In what seems like the never-ending story concerning Illinois and its unclaimed property statute, the latest twist occurred last week when Governor Bruce Rauner vetoed a bill (Senate Bill 2921) that barely touched on unclaimed property. In his veto letter, Rauner indicated that he would pass SB 2921 if the legislature would add certain language to it amending 2017’s Senate Bill 9; specifically, Section 15, The Revised Uniform Unclaimed Property Act.
If you have followed Illinois’ unclaimed property legislation over the last year, you will know that the state has made significant changes to its unclaimed property laws by adopting a version of the 2016 Revised Uniform Unclaimed Property Act (‘RUUPA’), see our related blog Illinois’ New Unclaimed Property Act – Impact on Business to Business Transactions.
The two key parties involved in the disagreement, Illinois State Treasurer, Michael Frerichs, and Governor Rauner have been at odds since SB9 was introduced and eventually passed. (Governor Rauner made an attempt to veto SB9 prior to it becoming law, but his veto was ultimately overruled by a three-fifths majority vote in the Illinois Senate). In what appears to be a continued effort to reform the adopted RUUPA, Governor Rauner states in his SB 2921 veto letter, that the RUUPA is ‘deeply flawed’. Rauner goes on to say;