CHICAGO – A measure that was championed by State Senator Sara Feigenholtz that will reduce unnecessary paperwork and expedite receiving unclaimed property was signed into law Friday.
“Returning unclaimed property to owners is a better process today than in the past,” said Feigenholtz (D-Chicago). “There’s no need for a lot of paperwork. By reducing this, people can get their money back quicker.”
Senate Bill 3174 gives Illinoisans access to more of their unclaimed property without filing a claim. Currently, people can be granted up to $2,000 of their unclaimed money without filing a claim. Feigenholtz’s law raises that threshold to $5,000.
The new law also increases the maximum value of unclaimed property to a deceased person’s family or representative from $100 to $250.
“An efficient process is necessary to remove the barriers people face when trying to receive a claim that is rightfully theirs,” Feigenholtz said.
One-in-four Illinois residents find unclaimed property through Treasurer Frerich’s office each year. Unclaimed property can be money, or bank accounts that have had no activity for several years within financial institutions or investment houses. More information about unclaimed property can be found on the Illinois Treasurer’s website.
The new law took effect immediately.
