RUUPA OVERPAYMENTS

Illinois General Assembly - Full Text of HB4541

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Full Text of HB4541

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HB4541 - 104th General Assembly

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HB4541 Enrolled
LRB104 17848 JRC 31282 b
1

AN ACT concerning civil law.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The Revised Uniform Unclaimed Property Act is
5
amended by changing Sections 15-102 and 15-1302 as follows:

6

(765 ILCS 1026/15-102)
7

Sec. 15-102.
Definitions.
In this Act:
8

(1) "Administrator" means the State Treasurer.
9

(2) "Administrator's agent" means a person with which
10

the administrator contracts to conduct an examination
11

under Article 10 on behalf of the administrator. The term
12

includes an independent contractor of the person and each
13

individual participating in the examination on behalf of
14

the person or contractor.
15

(2.5) (Blank).
16

(3) "Apparent owner" means a person whose name appears
17

on the records of a holder as the owner of property held,
18

issued, or owing by the holder.
19

(3.5) "Asset purchaser" means a business association
20

that has purchased property from a large business
21

association as defined in subsection (j) of Section
22

15-1302 of this Act.
23

(4) "Business association" means a corporation, joint

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

stock company, investment company, unincorporated
2

association, joint venture, limited liability company,
3

business trust, trust company, land bank, safe deposit
4

company, safekeeping depository, financial organization,
5

insurance company, federally chartered entity, utility,
6

sole proprietorship, or other business entity, whether or
7

not for profit.
8

(5) "Confidential information" means information that
9

is "personal information" under the Personal Information
10

Protection Act, "private information" under the Freedom of
11

Information Act or personal information contained within
12

public records, the disclosure of which would constitute a
13

clearly unwarranted invasion of personal privacy, unless
14

the disclosure is consented to in writing by the
15

individual subjects of the information as provided in the
16

Freedom of Information Act.
17

(6) "Domicile" means:
18

(A) for a corporation, the state of its
19

incorporation;
20

(B) for a business association whose formation
21

requires a filing with a state, other than a
22

corporation, the state of its filing;
23

(C) for a federally chartered entity or an
24

investment company registered under the Investment
25

Company Act of 1940, the state of its home office; and
26

(D) for any other holder, the state of its

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

principal place of business.
2

(7) "Electronic" means relating to technology having
3

electrical, digital, magnetic, wireless, optical,
4

electromagnetic, or similar capabilities.
5

(8) "Electronic mail" means a communication by
6

electronic means which is automatically retained and
7

stored and may be readily accessed or retrieved.
8

(8.5) "Escheat fee" means any charge imposed solely by
9

virtue of property being reported as presumed abandoned.
10

(9) "Financial organization" means a bank, savings
11

bank, foreign bank, corporate fiduciary, currency
12

exchange, money transmitter, or credit union.
13

(9.5) "Finder" means (i) a person engaged in the
14

location, recovery, purchase, or assignment of property
15

held by the administrator for a fee, compensation,
16

commission, or other remuneration paid by the owner of the
17

property or (ii) a person engaged in assisting in the
18

location, recovery, purchase, or assignment of property
19

held by the administrator for a fee, compensation,
20

commission, or other remuneration paid by the owner of the
21

property.
22

(10) "Game-related digital content" means digital
23

content that exists only in an electronic game or
24

electronic-game platform. The term:
25

(A) includes:
26

(i) game-play currency such as a virtual

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

wallet, even if denominated in United States
2

currency; and
3

(ii) the following if for use or redemption
4

only within the game or platform or another
5

electronic game or electronic-game platform:
6

(I) points sometimes referred to as gems,
7

tokens, gold, and similar names; and
8

(II) digital codes; and
9

(B) does not include an item that the issuer:
10

(i) permits to be redeemed for use outside a
11

game or platform for:
12

(I) money; or
13

(II) goods or services that have more than
14

minimal value; or
15

(ii) otherwise monetizes for use outside a
16

game or platform.
17

(11) "Gift card" means a record evidencing a promise
18

made for consideration by the seller or issuer of the
19

record that goods, services, or money will be provided to
20

the owner of the record to the value or amount shown in the
21

record that is either:
22

(A) a record:
23

(i) issued on a prepaid basis primarily for
24

personal, family, or household purposes to a
25

consumer in a specified amount;
26

(ii) the value of which does not expire;

