reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.228b - Demutualization of Insurance Company; Property; Presumption; Report; Definition.

567.228b Demutualization of insurance company; property; presumption; report; definition.
Sec. 8b.
(1) Property distributable in the course of the demutualization of an insurance company is presumed abandoned as follows:
(a) Any funds, 2 years after the date of the demutualization, if the funds remain unclaimed and the owner has not otherwise communicated with the holder or its agent regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.
(b) Any stock, 2 years after the date of the demutualization, if instruments or statements reflecting the distribution are either mailed to the owner and returned by the post office as undeliverable or not mailed to the owner because of an address on the books and records of the holder that is known to be incorrect and the owner has not otherwise communicated with the holder or its agent regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.
(2) A holder of unclaimed property described in subsection (1) shall file an initial 1-time report of unclaimed demutualization proceeds not later than September 1, 2004 for the 1-year period ending December 31, 2003.
(3) As used in this section, "demutualization" means the payment of consideration for the relinquishment of a mutual membership interest in a mutual insurance company, regardless if undertaken in conjunction with a plan of demutualization, liquidation, merger, or other form of reorganization.
History:
Add. 2004, Act 82, Imd. Eff. Apr. 22, 2004
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.229 - Unclaimed Deposit for Utility Services.

567.229 Unclaimed deposit for utility services.
Sec. 9.
A deposit, including any interest on the deposit, made by a subscriber with a utility to secure payment or any sum paid in advance for utility services to be furnished, less any lawful deductions, that remains unclaimed by the owner for more than 1 year after termination of the services for which the deposit or advance payment was made is presumed abandoned.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.230 - Determination or Order by Court or Administrative Agency of Refund by Business Association.

567.230 Determination or order by court or administrative agency of refund by business association.
Sec. 10.
Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by a court or administrative agency that remains unclaimed by the owner for more than 1 year after it became payable in accordance with the final determination or order providing for the refund, whether or not the final determination or order requires any person entitled to a refund to make a claim for the refund, is presumed abandoned.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.231 - Repealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004.

567.231 Repealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004.
Compiler's Notes:
The repealed section pertained to ownership interest in business association.
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.231a - Abandonment of Ownership Interest; Exceptions.

567.231a Abandonment of ownership interest; exceptions.
Sec. 11a.
(1) Any stock, share, or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if both of the following apply:
(a) The interest in the association is owned by a person who for more than 3 years has not claimed a dividend, distribution, or other sum payable as a result of the interest, or who has not communicated with the association regarding the interest or a dividend, distribution, or other sum payable as the result of the interest, as evidenced by a memorandum or other record on file with the association prepared by an employee of the association.
(b) The association does not know the location of the owner at the end of the 3-year period.
(2) The return of official shareholder notifications or communications by the postal service as undeliverable is evidence that the association does not know the location of the owner.
(3) This section applies to both the underlying stock, share, or other intangible ownership interest of an owner, and any stock, share, or other intangible ownership interest of which the business association is in possession of the certificate or other evidence or indicia of ownership, and to the stock, share, or other ownership interest of dividend and nondividend paying business associations whether or not the interest is represented by a certificate.
(4) At the time an interest is presumed abandoned under this section, any dividend, distribution, or other sum then held for or owing to the owner as a result of the interest, and not previously presumed abandoned, is presumed abandoned.
(5) This section does not apply to any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest unless 1 or more of the following apply:
(a) The records available to the administrator of the plan show, with respect to any intangible ownership interest not enrolled in the reinvestment plan, that the owner has not within 3 years communicated in any manner described in subsection (1).
(b) Three years have elapsed since the location of the owner became unknown to the association, as evidenced by the return of official shareholder notifications or communications by the postal service as undeliverable, and the owner has not within 3 years communicated in any manner described in subsection (1).
History:
Add. 2004, Act 385, Imd. Eff. Oct. 12, 2004
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.232 - Unclaimed Property From Dissolved Business Association.

567.232 Unclaimed property from dissolved business association.
Sec. 12.
Property distributable in the course of a dissolution of a business association that remains unclaimed by the owner for more than 1 year after the date specified for final distribution is presumed abandoned.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.233 - Property Held in Fiduciary Capacity.

