Illinois § 15-1503
Full text of Illinois Illinois Compiled Statutes § 15-1503, with citation guidance and answers to common questions.
§ 15-1503.
Transitional provision. (a) An initial report filed under this Act for property that was not required to be reported before the effective date of this Act, but that is required to be reported under this Act, must include all items of property that would have been presumed abandoned during the 5-year period preceding the effective date of this Act as if this Act had been in effect during that period. (b) This Act does not relieve a holder of a duty that arose before the effective date of this Act to report, pay, or deliver property. Subject to subsection (b) of Section 15-610, a holder that did not comply with the law governing unclaimed property before the effective date of this Act is subject to applicable provisions for enforcement and penalties in effect before the effective date of this Act. (Source: P.A. 100-22, eff. 1-1-18.)
Frequently Asked Questions About Illinois § 15-1503
What does Illinois Compiled Statutes § 15-1503 cover?
Section 15-1503 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 15-1503?
A common citation format is "Illinois Compiled Statutes § 15-1503" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 15-1503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.