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

(iii) that is not subject to a dormancy,
2

inactivity, or post-sale service fee;
3

(iv) that is redeemable upon presentation for
4

goods or services; and
5

(v) that, unless required by law, may not be
6

redeemed for or converted into money or otherwise
7

monetized by the issuer; or
8

(B) a prepaid commercial mobile radio service, as
9

defined in 47 CFR 20.3, as amended.
10

(12) "Holder" means a person obligated to hold for the
11

account of, or to deliver or pay to, the owner, property
12

subject to this Act.
13

(13) "Insurance company" means an association,
14

corporation, or fraternal or mutual-benefit organization,
15

whether or not for profit, engaged in the business of
16

providing life endowments, annuities, or insurance,
17

including accident, burial, casualty, credit-life,
18

contract-performance, dental, disability, fidelity, fire,
19

health, hospitalization, illness, life, malpractice,
20

marine, mortgage, surety, wage-protection, and
21

worker-compensation insurance.
22

(14) "Loyalty card" means a record given without
23

direct monetary consideration under an award, reward,
24

benefit, loyalty, incentive, rebate, or promotional
25

program which may be used or redeemed only to obtain goods
26

or services or a discount on goods or services. The term

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

does not include a record that may be redeemed for money or
2

otherwise monetized by the issuer.
3

(15) "Mineral" means gas, oil, coal, oil shale, other
4

gaseous liquid or solid hydrocarbon, cement material, sand
5

and gravel, road material, building stone, chemical raw
6

material, gemstone, fissionable and nonfissionable ores,
7

colloidal and other clay, steam and other geothermal
8

resources, and any other substance defined as a mineral by
9

law of this State other than this Act.
10

(16) "Mineral proceeds" means an amount payable for
11

extraction, production, or sale of minerals, or, on the
12

abandonment of the amount, an amount that becomes payable
13

after abandonment. The term includes an amount payable:
14

(A) for the acquisition and retention of a mineral
15

lease, including a bonus, royalty, compensatory
16

royalty, shut-in royalty, minimum royalty, and delay
17

rental;
18

(B) for the extraction, production, or sale of
19

minerals, including a net revenue interest, royalty,
20

overriding royalty, extraction payment, and production
21

payment; and
22

(C) under an agreement or option, including a
23

joint-operating agreement, unit agreement, pooling
24

agreement, and farm-out agreement.
25

(17) "Money order" means a payment order for a
26

specified amount of money. The term includes an express

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

money order and a personal money order on which the
2

remitter is the purchaser.
3

(18) "Municipal bond" means a bond or evidence of
4

indebtedness issued by a municipality or other political
5

subdivision of a state.
6

(19) "Net card value" means the original purchase
7

price or original issued value of a stored-value card,
8

plus amounts added to the original price or value, minus
9

amounts used and any service charge, fee, or dormancy
10

charge permitted by law.
11

(20) "Non-freely transferable security" means a
12

security that cannot be delivered to the administrator by
13

the Depository Trust Clearing Corporation or similar
14

custodian of securities providing post-trade clearing and
15

settlement services to financial markets or cannot be
16

