(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.