IBA Compliance Connection

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Have any unclaimed property rules changed since the new law took effect on January 1, 2018?

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admin

Yes, new administrative rules have been issued since the Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA) became effective on January 1, 2018.

After the Illinois RUUPA became effective, the Illinois Treasurer issued administrative rules that took effect on March 25, 2019. The administrative rules clarify matters such as reporting safe deposit box property, the treatment of Roth IRAs, qualifying indications of interest, instructions for reporting and requesting extensions, record retention requirements, and much more.

We are not aware of any subsequent changes to the law or administrative rules since that date. Also, we do not expect any new Illinois RUUPA legislation to pass during the Illinois General Assembly’s current spring session, which will conclude on May 31.

For resources related to our guidance, please see:

  • GoToIBA.com Topic Page, Unclaimed Property (This page provides links to each individual section of the Illinois RUUPA and the related administrative rules.)