Illinois Treasurer Michael Frerichs is trying to fight off legislation designed to limit his office's ability to audit life insurance companies and other types of businesses to ensure they are in step with unclaimed property laws.
Frerichs says a new Senate bill would outlaw those audits and he says companies that knowingly keep unclaimed property would essentially receive a get out of jail free card.
Senate Bill 2901 is sponsored by McHenry based Republican Senator Pamela Althoff.
