MI HB5339

Allows the state administrator to sell or provide unclaimed property account information to registered locators for accounts unclaimed for at least 12 months, charging no more than $250 per request.

Requires information be provided in searchable electronic format and include the owner's name, address, relationship code, property type, cash value, report year, and holder contact information.

Locators must register with the administrator and pay a $1,200 fee, renewable every 4 years, with fees dedicated to registering and monitoring locators; ineligible applicants include those convicted of felonies involving dishonesty, fraud, or breach of fiduciary duty within the preceding 10 years.

Prohibits registered locators from distributing received unclaimed property information to other locators or persons for compensation, except to the owner.

Permits the administrator to mail payment directly to a registered locator's address if the owner authorizes the locator to assist in claiming the property.