IllinoisSB1667104th General Assembly (2025–2026)SenateWALLET

TRUST CODE-UNCLAIMED PROPERTY

Sponsored By: Robert F. Martwick (Democratic)

Became Law

assignmentsjudiciaryjudiciary - civil

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Bill Overview

Analyzed Economic Effects

8 provisions identified: 4 benefits, 2 costs, 2 mixed.

More data sharing and delayed agency escheat

State and local agencies must share records with the State Treasurer to help find owners, unless another Illinois law forbids it. The Treasurer can make data‑sharing deals so agencies send extra notices. Money believed to belong to a State agency moves to the General Revenue Fund only after at least three written notices in three different calendar years, more than three years since the first notice, no agency claim, and notice to the budget office.

New dormancy timelines for tax‑deferred accounts

Money in tax‑deferred accounts is presumed abandoned 3 years after the earlier of your federal required distribution date or 30 years after the account opened. If the owner has died, it is presumed abandoned 2 years after the earliest of a required or attempted distribution, the plan’s required date, or the federal required date. In the 10th year after opening, the holder must try to contact you if you have shown no interest in the last 3 years.

Stronger controls on unclaimed property holders

The Secretary of Financial and Professional Regulation can order a regulated person to report and send unclaimed property right away, which speeds up dormancy timelines. Regulated persons may also remit early with written permission. State‑chartered banks, savings banks, and credit unions are excluded. When property becomes presumed abandoned, holders must keep it in a segregated trust for the State until delivery. This trust rule does not apply to insurance company property or FDIC/NCUA‑insured deposits.

Finder fees capped and clearer contracts

Finder agreements made from the date property is presumed abandoned until 24 months after it is turned over to the State are void. Fees over 10% of the amount collected cannot be enforced, except by the owner. Finder contracts must be signed, say what the property is, explain the service, show amounts before and after fees, and say you can claim directly from the State with no fee. A full, unredacted copy of the agreement must be sent with any claim asking the State to pay the finder.

Tighter rules for Illinois trustees

Trustees must take control of and protect trust assets. They must try to find and claim any unclaimed trust property. If a corporation is a co‑trustee, it keeps custody unless all trustees agree otherwise. Trustees and record keepers must keep trust records, including the trust document, for at least 7 years after the trust ends. Before ending a trust or destroying records, they must search for property that may be unclaimed.

Faster payment to families of state employees

After a State employee dies, the State must pay money owed to the person’s heirs or estate within one year. Any money still unpaid after one year must be sent to the State’s unclaimed property office within 90 days. The State then sends notice to the last known address.

Cryptocurrency now covered as property

Virtual currency, including cryptocurrency, counts as property under Illinois unclaimed property law. Holders must consider these digital units for reporting and transfer. Game items, loyalty cards, and gift cards are not covered by this rule.

Licenses required for unclaimed property finders

Starting January 1, 2026, you need a State license to act as a finder in Illinois. Applicants must be at least 21 (if an individual), pass a background check, pay fees, give contact and tax IDs, and carry a fidelity bond set by rule up to $100,000. The State Treasurer can deny or revoke licenses, seek court orders, and fine up to $10,000 per violation. Applications not acted on within 90 days may be deemed denied.

Sponsors & Cosponsors

Sponsor

Robert F. Martwick
Democratic • Senate

Cosponsors

Diane Blair-Sherlock
Democratic • House
Michael W. Halpin
Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 164 • No: 47

House vote • 5/20/2025

Third Reading - Short Debate - Passed

Yes: 73 • No: 40

House vote • 4/30/2025

Do Pass / Short Debate Judiciary - Civil Committee;

Yes: 13 • No: 7

Senate vote • 4/10/2025

Third Reading - Passed;

Yes: 55 • No: 0

Senate vote • 4/9/2025

Senate Floor Amendment No. 5 Recommend Do Adopt Judiciary;

Yes: 8 • No: 0

Senate vote • 4/3/2025

Senate Floor Amendment No. 4 Recommend Do Adopt Judiciary;