By Associated Press
Springfield, IL – Illinois Gov. Pat Quinn signed a law yesterday that could put forgotten bank accounts to work for taxpayers much more quickly than before. The measure says the state can take control of abandoned funds after just one year instead of five years as previously dictated. The rightful owners can claim the money at any point, but the state will get to collect interest on the funds. Abandoned accounts, stocks, items in safe-deposit boxes and other unclaimed property are turned over to the state treasurer when the owners can't be found. The money is invested, while the items are held and eventually auctioned off.