Posted on Mar 16, 2018 by JMS Advisory Group |
Illinois turned the unclaimed property on its ear with the adoption of the Revised Uniform Unclaimed Property Act (RUUPA) at the beginning of 2018. Not only did it adopt major portions of the model legislation, but it also went several steps further to repeal its business-to-business (B2B) exemption, and insert a provision demanding that holders reach back 5 report years and turn over any amounts previously exempted under the old law. We won’t get into how that action could potentially be unconstitutional here, but we did want to provide an update on SB 2901, which is the current legislation in the Illinois General Assembly meant to remedy some of the more egregious elements of the recently adopted RUUPA.
Here are the highlights:
We will continue to follow developments with this legislation, and invite you to check our blog here for the latest on this and other relevant unclaimed property news. Contact us with any questions you may have.