Sec. 15-404. Retention of records by holder.
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/il/chapter-765/act-1026/15-404·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 15-404. Retention of records by holder. A holder required to file a report under Section 15-401 shall retain records for 10 years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter period is provided by rule of the administrator. The holder may satisfy the requirement to retain records under this Section through an agent. The records must contain:
(1)the information required to be included in the report;
(2)the date, place, and nature of the circumstances that gave rise to the property
right;
(3)the amount or value of the property;
(4)the last address of the apparent owner, if known to the holder;
(5)sufficient records of items which were not reported as unclaimed, to allow
examination to determine whether the holder has complied with the Act; and
(6)if the holder sells, issues, or provides to others for sale or issue in this State
traveler's checks, money orders, or similar instruments, other than third-party bank checks, on which the holder is directly liable, a record of the instruments while they remain outstanding indicating the state and date of issue.