IL S 1813 Enacted

By Corky Cootes

Credit Unions in Illinois may deduct dormancy charges and escheat fees under the new law effective August 23, 2019. Here’s the relevant section:

Sec. 44.1.
Unclaimed property; dormancy or escheat fee.
A credit union may deduct a dormancy charge or an escheat fee from property required to be paid or delivered to the administrator under the Revised Uniform Unclaimed Property Act, provided the amount of the deduction is consistent with the standards set forth in subsection (b) of Section 15-602 of that Act. In making the deduction, a credit union may allocate, classify, and record all or a portion of the deduction, as applicable, as the minimum share amount required to preserve the member’s status as a member of the credit union.

Go to the Illinois General Assembly site for the full text.