Community Bankers Association of Illinois

ARE YOU HOLDING UNCLAIMED PROPERTY?

Your company, organization or entity probably holds unclaimed property, but do you know what to do with it? Illinois State Treasurer Dan Rutherfordís office will be holding Unclaimed Property Holder Conferences within the coming months at no cost to you. These are meant to educate, inform, and answer any questions by holders of property owed to other businesses or individuals.

Examples of unclaimed property include, but are not limited to:

-payroll checks
-refunds due
-overpayments
-payments of goods and services
-unredeemed gift certificates
-other properties as listed on www.treasurer.il.gov If you are not currently reporting unclaimed property to the State of Illinois, please understand that you are required by law to do so. Pursuant to the Illinois Uniform Disposition of Unclaimed Property Act (765 ILCS 1025/1-30), most property must be transferred to the Illinois State Treasurerís Office after five years of inactivity, with an exception being payroll, wages and salary which must be turned over after just one year.

If you have inactive accounts that are reportable and the owners have not been previously contacted, you will have to perform due diligence unless the property is non-security-related items worth less than $10. The Illinois State Treasurerís Office explains how to do this on the website (www.treasurer.il.gov). In fact, you can find all the information about transferring unclaimed property on the website, and online reporting is available.

Here is the conference schedule:

Thursday, May 10
Eastland Suites
1801 Eastland Drive
Bloomington, IL 61704

Wednesday, May 23
DoubleTree Suites
2111 Butterfield Rd.
Downers Grove, IL 60515

Thursday, May 31
Holiday Inn
222 Potomac Blvd.
Mt. Vernon, IL 62864

Wednesday, June 13
Plumberís Hall/Bailey Auditorium
1340 W. Washington
Chicago, IL 60610

Tuesday, June 19
DoubleTree Inn
1000 Eastport Plaza
Collinsville, IL 62234

There is no fee to attend
Breakfast will begin at 8:30 a.m.
Seminar is 9 Ė 11 a.m.
First come, first served Ė there are 50 spaces available.

For additional information on the holder conferences, please feel free to visit
www.treasurer.il.gov. To register, contact Melissa Hahn at 217-558-2642 or at mhahn@treasurer.state.il.us.

  800.736.2224 (IL) | 217.529.2265  
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