Illinois § 15-805

§ 15-805.

Escheat of certain abandoned local government moneys. Property presumed abandoned where the administrator reasonably believes the owner is a unit of local government in this State shall escheat to the State and shall be deposited into the General Revenue Fund if all of the following apply: (1) the administrator has provided written notice to the unit of local government pursuant to subsection (b) of Section 15-504 at least 3 times in at least 3 different calendar years; (2) it has been more than 5 years since the administrator first provided written notice to the unit of local government pursuant to subsection (b) of Section 15-504; (3) the administrator has published a notice on the administrator's website for at least one year of the value of the property, the name of the unit of local government, and that such presumed abandoned property is subject to escheat; and (4) the unit of local government has not initiated a claim or otherwise expressed an indication of interest in the property. (Source: P.A. 103-148, eff. 6-30-23.)