HB-5577, As Passed House, May 31, 2012

SUBSTITUTE FOR

HOUSE BILL NO. 5577

     A bill to amend 1995 PA 29, entitled

"Uniform unclaimed property act,"

by amending sections 30 and 32 (MCL 567.250 and 567.252), section

30 as amended by 2008 PA 208.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     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) 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.

     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.