- a) A debt collection agency shall initiate its own claims for unclaimed property in the custody of the administrator. The administrator will not initiate claims for debt collection agencies.
- b) Debt collection agencies shall submit citations to discover assets to the administrator at least 30 days in advance of the return date.
- c) Unclaimed property held by the administrator for a debtor will be held pursuant to a citation to discover assets for up to 90 days.
- d) Claims submitted by debt collection agencies will be closed after 90 days without the submission of a valid turnover order from a court of competent jurisdiction.
- e) Claims submitted by debt collection agencies will be paid after receipt of a valid turnover order from a court of competent jurisdiction.
f) The administrator shall reject claims submitted by debt collection agencies on behalf of entities that:
- 1) are under examination by the administrator pursuant to the Act; or
- 2) the administrator reasonably believes are not in compliance with the requirements of the Act including, but not limited to, failure to file reports under Section 15-401 of the Act.
(Source: Amended at 46 Ill. Reg. 16898, effective September 26, 2022)