Illinois Compiled Statutes 15 ILCS 505 — State Treasurer Act.

Short title

Short title. This Act may be cited as the State Treasurer Act. (Source: P.A. 86-1324.)

Transfer of powers

Transfer of powers. The rights, powers, duties, and functions vested in the Department of Financial Institutions to administer the Uniform Disposition of Unclaimed Property Act (superseded by the Revised Uniform Unclaimed Property Act) are transferred to the State Treasurer on July 1, 1999. (Source: P.A. 102-288, eff.…

Transfer of personnel

Transfer of personnel. (a) Except as provided in subsection (b), personnel employed by the Department of Financial Institutions on June 30, 1999 to perform duties pertaining to the administration of the Uniform Disposition of Unclaimed Property Act (superseded by the Revised Uniform Unclaimed Property Act) are transfer…

Savings provisions

Savings provisions. (a) The rights, powers, duties, and functions transferred to the State Treasurer or the Commissioner of Banks and Real Estate by this amendatory Act of 1999 shall be vested in and exercised by the State Treasurer or the Commissioner of Banks and Real Estate subject to the provisions of this amendato…

Bond

Bond. That the Treasurer of this State shall give bond, before entering upon the duties of his or her office, in the penal sum of $500,000 by inclusion in the blanket bond or bonds or self-insurance program provided for in Sections 14.1 and 14.2 of the Official Bond Act. The bond shall be conditioned (i) for the faithf…

He shall before entering upon the duties of his office, take and subscribe the oath or affirmation prescribed by Section 3, Article XIII, of the Constitution; which shall be filed in the office of the Secretary of State. (Source: P.A. 85-620.)

If any person elected to the office of Treasurer shall fail to give bond or take the oath required of him, within ten days after he is declared elected, the office shall be deemed vacant, and if the Treasurer, being required to give additional bond, as provided in Section 3 hereof, fails to do so within twenty days aft…

The Treasurer shall keep an official seal, which shall be used to authenticate all writings, papers and documents, required by law to be certified from his office; and copies of all records, writings, papers and documents legally in his keeping, when certified by him, and authenticated by his official seal, shall be re…

The State Treasurer shall receive the revenues and all other public moneys of the state, and all moneys authorized by law to be paid to him, and safely keep the same

The State Treasurer shall receive the revenues and all other public moneys of the state, and all moneys authorized by law to be paid to him, and safely keep the same. Revenue received by the State in the form of coins, cash, checks, drafts, electronic fund transfers, electronic checks, credit card payments, debit card…

Moneys deposited in treasury; Comptroller's order

Moneys deposited in treasury; Comptroller's order. All persons paying money into the state treasury shall first obtain from the State Comptroller an order, directing the Treasurer to receive the same; and if the Treasurer shall receive and receipt for any money, without such order being presented to him, he shall be re…

Receipt of money by Treasurer

Receipt of money by Treasurer. The Treasurer shall, on the receipt of any money, give the person paying the same a confirmation of receipt which shall be presented to the State Comptroller, who shall enter his or her approval and notify the person presenting the same, and retain a record of those approvals in his or he…

Direct deposit of State payments

Direct deposit of State payments. The Treasurer shall not pay out of the treasury any money, except upon the warrant of the State Comptroller, provided that warrants shall not be required where payments are made by the Comptroller: (1) to providers of community-based mental health services; (2) to persons receiving ben…

When any warrant is presented to the State Treasurer to be countersigned, he shall do so if the warrant is in proper form and there are sufficient moneys in the fund to pay the warrant

When any warrant is presented to the State Treasurer to be countersigned, he shall do so if the warrant is in proper form and there are sufficient moneys in the fund to pay the warrant. He shall also make a record of the date and amount of each warrant. Upon request for a wire or electronic transfer of funds pursuant t…

Recovery for breach of presentment warranties

Recovery for breach of presentment warranties. The Treasurer may bring a claim against a warrantor of a draft for breach of a presentment warranty to recover State funds in accordance with Sections 3-417 and 4-208 of the Uniform Commercial Code. However, a claim brought by the Treasurer under those Sections is not subj…

He shall keep regular and fair accounts of all moneys received and paid out by him, stating, particularly, on what account each amount is received or paid out

He shall keep regular and fair accounts of all moneys received and paid out by him, stating, particularly, on what account each amount is received or paid out. He may make such corrections and changes in his records as may be necessary pursuant to notices received from the Department of Revenue under Section 2505-475 o…

. (Source: P.A. 91-239, eff. 1-1-00.)

On the payment of any warrant, the Treasurer shall cancel the same

On the payment of any warrant, the Treasurer shall cancel the same. (Source: Laws 1951, p. 545.)

He shall, at appropriate intervals but at least once each month, report to the State Comptroller the amount of money received and paid out by him during the time period, stating on what account the same was received and paid; and shall, at appropriate intervals but at least once each month, report to the Comptroller al…

He shall also make out and present to the Governor, at least ten days before each regular session of the General Assembly, a full report of all moneys by him received and paid out, and also a general account of all the business of his office. (Source: Laws 1873, p. 186.)

In case of the death of the Treasurer, it shall be the duty of the Governor to take possession of the office of such Treasurer, and cause the vaults thereof to be closed and securely locked, and so remain until a successor is appointed and qualified; and at the time such successor takes possession of the office, he, to…

College Savings Pool

College Savings Pool. (a) Definitions. As used in this Section: "Account owner" means any person or entity who has opened an account or to whom ownership of an account has been transferred, as allowed by the Internal Revenue Code, and who has authority to withdraw funds, direct withdrawal of funds, change the designate…

Illinois ABLE account program

Illinois ABLE account program. (a) As used in this Section: "Illinois ABLE account" or "account" means an account established for the purpose of financing certain qualified expenses of eligible individuals as specifically provided for in this Section and authorized by Section 529A of the Internal Revenue Code. "Illinoi…

Investment transparency

Investment transparency. (a) Purpose. The purpose of this Section is to provide for transparency in the investment of public funds by requiring the reporting of full and complete information regarding the investment moneys by the State Treasurer. (b) Online information concerning the investment of public funds. The Sta…

Illinois Higher Education Savings Program

Illinois Higher Education Savings Program. (a) Definitions. As used in this Section: "Beneficiary" means an eligible child named as a recipient of seed funds. "Eligible child" means a child born or adopted after December 31, 2022, to a parent who is a resident of Illinois at the time of the birth or adoption, as eviden…

The State Treasurer may establish and administer both a Public Treasurers' Investment Pool and an E-Pay program to supplement and enhance both the investment opportunities and the secure electronic payment options otherwise available to other custodians of public funds for public agencies in this State. The Treasurer,…