HOUSE BILL NO. 5118

June 24, 2021, Introduced by Rep. Wakeman and referred to the Committee on Regulatory Reform.

A bill to amend 1995 PA 29, entitled

"Uniform unclaimed property act,"

by amending section 8a (MCL 567.228a), as amended by 2010 PA 197.

the people of the state of michigan enact:

Sec. 8a. (1) Funds Money held by a provider under the prepaid funeral contract funding and cemetery sales act, 1986 PA 255, MCL 328.211 to 328.235, that remain remains unclaimed for a period of 3 years 6 months after the death of the contract beneficiary or, if no contract beneficiary has been designated under the prepaid funeral contract, 3 years 6 months after the death of the owner of the prepaid funeral contract are is presumed abandoned.

(2) Funds Money held pursuant to under 1954 PA 70, MCL 328.201 to 328.204, are is presumed abandoned , after a period of 3 years, 6 months, unless the owner or person entitled to the funds money has communicated in writing with the banking or financial organization concerning the funds money or otherwise indicated in an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization.