- Published: Monday, July 18, 2016 09:09 AM
SPRINGFIELD—A measure restricting the amount of time that unclaimed property can sit with government entities was signed into law on Friday.
Senate Bill 2783, sponsored by State Senator Terry Link (D-Vernon Hills), will change the time that a government entity can hold on to unclaimed property from 7 years to 5 years. Currently, after 7 years, it has to be sent to the state treasurer to be put into the I-Cash system that tries to return unclaimed property to its rightful owner.
“This new law will allow the state treasurer to get someone’s rightful property to them sooner,” Link said. “We are talking about unclaimed checks that are doing nothing but collecting dust. Now we can work towards getting it to where it can be utilized.”
The proposal was an initiative of State Treasurer Michael Frerichs who has made it a priority to get unclaimed property where it belongs.
“This simple step can make a big difference to thousands of families in our state,” Illinois Treasurer Michael Frerichs said. “Cities and other units of local government do not mean to retain this property. This change can relieve a government burden, reduce paperwork, and return money to where it belongs.”
The legislation passed both chambers with bipartisan support.