Bill
HB 4057
Illinois proposes adopting uniform unclaimed property standards to simplify how the state manages abandoned funds and helps residents recover lost assets.
HB 4057 proposes to adopt the Uniform Unclaimed Property Act (UUPA) in Illinois, a model law developed by the Uniform Law Commission that standardizes how states handle unclaimed property—money, securities, and other assets that owners have abandoned or lost contact with. The bill would replace or supplement Illinois's existing unclaimed property statutes with this uniform framework, affecting how the state collects, holds, and returns such property to rightful owners.
Unclaimed property affects millions of Americans; Illinois currently holds billions in unclaimed funds in its State Treasurer's custody. Adopting uniform standards could simplify the process for residents to recover their money, reduce administrative complexity across state lines for businesses holding property, and potentially improve how states manage these assets. The UUPA aims to balance protecting consumers' rights to retrieve funds against the state's interest in using unclaimed property as a revenue source.
Compiled from official sources — confirm details with the bill’s official record.
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