ILCS » Chapter 765 · Act 1026

765 ILCS 1026/15-1204

Interest and penalty for failure to act in timely manner

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(765 ILCS 1026/15-1204)
    Sec. 15-1204. Interest and penalty for failure to act in timely manner.
    (a) A holder that fails to report, pay, or deliver property within the time prescribed by this Act shall pay to the administrator interest at a rate of 1% per month on the property or value of the property from the date the property should have been reported, paid, or delivered to the administrator until the date reported, paid, or delivered.
    (b) Except as otherwise provided in Section 15-1 or 15-1206, the administrator may require a holder that fails to report, pay, or deliver property within the time prescribed by this Act to pay to the administrator, in addition to interest included under subsection (a), a civil penalty of $200 for each day the duty is not performed, up to a cumulative maximum amount of $5,000.
    (c) A holder who fails to report, pay, or deliver property within the time prescribed by this Act shall not be required to pay interest under subsection (a) above or be subject to penalties under subsection (b) above if the failure to report, pay, or deliver the property was due to lack of knowledge of the death that established the period of abandonment under this Act.
(Source: P.A. 100-22, eff. 1-1-18.)

    
Notes of Decisions
Cited in 1 case (1 in the last 5 years), 2022–2022 · leading case: State of Illinois Ex. Rel Ken Elder v. JPMorgan Chase N.A.
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State of Illinois Ex. Rel Ken Elder v. JPMorgan Chase N.A. (2022) ilnd “In addition, an “administrator may require the holder” to “pay the administrator” additional penalties (see 765 ILCS 1026/15-1205(a), 765 ILCS 1026/15-1204(b)) under certain circumstances.”
— 765 ILCS 1026/15-1204(b) — 1 case
State of Illinois Ex. Rel Ken Elder v. JPMorgan Chase N.A. (2022) ilnd “In addition, an “administrator may require the holder” to “pay the administrator” additional penalties (see 765 ILCS 1026/15-1205(a), 765 ILCS 1026/15-1204(b)) under certain circumstances.”
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