SB 389 Summary

• Extends dormancy period for unclaimed property from 3 years to 5 years if the owner is on active duty military service or in the reserve component on active orders.

• Applies to travelers checks, money orders, checks, deposits, insurance policies, fiduciary property, gift certificates, safe deposit boxes, and other unclaimed property under Michigan's unclaimed property law.

• Maintains existing 3-year dormancy periods for non-military owners across all property categories.

• Takes immediate effect upon enactment; applies to property presumed abandoned on or after the effective date of July 23, 2024.