In 2017, the Office of the Illinois State Treasurer and the General Assembly updated the State’s unclaimed-property law to incorporate recommendations of the Uniform Law Commission.
On January 2, Treasurer Michael Frerichs announced on his Facebook page that “claiming cash and property will be a much simpler, faster process in 2018” while remaining free and secure. A press release dated that same day introduced two new methods for claiming property:
E-Claiming allows the public to upload necessary claim information in an electronic format on
the Treasurer’s Office website, which is safe and secure. Once the documentation is uploaded in
real-time, it is transferred to a database, saving the public weeks of processing time.
Fast Track allows quick approval and payment for simple, lower dollar amount claims. The
automated review process compares the information submitted by the claimant to the information
reported on the property.
$2.9 billion dollars in property is currently unclaimed in Illinois, and thousands of assets are surrendered to the Treasurer’s Office each year. Illinois residents are encouraged to visit icash.illinoistreasurer.gov every six months.
- Highlights of changes to the unclaimed-property law in Illinois
- Summary of the Revised Uniform Unclaimed Property Act