(765 ILCS 1025/2a) (from Ch. 141, par. 102a)
Sec. 2a. (a) Business associations shall report, pursuant to Section 11 of this Act, all property and any earnings thereon to which the owner would be entitled that have remained unclaimed for 5 years and are therefore presumed abandoned. Before reporting and delivering property as required under this Act, a business association may deduct from the amount of otherwise reportable intangible personal property the economic loss suffered by it in connection with that intangible personal property arising from transactions involving the sale of tangible personal property at retail. This property shall consist of, but is not limited to:
(1) (blank);
(2) deposits or payment for repair or purchase of
goods or services;
(3) credit checks or memos, or customer overpayments;
(4) stocks, bonds, or any other type of securities or
debt instruments, and interest and dividends therefrom;
(5) unidentified remittances, unrefunded overcharges;
(6) unpaid claims, unpaid accounts payable or unpaid
commissions; and
(7) credit balances - accounts receivable, checks
written off, employee bond buying and profit-sharing.
(b) Notwithstanding the provisions of subsection (a), any property due or owed by a business association to or for the benefit of another business association resulting from a transaction occurring in the normal and ordinary course of business shall be exempt from the provisions of this Act.
(c) Notwithstanding the provisions of subsection (a), unclaimed wages, payroll, and salary, in any form, shall be reported after remaining unclaimed for one year, pursuant to Section 2.
(Source: P.A. 97-270, eff. 8-8-11.)
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Last modified: February 18, 2015