Ill. to begin seizing abandoned cash after 1 year
Forgotten bank accounts could be put to work for taxpayers much more quickly under a new Illinois law.
The measure says the state can take control of abandoned funds after just one year instead of five years. The rightful owners can claim the money if they ever show up, but Illinois will get to collect interest on the funds.
Gov. Quinn signed the law Monday.
Abandoned accounts, stocks, items in safe-deposit boxes and other unclaimed property are turned over to the state treasurer when the owners can't be found. Money is invested, while items are held and eventually auctioned off.