567.233 Property held in fiduciary capacity.
Sec. 13.
(1) Property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within 3 years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, communicated concerning the property, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by the fiduciary.
(2) Funds in an individual retirement account or a qualified retirement plan for self-employed individuals or similar account or qualified plan established under the internal revenue code are not payable or distributable within the meaning of subsection (1) unless, under the terms of the account or qualified plan, distribution of all or part of the funds would then be mandatory.
(3) For the purpose of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless the agreement between him or her and the business association provides otherwise.
(4) For the purposes of this act, a person who is deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned.
History:
1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2010, Act 197, Imd. Eff. Oct. 5, 2010
Compiler's Notes:
Enacting section 1 of Act 197 of 2010 provides:"Enacting section 1. This amendatory act applies to property presumed abandoned and subject to the state's custody as unclaimed property under this act reportable to the state for any period ending after June 30, 2010."
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.234 - Property Held by Court, Governmental Agency, or Public Corporation or Authority.

567.234 Property held by court, governmental agency, or public corporation or authority.
Sec. 14.
Property held for the owner by a court, state, or other government, governmental subdivision or agency, public corporation, or public authority that remains unclaimed by the owner for more than 1 year after becoming payable or distributable is presumed abandoned.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.235 - Gift Certificate, Gift Card, or Credit Memo; Presumption of Abandonment; Considered as Used or Claimed; Presumption of Amount Abandoned; Act Inapplicable to Gift Certificate Defined in MCL 445.903e.

567.235 Gift certificate, gift card, or credit memo; presumption of abandonment; considered as used or claimed; presumption of amount abandoned; act inapplicable to gift certificate defined in MCL 445.903e.
Sec. 15.
(1) Except as provided in subsection (4), a gift certificate, gift card, or credit memo is presumed abandoned if either of the following apply:
(a) The certificate, card, or memo is not claimed or used for a period of 3 years after becoming payable or distributable.
(b) The certificate, card, or memo was used or claimed 1 or more times without exhausting its full value, but subsequently was not claimed or used for an uninterrupted period of 3 years.
(2) For purposes of subsection (1), a gift certificate or gift card is considered to have been claimed or used if there is any transaction processing activity on the gift certificate or gift card including, but not limited to, redeeming, refunding, or adding value to the certificate or card. Activity initiated by the issuer of the certificate or card, including, but not limited to, assessing inactivity fees or similar service fees, does not constitute transaction processing activity for purposes of this subsection.
(3) In the case of a gift certificate or gift card, the owner is presumed to be a gift recipient of the gift certificate or gift card, and the amount presumed abandoned is the price paid by the purchaser for the gift certificate or gift card, less the total of any purchases or fees assessed against the certificate or card. In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo.
(4) This act does not apply to a gift certificate as defined in section 3e of the Michigan consumer protection act, 1976 PA 331, MCL 445.903e, that is issued for retail goods or services by a person engaged in the retail sale of goods or services.
History:
1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2008, Act 208, Eff. Sept. 30, 2008 ;-- Am. 2010, Act 197, Imd. Eff. Oct. 5, 2010
Compiler's Notes:
Enacting section 1 of Act 197 of 2010 provides:"Enacting section 1. This amendatory act applies to property presumed abandoned and subject to the state's custody as unclaimed property under this act reportable to the state for any period ending after June 30, 2010."
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.236 - Unpaid Wages.

567.236 Unpaid wages.
Sec. 16.
(1) Unpaid wages greater than $50.00, including wages represented by unpresented payroll checks greater than $50.00, owing in the ordinary course of the holder's business that remain unclaimed by the owner for more than 1 year after becoming payable are presumed abandoned.
(2) Unpaid wages of $50.00 or less owing in the ordinary course of the holder's business that remain unclaimed by the owner for more than 1 year after becoming payable are not subject to this act.
History:
1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2002, Act 677, Imd. Eff. Dec. 30, 2002
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.237 - Property Held in Safe Deposit Box or Repository.

567.237 Property held in safe deposit box or repository.
Sec. 17.
All property held in a safe deposit box or any other safekeeping repository in this state in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by law, that remain unclaimed by the owner for more than 3 years after the lease or rental period on the box or other repository has expired, are presumed abandoned.
History:
1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2010, Act 197, Imd. Eff. Oct. 5, 2010
Compiler's Notes:
Enacting section 1 of Act 197 of 2010 provides:"Enacting section 1. This amendatory act applies to property presumed abandoned and subject to the state's custody as unclaimed property under this act reportable to the state for any period ending after June 30, 2010."
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.239 - Notice; Publication in Newspaper; Requirements.

