Illinois Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Illinois | Manufacturing, Utilities/Transportation, Trade (Wholesale/Retail), Services, Life Insurance: January 1 to December 31 Financial Services, Non-Life Insurance, Communications, Public Services/Government: July 1 to June 30 | Manufacturing, Utilities/Transportation, Trade (Wholesale/Retail), Services, Life Insurance: Before May 1 Financial Services, Non-Life Insurance, Communications, Public Services/Government: Before November 1 | $50 minimum, written notice to last known address 60 days to 1 year prior to report filing, first class mail. | Required | Available | Electronic only, NAUPA II format, file extension: .txt, .hrs, or .rpt, submitted through online portal. Manual entry also available on the online portal. | Funds: check or ACH Credit Securities: DTC or DWAC | Illinois Unclaimed Property |
The current statutes that govern unclaimed property in Illinois can be found here. Illinois has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Illinois Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Illinois is January 1 to December 31 for Manufacturing, Utilities/Transportation, Trade (Wholesale/Retail), Services, Life Insurance and July 1 to June 30 for Financial Services, Non Life Insurance, Communications, Public Services/ Government.
Illinois Unclaimed Property Due Diligence Requirements
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $50, written notice must be sent to the owners last known address 60 days to 1 year before the unclaimed property report is filed. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Illinois Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before May 1 for Manufacturing, Utilities/Transportation, Trade (Wholesale/Retail), Services, Life Insurance and before November 1 for Financial Services, Non-Life Insurance, Communications, Public Services/Government.
Illinois Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format. File formats accepted are .txt, .hrs and .rpt. These formats can be generated through the HRS Pro software. The HRS Pro software has a limited free version that has restrictions including one user, one company and less than 100 properties per state report.
Illinois Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal. Funds can be transferred online, through Check or ACH Credit. Securities can be transferred through Depository Trust Company (DTC) or Deposit / Withdrawal At Custodian (DWAC).
Illinois Unclaimed Property Negative Reports
Negative reports refer to reports that need to be filed when there is no unclaimed property to report or remit to the state for the year. Illinois requires negative reports.
Illinois Unclaimed Property Voluntary Disclosure Agreement (VDA)
In some states, the unclaimed property Voluntary Disclosure Agreement (VDA) provides the opportunity for holders of unclaimed property to voluntarily report and remit past unclaimed property. If accepted by the state, the holder is then exempt from fines and penalties that cover the VDA period. The holder is expected to maintain strict compliance with state unclaimed property laws after the VDA period. VDAs are usually available on a one-time basis only to holders that are not already under state audit. Illinois does have a VDA program.
Illinois Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Illinois vary, refer to the state dormancy periods. Some common property types are as follows: Wages, Payroll, Salary (1 year), Accounts Payable (3 years), Refunds (3 years).
More information from the state of Illinois on unclaimed property reporting can be found here. Join our growing network of businesses that are using the Escheatify HolderExchange to prevent escheatment by reconciling their pre-escheat unclaimed property. Contact us to learn more.