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2012 House Bill 5577: Revise unclaimed property law detail

Public Act 292 of 2012

Introduced by Rep. Aric Nesbitt (R) on April 26, 2012 To reduce from 10 years to five years the time that the holder of unclaimed property must retain records of the property after it is presumed to have been abandoned.   Official Text and Analysis.
Referred to the House Commerce Committee on April 26, 2012
Reported in the House on May 22, 2012 With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered in the House on May 30, 2012
The substitute passed by voice vote in the House on May 30, 2012
Passed 109 to 0 in the House on May 31, 2012 (same description)
To reduce from 10 years to five years the time that the holder of unclaimed property must retain records of the property after it is presumed to have been abandoned.
Received in the Senate on June 5, 2012
Referred to the Senate Economic Development Committee on June 5, 2012
Reported in the Senate on June 14, 2012 With the recommendation that the bill pass.
Passed 30 to 7 in the Senate on July 18, 2012 (same description)
To reduce from 10 years to five years the time that the holder of unclaimed property must retain records of the property after it is presumed to have been abandoned.
Motion by Sen. Tupac Hunter (D) on July 18, 2012 To give the bill immediate effect.
The motion passed 31 to 5 in the Senate on July 18, 2012
Signed by Gov. Rick Snyder on August 1, 2012

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