567.239 Notice; publication in newspaper; requirements.
Sec. 19.
(1) The administrator shall cause a notice to be published once every 6 months in a newspaper that has statewide circulation.
(2) The published notice shall be entitled "notice to persons and entities who may be owners of abandoned property" and contain all of the following:
(a) A statement of the number of new properties that have been added to the department of treasury website and that the list of new properties will be available for not less than 1 year.
(b) The department's website address. The website shall enable persons and entities to search for their abandoned property.
(c) The department's telephone number for persons and entities wishing to contact the department via telephone in search of their abandoned property.
(d) A statement that anyone interested in searching the department of treasury website may search the internet at his or her local public library.
(3) The website shall contain all of the following:
(a) The name of any person for whom property has been added to the unclaimed property division database.
(b) A statement that information concerning the property may be obtained by any person possessing an interest in the property by addressing an inquiry to the administrator.
(c) A claim form.
(d) A statement informing an owner of property held by the administrator how to file a claim with the administrator to receive his or her property.
(4) The administrator is not required to publish on the website any items of less than $50.00 unless the administrator considers publication of 1 or more of those items to be in the public interest.
(5) This section is not applicable to sums payable on travelers checks, money orders, and other written instruments presumed abandoned under section 5.
History:
1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 1997, Act 195, Imd. Eff. Dec. 30, 1997 ;-- Am. 2004, Act 82, Imd. Eff. Apr. 22, 2004 ;-- Am. 2004, Act 385, Imd. Eff. Oct. 12, 2004
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.240 - Payment or Delivery of Abandoned Property to Administrator; Duplicate Certificate.

567.240 Payment or delivery of abandoned property to administrator; duplicate certificate.
Sec. 20.
(1) A person who is required to file a report under section 18 shall at the time for filing the report pay or deliver to the administrator all abandoned property that is required to be reported under section 18 or any balance owing if an estimated payment was made under section 18.
(2) The holder of an interest under section 11 shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the administrator. Upon delivery of a duplicate certificate to the administrator, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every kind in accordance with the provision of section 21 to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the administrator, for any losses or damages resulting to any person by the issuance and delivery to the administrator of the duplicate certificate.
History:
1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 1997, Act 195, Imd. Eff. Dec. 30, 1997
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.242 - Liquidation or Conversion of Property Into Money; Receipt of Dividends, Interest, or Other Increments.

567.242 Liquidation or conversion of property into money; receipt of dividends, interest, or other increments.
Sec. 22.
If property other than money is paid or delivered to the administrator under this act, the owner is entitled to receive from the administrator any dividends, interest, or other increments realized or accruing on the property at or before liquidation or conversion of the property into money.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.243 - Sale of Abandoned Property.

567.243 Sale of abandoned property.
Sec. 23.
(1) Except as provided in subsections (2) and (3), the administrator, not later than 3 years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords, in the judgment of the administrator, the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if, in the judgment of the administrator, the bid is insufficient. If, in the judgment of the administrator, the probable cost of sale exceeds the value of the property, the property need not be offered for sale. Any sale held under this section shall be preceded by a single publication of notice, at least 3 weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.
(2) Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Securities not listed on an established stock exchange may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator considers advisable.
(3) Unless the administrator considers it to be in the best interest of the state to do otherwise, all securities presumed abandoned under this act and delivered to the administrator shall be sold within 1 year of the receipt of the securities. A person making a claim under this act against the state, the holder, any transfer agent, registrar, or other person acting for or on behalf of a holder is not entitled to any appreciation in the value of the property occurring after delivery by the holder to the administrator.
(4) The purchaser of property at any sale conducted by the administrator under this act takes the property free of all claims of the owner or previous holder of the property and of all persons claiming through or under the owner or previous holder. The administrator shall execute all documents necessary to complete the transfer of ownership.
History:
1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 1997, Act 195, Imd. Eff. Dec. 30, 1997
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.244 - Disposition of Funds; Deductions; Transfer of Funds to Senior Care Respite Fund.

