MI SB0642

Requires the state administrator to deposit all unclaimed property funds into the general fund while maintaining a separate trust fund with a minimum balance of $100,000.00 for prompt payment of valid claims.

Allows the administrator to deduct costs before depositing funds to the general fund, including property sale costs, mailing and publication expenses, service charges, and examination/collection costs.

Directs the administrator to transfer funds that escheat to the state from nonprofit health care corporations and insurance company unclaimed property to the senior care respite fund created under the Older Michiganians Act.

Requires the administrator to record and maintain detailed information about unclaimed property owners, insurance policyholders, and beneficiaries for claims processing purposes.

Became effective immediately upon approval by the Governor on December 21, 2013.