Unclaimed Money in the State of Illinois
Unclaimed money is a subset of unclaimed properties, which include all dormant properties wherein holders of the said properties are mandated by the order of the Attorney General to report them to the State each calendar year. Such property includes dormant property, unsettled claims, disbursements and refunds, duplicity or errors in records and unearned client receipts. The State of Illinois has an entire Statutory Act called the Uniform Unclaimed Property Act, pertaining to the definition, custody, and disposal of Unclaimed or Lost properties.
How to Claim Unclaimed Money in the State of Illinois?
The same Statute also prescribes the procedure for applying for unclaimed property with differences between applying for property within the state and outside the State and minor distinctions in criteria based on the source i.e. Accounts, Insurance, Mineral, Interest, Safe Deposit Box, Checks, Court Deposits, Securities, Trusts, Utilities, and Wages/Payroll.
Such property maybe claimed by the apparent owner upon State custody by submitting proof of identity, ownership or entitlement or it may also be claimed by another person based on prescribed laws of inheritance or contractual obligations that were not discovered by the State at the time of seizure.
Follow These Steps for Online Application
It is easier to apply a claim online on the official Illinois Treasury website (icash) by:1. Submitting the Property ID and one’s contact details at the site.
2. Then validate the on record details or if need be, submit relevant information for validation of the property claim.
3. Given the private nature of documents for verification, schedule a visit by a State representative or a date of appointment with the said representative.
4. On the scheduled date or visit, show the declared proof of identification and claim in person to the assigned representative of the State, who is bound by a Non-disclosure, unless the claimant is found to be making a false claim or violating the rules of the claim.
5. Furthermore, the aforesaid treasury website also has a feature for following up on the claim status by searching the claim id until the resolution of the claim.
Follow These Steps for Offline Application
1. Submit a hard copy form at the treasury by hand or mail, wherein the prescribed format must be filled with a Property ID, Claimant ID, Proof to validate Right of Claim and the present communication address. Copies of the aforesaid disclosure ought to be attached along with the application form.
2. Follow steps 2 to 5 for Online Application.
Illinois Unclaimed Money
The said act only defines unclaimed properties that are subject to the custody of the State, since many unclaimed properties may prescribe a different custodian or may not qualify the criteria of custody. As cited in 765 ILCS 1026/Revised Uniform Unclaimed Property Act, Title15, unclaimed property is subject to the custody of the State when:1. It is not provided in Statutes of any other State, presumed abandoned or the apparent owner’s last known address, as recognized by law is located in the State of Illinois.
2. The records of the property holder do not clarify the identity of the person bearing entitlement to the property and:
- The last known address of such an entitled person, as recognized by law, is located in the State of Illinois. OR
- The said holder is a government, governmental subdivision, agency of a State or a domiciliary and is yet to deliver the property to the State.
3. The last known address of the entitled person or apparent owner who is in a government, governmental subdivision, agency of a State or a domiciliary that lies in:
- A State that does not prescribe for the custodial seizure or escheat of the property.
- A foreign country.
- An unknown location.
4. The unclaimed property is a traveler’s check or money order that is purchased in Illinois or issued by an entity with a principal place of business activities being located in Illinois or having no details of the State or issuance or mentioning a State that does not prescribe for the custodial seizure or escheat of the property.