MI HB5118

Reduces the presumed abandonment period for money held under prepaid funeral and cemetery sales contracts from 3 years to 6 months after death of the contract beneficiary or contract owner

Changes terminology from "funds" to "money" and adjusts grammatical references throughout the statute for consistency

Applies the 6-month abandonment period to money held under 1954 PA 70 (cemetery perpetual care funds) unless the owner has communicated in writing with the financial organization or indicated interest through documented records

Shortens the timeframe before unclaimed prepaid funeral and cemetery funds can be reported as abandoned property to the state