The property is then sent to Commerce so the Department can safeguard and continuously attempt to return it to the rightful owner of heirs. If the owner doesn't respond, the property is considered abandoned. Common types of unclaimed property can include:īusinesses and organizations are required by law to review their records and attempt to contact the owner of the property when it appears to be abandoned. Property is considered unclaimed if it is being held by a business or organization that has not had contact with the owner for a specific number of years. The Department is responsible for safeguarding the funds or property until claimed by the rightful owners or heirs. The Revised Uniform Unclaimed Property Act went into effect on. What is Unclaimed Property?Įach year, Commerce receives millions of dollars in unclaimed property from businesses and organizations that have lost contact with the owners. The State of Illinois has enacted a new law governing unclaimed property held in the State. 1, you can still claim your property through Commerce’s Unclaimed Property.Ĭheck whether Commerce has unclaimed property that belongs to you. So if you got a notice, respond before Nov. This applies to property reported directly to. Only incidental property may be reported through reciprocity. RECIPROCAL REPORTING Illinois will accept property only for those states listed in the table on page 8. If the property owners do not respond - perhaps because they’ve moved - Minnesota law requires the businesses to turn the property over to the state’s Unclaimed Property, which is operated by the Minnesota Department of Commerce. If you need additional forms, go to and click the >Holder Reporting link and then Holder Packet (UPD601). 1?īy state law, all organizations that do business in Minnesota are required to send notices after property has gone unclaimed by the owners for a period of time. Please note that if you choose not to provide. All instructions are included on the claim form. Did you receive a notice by mail or email to claim property?ĭid you get a notice from an agency or organization that says they have property you need to claim? Is the deadline Nov. Drop in to learn how to use I-Cash, the Illinois program that secures and restores lost bank accounts and other unclaimed property to its rightful owners. You may also request a claim form to be sent to you via mail.
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