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5 chapters · 52 sections in this title.
Mich. Comp. Laws § 567.221 Short title.
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Sec. 1. This act shall be known and may be cited as the "uniform unclaimed property act".
Mich. Comp. Laws § 567.222 Definitions.
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Sec. 2. As used in this act, unless the context otherwise requires: (a) "Administrator" means the state treasurer. (b) "Apparent owner" means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder. (c) "A…
Mich. Comp. Laws § 567.223 Unclaimed property held in ordinary course of business; presumption.
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Sec. 3. (1) Except as otherwise provided by this act, all property, including any income or increment derived from the property, less any lawful charges, that is held, issued, or owing in the ordinary course of a holder's business and remains unclaimed by the owner for more than …
Mich. Comp. Laws § 567.224 Unclaimed property; conditions; requirements.
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Sec. 4. Unless otherwise provided in this act or by law, property is subject to the custody of this state as unclaimed property, if the conditions raising a presumption of abandonment under sections 3 and 6 to 17 are satisfied and 1 or more of the following requirements are met: …
Mich. Comp. Laws § 567.224a Exception.
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Sec. 4a. (1) Except as provided in subsection (2), property is not subject to the custody of this state as unclaimed property if its value is $25.00 or less. (2) Subsection (1) does not apply to property described in section 11a or dividends.
Mich. Comp. Laws § 567.225 Outstanding travelers checks, money orders, or similar written instruments.
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Sec. 5. (1) Subject to subsection (4), any sum payable on a travelers check that is outstanding for more than 15 years after its issuance is presumed abandoned unless the owner, within 15 years, has communicated in writing with the issuer concerning it or otherwise indicated an i…
Mich. Comp. Laws § 567.226 Outstanding checks, drafts, or similar instruments.
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Sec. 6. (1) Except as otherwise provided in section 17a, any sum payable on a check, draft, or similar instrument, except those subject to section 5, on which a banking or financial organization is directly liable, including a cashier's check and a certified check, which is outst…
Mich. Comp. Laws § 567.227 Demand, savings, or matured time deposit.
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Sec. 7. (1) Except as otherwise provided in section 17a, any demand, savings, or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate,…
Mich. Comp. Laws § 567.228 Unclaimed life or endowment insurance policy or annuity contract.
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Sec. 8. (1) Except as otherwise provided in subsection (2) and section 17a, funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than 3 years after the funds became due and…
Mich. Comp. Laws § 567.228a Unclaimed prepaid funeral contract.
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Sec. 8a. (1) Funds held by a provider under the prepaid funeral contract funding act, 1986 PA 255, MCL 328.211 to 328.235, that remain unclaimed for a period of 3 years after the death of the contract beneficiary or, if no contract beneficiary has been designated under the prepai…
Mich. Comp. Laws § 567.228b Demutualization of insurance company; property; presumption; report; definition.
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Sec. 8b. (1) Property distributable in the course of the demutualization of an insurance company is presumed abandoned as follows: (a) Any funds, 2 years after the date of the demutualization, if the funds remain unclaimed and the owner has not otherwise communicated with the hol…
Mich. Comp. Laws § 567.229 Unclaimed deposit for utility services.
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Sec. 9. A deposit, including any interest on the deposit, made by a subscriber with a utility to secure payment or any sum paid in advance for utility services to be furnished, less any lawful deductions, that remains unclaimed by the owner for more than 1 year after termination …
Mich. Comp. Laws § 567.230 Determination or order by court or administrative agency of refund by business association.
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Sec. 10. Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by a court or administrative agency that remains unclaimed by the owner for more than 1 year after it became payable in accordance…
Mich. Comp. Laws § 567.231a Abandonment of ownership interest; exceptions.
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Sec. 11a. (1) Any stock, share, or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if both of the fo…
Mich. Comp. Laws § 567.232 Unclaimed property from dissolved business association.
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Sec. 12. Property distributable in the course of a dissolution of a business association that remains unclaimed by the owner for more than 1 year after the date specified for final distribution is presumed abandoned.
Mich. Comp. Laws § 567.233 Property held in fiduciary capacity.
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Sec. 13. (1) Except as otherwise provided in section 17a, property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within 3 years after it has become payable or distributable, has…
Mich. Comp. Laws § 567.234 Property held by court, governmental agency, or public corporation or authority.
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Sec. 14. Property held for the owner by a court, state, or other government, governmental subdivision or agency, public corporation, or public authority that remains unclaimed by the owner for more than 1 year after becoming payable or distributable is presumed abandoned.
Mich. Comp. Laws § 567.235 Gift certificate, gift card, or credit memo; presumption of abandonment; considered as used or claimed; presumption of amount abandoned; act inapplicable to gift certificate defined in MCL 445.903e.
