Michigan Compiled Laws Act 29 Of 1995 Uniform Unclaimed Property Act (567.221 - 567.265)

• Section 567.221 Short Title.
  This act shall be known and may be cited as the “uniform unclaimed property act”. History: 1995, Act 29, Eff. Mar. 28, 1996
• Section 567.222 Definitions.
  As used in this act, unless the context otherwise requires: (a) "Administrator" means the state treasurer. (b) "Apparent owner" means the person whose name...
• Section 567.223 Unclaimed Property Held In Ordinary Course Of Business; Presumption.
  (1) Except as otherwise provided by this act, all property, including any income or increment derived from the property, less any lawful charges, that...
• Section 567.224 Unclaimed Property; Conditions; Requirements.
  Unless otherwise provided in this act or by law, property is subject to the custody of this state as unclaimed property, if the conditions...
• Section 567.224a Exception.
  (1) Except as provided in subsection (2), property is not subject to the custody of this state as unclaimed property if its value is...
• Section 567.225 Outstanding Travelers Checks, Money Orders, Or Similar Written Instruments.
  (1) Subject to subsection (4), any sum payable on a travelers check that is outstanding for more than 15 years after its issuance is...
• Section 567.226 Outstanding Checks, Drafts, Or Similar Instruments.
  (1) Any sum payable on a check, draft, or similar instrument, except those subject to section 5, on which a banking or financial organization...
• Section 567.227 Demand, Savings, Or Matured Time Deposit.
  (1) Any demand, savings, or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and any funds...
• Section 567.228 Unclaimed Life Or Endowment Insurance Policy Or Annuity Contract.
  (1) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if...
• Section 567.228a Unclaimed Prepaid Funeral Contract.
  (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...
• Section 567.228b Demutualization Of Insurance Company; Property; Presumption; Report; Definition.
  (1) Property distributable in the course of the demutualization of an insurance company is presumed abandoned as follows: (a) Any funds, 2 years after...
• Section 567.229 Unclaimed Deposit For Utility Services.
  A deposit, including any interest on the deposit, made by a subscriber with a utility to secure payment or any sum paid in advance...
• Section 567.230 Determination Or Order By Court Or Administrative Agency Of Refund By Business Association.
  Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by...
• Section 567.231 Repealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004.
  Compiler's Notes: The repealed section pertained to ownership interest in business association.
• Section 567.231a Abandonment Of Ownership Interest; Exceptions.
  (1) Any stock, share, or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the...
• Section 567.232 Unclaimed Property From Dissolved Business Association.
  Property distributable in the course of a dissolution of a business association that remains unclaimed by the owner for more than 1 year after...
• Section 567.233 Property Held In Fiduciary Capacity.
  (1) Property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless...
• Section 567.234 Property Held By Court, Governmental Agency, Or Public Corporation Or Authority.
  Property held for the owner by a court, state, or other government, governmental subdivision or agency, public corporation, or public authority that remains unclaimed...
• Section 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.
  (1) Except as provided in subsection (4), a gift certificate, gift card, or credit memo is presumed abandoned if either of the following apply:...
• Section 567.236 Unpaid Wages.
  (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...
• Section 567.237 Property Held In Safe Deposit Box Or Repository.
  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...
• Section 567.238 Report Of Presumed Abandoned Property; Duties Of Property Holder; Administration And Public Awareness Of Unclaimed Property Filing And Compliance Requirements; Applicability Of Certain Provisions To Owners Of Property On Active Duty Military Service.
  (1) A person holding property presumed abandoned and subject to the state's custody as unclaimed property under this act shall report to the administrator...
• Section 567.239 Notice; Publication In Newspaper; Requirements.
  (1) The administrator shall cause a notice to be published once every 6 months in a newspaper that has statewide circulation. (2) The published...
• Section 567.240 Payment Or Delivery Of Abandoned Property To Administrator; Duplicate Certificate.