567.244 Disposition of funds; deductions; transfer of funds to senior care respite fund.
Sec. 24.
(1) Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund of this state all funds received under this act, including the proceeds from the sale of abandoned property under section 23. The administrator shall retain in a separate trust fund an amount not less than $100,000.00 from which prompt payment of claims allowed under this act shall be made. When making the deposit, the administrator shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or contract listed in the report of an insurance company, the number of the policy or contract, the name of the insurance company, and the amount due. The name of the owner or apparent owner and a gross description of the property only shall be available for public inspection at all reasonable business hours.
(2) Before making any deposit to the credit of the general fund, the administrator may deduct any of the following:
(a) Costs in connection with the sale of abandoned property.
(b) Costs of mailing and publication in connection with any abandoned property.
(c) Reasonable service charges.
(d) Costs incurred in examining records of holders of property and in collecting the property from those holders.
(3) The administrator shall transfer to the senior care respite fund created in the older Michiganians act, 1981 PA 180, MCL 400.581 to 400.594, funds that escheat to this state pursuant to 1 or more of the following:
(a) Section 403a of the nonprofit health care corporation reform act, 1980 PA 350, MCL 550.1403a.
(b) Section 5805 of the insurance code of 1956, 1956 PA 218, MCL 500.5805.
History:
1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2013, Act 209, Imd. Eff. Dec. 23, 2013
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.245 - Claim of Interest in Property.

567.245 Claim of interest in property.
Sec. 25.
(1) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator under this act, may file with the administrator a claim on a form prescribed by the administrator and verified by the claimant.
(2) The administrator shall consider each claim within 90 days after it is filed and give written notice to the claimant if the claim is denied in whole or in part. The notice may be given by mailing it to the last address, if any, stated in the claim as the address to which notices are to be sent. If no address for notices is stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim. No notice of denial need be given if the claim fails to state either the last address to which notices are to be sent or the address of the claimant.
(3) If a claim is allowed, the administrator shall pay over or deliver to the claimant the property or the amount the administrator actually received or the net proceeds if it has been sold by the administrator, plus any additional amount required by section 22. If the property claimed was interest bearing to the owner on the date of surrender by the holder, and if the date of surrender is on or after March 28, 1996, the administrator also shall pay interest at a rate of 6% a year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the interest bearing property is delivered to the administrator and ceases on the earlier of the expiration of 10 years after delivery or the date on which payment is made to the owner. No interest on interest bearing property is payable for any period before March 28, 1996.
(4) Any holder who pays the owner for property that has been delivered to the state and which, if claimed from the administrator, would be subject to subsection (3) shall add interest as provided in that subsection. The added interest must be repaid to the holder by the administrator in the same manner as the principal.
History:
1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 1997, Act 195, Imd. Eff. Dec. 30, 1997
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.246 - Claim of Interest in Property by Another State.

567.246 Claim of interest in property by another state.
Sec. 26.
(1) At any time after property has been paid or delivered to the administrator under this act, another state may recover the property if 1 or more of the following requirements are met:
(a) The property was subjected to custody by this state because the records of the holder did not reflect the last known address of the apparent owner when the property was presumed abandoned under this act, and the other state establishes that the last known address of the apparent owner or other person entitled to the property was in that state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state.
(b) The last known address of the apparent owner or other person entitled to the property, as reflected by the records of the holder, is in the other state and under the laws of that state the property has escheated to or become subject to a claim of abandonment by that state.
(c) The records of the holder were erroneous in that they did not accurately reflect the actual owner of the property and the last known address of the actual owner is in the other state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state.
(d) The property was subjected to custody by this state under section 4(f) and under the laws of the state of domicile of the holder the property has escheated to or become subject to a claim of abandonment by that state.
(e) The property is the sum payable on a travelers check, money order, or other similar instrument that was subjected to custody by this state under section 5, and the instrument was purchased in the other state, and under the laws of that state the property escheated to or became subject to a claim of abandonment by that state.
(2) The claim of another state, under the laws of that state, to recover escheated or abandoned property shall be presented in a form prescribed by the administrator, who shall decide the claim within 90 days after it is presented. The administrator shall allow the claim if the administrator determines that the other state is entitled to the property under subsection (1).
(3) The administrator shall require a state, before recovering property under this section, to agree to indemnify this state and its officers and employees against any liability on a claim for the property.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.247 - Action to Establish Claim in Circuit Court.

567.247 Action to establish claim in circuit court.
Sec. 27.
A person who is aggrieved by a decision of the administrator or whose claim has not been acted upon within 90 days after its filing may bring an action to establish the claim in the circuit court, naming the administrator as a defendant. The action shall be brought within 90 days after the decision of the administrator or within 180 days after the filing of the claim if the administrator has failed to act on it. If the aggrieved person establishes the claim in an action against the administrator, the court shall award the claimant costs and reasonable attorney's fees.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.248 - Property Declined by Administrator; Destruction or Disposition of Property by Holder; Failure of Owner to Act in Relation to Property for 2 Years.

