RUUPA-PREPAID BURIAL FUNDS

Amends the Presumption of Abandonment Article of the Revised Uniform Unclaimed Property Act. Provides that funds on deposit or held in trust in relation to a prepayment contract are presumed abandoned 40 years after the contract for prepayment was executed, unless the apparent owner has indicated an interest in the property more than 40 years after the contract for prepayment was executed, in which case, 3 years after the last indication of interest in the property by the apparent owner. Amends the Illinois Funeral or Burial Funds Act and the Illinois Pre-Need Cemetery Sales Act. Provides that if a trustee has a reason to believe that the contact information for a purchaser is no longer valid or the purchaser is deceased, then the trustee shall promptly notify the seller. Provides that a trustee shall report and remit any trust funds relating to an individual account that is presumed abandoned to the State Treasurer. House Floor Amendment No. 2 Adds reference to: 765 ILCS 1026/15-102 815 ILCS 390/18.5 new Replaces everything after the enacting clause with the provisions of the engrossed bill, and makes the following changes: Makes changes in the Illinois Funeral or Burial Fund Act. In the Revised Uniform Unclaimed Property Act, excludes funds on deposit or held in trust under the Illinois Pre-Need Cemetery Sales Act from the definition of "property". In the Illinois Pre-Need Cemetery Sales Act, provides that funds on deposit or held in trust attributable to undelivered cemetery merchandise and unperformed cemetery services are presumed abandoned if they are unclaimed by the apparent owner during the period 2 years after the earlier of specified events. Provides that if the seller is licensed to hold care funds, then within 30 days of receiving notice that pre-need trust funds are presumed abandoned, the trustee of the pre-need trust fund shall remit the presumptively abandoned property to the trustee for a care fund. Provides that if the seller has retained an independent trustee, then any funds remitted shall be remitted to the independent trustee. Provides that if the seller is not licensed to hold a care fund, the trustee of pre-need trust funds shall remit the presumptively abandoned trust funds to the Comptroller semiannually for deposit into the Cemetery Consumer Protection Fund. Provides that the only penalties that may be imposed are those provided in the Revised Uniform Unclaimed Property Act.