The Illinois Tollway is required to annually file unclaimed property reports with all 50 states and other jurisdictions and remit escheated funds representing dormant property held by the Tollway. Each state establishes its dormancy requirements and thresholds in state statutes. All states require due diligence to be performed by the Tollway to attempt to reach the owner of dormant property prior to being remitted to the state of record’s unclaimed property division. These unclaimed property statutes apply to dormant Tollway IPASS accounts and uncashed checks issued by the Tollway. The Tollway’s IPASS (electronic tolling) program receives funds from customers that are held on account by the Tollway and used to pay tolls via electronic charges to an IPASS transponder as the customer drives the Tollway system. IPASS accounts become inactive for many reasons, including death, out of state move, or lost transponder. The Tollway is seeking a vendor to use Tollway-supplied data to prepare and file the annual reports with each required jurisdiction. The Tollway also desires that the successful vendor remain current with all state statutes pertaining to unclaimed property reporting and provide the Tollway with periodic updated matrices showing all requirements and due dates including dormancy requirements, due diligence thresholds, due diligence letter mailing due dates, reporting due dates, and reporting thresholds. The matrices should also include mailing and email addresses for each states’ unclaimed property divisions. Other assistance may be requested during the contract, including advice on statutes, procedures, penalty abatements, audits, etc. Most of the required annual filings occur in the fall, with approximately forty-five (45) state filings due by October 31st of each year. The remainder of the filings occur in spring and summer each year.