567.248 Property declined by administrator; destruction or disposition of property by holder; failure of owner to act in relation to property for 2 years.
Sec. 28.
(1) The administrator may decline to receive property reported under this act that the administrator considers to have a value less than the expense of giving notice and of public sale. If the administrator declines to receive the property, the administrator shall authorize the holder of the property to destroy or otherwise dispose of the property at any time the holder chooses. An action or proceeding shall not be maintained against a holder for or on account of any action taken by the holder in destroying or otherwise disposing of the property pursuant to the authorization of the administrator.
(2) A holder may report and deliver property to the administrator before the property is otherwise presumed abandoned if the owner has failed to exercise dominion or control, to assert a right of ownership or possession, to make presentment or demand payment, or to do any other act in relation to or concerning that property for a period of 2 years. Property received by the administrator under this subsection is presumed abandoned and shall be disposed of pursuant to section 23.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.249 - Determination of Insubstantial Commercial Value; Destruction or Disposition of Property.

567.249 Determination of insubstantial commercial value; destruction or disposition of property.
Sec. 29.
If the administrator determines after investigation that any property delivered under this act has insubstantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. An action or proceeding shall not be maintained against the state or any officer or against the holder for or on account of any action taken by the administrator under this section.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.250 - Expiration of Time Period Specified by Contract, Statute, or Court Order; Exception; Commencement of Action or Proceeding.

567.250 Expiration of time period specified by contract, statute, or court order; exception; commencement of action or proceeding.
Sec. 30.
(1) The expiration, before or after the effective date of this act, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report or to pay or deliver abandoned property to the administrator as required by this act. This subsection does not apply to gift cards or gift certificates.
(2) Except as otherwise provided in subsection (3), an action or proceeding shall not be commenced by the administrator with respect to any duty of a holder under this act more than 10 years, or, for the holder of records of transactions between 2 or more associations as defined under section 37(a)(2), more than 5 years, after the duty arose.
(3) For eligible holders electing to participate in the streamlined audit process described in section 31b, an action or proceeding shall not be commenced by the administrator with respect to any duty of a holder under this act more than 4 years after the duty arose.
History:
1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2008, Act 208, Eff. Sept. 30, 2008 ;-- Am. 2012, Act 292, Imd. Eff. Aug. 1, 2012 ;-- Am. 2015, Act 242, Imd. Eff. Dec. 22, 2015
Compiler's Notes:
Enacting section 1 of Act 242 of 2015 provides:"Enacting section 1. This amendatory act is retroactive and applies to audits in progress as of August 15, 2015, but does not retroactively apply to contested determinations in litigation before the date of enactment of this amendatory act."
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.251b - Streamlined Audit Process; Election; Audit.

567.251b Streamlined audit process; election; audit.
Sec. 31b.
(1) Eligible holders being examined by the administrator under section 31(2) may elect to follow the streamlined audit process described in this section. Eligible holders may elect the streamlined audit process by executing a nondisclosure agreement acceptable to the administrator within 30 days from the receipt of the audit notice.
(2) An audit conducted under the streamlined audit process described in this section shall meet both of the following:
(a) Be completed within a time frame jointly developed by the holder and the administrator, with the goal of completing the audit within 18 months from the receipt of the audit notice.
(b) Be conducted according to standards set forth in rules and regulations promulgated in accordance with section 31(4).
History:
Add. 2015, Act 242, Imd. Eff. Dec. 22, 2015
Compiler's Notes:
Enacting section 1 of Act 242 of 2015 provides:"Enacting section 1. This amendatory act is retroactive and applies to audits in progress as of August 15, 2015, but does not retroactively apply to contested determinations in litigation before the date of enactment of this amendatory act."
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.252 - Maintenance of Records; Required Time Periods.

