MI HB6421

Establishes a 3-year dormancy period for most unclaimed property before it escheats to the state, including bank deposits, checks, and safe deposit box contents.

Sets a 15-year dormancy period for travelers checks and a 3-year period for money orders before they are presumed abandoned.

Requires holders of unclaimed property valued at $50 or more to notify apparent owners 60-365 days before filing reports with the state administrator.

Changes the unclaimed property reporting deadline to July 1 of each year for the 12-month period ending March 31, with a special transition filing deadline of July 1, 2011 for the 9-month period ending March 31, 2011.

Appropriates $4,800,000 to the Department of Treasury for administration and public awareness of unclaimed property filing requirements through September 30, 2012.