Sec. 15-1503. Transitional provision.
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Sec. 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.