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Office of the Illinois State Treasurer Unclaimed Property Division STEPS TO COMPLETE YOUR REPORT 1. Who Must Report. The State of Illinois Uniform Disposition of Unclaimed Property Act (765 ILCS 1025/130).

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How to fill out the Upd601 online

The Upd601 form is an essential document required for reporting unclaimed property under the Illinois Uniform Disposition of Unclaimed Property Act. This guide will provide you with clear and detailed steps on how to accurately fill out this form online, ensuring compliance with the reporting requirements.

Follow the steps to complete your Upd601 form accurately.

  1. Use the ‘Get Form’ button to access the Upd601 form and open it in your online editor.
  2. Enter your organization’s basic information in Section A. This includes the name and mailing address of the business responsible for filing the report.
  3. In Section B, indicate if you are filing on behalf of a branch or subsidiary by providing the relevant details.
  4. Specify the report type you are submitting in Section C. Choose from 'First Time Filing', 'Supplemental', or 'Annual'.
  5. Complete all required information in the form, including your contact details and Federal Employer Identification Number (FEIN), in Section E.
  6. Answer the due diligence question regarding communication with owners of unclaimed property, as required by law.
  7. In Section F, complete the Payment Information by checking the appropriate payment method box and entering the total cash amount and number of owners.
  8. Ensure the report is signed by an authorized employee to certify the accuracy of the information provided.
  9. Save changes to the completed form and subsequently download or print it for submission.
  10. Submit the form according to the delivery instructions provided, along with any required remittances.

Complete your Upd601 document online today to ensure compliance with unclaimed property reporting requirements.

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Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $50, written notice must be sent to the owners last known address 60 days to 1 year before the unclaimed property report is filed.

Each unclaimed property claim requires a minimum of a completed and signed claim form, a copy of photo identification and social security number. To determine the specific requirements of your claim, please review the email sent to you. The items required will be listed on the claim form attachment.

Generally, if the property in question has not had any activity within a certain period of time, e.g., three years for most properties, and the holder is unable to locate the property owner, it is considered abandoned and must be reported to the Unclaimed Property Division of the State Treasurer's Office.

Remittances may be made via Wire, ACH Credit, our online payment portal or by paper check. To receive Illinois' Wire and ACH Instructions, please email your request to UP_Report@Illinoistreasurer.gov. Checks should be made out to Illinois State Treasurer.

Typically, all claims are reviewed in the date order received by our office. Processing time prior to receiving either your first communication or payment may be up to 12 weeks, dependent on the number of claims submitted to our office during the time frame your claim was received.

The general rule is that after a 3-year dormancy period the unclaimed property must be reported and remitted to the state. Some property types have different dormancy periods. For example, the dormancy period for payroll is one year.

Unclaimed Property Dormancy Periods Property TypeDormancy Period (years)CommentsDeposit or refund owed by a utility1Year after the deposit or refund becomes payable.All other property3Years after the owner first has a right to demand the property or the obligation to pay or distribute the property arises.10 more rows • Apr 3, 2018

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232