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Illinois Treasurer Opposes Bill to Limit Audit Authority

The Illinois treasurer says he opposes a bill that would take away his office's authority to hire auditors to help recover residents' unclaimed property.

Businesses are legally required to make a good faith effort to find the owners of unclaimed property, such as unpaid life insurance benefits and forgotten bank accounts, and must turn it over to Treasurer Mike Frerichs' office if unsuccessful. 

But Frerichs says audits are necessary because not everyone complies.

Illinois Chamber of Commerce President Todd Maisch supports the Senate bill, saying audits could still be done, but in a way that protects taxpayers.

The bill is sponsored by Republican Sen. Pamela Althoff and has been assigned to the Senate Judiciary Committee. A hearing has not yet been scheduled.

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