Legislative Updates

Stay up to speed with unclaimed property legislation.

Escheatment for the State of Wisconsin in 2018

Banking Properties: AC01, AC02, AC03, SD01 and CK01, all 5 year dormancy

Due Diligence Requirements: $50.00 or more, and mailed no more than 120 days prior to 11/1. Mail to “good” addresses only.

Cut-off date: June 30, 2018
Due date: November 1, 2018
Safe deposit contents: by December 1, 2018
(complete safe deposit form UCP-120)

Electronic reporting: All holders must file electronically.

Contact in Wisconsin: Wisconsin is one of the few remaining states that considers the non-return of statements as activity.

Reciprocal reporting: Wisconsin prefers you report property to the state of the owner’s last known address. They will accept incidental property (less than ten accounts) for all states, but you must get approval from Wisconsin for most states. You must also abide by the other states’ dormancy, due diligence and property type codes.

Negative reporting: Wisconsin requires banks and credit unions to file negative reports even if no unclaimed property is reported.

Click here for a printable version of "Wisconsin 2018 Escheatment"

The Illinois Revised Uniform Unclaimed Property Act (Article 15) takes effect on January 1, 2018.

Some of the key changes that are part of the new Illinois law include:

  • Lowered the dormancy period from 5 to 3 years for deposit accounts
  • Mandatory due diligence window is now not more than 1 year or less than 60 days prior to filing the report
  • New notice header language required on due diligence letters
  • Introduction of electronic outreach provisions
  • Added multiple provisions for deceased owners, for example if known deceased, dormancy is two years for some property types
  • Added new provisions for other tax deferred accounts (including HSA) and custodial accounts for minors
  • Certified mail required for securities valued at $1,000 and higher
  • Elimination of the business to business exemption

Click here to read the full Revised Uniform Unclaimed Property Act (765 ILCS 1026).


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