close the claim without issuing a final decision. However, if the claimant makes a request in writing for a final decision prior to the administrator's closing of the claim, the administrator shall issue a final decision.

k)The holder may initiate a proceeding under Article 10 of the Illinois Administrative Procedure Act for review of the administrator's decision on the earlier of 30 days following receipt of the notice of the administrator's decision or 120 days following the filing of a claim. [ 765 ILCS 1026/15-605 ]

Ill. Admin. Code tit. 74, § 760.680

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