Companies must file form UPD601 and, if there is property to report, form UPD602 each year for unclaimed property.Īs previously stated, the abandonment periods in each state vary. Also, if the claim is greater than $100, the form must be notarized.Ĭompanies in Illinois should report and remit any Unclaimed Property annually, by either May 1 or November 1 of the current year, depending on the type of business reporting the property. This form must be submitted with a clear copy of documentation of your social security number and proof of address listed on the account information. If upon searching the Illinois database, you discover you have unclaimed property, you may claim the property by submitting the I-Cash Claim Form which can be located online. There is also a website that will search most states in the United States. The website used to search for Unclaimed Property in Illinois is. There is typically no charge for searching for unclaimed property, nor is there usually a charge to claim property located through your search. If you believe you may have unclaimed property, you can search the specific state’s database. This program was enacted by the federal government to create uniformity over the handling of unclaimed property. Unified Unclaimed Property ActĪlthough each state has its own unclaimed property program, most have enacted a version of the Unified Unclaimed Property Act (UUPA). There is no time limit within which to make a claim typically even heirs can collect this property. Currently billions of dollars are being held by state run unclaimed property programs, just waiting to be returned to the rightful owners. In the case of tangible property, many states put the property up for auction and then keep the acquired funds to return to the owner. The state then holds the property with the purpose of returning it to the proper owner. The state the property gets remitted to is determined based on the owner’s last known address. If the property cannot be returned to the owner by the holding company, it is required to be reported and remitted to the appropriate state for custodial purposes until claimed by the owner. A company who holds unclaimed property must try to contact the owner with due diligence to return the property. For accounts to be considered unclaimed, they need to have no activity generated or contact with the owner for one year or longer as determined individually by each state. Businesses, other than banks, can have unclaimed property in the form of uncashed payroll or vendor checks, customer overpayments or security deposits. It can be intangible property such as bank accounts and security investments, but may also be tangible property such as items stored in a safe deposit box. Unclaimed property is defined as property that has been abandoned by the owner.
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