As used in this act:

    (a) "Article" means any clothing, garment, wearing apparel, leather garment, fur coat or garment, curtain, drapery, rug, carpet, or household furnishing.

    (b) "Business" means an individual, partnership, corporation, or other legal entity which, for compensation, provides cleaning or repair services.

    (c) "Cleaning or repair services" means 1 or more of the following services in relation to an article:

    (i) Dry cleaning.

    (ii) Dyeing.

    (iii) Pressing.

    (iv) Laundering.

    (v) Alterations.

    (vi) Fabric repair.

    (d) "Storage" means the keeping of an article by a business, at the request of the person leaving the article, for a period of time as specified in a receipt or other written document.

     Except as provided in section 7, the owner of an article delivered to a business for the purpose of cleaning or repair services shall lose his or her ownership rights to the article not less than 1 year after the date the article was delivered to the business if the article has been in the possession of the business for more than 1 year after the date of delivery to that business.

     Except as provided in section 7, the owner of an article delivered to a business for the purpose of storage shall lose his or her ownership rights to the article not less than 1 year after the date on which the storage agreement terminated or expired if the article has been in the possession of that business for more than 1 year after the storage agreement terminated or expired.

     The owner of an article may regain his or her ownership rights in an article where the ownership rights were terminated pursuant to section 3, 5, or 9 if both of the following circumstances exist:

    (a) The business has not sold, donated, or otherwise disposed of the article.

    (b) The person desiring to regain his or her ownership rights pays the amount owing for cleaning or repair services or storage.

    (1) On or after the effective date of this act, the owner's rights to an article shall immediately terminate if any of the following circumstances exists:

    (a) The article was delivered to the business for the purpose of cleaning or repair services and has been in the possession of that business for more than 1 year after the date of delivery to that business.

    (b) The article was delivered to the business for the purpose of storage and has been in the possession of that business for more than 1 year after the date the storage agreement terminated or expired.

    (2) Upon the loss of the owner's rights to an article as provided for by this act, the business shall become the owner of the article.

    (3) A business may sell, donate, or otherwise dispose of an article upon the loss of the owner's rights to an article.

     A business shall display in a prominent place in its retail store notices substantially complying with the following:

     "ANY CLOTHING, GARMENT, WEARING APPAREL, LEATHER GARMENT, FUR COAT OR GARMENT, CURTAIN, DRAPERY, RUG, CARPET, OR HOUSEHOLD FURNISHING DRY CLEANED, DYED, PRESSED, LAUNDERED, ALTERED, OR REPAIRED WHICH IS NOT PICKED UP WITHIN 1 YEAR AFTER THE DATE IT WAS DELIVERED MAY BE SOLD, DONATED, OR OTHERWISE DISPOSED OF PURSUANT TO ACT NO. _____ OF THE PUBLIC ACTS OF _____."

     "ANY CLOTHING, GARMENT, WEARING APPAREL, LEATHER GARMENT, FUR COAT OR GARMENT, CURTAIN, DRAPERY, RUG, CARPET, OR HOUSEHOLD FURNISHING DELIVERED FOR STORAGE WHICH IS NOT PICKED UP WITHIN 1 YEAR AFTER THE DATE THE STORAGE AGREEMENT TERMINATED OR EXPIRED MAY BE SOLD, DONATED, OR OTHERWISE DISPOSED OF PURSUANT TO ACT NO. _____ OF THE PUBLIC ACTS OF _____."

     Act No. 43 of the Public Acts of 1943, being sections 570.211 to 570.217 of the Michigan Compiled Laws, is repealed.