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Michigan Legislature
Michigan Compiled Laws Complete Through PA 341 of 2018
House: Adjourned until Wednesday, November 7, 2018 1:30:00 PM

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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Act 29 of 1995 - UNIFORM UNCLAIMED PROPERTY ACT (567.221 - 567.265)
Section 567.221 ‑ Short title.
Section 567.222 ‑ Definitions.
Section 567.223 ‑ Unclaimed property held in ordinary course of business; presumption.
Section 567.224 ‑ Unclaimed property; conditions; requirements.
Section 567.224a ‑ Exception.
Section 567.225 ‑ Outstanding travelers checks, money orders, or similar written instruments.
Section 567.226 ‑ Outstanding checks, drafts, or similar instruments.
Section 567.227 ‑ Demand, savings, or matured time deposit.
Section 567.228 ‑ Unclaimed life or endowment insurance policy or annuity contract.
Section 567.228a ‑ Unclaimed prepaid funeral contract.
Section 567.228b ‑ Demutualization of insurance company; property; presumption; report; definition.
Section 567.229 ‑ Unclaimed deposit for utility services.
Section 567.230 ‑ Determination or order by court or administrative agency of refund by business association.
Section 567.231 ‑ Repealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004.
Section 567.231a ‑ Abandonment of ownership interest; exceptions.
Section 567.232 ‑ Unclaimed property from dissolved business association.
Section 567.233 ‑ Property held in fiduciary capacity.
Section 567.234 ‑ Property held by court, governmental agency, or public corporation or authority.
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.
Section 567.236 ‑ Unpaid wages.
Section 567.237 ‑ Property held in safe deposit box or repository.
Section 567.238 ‑ Report of presumed abandoned property; duties of property holder; administration and public awareness of unclaimed property filing and compliance requirements; applicability of certain provisions to owners of property on active duty military service.
Section 567.239 ‑ Notice; publication in newspaper; requirements.
Section 567.240 ‑ Payment or delivery of abandoned property to administrator; duplicate certificate.
Section 567.241 ‑ Payment or delivery of abandoned property to administrator; rights of property holder.
Section 567.242 ‑ Liquidation or conversion of property into money; receipt of dividends, interest, or other increments.
Section 567.243 ‑ Sale of abandoned property.
Section 567.244 ‑ Disposition of funds; deductions; transfer of funds to senior care respite fund.
Section 567.245 ‑ Claim of interest in property.
Section 567.246 ‑ Claim of interest in property by another state.
Section 567.247 ‑ Action to establish claim in circuit court.
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.
Section 567.249 ‑ Determination of insubstantial commercial value; destruction or disposition of property.
Section 567.250 ‑ Expiration of time period specified by contract, statute, or court order; exception; commencement of action or proceeding.
Section 567.251 ‑ Verified report of unclaimed property being held; examination of records to determine compliance with act; notice; audit; incomplete records; cost of examination; failure to maintain records; insufficient records for preparation of report; issuance of check in streamlined process; "substantially complete records" defined.
Section 567.251a ‑ Failure of holder to report or deliver unclaimed property; notice of examination determination; request for reconsideration; notice of appeal; hearing; decision; filing action in circuit court; waiver of penalties or interest; "notice of examination determination" defined.
Section 567.251b ‑ Streamlined audit process; election; audit.
Section 567.252 ‑ Maintenance of records; required time periods.
Section 567.253 ‑ Enforcement of action; jurisdiction.
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.
Section 567.255 ‑ Failure to pay or deliver property; penalties; waiver.
Section 567.256 ‑ Agreement to compensate for recovery of property; enforcement; agreement between locator and apparent unclaimed property owner.
Section 567.256a ‑ Receipt of unclaimed property account information by locator; value; format; registration of locator; prohibition.
Section 567.257 ‑ Property held, due, and owing in foreign country; applicability of act.
Section 567.257a ‑ Exemptions; "association" defined.
Section 567.258 ‑ Duty arising before effective date of act.
Section 567.259 ‑ Administrator as successor to state board of escheats.
Section 567.260 ‑ Rules.
Section 567.261 ‑ Applicability and construction of act.
Section 567.262 ‑ Applicability of act to property subject to another statute.
Section 567.263 ‑ Repealed. 1997, Act 195, Imd. Eff. Dec. 30, 1997.
Section 567.264 ‑ Repeal of MCL 567.11 to 567.76.
Section 567.265 ‑ Effective date.

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