Sec. 15-401. Report required by holder.

200 words·~1 min read·/il/chapter-765/act-1026/15-401·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. A holder shall report via the internet in a format approved by the administrator, unless the administrator gives a holder specific permission to file a paper report.

(b)A holder may contract with a third party to make the report required under subsection (a).

(c)Whether or not a holder contracts with a third party under subsection (b), the holder is responsible:

(1)to the administrator for the complete, accurate, and timely reporting of property

presumed abandoned; and

(2)for paying or delivering to the administrator property described in the report.

(d)A business association who has no reportable property shall so report to the administrator on forms via the Internet in a format approved by the administrator if the business association has:

(1)annual sales of more than $1,000,000;

(2)securities that are publicly traded;

(3)a net worth of more than $10,000,000; or

(4)more than 100 employees.

The administrator may increase one or more of the thresholds for filing a negative report by administrative rule.