The State of Illinois has policies and laws that govern the disposition of unclaimed properties. These laws are crafted to protect consumers and ensure that their assets are rightfully returned to them (this is because they are aware it was theirs or it was forgotten). In the course of this article, we will be looking at a complete guide on how to claim an Illinois unclaimed property, resources needed and the rules and time limits.
What is unclaimed property?
Unclaimed property is any tangible personal asset that is held by a business corporation and remains undimmed by its rightful owner for certain duration. Such property might include dividends, stocks and bonds, refunds, vendor payments, retirement accounts, financial instruments, uncashed payroll checks, etc.
Unclaimed Time Limits and Property Rules for Illinois
Let us delve into the rules that surround unclaimed properties in Illinois and their term limits. In this state, the unclaimed property division of the Illinois state treasury department manages anything that is related to an unclaimed property. If you are a business owner, there will be an agency that will contact you if you are in possession of the unclaimed property. Note that there are obligations and reporting requirements that surround turning over abandoned property to Illinois State.
Businesses that are based in Illinois have a number of responsibilities related to unclaimed properties. First off, a written notice must be sent to the owner of the unclaimed property. if there is no response from the owner of the property, it is the job of the business organization to file and make reports to the state government. According to Illinois laws, business organizations must hand over any and all unclaimed properties. If they do not do so, there are stiff penalties that apply to them. Under the Hammer of Illinois law, a property is deemed unclaimed if it gets to five years of inactivity by the presumed owner.
How to claim the unclaimed property in Illinois
After five years of abandonment by the present owner, an unclaimed property can be claimed. Another point worth noting is that the office of the treasurer of the State, auctions unclaimed items like coins stamps jewelry, and other collectibles on eBay.
However, in order to file a claim for an unclaimed property you have to file through a form provided to you by the state treasurer. The state treasurer will now receive the claim and decide whether to hold a hearing and receive evidence concerning it. The final decision that the state treasurer of Illinois will make, will be subject to the judicial review under the administrative review law.
If you are looking for additional information that relates to the unclaimed property, you can contact Illinois state government Agency via dear contact address:
Illinois Office of State Treasurer
Unclaimed Property Division
P.O. Box 19495
Springfield, IL 62794-9495
Phone: (217) 785-6992 (inquiries); (217) 782-6692 (claims); (217) 524-0023 (reporting)
Fax: (217) 557-5871
Additionally, you can visit the Illinois state government’s official website for more information on unclaimed properties.