August 2025 │ Legislation & Regulation Update

The Unclaimed Property Legislative Alert

Summary of Legislation — Week Ending August 8, 2025

ILLINOIS:  Enacted SB 1667 which (1) adds a definition for “finder”; (2) decreases the amount of years from date non-retirement tax-advantaged account is opened from 30 to 20 years for purposes of determining abandonment and requires holder outreach at certain age intervals if no indication of interest; (3) requires agencies to report / remit funds owed to deceased state employees within 90 days if funds are not paid to employee or their estate within one (1) year of death; (4) requires holders to hold property presumed abandoned in trust or otherwise segregate property prior to reporting; (5) revises the notice requirements and process for escheatment of abandoned state agency property; (6) authorizes the Department of Financial and Professional Regulation to order regulated financial institutions to immediately report and remit unclaimed funds to the Treasurer; (7) revises the requirements for finder agreements and fees to be collected; and (8) requires finders to be licensed and establishes a licensing program to be administered by the Treasurer beginning January 1, 2026.

With The Unclaimed Property Legislative Alert Summary of Legislation and Regulation, you receive an overview of the latest information on unclaimed property legislative updates, regulatory changes, and statutory amendments across the United States and Canada. The publicly available information contained herein has been compiled by Kelmar Associates, LLC and does not constitute legal advice or analysis of any kind.  The summary information is generally compiled on a weekly basis, as applicable, and is shared on Kelmar's website each month. For more information, please refer to each state unclaimed property bill.