To help ensure residents are notified of unclaimed property quickly and efficiently, state Sen. Rachelle Crowe (D-Glen Carbon) advanced an initiative to allow state agencies to work together to locate rightful property owners.
“The Illinois Treasurer’s Office proactively searches for owners of unclaimed property throughout the state, but one office shouldn’t have to do it alone,” Crowe said. “Other state agencies should be utilizing their resources to help identify owners so property can be returned quickly.”
The initiative would allow the Illinois Secretary of State and the State Board of Elections to partner with the Treasurer’s Office to compare information in an effort to locate owners of unclaimed property valued at $2,000 or less.
Through its iCash program, the Treasurer’s Office is holding more than $3.5 billion in unclaimed funds for Illinoisans. Unclaimed property includes accounts and other financial means being held at corporations, financial institutions, financial intermediaries, courts or life insurance companies that have gone dormant for a period of time.
Crowe has previously partnered with the Treasurer’s Office to connect residents with cost-saving resources throughout the state, including the iCash program.
“During a pandemic that has caused nationwide financial devastation, receiving unclaimed property could make a notable difference for a struggling family,” Crowe said. “This initiative is intended to streamline the process for residents to receive the dollars they are entitled to.”
Senate Bill 338 passed the Senate Judiciary Committee Tuesday and moves for further consideration before the full Senate.