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Sec. 15. (1) Except as provided in subsection (4) and section 17a, a gift certificate, gift card, or credit memo is presumed abandoned if either of the following applies: (a) The certificate, card, or memo is not claimed or used for a period of 3 years after becoming payable or d…
Mich. Comp. Laws § 567.236 Unpaid wages.
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Sec. 16. (1) Unpaid wages greater than $50.00, including wages represented by unpresented payroll checks greater than $50.00, owing in the ordinary course of the holder's business that remain unclaimed by the owner for more than 1 year after becoming payable are presumed abandone…
Mich. Comp. Laws § 567.237 Property held in safe deposit box or repository.
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Sec. 17. Except as otherwise provided in section 17a, all property held in a safe deposit box or any other safekeeping repository in this state in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by law, that remain uncla…
Mich. Comp. Laws § 567.237a Dormancy period for military personnel.
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Sec. 17a. The dormancy period described in sections 3(1), 5(2), 6(1), 7(1) and (5), 8(1), 13(1), 15(1), and 17 is 5 years if the owner of the property is on active duty military service or in the reserve component on active orders.
Mich. Comp. Laws § 567.238 Report of presumed abandoned property; duties of property holder; applicability of certain provisions to owners of property on active duty military service.
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Sec. 18. (1) A person holding property presumed abandoned and subject to this state's custody as unclaimed property under this act shall report to the administrator concerning the property as provided in this section. (2) The report required by this section must be verified and m…
Mich. Comp. Laws § 567.239 Notice; publication in newspaper; requirements.
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Sec. 19. (1) The administrator shall cause a notice to be published once every 6 months in a newspaper that has statewide circulation. (2) The published notice shall be entitled "notice to persons and entities who may be owners of abandoned property" and contain all of the follow…
Mich. Comp. Laws § 567.240 Payment or delivery of abandoned property to administrator; duplicate certificate.
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Sec. 20. (1) A person who is required to file a report under section 18 shall at the time for filing the report pay or deliver to the administrator all abandoned property that is required to be reported under section 18 or any balance owing if an estimated payment was made under …
Mich. Comp. Laws § 567.241 Payment or delivery of abandoned property to administrator; rights of property holder.
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Sec. 21. (1) Upon the payment or delivery of property to the administrator, the state assumes custody and responsibility for the safekeeping of the property. A person who pays or delivers property to the administrator in good faith is relieved of all liability to the extent of th…
Mich. Comp. Laws § 567.242 Liquidation or conversion of property into money; receipt of dividends, interest, or other increments.
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Sec. 22. If property other than money is paid or delivered to the administrator under this act, the owner is entitled to receive from the administrator any dividends, interest, or other increments realized or accruing on the property at or before liquidation or conversion of the …
Mich. Comp. Laws § 567.243 Sale of abandoned property.
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Sec. 23. (1) Except as provided in subsections (2) and (3), the administrator, not later than 3 years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords, in the judgment of the administrator, the most …
Mich. Comp. Laws § 567.244 Disposition of funds; deductions; transfer of funds to senior care respite fund.
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Sec. 24. (1) Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund of this state all funds received under this act, including the proceeds from the sale of abandoned property under section 23. The administrator shall retain in …
Mich. Comp. Laws § 567.245 Claim of interest in property.
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Sec. 25. (1) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator under this act, may file with the administrator a claim on a form prescribed by the administrator and verified by the claimant. (2) The administrator shall …
Mich. Comp. Laws § 567.246 Claim of interest in property by another state.
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Sec. 26. (1) At any time after property has been paid or delivered to the administrator under this act, another state may recover the property if 1 or more of the following requirements are met: (a) The property was subjected to custody by this state because the records of the ho…
Mich. Comp. Laws § 567.247 Action to establish claim in circuit court.
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Sec. 27. A person who is aggrieved by a decision of the administrator or whose claim has not been acted upon within 90 days after its filing may bring an action to establish the claim in the circuit court, naming the administrator as a defendant. The action shall be brought withi…
Mich. Comp. Laws § 567.248 Property declined by administrator; destruction or disposition of property by holder; failure of owner to act in relation to property for 2 years.
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Sec. 28. (1) The administrator may decline to receive property reported under this act that the administrator considers to have a value less than the expense of giving notice and of public sale. If the administrator declines to receive the property, the administrator shall author…
Mich. Comp. Laws § 567.249 Determination of insubstantial commercial value; destruction or disposition of property.
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Sec. 29. If the administrator determines after investigation that any property delivered under this act has insubstantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. An action or proceeding shall not be maintained against the …
Mich. Comp. Laws § 567.250 Expiration of time period specified by contract, statute, or court order; exception; commencement of action or proceeding.
