Thursday, August 18, 2011
Illinois changes state's unclaimed property law
On Aug. 8, 2011, Illinois enacted HB 1560, which immediately takes effect. HB 1560 lowers the unclaimed property abandonment period from five years to one. Unclaimed wages, payroll and salary in any form – such as prepaid payroll cards – that are held or owed by a bank, financial institution or business association, are considered abandoned and reportable to the state after one year.
The law states that Illinios can seize "unclaimed wages, payroll, or salary, that has been outstanding for more than one year from the date of its issuance."
Cash-strapped states are rewriting unclaimed property laws as a way to claim more funds. Laura Lane, Vice President at Keane, told SellingPrepaid in February 2011 that Michigan lowered the dormancy period on unclaimed accounts payable funds from five years to three in order for the state to get a "one-time infusion of cash from the lower dormancy period."
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
Notice to readers: These are archived articles. Contact information, links and other details may be out of date. We regret any inconvenience.
