Sec. 15-501. Notice to apparent owner by holder.

353 words·~2 min read·/il/chapter-765/act-1026/15-501·

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

(a)Subject to subsections

(b)and (c), the holder of property presumed abandoned shall send to the apparent owner notice by first-class United States mail that complies with Section 15-502 in a format acceptable to the administrator not more than one year nor less than 60 days before filing the report under Section 15-401 if:

(1)the holder has in its records an address for the apparent owner which the holder's

records do not disclose to be invalid and is sufficient to direct the delivery of first-class United States mail to the apparent owner; and

(2)the value of the property is $50 or more.

(b)If an apparent owner has consented to receive electronic-mail delivery from the holder, the holder shall send the notice described in subsection

(a)both by first-class United States mail to the apparent owner's last-known mailing address and by electronic mail, unless the holder believes that the apparent owner's electronic-mail address is invalid.

(c)The holder of virtual currency or securities presumed abandoned under Sections 15-202, 15-203, or 15-208 shall send to the apparent owner notice by certified United States mail that complies with Section 15-502 in a format acceptable to the administrator not less than 60 days before filing the report under Section 15-401 if:

(1)the holder has in its records an address for the apparent owner which the holder's

records do not disclose to be invalid and is sufficient to direct the delivery of United States mail to the apparent owner; and

(2)the value of the property is $1,000 or more.

(d)In addition to other indications of an apparent owner's interest in property pursuant to Section 15-210, a signed return receipt in response to a notice sent pursuant to this Section by certified United States mail shall constitute a record communicated by the apparent owner to the holder concerning the property or the account in which the property is held.

(e)The administrator may adopt rules allowing a holder to deduct reasonable costs incurred in sending a notice by United States mail under this Section.