MCL - Act 29 of 1995


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

The People of the State of Michigan enact:
Document Type Description
Section 567.221 Section Short title.
Section 567.222 Section Definitions.
Section 567.223 Section Unclaimed property held in ordinary course of business; presumption.
Section 567.224 Section Unclaimed property; conditions; requirements.
Section 567.224a Section Exception.
Section 567.225 Section Outstanding travelers checks, money orders, or similar written instruments.
Section 567.226 Section Outstanding checks, drafts, or similar instruments.
Section 567.227 Section Demand, savings, or matured time deposit.
Section 567.228 Section Unclaimed life or endowment insurance policy or annuity contract.
Section 567.228a Section Unclaimed prepaid funeral contract.
Section 567.228b Section Demutualization of insurance company; property; presumption; report; definition.
Section 567.229 Section Unclaimed deposit for utility services.
Section 567.230 Section Determination or order by court or administrative agency of refund by business association.
Section 567.231 Section Repealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004.
Section 567.231a Section Abandonment of ownership interest; exceptions.
Section 567.232 Section Unclaimed property from dissolved business association.
Section 567.233 Section Property held in fiduciary capacity.
Section 567.234 Section Property held by court, governmental agency, or public corporation or authority.
Section 567.235 Section 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 Section Unpaid wages.
Section 567.237 Section Property held in safe deposit box or repository.
Section 567.238 Section Report of presumed abandoned property; duties of property holder; applicability of certain provisions to owners of property on active duty military service.
Section 567.239 Section Notice; publication in newspaper; requirements.
Section 567.240 Section Payment or delivery of abandoned property to administrator; duplicate certificate.
Section 567.241 Section Payment or delivery of abandoned property to administrator; rights of property holder.
Section 567.242 Section Liquidation or conversion of property into money; receipt of dividends, interest, or other increments.
Section 567.243 Section Sale of abandoned property.
Section 567.244 Section Disposition of funds; deductions; transfer of funds to senior care respite fund.
Section 567.245 Section Claim of interest in property.
Section 567.246 Section Claim of interest in property by another state.
Section 567.247 Section Action to establish claim in circuit court.
Section 567.248 Section 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 Section Determination of insubstantial commercial value; destruction or disposition of property.
Section 567.250 Section Expiration of time period specified by contract, statute, or court order; exception; commencement of action or proceeding.
Section 567.251 Section 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 Section 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 Section Streamlined audit process; election; audit.
Section 567.252 Section Maintenance of records; required time periods.
Section 567.253 Section Enforcement of action; jurisdiction.
Section 567.254 Section 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 Section Failure to pay or deliver property; penalties; waiver.
Section 567.256 Section Agreement to compensate for recovery of property; enforcement; agreement between locator and apparent unclaimed property owner.
Section 567.256a Section Receipt of unclaimed property account information by locator; value; format; registration of locator; prohibition.
Section 567.257 Section Property held, due, and owing in foreign country; applicability of act.
Section 567.257a Section Exemptions; "association" defined.
Section 567.258 Section Duty arising before effective date of act.
Section 567.259 Section Administrator as successor to state board of escheats.
Section 567.260 Section Rules.
Section 567.261 Section Applicability and construction of act.
Section 567.262 Section Applicability of act to property subject to another statute.
Section 567.263 Section Repealed. 1997, Act 195, Imd. Eff. Dec. 30, 1997.
Section 567.264 Section Repeal of MCL 567.11 to 567.76.
Section 567.265 Section Effective date.