Section 765 ILCS 1026/15-401 - Report required by holder(a) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property. A holder shall report via the internet in a format approved by the administrator, unless the administrator gives a holder specific permission to file a paper report.(b) A holder may contract with a third party to make the report required under subsection (a).(c) Whether or not a holder contracts with a third party under subsection (b), the holder is responsible:(1) to the administrator for the complete, accurate, and timely reporting of property presumed abandoned; and(2) for paying or delivering to the administrator property described in the report.(d) A business association who has no reportable property shall so report to the administrator on forms via the Internet in a format approved by the administrator if the business association has: (1) annual sales of more than $1,000,000;(2) securities that are publicly traded;(3) a net worth of more than $10,000,000; or(4) more than 100 employees. The administrator may increase one or more of the thresholds for filing a negative report by administrative rule.
Amended by P.A. 102-0288,§ 10, eff. 8/6/2021.Added by P.A. 100-0022,§ 15-401, eff. 1/1/2018.