NOTICE TO CREDIT UNION MEMBERS REGARDING UNCLAIMED PROPERTY

The State of Illinois has enacted a new law governing unclaimed property held in the State. The Revised Uniform Unclaimed Property Act goes into effect on January 1, 2018. Under this Act, the presumptive period of abandonment for deposit accounts changes from 5 years to 3 years. As a result, accounts without any owner activity for a 3 year period will be turned over to the Illinois State Treasurer’s Office, upon completion of the owner notification procedure and subject to the criteria set forth in the Act.

The term for abandoned property in Indiana has not changed. It remains at three years.

For the complete Illinois Revised Uniform Unclaimed Property Act, please visit:

http://ilga.gov/legislation/ilcs/ilcs5.asp?ActID=3794&ChapterID=62