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MI SB0125
Bill
AI Summary
- Excludes active duty military service members from modified dormancy periods established by 2010 PA 197 for unclaimed property reporting requirements
- Requires holders of presumed abandoned property to report to the state administrator with owner information, property descriptions, transaction dates, and other details specified by rule
- Mandates written notice to apparent owners at least 60 days but no more than 365 days before filing reports, provided the owner's address is current and the claim is not barred by statute of limitations
- Sets July 1 annual reporting deadline for the preceding 12-month period ending March 31, with administrator discretion to postpone or extend filing dates up to 60 days upon written request
- Effective immediately upon governor approval on April 2, 2020
Legislative Description
Property: abandoned; unclaimed property of active duty military; modify requirements for extended dormancy periods. Amends sec. 18 of 1995 PA 29 (MCL 567.238).
Military affairs: other
Last Action
Assigned Pa 0079'20 With Immediate Effect
4/7/2020
Committee Referrals
Ways And Means3/3/2020
Military, Veterans And Homeland Security12/5/2019
Families, Seniors And Veterans2/26/2019
Full Bill Text
No bill text available