Yes, we recommend that the five-year lookback extend to January 1, 2010, for most property types.

The Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA) requires that the initial report made in 2018 must incorporate a lookback covering “all items of property that would have been presumed abandoned during the 5-year period preceding the effective date of this Act as if this Act had been in effect during that period.” In other words, the initial report must include any property that became abandoned between January 1, 2013, and January 1, 2018, if not previously reported. For deposit and savings accounts, which are subject to a three-year presumed abandonment period, the lookback period would have to extend back to January 1, 2010 (three years before January 1, 2013).

In practical terms, your bank is unlikely to find unreported deposit or savings accounts that became inactive in the years before 2013. This is because the previous Illinois unclaimed property law required banks to report and remit deposit and savings accounts after five years of inactivity. Consequently, any deposit or savings account that became inactive in 2012 or earlier and remained inactive should have been reported and remitted to the Illinois Treasurer in earlier reports.

We do recommend performing separate lookbacks to find any property that inadvertently went unreported, such as automatically renewing certificate of deposit (CD) accounts, and to check for property types that were not covered under the previous law (such as payroll cards). 

For resources related to our guidance, please see:

• Illinois RUUPA, 765 ILCS 1026/15-1503(a) (“An initial report filed under this Act for property that was not required to be reported before the effective date of this Act, but that is required to be reported under this Act, must include all items of property that would have been presumed abandoned during the 5-year period preceding the effective date of this Act as if this Act had been in effect during that period.”)

• Illinois RUUPA, 765 ILCS 1026/15-201(3) (“Subject to Section 15-210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below: . . . (3) any instrument on which a financial organization or business association is directly liable, 3 years after issuance; . . .”)
   
• Illinois RUUPA, 765 ILCS 1026/15-201(13) (“Subject to Section 15-210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below: . . . (13) wages, commissions, bonuses, or reimbursements to which an employee is entitled, or other compensation for personal services, including amounts held on a payroll card, one year after the amount becomes payable; . . .”)