Notice to Credit Union Members Regarding Unclaimed Property:
The state of Illinois has enacted a new law governing unclaimed property held in the State. The revised Uniform Unclaimed Property Act went into effect on January 1, 2018.
Under this Act, the presumptive period of abandonment for deposit accounts changes from 5 years to 3 years. As a result, accounts without any owner activity for a 3 year period will be turned over to the Illinois State Treasurer’s Office, upon completion of the owner notification procedure and subject to the criteria set forth in the Act.
Reference Links:
Revised Uniform Unclaimed Property Act (765 ILCS 1026)
Illinois State Treasurer’s Unclaimed Property Page