MI HB5340

Agreements to pay compensation to a locator for recovering unclaimed property are unenforceable within 12 months of payment or delivery unless the owner signs a written waiver acknowledging they understand the unenforceability provision and agree to compensate the locator.

Written agreements between locators and owners must be in 10-point font or larger and include the estimated value of unclaimed property accounts, a description of services provided, and a statement that owners have the right to recover property without paying a fee.

Electronically signed agreements are treated as original documents for all purposes under the unclaimed property law.

Locator compensation for recovering unclaimed property is capped at 25% of the amount of the claim approved by the administrator.

The act takes immediate effect upon enactment.