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Illinois Budget Treasurer

In this Oct. 3 file photo, Illinois State Treasurer Michael Frerichs speaks at a new conference in Chicago.

SPRINGFIELD — 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.

The State Journal-Register reports 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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