765 ILCS 1026/15-1302: When agreement to locate property void.

(a) Time period. Subject to subsection (b), an agreement under Section 15-1301 is void if it is entered into during the period beginning on the date the property was presumed abandoned under this Act and ending 24 months after the payment or delivery of the property to the administrator.

(b) Prohibition on future assignments. If a provision in an agreement described in Section 15-1301 applies to an obligation that did not exist or was not owed to the assignor at the time of execution of the agreement, the provision is void regardless of when the agreement was entered into.

(c) Limit on fees. An agreement under this Article 13 that provides for a fee, compensation, commission, or other remuneration in an amount that is more than 10% of the amount collected is unenforceable except by the apparent owner. The purchase, assignment, or other conveyance of unclaimed property to a finder, resulting in a net fee, compensation, commission, remuneration, or other profit to the finder in excess of 10% of the amount collected is prohibited.

(d) Other grounds for being void. An apparent owner or the administrator may assert that an agreement described in this Article 13 is void on a ground other than it provides for payment of compensation in excess of the amount authorized by paragraph (c) of this Section.

(e) License required. On or after January 1, 2026, a person attempting or seeking to act as a finder must be licensed as a finder by the administrator pursuant to Section 15-1303.

(f) Attorneys. This Section does not apply to an agreement between an owner and an attorney to pursue a claim for recovery of specifically identified property held by the administrator or to contest the administrator's denial of a claim for recovery of the property where the attorney has an attorney-client relationship with the owner.

(g) CPA firms. This Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act, or with an affiliate of such firm, if all of the following apply:

(1) the CPA firm has registered with the administrator and is in good standing with the Illinois Department of Financial and Professional Regulation;

(2) the apparent owner is not a natural person; and

(3) the CPA firm, or with an affiliate of such firm, also provides the apparent owner professional services to assist with the apparent owner's compliance with the reporting requirements of this Act. The administrator shall adopt rules to implement and administer the registration of CPA firms and the claims process under this paragraph (g).

(h) Enforcement. The administrator may use all the powers under Section 15-1002 to determine compliance with this Article.

(i) Bankrupt and dissolved business associations. Article 13 does not apply to asset purchase agreements involving the assets of a business association arising out of a bankruptcy proceeding under Title 11 of the United States Code or corporate dissolution or similar proceeding under applicable State law such as receiverships and assignments for the benefit of creditors. Claimants for property acquired under the provisions of this subsection are not required to be licensed as finders.

(j) Asset purchasers. Article 13 does not apply to asset purchase agreements between an asset purchaser and sellers who comprise a large business association. For the purposes of this subsection, a large business association is a business association or group of business associations that:

(1) generates $100 million or more in annual gross receipts or sales;

(2) employs 100 or more full-time employees in the United States; or

(3) has equity securities publicly traded on an exchange regulated by the federal Securities and Exchange Commission.

Annual gross receipts or sales shall be determined at the level of the unitary business group as that term is defined in the Illinois Income Tax Act. The administrator may change by administrative rule the annual gross receipts or sales threshold to an amount less than $100 million.

Claims filed by an asset purchaser under this subsection must include:

(1) a complete and unredacted copy of the asset purchase agreement or similar contract between the asset purchaser and the seller; and

(2) an attestation by the seller in the asset purchase agreement or in a separate written affirmation from the owner that the owner meets one or more of the above characteristics that qualify it as a large business association and is aware that it is selling unclaimed property that may be recovered from the administrator without paying a fee.

If the seller is a publicly traded entity, the asset purchaser may provide a copy, or a link to an online copy, of the most recently filed 10K with the Securities and Exchange Commission in lieu of the affirmation that the owner meets one or more of the characteristics that qualify as a large business association.

Asset purchase agreements that include future interests in property held by the administrator must provide sellers with a right to receive notice of amounts received by the asset purchaser on claims for that property. Asset purchase agreements that include future interests in property held by the administrator may provide for a share, purchase price adjustment, or deferred payment to the seller upon receipt of amounts on claims for that property.

The asset purchase agreement and the written affirmation provided under this subsection are exempt from disclosure under the Freedom of Information Act.

Nothing in this subsection limits the ability of the administrator to request or receive additional evidence sufficient to establish to the satisfaction of the administrator that the claimant is the owner of the property under Article 9.

Asset purchasers must register with the administrator. The administrator must adopt rules to implement and administer the registration of asset purchasers and the claims process under this subsection.

This subsection applies retroactively to any claim filed by an asset purchaser between January 1, 2026 and the effective date of this Act. Claims filed by an asset purchaser after January 1, 2026 based on an asset purchase agreement executed before January 1, 2026 must be accompanied by a complete and unredacted copy of the asset purchase agreement or similar contract between the asset purchaser and the seller but otherwise comply with Article 13 as it existed before January 1, 2026.