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MI HB5577

Bill

Official Source

Status

Passed

8/15/2012

Primary Sponsor

Aric Nesbitt

Click for details

Origin

House of Representatives

96th Legislature

AI Summary

  • Amends the Uniform Unclaimed Property Act to modify record retention and statute of limitations periods for holders of property
  • Reduces the look-back period from 10 years to 5 years for holders of records of transactions between 2 or more associations
  • Maintains a 10-year record retention requirement for most property holders after property becomes reportable, except as shortened by rule
  • Requires business associations selling travelers checks, money orders, or similar instruments to maintain records for 3 years after property becomes reportable
  • Effective date: August 1, 2012

Legislative Description

State; escheats; uniform unclaimed property act; modify look-back period to 5 years. Amends secs. 30 & 32 of 1995 PA 29 (MCL 567.250 & 567.252).

Property, other

Last Action

Assigned Pa 292'12 With Immediate Effect

8/15/2012

Committee Referrals

Economic Development6/5/2012
Commerce4/26/2012

Full Bill Text

No bill text available