# 74 Ill. Adm. Code 760.980: Section 760.980 Periods of Limitation and Repose

> Illinois · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_980

## Section

- **Citation:** 74 Ill. Adm. Code 760.980
- **Heading:** Section 760.980 Periods of Limitation and Repose
- **Jurisdiction:** Illinois
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Illinois Administrative Code / Title 74 PUBLIC FINANCE / CHAPTER V: TREASURER / Part 760 REVISED UNIFORM UNCLAIMED PROPERTY ACT / Section 760.980 Periods of Limitation and Repose

## Text

Section 760.980  Periods of Limitation and Repose
a)
An action or proceeding may not be maintained
by the administrator to enforce the Act in regard to the reporting, delivery or
payment of property more than 10 years after the holder specifically identified
the property in a report filed with the administrator or gave express notice to
the administrator of a dispute regarding the property.
[765 ILCS
1026/15-610(b)]
b)         The
10-year period of limitation is tolled:
1)         if the holder did not specifically identify the
property in a report filed with the administrator or provide other express
notice to the administrator;
2)
by the filing of a report that is fraudulent
[765
ILCS 1026/15-610(b)]; or
3)         if the administrator demands that the holder
file a verified report pursuant to Section 15-1001 of the Act or issues an
official notice of examination letter to the holder pursuant to Section 15-1002
of the Act.
c)         Notwithstanding the tolling of the 10-year
period of limitation because of a failure of a holder to specifically identify
property in a report filed with the administrator or provide other express
notice to the administrator, the administrator will not maintain an action in
regard to the reporting, delivery or payment of property more than 10 years
after that property should have been reported and remitted to the administrator
if all of the following apply:
1)         the holder has filed reports with the
administrator for the past 10 years;
2)         the holder agrees in writing to file all reports
required by the Act, including providing express notice to the administrator of
any future disputes concerning the reporting of property;
3)         the total amount of property, excluding any
interest or penalties that the administrator could impose under the Act, is
less than $2,500 or is otherwise de minimis as reasonably determined by the
administrator; and
4)
the administrator determines that the holder
acted in good faith and without negligence
the administrator of
any future disputes concerning the reporting of property;
3)         the total amount of property, excluding any
interest or penalties that the administrator could impose under the Act, is
less than $2,500 or is otherwise de minimis as reasonably determined by the
administrator; and
4)
the administrator determines that the holder
acted in good faith and without negligence.
[765 ILCS 1026/15-1206(2)]
d)         If the administrator issues a demand that the
holder file a verified report pursuant to Section 15-1001 of the Act or issues
an official notice of examination letter to the holder pursuant to Section
15-1002 of the Act within the time permitted by the Act, then the holder has
been put on notice that the administrator is commencing a proceeding within the
meaning of Section 15-610 of the Act.  The commencement of a proceeding within
the time period permitted by the Act tolls the 10-year period of limitation for
the commencement of an action.
AGENCY
NOTE:  The language of Section 15-610(b) of the Act comes from Section 19(b) of
the 1995 Uniform Unclaimed Property Act promulgated by the Uniform Law
Commission (www.uniformlaws.org). The official comments to the 1995 Uniform
Unclaimed Property Act note that this provision parallels the Internal Revenue
Code (26 U.S.C. 6501(c)). The official comments further note that as "the
Unclaimed Property Act is based on a theory of truthful self-reporting, a
holder which conceals property, willfully or otherwise, cannot expect the
protection of the stated limitations period."

## Nearby sections

- [74 Ill. Adm. Code 760.900 Section 760.900  Purpose of Enforcement](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_900.md)
- [74 Ill. Adm. Code 760.910 Section 760.910  Verified Report of Property](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_910.md)
- [74 Ill. Adm. Code 760.920 Section 760.920  Administrative Subpoenas](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_920.md)
- [74 Ill. Adm. Code 760.930 Section 760.930  Determination of Liability](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_930.md)
- [74 Ill. Adm. Code 760.950 Section 760.950  Waiver of Interest and Penalties](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_950.md)
- [74 Ill. Adm. Code 760.960 Section 760.960  Judicial Enforcement](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_960.md)
- [74 Ill. Adm. Code 760.970 Section 760.970  Action Involving Another State or Foreign Country](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_970.md)
- [74 Ill. Adm. Code 760.980 Section 760.980  Periods of Limitation and Repose](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_980.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_980. Check the current official text before relying on it. Not legal advice.