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Illinois legislative proposal would eliminate unclaimed property exemption for B2B transactions

Overview

A bill has been introduced in the Illinois Legislature that could significantly impact the escheat liability and recordkeeping requirements of any holder doing business in the state of Illinois.

House Bill 2603 ("HB 2603"), introduced February 8, 2017, proposes to repeal Illinois' existing unclaimed property law and replace it with a modified version of the Revised Uniform Unclaimed Property Act of 2016 ("RUUPA").