041216CM0522ResizeSPRINGFIELD—State officials would be able to shorten the time it takes to reunite people with unclaimed property and money under legislation that Senator Terry Link (D-Vernon Hills) passed out of the Senate today.

Senate Bill 2783 would require government entities to report unclaimed property as abandoned after five years instead of seven, giving the Illinois treasurer the ability to alert people about unclaimed property nearly two years earlier than before.

“This could be a potential paycheck that is doing nothing but collecting dust in a vault somewhere,” Link said. “We need to be proactive in getting this property in the hands of those who can benefit from it and do some good with it.”

The legislation passed the Illinois Senate. It now moves to the House for consideration.

Category: Releases

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