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Under the new Illinois unclaimed property law, we understand that no notice is required for property valued at less than $50 (or less than $1,000 for securities). Is there a de minimis amount for accounts that must be sent to the Treasurer? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Under the new Illinois unclaimed property law, we understand that no notice is required for property valued at less than $50 (or less than $1,000 for securities). Is there a de minimis amount for accounts that must be sent to the Treasurer?

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No, the Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA) does not have a de minimis threshold for remitting property to the Illinois Treasurer. While you do not need to send a notice to the apparent owner for property valued at less than $50, you still must submit such property to the State Treasurer per the Illinois RUUPA’s rules.

For resources related to our guidance, please see:

  • Illinois RUUPA, 765 ILCS 1026/15-603(a) (“Except as otherwise provided in this Section, on filing a report under Section 15-401, the holder shall pay or deliver to the administrator the property described in the report.”)
  • Illinois RUUPA, 765 ILCS 1026/15-501(a) (“ . . . the holder of property presumed abandoned shall send to the apparent owner notice by first-class United States mail . . . if: . . . (2) the value of the property is $50 or more.”)
  • Illinois RUUPA, 765 ILCS 1026/15-501(c) (“ . . . the holder of securities presumed abandoned . . . shall send to the apparent owner notice by certified United States mail . . . if: . . . (2) the value of the property is $1,000 or more.”)
  • Illinois RUUPA, 765 ILCS 1026/15-402(b) (“A report under Section 15-401 may include in the aggregate items valued under $5 each. If the report includes items in the aggregate valued under $5 each, the administrator may not require the holder to provide the name and address of an apparent owner of an item unless the information is necessary to verify or process a claim in progress by the apparent owner.”)