567.252 Maintenance of records; required time periods.
Sec. 32.
(1) A holder required to file a report under section 18, as to any property for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for 10 years, or, for the holder of records of transactions between 2 or more associations as defined under section 37(a)(2), for 5 years, after the property becomes reportable, except to the extent that a shorter time is provided in subsection (2) or by rule of the administrator.
(2) A business association that sells in this state its travelers checks, money orders, or other similar written instruments, other than third-party bank checks on which the business association is directly liable, or that provides those instruments to others for sale in this state, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for 3 years after the date the property is reportable.
History:
1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2012, Act 292, Imd. Eff. Aug. 1, 2012
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.253 - Enforcement of Action; Jurisdiction.

567.253 Enforcement of action; jurisdiction.
Sec. 33.
The administrator may bring an action in a court of competent jurisdiction to enforce this act.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.254 - Agreements With Other States to Exchange Information; Advisement and Consultation; Enforcement; Action Brought by Attorney General in Name of Another State; Action Brought in Another State in Name of Administrator.

567.254 Agreements with other states to exchange information; advisement and consultation; enforcement; action brought by attorney general in name of another state; action brought in another state in name of administrator.
Sec. 34.
(1) The administrator may enter into an agreement with another state to exchange information needed to enable this or another state to audit or otherwise determine unclaimed property that this state or another state may be entitled to subject to a claim of custody. The administrator by rule may require the reporting of information needed to enable compliance with agreements made pursuant to this section and prescribe the form.
(2) To avoid conflicts between the administrator's procedures and the procedures of administrators in other jurisdictions that enact the uniform unclaimed property act, the administrator, so far as is consistent with the purposes, policies, and provisions of this act, before adopting, amending, or repealing rules, shall advise and consult with administrators in other jurisdictions that enact substantially the uniform unclaimed property act and take into consideration the rules of administrators in other jurisdictions that enact the uniform unclaimed property act.
(3) The administrator may join with other states to seek enforcement of this act against a person who is or may be holding property reportable under this act.
(4) At the request of another state, the attorney general of this state may bring an action in the name of the administrator of the other state in a court of competent jurisdiction to enforce the unclaimed property laws of the other state against a holder in this state of property subject to escheat or a claim of abandonment by the other state, if the other state has agreed to pay expenses incurred by the attorney general in bringing the action.
(5) The administrator may request that the attorney general of another state or any other person bring an action in the name of the administrator in the other state. This state shall pay all expenses including attorney's fees in any action under this subsection. The administrator may agree to pay the person bringing the action attorney's fees based in whole or in part on a percentage of the value of any property recovered in the action. Expenses paid pursuant to this subsection shall not be deducted from the amount that is subject to the claim by the owner under this act.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.255 - Failure to Pay or Deliver Property; Penalties; Waiver.

567.255 Failure to pay or deliver property; penalties; waiver.
Sec. 35.
(1) A person who fails to pay or deliver property within the time prescribed by this act shall pay to the administrator interest at the current monthly rate of 1 percentage point above the adjusted prime rate per annum per month on the property or value of the property from the date the property should have been paid or delivered. The term "adjusted prime rate" means the average predominant prime rate quoted by not less than 3 commercial banks to large businesses, as determined by the department of treasury. The adjusted prime rate is to be based on the average prime rate charged by not less than 3 commercial banks during the 12-month period ending on September 30. The resulting current monthly interest rate based on the 12-month period ending September 30 will become effective on January 1 of the following year.
(2) A person who willfully fails to render any report or perform other duties required under this act shall pay a civil penalty of $100.00 for each day the report is withheld or the duty is not performed, but not more than $5,000.00.
(3) A person who willfully fails to pay or deliver property to the administrator as required under this act shall pay a civil penalty equal to 25% of the value of the property that should have been paid or delivered.
(4) A person who willfully refuses after written demand by the administrator to pay or deliver property to the administrator as required under this act is guilty of a misdemeanor and upon conviction may be punished by a fine of not less than $500.00, nor more than $25,000.00, or imprisonment for not more than 6 months, or both.
(5) The administrator or an authorized representative of the administrator may waive interest and civil fines imposed under this section.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.256 - Agreement to Compensate for Recovery of Property; Enforcement; Agreement Between Locator and Apparent Unclaimed Property Owner.

567.256 Agreement to compensate for recovery of property; enforcement; agreement between locator and apparent unclaimed property owner.
Sec. 36.
(1) An agreement to pay compensation to recover or assist in the recovery of property reported under section 18, made within 24 months after the date payment or delivery is made under section 20, is unenforceable.
(2) A written agreement between a locator and an apparent owner of unclaimed property is subject to subsection (1).
History:
1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2016, Act 312, Imd. Eff. Oct. 6, 2016
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.256a - Receipt of Unclaimed Property Account Information by Locator; Value; Format; Registration of Locator; Prohibition.