delivered because there is no agent to effect transfer.
17

The term includes a worthless security.
18

(21) "Owner", unless the context otherwise requires,
19

means a person that has a legal, beneficial, or equitable
20

interest in property subject to this Act or the person's
21

legal representative when acting on behalf of the owner.
22

The term includes:
23

(A) a depositor, for a deposit;
24

(B) a beneficiary, for a trust other than a
25

deposit in trust;
26

(C) a creditor, claimant, or payee, for other

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

property; and
2

(D) the lawful bearer of a record that may be used
3

to obtain money, a reward, or a thing of value.
4

(22) "Payroll card" means a record that evidences a
5

payroll-card account as defined in Regulation E, 12 CFR
6

Part 1005, as amended.
7

(23) "Person" means an individual, estate, business
8

association, public corporation, government or
9

governmental subdivision, agency, or instrumentality, or
10

other legal entity, whether or not for profit.
11

(24) "Property" means tangible property described in
12

Section 15-205 or a fixed and certain interest in
13

intangible property held, issued, or owed in the course of
14

a holder's business or by a government, governmental
15

subdivision, agency, or instrumentality. The term:
16

(A) includes all income from or increments to the
17

property;
18

(B) includes property referred to as or evidenced
19

by:
20

(i) money, virtual currency, interest, or a
21

dividend, check, draft, deposit, or payroll card;
22

(ii) a credit balance, customer's overpayment,
23

stored-value card, security deposit, refund,
24

credit memorandum, unpaid wage, unused ticket for
25

which the issuer has an obligation to provide a
26

refund, mineral proceeds, or unidentified

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

remittance;
2

(iii) a security except for:
3

(I) a worthless security; or
4

(II) a security that is subject to a lien,
5

legal hold, or restriction evidenced on the
6

records of the holder or imposed by operation
7

of law, if the lien, legal hold, or
8

restriction restricts the holder's or owner's
9

ability to receive, transfer, sell, or
10

otherwise negotiate the security;
11

(iv) a bond, debenture, note, or other
12

evidence of indebtedness;
13

(v) money deposited to redeem a security, make
14

a distribution, or pay a dividend;
15

(vi) an amount due and payable under an
16

annuity contract or insurance policy;
17

(vii) an amount distributable from a trust or
18

custodial fund established under a plan to provide
19

health, welfare, pension, vacation, severance,
20

retirement, death, stock purchase, profit-sharing,
21

employee-savings, supplemental-unemployment
22

insurance, or a similar benefit; and
23

(viii) any instrument on which a financial
24

organization or business association is directly
25

liable;
and

26

(C) does not include:

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

(i) game-related digital content;
2

(ii) a loyalty card;
3

(iii) a gift card; or
4

(iv) funds on deposit or held in trust
5

pursuant to Section 16 of the Illinois Pre-Need
6

Cemetery Sales Act
; and

.
7

(D) includes any overpayment made by any person to
8

a government, governmental subdivision, agency, or
9

instrumentality, including, but not limited to, a
10

payment for any tax, license, or fee that was made in
11

excess of the amount ultimately required of the payor.
12

The changes made by this amendatory Act of the 104th
13

General Assembly is a restatement and clarification of
14

existing law.

