Treasurer Frerichs opposes bill that would limit audit authority
A proposed bill would “give license to companies to steal money,” Illinois Treasurer Mike Frerichs said Monday.
The treasurer spoke in opposition to Senate Bill 2901, which would take away his office’s authority to hire contingency fee auditors brought in to help recover the unclaimed property of Illinois residents.
Though businesses are required by law to make a good faith effort to find the owners of unclaimed property, such as unpaid life insurance benefits and forgotten bank accounts, they must turn it over to Frerichs’ office if unsuccessful.
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