Illinois

The Illinois State Treasurer’s Office administers unclaimed property under the Revised Uniform Unclaimed Property Act (RUUPA). From uncashed checks to dormant accounts, businesses are required to report and remit unclaimed property on a set schedule. Eisen is your trusted compliance partner for staying ahead of state requirements.

Overview of Illinois Escheatment Laws

Under RUUPA, Illinois requires holders of unclaimed property to report items after a specified dormancy period. This includes financial accounts, wages, insurance payouts, securities, and the contents of safe deposit boxes. Once the dormancy period expires, holders must complete due diligence and submit a report to the Treasurer’s Office.

Illinois Dormancy Periods

Staying on top of dormancy timelines is essential for accurate and timely reporting. Below are common property types, their NAUPA property codes, and dormancy periods:

Note: Illinois follows federal preemption rules for certain instruments and exempts some gift cards without expiration dates or fees. Always consult the Treasurer’s Office or a compliance partner for up-to-date guidance.

Due Diligence Requirements

Illinois law requires holders to make a reasonable effort to contact the property owner before reporting:

• A written notice must be sent at least 60 days before filing if the property is valued at $50 or more.
• Notices should be sent by first-class mail, and email is encouraged if the holder has a valid address and permission to send.
• For securities valued at $1,000 or more, the notice must be sent via certified mail.
• Documentation of due diligence efforts must be retained.

Reporting Deadlines and Process

Illinois has reporting requirements that vary depending on the type of holder.

General Corporations, Utilities, and Life Insurance Companies:

• Report Period: January 1 to December 31
• Report and Payment Deadline: May 1

Banks, Fintechs, Broker-Dealers, Financial Organizations, Insurance Companies (other than life insurance) and Governmental Entities:

• Report Period: July 1 to June 30
• Report and Payment Deadline: November 1

All reports must be filed electronically in NAUPA format using the Illinois Treasurer’s system. Negative reports (if no property is due) are required as well.

Your final submission should include:

• A NAUPA-formatted report
• Payment (via Wire, Portal, ACH or check)
• Transfer of securities, if applicable

Illinois Voluntary Disclosure Program

Behind on reporting? Illinois offers a Voluntary Disclosure Agreement (VDA), allowing businesses to become compliant without incurring interest or penalties. To qualify, you must:

• Not be under examination by the Treasurer’s Office or its authorized agents.
• Conduct a self-audit and submit the findings within six months of signing the agreement.
• Maintain supporting documentation for any estimation methods used.
• Agree to the terms as written, without requesting modifications.

How Eisen Helps You Stay Compliant in Illinois

Illinois escheatment can be complex, but Eisen makes it simple. Our compliance software and expert support are designed to guide you through every step, from identifying reportable property to submitting your final report.

• Escheatment Manager: Tracks dormancy, flags eligible property, and prepares reports automatically.
• Outreach Manager: Supports due diligence and owner outreach, increasing the chance of reunification.
• Disbursement Manager: Coordinates payments and securities transfers with accuracy and audit readiness.

With Eisen, compliance is never an afterthought. It's built in and proactive by design.