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Illinois Unclaimed Property |
Illinois Unclaimed Property includes such money or assets that have not reached their owner within a period of five years. Such unclaimed property in Illinois may include stocks, mutual funds, bonds, inactive accounts, bill overpayments, unpaid wages or commissions, paid-up life insurance policies and safe deposit box contents. The State of Illinois Unclaimed Property Law requires businesses and banks to turn over the unclaimed accounts to the state, if they remain abandoned for a period of five years.
The State Treasurer's Office administers unclaimed property, funds, money and assets in Illinois through a number of unclaimed property acts and rules. It maintains an online Cash Dash database, which contains records of unclaimed properties amounting to several millions of dollars. The database is frequently updated to add new found treasure and remove already claimed. In order to reunite unclaimed property with rightful owners, the Treasurer's Office in the state of Illinois also publishes names of owners in local newspapers.
Unclaimed Property Reporting
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It is very essential for rightful owners to make unclaimed property reporting if they want to get back their abandoned properties.While searching through the list of owners in the website of Illinois State Unclaimed Property Division, use different combinations of your first and last names so as to succeed in the search process. If you find your name listed in the Illinois Unclaimed Property List, take a print out of the claim form and mail it to the Division. You are also required to submit the documents that support your claim for the abandoned property.
Illinois Unclaimed Property Auctions
In case of the contents of safe-deposit boxes, the Division sells the items at unclaimed property auctions and holds the proceeds for the rightful owner. The auction occurs on eBay and may include items like coins, jewelry, stamps etc. To know more about the IL Unclaimed Property, visit the official website of the Illinois State Treasurer's Office.
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