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Act 29 of 1995
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Act 29 of 1995

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.

History: 1995, Act 29, Eff. Mar. 28, 1996

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 567.221SectionShort title.
Section 567.222SectionDefinitions.
Section 567.223SectionUnclaimed property held in ordinary course of business; presumption.
Section 567.224SectionUnclaimed property; conditions; requirements.
Section 567.224aSectionException.
Section 567.225SectionOutstanding travelers checks, money orders, or similar written instruments.
Section 567.226SectionOutstanding checks, drafts, or similar instruments.
Section 567.227SectionDemand, savings, or matured time deposit.
Section 567.228SectionUnclaimed life or endowment insurance policy or annuity contract.
Section 567.228aSectionUnclaimed prepaid funeral contract.
Section 567.228bSectionDemutualization of insurance company; property; presumption; report; definition.
Section 567.229SectionUnclaimed deposit for utility services.
Section 567.230SectionDetermination or order by court or administrative agency of refund by business association.
Section 567.231SectionRepealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004.
Section 567.231aSectionAbandonment of ownership interest; exceptions.
Section 567.232SectionUnclaimed property from dissolved business association.
Section 567.233SectionProperty held in fiduciary capacity.
Section 567.234SectionProperty held by court, governmental agency, or public corporation or authority.
Section 567.235SectionGift 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 567.236SectionUnpaid wages.
Section 567.237SectionProperty held in safe deposit box or repository.
Section 567.238SectionReport 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 567.239SectionNotice; publication in newspaper; requirements.
Section 567.240SectionPayment or delivery of abandoned property to administrator; duplicate certificate.
Section 567.241SectionPayment or delivery of abandoned property to administrator; rights of property holder.
Section 567.242SectionLiquidation or conversion of property into money; receipt of dividends, interest, or other increments.
Section 567.243SectionSale of abandoned property.
Section 567.244SectionDisposition of funds; deductions; transfer of funds to senior care respite fund.
Section 567.245SectionClaim of interest in property.
Section 567.246SectionClaim of interest in property by another state.
Section 567.247SectionAction to establish claim in circuit court.
Section 567.248SectionProperty declined by administrator; destruction or disposition of property by holder; failure of owner to act in relation to property for 2 years.
Section 567.249SectionDetermination of insubstantial commercial value; destruction or disposition of property.
Section 567.250SectionExpiration of time period specified by contract, statute, or court order; exception; commencement of action or proceeding.
Section 567.251SectionVerified 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 567.251aSectionFailure 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 567.251bSectionStreamlined audit process; election; audit.
Section 567.252SectionMaintenance of records; required time periods.
Section 567.253SectionEnforcement of action; jurisdiction.
Section 567.254SectionAgreements 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 567.255SectionFailure to pay or deliver property; penalties; waiver.
Section 567.256SectionAgreement to compensate for recovery of property; enforcement; agreement between locator and apparent unclaimed property owner.
Section 567.256aSectionReceipt of unclaimed property account information by locator; value; format; registration of locator; prohibition.
Section 567.257SectionProperty held, due, and owing in foreign country; applicability of act.
Section 567.257aSectionExemptions; "association" defined.
Section 567.258SectionDuty arising before effective date of act.
Section 567.259SectionAdministrator as successor to state board of escheats.
Section 567.260SectionRules.
Section 567.261SectionApplicability and construction of act.
Section 567.262SectionApplicability of act to property subject to another statute.
Section 567.263SectionRepealed. 1997, Act 195, Imd. Eff. Dec. 30, 1997.
Section 567.264SectionRepeal of MCL 567.11 to 567.76.
Section 567.265SectionEffective date.
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