15

(25) "Putative holder" means a person believed by the
16

administrator to be a holder, until the person pays or
17

delivers to the administrator property subject to this Act
18

or the administrator or a court makes a final
19

determination that the person is or is not a holder.
20

(26) "Record" means information that is inscribed on a
21

tangible medium or that is stored in an electronic or
22

other medium and is retrievable in perceivable form. The
23

phrase "records of the holder" includes records maintained
24

by a third party that has contracted with the holder.
25

(27) "Security" means:
26

(A) a security as defined in Article 8 of the

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

Uniform Commercial Code;
2

(B) a security entitlement as defined in Article 8
3

of the Uniform Commercial Code, including a customer
4

security account held by a registered broker-dealer,
5

to the extent the financial assets held in the
6

security account are not:
7

(i) registered on the books of the issuer in
8

the name of the person for which the broker-dealer
9

holds the assets;
10

(ii) payable to the order of the person; or
11

(iii) specifically indorsed to the person; or
12

(C) an equity interest in a business association
13

not included in subparagraph (A) or (B).
14

(28) "Sign" means, with present intent to authenticate
15

or adopt a record:
16

(A) to execute or adopt a tangible symbol; or
17

(B) to attach to or logically associate with the
18

record an electronic symbol, sound, or process.
19

(29) "State" means a state of the United States, the
20

District of Columbia, the Commonwealth of Puerto Rico, the
21

United States Virgin Islands, or any territory or insular
22

possession subject to the jurisdiction of the United
23

States.
24

(30) "Stored-value card" means a card, code, or other
25

device that is:
26

(A) issued on a prepaid basis primarily for

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

personal, family, or household purposes to a consumer
2

in a specified amount, whether or not that amount may
3

be increased or reloaded in exchange for payment; and
4

(B) redeemable upon presentation at multiple
5

unaffiliated merchants for goods or services or usable
6

at automated teller machines; and
7

"Stored-value card" does not include a gift card,
8

payroll card, loyalty card, or game-related digital
9

content.
10

(31) "Utility" means a person that owns or operates
11

for public use a plant, equipment, real property,
12

franchise, or license for the following public services:
13

(A) transmission of communications or information;
14

(B) production, storage, transmission, sale,
15

delivery, or furnishing of electricity, water, steam,
16

or gas; or
17

(C) provision of sewage or septic services, or
18

trash, garbage, or recycling disposal.
19

(32) "Virtual currency" means any type of digital
20

unit, including cryptocurrency, used as a medium of
21

exchange, unit of account, or a form of digitally stored
22

value, which does not have legal tender status recognized
23

by the United States. The term does not include:
24

(A) the software or protocols governing the
25

transfer of the digital representation of value;
26

(B) game-related digital content; or

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

(C) a loyalty card or gift card.
2

(33) "Worthless security" means a security whose cost
3

of liquidation and delivery to the administrator would
4

exceed the value of the security on the date a report is
5

due under this Act.
6
(Source: P.A. 104-116, eff. 1-1-26
.)

7

(765 ILCS 1026/15-1302)
8

Sec. 15-1302.
When agreement to locate property void.
9

(a) Time period. Subject to subsection (b), an agreement
10
under Section 15-1301 is void if it is entered into during the
11
period beginning on the date the property was presumed
12
abandoned under this Act and ending 24 months after the
13
payment or delivery of the property to the administrator.
14

(b) Prohibition on future assignments. If a provision in
15
an agreement described in Section 15-1301 applies to an
16
obligation that did not exist or was not owed to the assignor
17
at the time of execution of the agreement, the provision is
18
void regardless of when the agreement was entered into.
19

(c) Limit on fees. An agreement under this Article 13 that
20
provides for a fee, compensation, commission, or other
21
remuneration in an amount that is more than 10% of the amount
22
collected is unenforceable except by the apparent owner. The
23
purchase, assignment, or other conveyance of unclaimed
24
property to a finder, resulting in a net fee, compensation,
25
commission, remuneration, or other profit to the finder in

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1
excess of 10% of the amount collected is prohibited.
2

(d) Other grounds for being void. An apparent owner or the
3
administrator may assert that an agreement described in this
4
Article 13 is void on a ground other than it provides for
5
payment of compensation in excess of the amount authorized by
6
paragraph (c) of this Section.
7

(e) License required. On or after January 1, 2026, a
8
person attempting or seeking to act as a finder must be
9
licensed as a finder by the administrator pursuant to Section
10
15-1303

15-1503
.
11

(f) Attorneys. This Section does not apply to an agreement
12
between an owner and an attorney to pursue a claim for recovery
13
of specifically identified property held by the administrator
14
or to contest the administrator's denial of a claim for
15
recovery of the property where the attorney has an
16
attorney-client relationship with the owner.
17

(g) CPA firms. This Section does not apply to an apparent
18
owner's agreement with a CPA firm licensed under the Illinois
19
Public Accounting Act, or with an affiliate of such firm, if
20
all of the following apply:
21

(1) the CPA firm has registered with the administrator
22

and is in good standing with the Illinois Department of
23

Financial and Professional Regulation;
24

(2) the apparent owner is not a natural person; and
25

(3) the CPA firm, or with an affiliate of such firm,
26

also provides the apparent owner professional services to

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

assist with the apparent owner's compliance with the
2

reporting requirements of this Act. The administrator
3

shall adopt rules to implement and administer the
4

registration of CPA firms and the claims process under
5

this paragraph (g).
6

(h) Enforcement. The administrator may use all the powers
7
under Section 15-1002 to determine compliance with this
8
Article.
9

