Sec. 15-1009. Administrator's contract with another to conduct examination.

166 words·~1 min read·/il/chapter-765/act-1026/15-1009

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(a)The administrator may contract with a person to conduct an examination under this Article. The contract shall be awarded pursuant to a request for proposals issued in compliance with the procurement rules of the administrator.

(b)If the administrator contracts with a person under subsection (a):

(1)the contract may provide for compensation of the person based on a fixed fee, hourly

fee, or contingent fee;

(2)a contingent fee arrangement may not provide for a payment that exceeds 15% of the

amount or value of property paid or delivered as a result of the examination; and

(3)as authorized in the State Officers and Employees Money Disposition Act, the

administrator may permit the deduction of fees from property recovered during an examination under this Article prior to depositing funds received under this Act into the Unclaimed Property Trust Fund.

(c)A contract under subsection

(a)is a public record under the Freedom of Information Act.