An act to amend 1995 PA 29, entitled “An act concerning unclaimed property; to provide for the reporting and disposition of unclaimed property; to make uniform the law concerning unclaimed property; to prescribe the powers and duties of certain state agencies and officials; to prescribe penalties and provide remedies; and to repeal acts and parts of acts,” by amending sections 5, 6, 7, 8, 13, 15, 17, and 18 (MCL 567.225, 567.226, 567.227, 567.228, 567.233, 567.235, 567.237, and 567.238), sections 5, 6, 7, 8, 13, 15, and 17 as amended by 2010 PA 197 and section 18 as amended by 2020 PA 79, and by adding section 17a.
The legislation amends the 1995 PA 29 to update the rules for presuming various financial instruments and accounts as abandoned after specific periods of inactivity, introduces a 5-year dormancy period for active military personnel, and mandates detailed reporting and notification requirements for holders of such property.
Co-sponsored by Sens.
Referred to the Committee on Veterans and Emergency Services
Reported with substitute S-1
Referred to the Committee of the Whole
Reported with substitute S-1
Substitute S-1 concurred in by voice vote
Passed in the Senate 38 to 0 (details)
Referred to the Committee on Military, Veterans and Homeland Security
Reported without amendment
Failed in the House 52 to 48 (details)
Motion to reconsider
by
The motion prevailed by voice vote
Passed in the House 105 to 4 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Motion to give immediate effect
by
The motion prevailed by voice vote
