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We understand that the new Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA) requires our notice to an accountholder to include the “value of the property” that is subject to remittance. Under this language, should we include the specific account balance in our customer notices? We did not include that detail in the past. – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

We understand that the new Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA) requires our notice to an accountholder to include the “value of the property” that is subject to remittance. Under this language, should we include the specific account balance in our customer notices? We did not include that detail in the past.

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Yes, the Illinois RUUPA requires property holders to notify their customers of the “value of the property that is the subject of the notice,” and we interpret this as requiring your notices to include the balance of the account identified in the notice.

For resources related to our guidance, please see:

  • Illinois RUUPA, 765 ILCS 1026/15-502(b)(1) (The due diligence notice to an apparent owner “must: (1) identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice. . . .”)