Sec. 15-502. Contents of notice by holder.

238 words·~1 min read·/il/chapter-765/act-1026/15-502

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

(a)Notice under Section 15-501 must contain a heading that reads substantially as follows: "Notice. The State of Illinois requires us to notify you that your property may be transferred to the custody of the State Treasurer if you do not contact us before (insert date that is 30 days after the date of this notice).".

(b)The notice under Section 15-501 must:

(1)identify the nature and, except for property that does not have a fixed value, the

value of the property that is the subject of the notice;

(2)state that the property will be turned over to the State Treasurer;

(3)state that after the property is turned over to the State Treasurer an apparent

owner that seeks return of the property may file a claim with the State Treasurer;

(4)state that property that is not legal tender of the United States may be sold by the

State Treasurer;

(5)provide instructions that the apparent owner must follow to prevent the holder from

reporting and paying or delivering the property to the State Treasurer; and

(6)provide the name, address, and e-mail address or telephone number to contact the

holder.

(c)The holder may supplement the required information by listing a website where apparent owners may obtain more information about how to prevent the holder from reporting and paying or delivering the property to the State Treasurer.