IBA Compliance Connection

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We have been referencing the IBA’s 2018 chart on revised abandonment periods under the Revised Uniform Unclaimed Property Act (Illinois RUUPA), which lists the presumed abandonment period for money orders as seven years. However, we found that the Illinois RUUPA lists the presumed abandonment period for money orders as five years. Is that correct?

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Yes, the Illinois RUUPA was amended in 2021 to shorten the presumed abandonment period for unclaimed money orders from seven to five years after issuance. Our Unclaimed Property topic page contains an updated IBA chart listing the presumed abandonment periods for many different types of property.

For resources related to our guidance, please see:

  • Illinois RUUPA, 765 ILCS 1026/15-201(2) (“When property presumed abandoned. Subject to Section 15-210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below: . . . (2) a money order, 5 years after issuance.”)