(Text of Section before amendment by P.A.
399 words·~2 min read·
/il/chapter-765/act-1026/text-of-section-before-amendment-by-p-a-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(Text of Section before amendment by P.A. 104-116)
Sec. 15-1301. When agreement to locate property enforceable. An agreement by an apparent owner and another person, the primary purpose of which is to locate, deliver, recover, or assist in the location, delivery, or recovery of property held by the administrator, is enforceable only if the agreement:
(1)is in a record that clearly states the nature of the property and the services to be
provided;
(2)is signed by or on behalf of the apparent owner; and
(3)states the amount or value of the property reasonably expected to be recovered,
computed before and after a fee or other compensation to be paid to the person has been deducted.
(Text of Section after amendment by P.A. 104-116)
Sec. 15-1301. When agreement to locate property enforceable.
(a)An agreement by an owner or an apparent owner and a finder, the primary purpose of which is to locate, recover, or assist in the location or recovery of property held by the administrator for a fee, compensation, commission, or other remuneration, is enforceable only if the agreement:
(1)is in a record that clearly states the nature of the property and the services to be
provided;
(2)is signed by or on behalf of the owner or apparent owner;
(3)states the amount or value of the property reasonably expected to be recovered,
computed before and after a fee, compensation, commission, or other remuneration to be paid to the finder has been deducted;
(4)clearly states that the property is in the possession of the administrator and may
be recovered from the administrator without paying a fee; and
(5)provides the contact information for recovering the property from the administrator.
(b)In conjunction with the filing of any claim involving an agreement by an owner or apparent owner and a finder, the administrator shall receive from the claimant a full and unredacted copy of the agreement signed by the owner or apparent owner and the finder.
(c)A finder may receive payment directly from the administrator only if the claimant provides a fully executed and unredacted copy of the agreement together with the claim and if the agreement provides for the direct payment to the finder. In all other cases, the administrator must remit the entirety of the payment to the claimant. All payments remain subject to offset as provided in Section 15-905.