567.256a Receipt of unclaimed property account information by locator; value; format; registration of locator; prohibition.
Sec. 36a.
(1) The administrator may sell or otherwise provide unclaimed property account information to a locator for unclaimed accounts that remain unclaimed for not less than 24 months after the date payment or delivery is made under section 20 if the value of the unclaimed property is $10,000.00 or more. The administrator shall provide the unclaimed property account information in an electronic searchable format. The unclaimed property account information may include all of the following:
(a) The name of the apparent owner.
(b) The last known address of the apparent owner, as reported by the holder.
(c) The relationship code, if any.
(d) The type and amount of property and cash value of the property.
(2) Before the department provides information to a locator under subsection (1), the locator shall register with the department in a form and manner determined by the department and pay a fee to the department of $1,200.00. The fees collected under this subsection shall be used by the department to register and monitor locators under this act. The locator shall renew its registration and pay a fee of $1,200.00 every 4 years. To register, a locator shall provide the department a primary business address and telephone number, and the name, telephone number, and electronic mail address of the individual who will be the primary point of contact with the department. A locator is ineligible for registration if, within the immediately preceding 10 years, the individual, a current officer or owner of an entity, or a current employee of the individual or entity who performs or directs locator services was convicted of a felony involving dishonesty, deceit, fraud, or a breach of fiduciary duty.
(3) A locator who receives unclaimed property account information from the administrator under subsection (1) shall not distribute that information to other locators or any other person, other than the apparent owner, for compensation.
History:
Add. 2016, Act 312, Imd. Eff. Oct. 6, 2016
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.257 - Property Held, Due, and Owing in Foreign Country; Applicability of Act.

567.257 Property held, due, and owing in foreign country; applicability of act.
Sec. 37.
This act does not apply to any property held, due, and owing in a foreign country and arising out of a foreign transaction.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.257a - Exemptions; "Association" Defined.

567.257a Exemptions; "association" defined.
Sec. 37a.
(1) Except with respect to property described in sections 7 and 17, this act does not apply to any credit balances, overpayments, deposits, refunds, discounts, rebates, credit memos, or unidentified remittances created on or after April 1, 2009 and issued, held, due, or owing in any transactions between 2 or more associations. This exemption does not apply to outstanding checks, drafts, or other similar instruments.
(2) As used in this section, "association" means a business association, a public corporation, or any other commercial entity, including a sole proprietorship.
History:
Add. 2012, Act 144, Imd. Eff. May 24, 2012
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.258 - Duty Arising Before Effective Date of Act.

567.258 Duty arising before effective date of act.
Sec. 38.
(1) This act does not relieve a holder of a duty that arose before the effective date of this act to report, pay, or deliver property. A holder who did not comply with the law in effect before the effective date of this act is subject to the applicable enforcement and penalty provisions that then existed and they are continued in effect for the purpose of this subsection, subject to section 30(2).
(2) The initial report filed under this act for property that was not required to be reported before the effective date of this act but that is subject to this act must include all items of property that would have been presumed abandoned during the 10-year period preceding the effective date of this act as if this act had been in effect during that period.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.259 - Administrator as Successor to State Board of Escheats.

567.259 Administrator as successor to state board of escheats.
Sec. 39.
The administrator is the successor to the state board of escheats created by former Act No. 329 of the Public Acts of 1947. A reference to the state board of escheats in any other provision of law is considered a reference to the administrator under this act.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.260 - Rules.

567.260 Rules.
Sec. 40.
The administrator may promulgate rules necessary to carry out the provisions of this act under the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.261 - Applicability and Construction of Act.

567.261 Applicability and construction of act.
Sec. 41.
This act shall be applied and construed as to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it.
History:
1995, Act 29, Eff. Mar. 28, 1996
2023 Michigan Compiled Laws › Chapter 567 - Escheats › Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265) › Section 567.262 - Applicability of Act to Property Subject to Another Statute.

567.262 Applicability of act to property subject to another statute.
Sec. 42.
This act shall not apply to unclaimed, lost, or abandoned property, if the loss, abandonment, or failure to claim the property is the subject of another statute of this state that specifies to whom ownership of the property shall devolve.
History:
1995, Act 29, Eff. Mar. 28, 1996