How to Report Unclaimed Property in Illinois

Illinois requires all for-profit and not-for profit businesses to turn over unclaimed funds valued at more than $25 to the Illinois State Treasurer's Unclaimed Property Division. As a business owner, you are legally required to turn over unclaimed property such as the content of a safety deposit box or unpaid wages to the state. The state considers property to be unclaimed or abandoned after five years of inactivity by the rightful owner. According to the treasurer's office, failure to report unclaimed property can result in penalties upon the business.

• 1

  Contact the rightful owner in writing at their last-known address in order to give them an opportunity to claim the property. If the rightful owner responds, turn the property over to them. If the rightful owner does not respond in a timely manner, proceed to Step 2.

• 2

  Gather information needed to report the property to the state. This includes the rightful owner's name, Social Security number, tax identification number and date the property became payable to the rightful owner. For life insurance policies, you will need the name of the insured and the beneficiaries as well as their last-known addresses.

• 3

  Click on the "Holder Packet (UPD601)" link in the resources section of this article. This will take you to the Illinois State Treasurer's web page that has the forms you will need.

• 4

  Download the "Holder Packet" file under "Holder Information" on the Illinois State Treasurer's web page.

• 5

  Complete the "Holder Packet" by entering your organization's basic information, type of report being filed, information of the rightful owner and due diligence question.

• 6

  Prepare the property to be turned over to the state by following the remittance policies on Page 3 of the Holder Packet for specific types of property. For example, stocks must be reissued under different names and mutual funds sent to a different address than other types of property.

• 7

  Print the completed Holder Packet.

• 8

  Have the forms verified and signed by an employee of your business who has authority to certify the property being submitted is true and correct.

• 9

  Make a copy of the completed Holder Packet for your own records.

• 10

  Mail the Holder Packet and remitted property (if applicable) to the Illinois State Treasurer's Office (see Resources).