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Unclaimed Property in Illinois Basics

Locate IL unclaimed property for your business

By Emmet McMahan
Unclaimed property in Illinois basics define unclaimed property as property that has not been claimed for a specified period of time, known as the abandonment period. Financial institutions and other businesses routinely report unclaimed property to the state of Illinois and are generally required to turn it over to the state once the abandonment period expires.

The state is required by federal law to administer Illinois state unclaimed property once the abandonment period has expired. Illinois has state laws that specify the procedures for locating the owners of unclaimed property that is in its custody. There are generally three types of information sources for unclaimed property in Illinois:
  1. The state government. The official Illinois abandoned property site maintains the state’s property database, and other government departments may offer basic information on unclaimed property.
  2. Third parties. Businesses and other private organizations may provide free information on unclaimed property, in addition to selling unclaimed property services in Illinois.
  3. Local jurisdictions. Generally, each county and city in Illinois has specific procedures for locating owners of unclaimed property before the abandonment period expires.

 

Find state agencies that deal with abandoned property in Illinois

The state of Illinois administrates unclaimed property that it receives from businesses and government entities throughout the state. Illinois also has specific laws that regulate unclaimed property.
Try: The Illinois State Treasurer provides a FAQ of basic questions on unclaimed property in Illinois. The United States Bankruptcy Court for the Northern District of Illinois specifies the procedure for recovering unclaimed funds in a bankruptcy court.

Learn about Illinois unclaimed properties from private sources

There are many businesses that provide searches of IL abandoned property. While these companies may charge a fee for these services, they often provide free information about unclaimed property in Illinois.
Try: RBO Financial Solutions is located in Chicago and provides a definition of unclaimed property in Illinois. Joel Schoenmeyer is a practicing attorney in Illinois who provides a summary of a probate case involving unclaimed property.

Look for state of Illinois unclaimed property in local jurisdictions

Universities, cities and counties frequently hold unclaimed property temporarily. The property will eventually be turned over to the state, reclaimed, auctioned off or otherwise disposed of.
Try: Adams County keeps lists of people that the county and court system is holding unclaimed property for. The Treasurer's Office for Kane County has a list of unclaimed funds that it is currently holding.

 

  • Unclaimed property in Illinois is administered by the state as a result of the Uniform Unclaimed Property Act. This act was last revised in 1995 and specifically deals with unclaimed property that is in the custody of businesses. These funds frequently can be located in databases that contain the property of more than one state.

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