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Sec. 30. (1) The expiration, before or after the effective date of this act, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain…
Mich. Comp. Laws § 567.251 Verified report of unclaimed property being held; examination of records to determine compliance with act; notice; audit; incomplete records; cost of examination; failure to maintain records; insufficient records for preparation of report; issuance of check in streamlined process; "substantially complete records" defined.
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Sec. 31. (1) The administrator may require a person who has not filed a report under this act or a person who the administrator believes has filed an inactive, incomplete, or false report, to file a verified report in a form specified by the administrator. The report shall state …
Mich. Comp. Laws § 567.251a Failure of holder to report or deliver unclaimed property; notice of examination determination; request for reconsideration; notice of appeal; hearing; decision; filing action in circuit court; waiver of penalties or interest; "notice of examination determination" defined.
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Sec. 31a. (1) If the administrator determines that a holder has failed to report or deliver to the administrator unclaimed property as required by this act, the administrator shall mail to the holder by certified or registered mail a notice of examination determination, which sha…
Mich. Comp. Laws § 567.251b Streamlined audit process; election; audit.
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Sec. 31b. (1) Eligible holders being examined by the administrator under section 31(2) may elect to follow the streamlined audit process described in this section. Eligible holders may elect the streamlined audit process by executing a nondisclosure agreement acceptable to the ad…
Mich. Comp. Laws § 567.252 Maintenance of records; required time periods.
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Sec. 32. (1) A holder required to file a report under section 18, as to any property for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for 10 years, or, for the holder of records of transactions …
Mich. Comp. Laws § 567.253 Enforcement of action; jurisdiction.
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Sec. 33. The administrator may bring an action in a court of competent jurisdiction to enforce this act.
Mich. Comp. Laws § 567.254 Agreements with other states to exchange information; advisement and consultation; enforcement; action brought by attorney general in name of another state; action brought in another state in name of administrator.
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Sec. 34. (1) The administrator may enter into an agreement with another state to exchange information needed to enable this or another state to audit or otherwise determine unclaimed property that this state or another state may be entitled to subject to a claim of custody. The a…
Mich. Comp. Laws § 567.255 Failure to pay or deliver property; penalties; waiver.
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Sec. 35. (1) A person who fails to pay or deliver property within the time prescribed by this act shall pay to the administrator interest at the current monthly rate of 1 percentage point above the adjusted prime rate per annum per month on the property or value of the property f…
Mich. Comp. Laws § 567.256 Agreement to compensate for recovery of property; enforcement; agreement between locator and apparent unclaimed property owner.
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Sec. 36. (1) An agreement to pay compensation to recover or assist in the recovery of property reported under section 18, made within 24 months after the date payment or delivery is made under section 20, is unenforceable. (2) A written agreement between a locator and an apparent…
Mich. Comp. Laws § 567.256a Receipt of unclaimed property account information by locator; value; format; registration of locator; prohibition.
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Sec. 36a. (1) The administrator may sell or otherwise provide unclaimed property account information to a locator for unclaimed accounts that remain unclaimed for not less than 24 months after the date payment or delivery is made under section 20 if the value of the unclaimed pro…
Mich. Comp. Laws § 567.257 Property held, due, and owing in foreign country; applicability of act.
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Sec. 37. This act does not apply to any property held, due, and owing in a foreign country and arising out of a foreign transaction.
Mich. Comp. Laws § 567.257a Exemptions; "association" defined.
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Sec. 37a. (1) Except with respect to property described in sections 7 and 17, this act does not apply to any credit balances, overpayments, deposits, refunds, discounts, rebates, credit memos, or unidentified remittances created on or after April 1, 2009 and issued, held, due, or…
Mich. Comp. Laws § 567.258 Duty arising before effective date of act.
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Sec. 38. (1) This act does not relieve a holder of a duty that arose before the effective date of this act to report, pay, or deliver property. A holder who did not comply with the law in effect before the effective date of this act is subject to the applicable enforcement and pe…
Mich. Comp. Laws § 567.259 Administrator as successor to state board of escheats.
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Sec. 39. The administrator is the successor to the state board of escheats created by former Act No. 329 of the Public Acts of 1947. A reference to the state board of escheats in any other provision of law is considered a reference to the administrator under this act.
Mich. Comp. Laws § 567.260 Rules.
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Sec. 40. The administrator may promulgate rules necessary to carry out the provisions of this act under the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws.
Mich. Comp. Laws § 567.261 Applicability and construction of act.
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Sec. 41. This act shall be applied and construed as to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it.
Mich. Comp. Laws § 567.262 Applicability of act to property subject to another statute.
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Sec. 42. This act shall not apply to unclaimed, lost, or abandoned property, if the loss, abandonment, or failure to claim the property is the subject of another statute of this state that specifies to whom ownership of the property shall devolve.