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August 3, 2016

ILR Urges Illinois Governor to Veto Unclaimed Property Bill

The Sangamon Sun, which covers the Springfield, IL region, reported on a letter sent by ILR Executive Vice President Harold Kim to Illinois Governor Bruce Rauner, asking the governor to veto the Unclaimed Life Insurance Benefits Act (HB 4633). 

In his letter, Kim wrote that “Section 15 of the bill changes existing life insurance policies and may violate contract clauses in the state and federal Constitutions.” He also referenced a recent court case, Temple-Inland v. Cook, in which a Delaware federal court ruled that the state’s unclaimed-property auditing process was unconstitutional. As with Illinois, a private, for-profit audit firm performed Delaware’s unclaimed-property audits.

“As you well know, Illinois already hosts one of the worst legal climates in the country,” concludes Kim’s letter. “We believe that this legislation will only worsen the state’s legal climate moving forward.”

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