Under the Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA), property holders must send out due diligence letters at least sixty days, and up to one year, before reporting the property as unclaimed on November 1. There are several exceptions to this requirement, such as when the property is valued at less than $50, or the address on your records for the property owner is invalid.

For resources related to our guidance, please see:

• Illinois RUUPA, 765 ILCS 1026/15-501(a) (“Subject to subsections (b) and (c), the holder of property presumed abandoned shall send to the apparent owner notice by first-class United States mail that complies with Section 15-502 in a format acceptable to the administrator not more than one year nor less than 60 days before filing the report under Section 15-401 if: (1) the holder has in its records an address for the apparent owner which the holder's records do not disclose to be invalid and is sufficient to direct the delivery of first-class United States mail to the apparent owner; and (2) the value of the property is $50 or more.”)

• Illinois RUUPA, 765 ILCS 1026/15-403(a) (“Except as otherwise provided in subsection (b) and subject to subsection (c), the report under Section 15-401 must be filed before November 1 of each year and cover the 12 months preceding July 1 of that year. Business associations which must report under this subsection (a) include financial organizations and insurance companies other than life insurance companies; all other business associations must file under subsection (b).”)

• Illinois RUUPA Administrative Rules, 74 Ill. Adm. Code 760.460(b) (“Unless otherwise provided by the Act or these rules, the holder of property presumed abandoned shall send to the apparent owner a due diligence notice by first-class U.S. Mail between 60 days and one year before reporting the property (see 765 ILCS 1026/15-501(a)).”)

• Illinois RUUPA Administrative Rules, 74 Ill. Adm. Code 760.460(c) (“A holder does not need to send notice by first-class U.S. Mail if any of the following are true:

1) the property is valued at less than $50;

2) the holder does not have in its records an address for the apparent owner that is sufficient for delivery of first-class U.S. Mail;

3) the holder's records indicate that the address for the apparent owner is invalid; or,

4) the holder sends notice by certified U.S. Mail.”)