(i) Bankrupt and dissolved business associations. Article
10
13 does not apply to asset purchase agreements involving the
11
assets of a business association arising out of a bankruptcy
12
proceeding under Title 11 of the United States Code or
13
corporate dissolution or similar proceeding under applicable
14
State law such as receiverships and assignments for the
15
benefit of creditors. Claimants for property acquired under
16
the provisions of this subsection are not required to be
17
licensed as finders.
18

(j) Asset purchasers. Article 13 does not apply to asset
19
purchase agreements between an asset purchaser and sellers who
20
comprise a large business association. For the purposes of
21
this subsection, a large business association is a business
22
association or group of business associations that:
23

(1) generates $100 million or more in annual gross
24

receipts or sales;
25

(2) employs 100 or more full-time employees in the
26

United States; or

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

(3) has equity securities publicly traded on an
2

exchange regulated by the federal Securities and Exchange
3

Commission.
4

Annual gross receipts or sales shall be determined at the
5
level of the unitary business group as that term is defined in
6
the Illinois Income Tax Act. The administrator may change by
7
administrative rule the annual gross receipts or sales
8
threshold to an amount less than $100 million.
9

Claims filed by an asset purchaser under this subsection
10
must include:
11

(1) a complete and unredacted copy of the asset
12

purchase agreement or similar contract between the asset
13

purchaser and the seller; and
14

(2) an attestation by the seller in the asset purchase
15

agreement or in a separate written affirmation from the
16

owner that the owner meets one or more of the above
17

characteristics that qualify it as a large business
18

association and is aware that it is selling unclaimed
19

property that may be recovered from the administrator
20

without paying a fee.
21

If the seller is a publicly traded entity, the asset
22
purchaser may provide a copy, or a link to an online copy, of
23
the most recently filed 10K with the Securities and Exchange
24
Commission in lieu of the affirmation that the owner meets one
25
or more of the characteristics that qualify as a large
26
business association.

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1

Asset purchase agreements that include future interests in
2
property held by the administrator must provide sellers with a
3
right to receive notice of amounts received by the asset
4
purchaser on claims for that property. Asset purchase
5
agreements that include future interests in property held by
6
the administrator may provide for a share, purchase price
7
adjustment, or deferred payment to the seller upon receipt of
8
amounts on claims for that property.
9

The asset purchase agreement and the written affirmation
10
provided under this subsection are exempt from disclosure
11
under the Freedom of Information Act.
12

Nothing in this subsection limits the ability of the
13
administrator to request or receive additional evidence
14
sufficient to establish to the satisfaction of the
15
administrator that the claimant is the owner of the property
16
under Article 9.
17

Asset purchasers must register with the administrator. The
18
administrator must adopt rules to implement and administer the
19
registration of asset purchasers and the claims process under
20
this subsection.
21

This subsection applies retroactively to any claim filed
22
by an asset purchaser between January 1, 2026 and the
23
effective date of this Act. Claims filed by an asset purchaser
24
after January 1, 2026 based on an asset purchase agreement
25
executed before January 1, 2026 must be accompanied by a
26
complete and unredacted copy of the asset purchase agreement

HB4541 Enrolled
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LRB104 17848 JRC 31282 b
1
or similar contract between the asset purchaser and the seller
2
but otherwise comply with Article 13 as it existed before
3
January 1, 2026.
4
(Source: P.A. 103-977, eff. 1-1-25; 104-116, eff. 1-1-26
.)

5

Section 99.
Effective date.
This Act takes effect upon
6
becoming law.

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This site is maintained for the Illinois General Assembly by the
Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706.
Contact ILGA Webmaster

ILGA.gov uses cookies to ensure you get the best experience on our website. By continuing to browse ILGA.gov you consent to our use of cookies.
Read About Cookies

ILGA.GOV

2026 ILGA.gov | All Rights Reserved |
ADA

|
Disclaimers
|
Learn