UNIFORM UNCLAIMED PROPERTY ACT (EXCERPT)
Act 29 of 1995
567.252 Maintenance of records; required time periods.
(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
© 2009 Legislative Council, State of Michigan