VILLA PARK- Illinois residents will soon be reunited with unclaimed property sooner than in the past.
State Senator Tom Cullerton's House Bill 1808 which will allow the Illinois' Treasurer's Office to facilitate a faster return of unclaimed property was signed into law today.
"Let's cut red tape to make it easier for Illinois residents to collect their money faster," Cullerton said. "This small step will allow for the Treasurer's Office and Illinois Revenue Department to share information that will help cut government bureaucracy and gets money and property in your hands faster."
In Illinois, the State Treasurer's Office is tasked with safeguarding unclaimed property, such as forgotten bank accounts, life insurance benefits and unused rebate cards. The office recovers hundreds of thousands of properties each year from government agencies, banks, insurers, utilities and other companies across the country that have been unable to return the properties to their rightful owners.
Then the office's I-CASH program works to notify owners and reunite them with their money and other property. In the last year, the program returned a record-setting $155 million to Illinois residents.
The Treasurer's office currently holds more than 14 million properties valued at more than $2 billion.
"We need to cut government red tape wherever we can," Cullerton said. "Bloated government bureaucracy is a waste of time and money. This new law will help get property in your hands sooner rather than later."
House Bill 1808 passed the House and Senate with bipartisan support. This law goes into effect immediately.