Yes, the Illinois RUUPA establishes different presumed abandonment periods for money orders and cashier’s checks. Money orders are subject to a longer, seven-year presumed abandonment period, while cashier’s checks are subject to a shorter, three-year period. The law defines “money order” as “a payment order for a specified amount of money” and refers to cashier’s checks as instruments “on which a financial organization or business association is directly liable.”
Additionally, these property types are subject to different reporting and record retention requirements. Money orders are exempt from the general requirement to report the owner’s name, address, and taxpayer identification number when remitting unclaimed property. However, money orders are subject to a special record retention requirement; sellers, issuers, and providers of money orders must maintain “a record of the instruments while they remain outstanding indicating the state and date of issue.”
For resources related to our guidance, please see:
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Illinois RUUPA, 765 ILCS 1026/15-102(17) (“‘Money order’ means a payment order for a specified amount of money. The term includes an express money order and a personal money order on which the remitter is the purchaser.”)
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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, 7 years after issuance; . . .”)
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Illinois RUUPA, 765 ILCS 1026/15-201(3) (“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: . . . (3) any instrument on which a financial organization or business association is directly liable, 3 years after issuance; . . .”)
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Illinois RUUPA, 765 ILCS 1026/15-402(a)(4) (A holder’s report must “(4) except for a traveler’s check, money order, or similar instrument, contain the name, if known, last-known address, if known, and Social Security number or taxpayer identification number, if known or readily ascertainable . . . .”)
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Illinois RUUPA, 765 ILCS 1026/15-404(6) (A holder’s records must include “if the holder sells, issues, or provides to others for sale or issue in this State traveler’s checks, money orders, or similar instruments, other than third-party bank checks, on which the holder is directly liable, a record of the instruments while they remain outstanding indicating the state and date of issue.”