  (1) A person who is required to file a report under section 18 shall at the time for filing the report pay or deliver...
• Section 567.241 Payment Or Delivery Of Abandoned Property To Administrator; Rights Of Property Holder.
  (1) Upon the payment or delivery of property to the administrator, the state assumes custody and responsibility for the safekeeping of the property. A...
• Section 567.242 Liquidation Or Conversion Of Property Into Money; Receipt Of Dividends, Interest, Or Other Increments.
  If property other than money is paid or delivered to the administrator under this act, the owner is entitled to receive from the administrator...
• Section 567.243 Sale Of Abandoned Property.
  (1) Except as provided in subsections (2) and (3), the administrator, not later than 3 years after the receipt of abandoned property, shall sell...
• Section 567.244 Disposition Of Funds; Deductions; Transfer Of Funds To Senior Care Respite Fund.
  (1) Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund of this state all funds received under...
• Section 567.245 Claim Of Interest In Property.
  (1) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator under this act, may file with...
• Section 567.246 Claim Of Interest In Property By Another State.
  (1) At any time after property has been paid or delivered to the administrator under this act, another state may recover the property if...
• Section 567.247 Action To Establish Claim In Circuit Court.
  A person who is aggrieved by a decision of the administrator or whose claim has not been acted upon within 90 days after its...
• Section 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.
  (1) The administrator may decline to receive property reported under this act that the administrator considers to have a value less than the expense...
• Section 567.249 Determination Of Insubstantial Commercial Value; Destruction Or Disposition Of Property.
  If the administrator determines after investigation that any property delivered under this act has insubstantial commercial value, the administrator may destroy or otherwise dispose...
• Section 567.250 Expiration Of Time Period Specified By Contract, Statute, Or Court Order; Exception; Commencement Of Action Or Proceeding.
  (1) The expiration, before or after the effective date of this act, of any period of time specified by contract, statute, or court order,...
• Section 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.
  (1) The administrator may require a person who has not filed a report under this act or a person who the administrator believes has...
• Section 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.
  (1) If the administrator determines that a holder has failed to report or deliver to the administrator unclaimed property as required by this act,...
• Section 567.251b Streamlined Audit Process; Election; Audit.
  (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...
• Section 567.252 Maintenance Of Records; Required Time Periods.
  (1) A holder required to file a report under section 18, as to any property for which it has obtained the last known address...
• Section 567.253 Enforcement Of Action; Jurisdiction.
  The administrator may bring an action in a court of competent jurisdiction to enforce this act. History: 1995, Act 29, Eff. Mar. 28, 1996
• Section 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.
  (1) The administrator may enter into an agreement with another state to exchange information needed to enable this or another state to audit or...
• Section 567.255 Failure To Pay Or Deliver Property; Penalties; Waiver.
  (1) A person who fails to pay or deliver property within the time prescribed by this act shall pay to the administrator interest at...
• Section 567.256 Agreement To Compensate For Recovery Of Property; Enforcement.
  An agreement to pay compensation to recover or assist in the recovery of property reported under section 18, made within 24 months after the...
• Section 567.257 Property Held, Due, And Owing In Foreign Country; Applicability Of Act.
  This act does not apply to any property held, due, and owing in a foreign country and arising out of a foreign transaction. History:...
• Section 567.257a Exemptions; "Association" Defined.
  (1) Except with respect to property described in sections 7 and 17, this act does not apply to any credit balances, overpayments, deposits, refunds,...
• Section 567.258 Duty Arising Before Effective Date Of Act.
  (1) This act does not relieve a holder of a duty that arose before the effective date of this act to report, pay, or...
• Section 567.259 Administrator As Successor To State Board Of Escheats.
  The administrator is the successor to the state board of escheats created by former Act No. 329 of the Public Acts of 1947. A...
• Section 567.260 Rules.
  The administrator may promulgate rules necessary to carry out the provisions of this act under the administrative procedures act of 1969, Act No. 306...
• Section 567.261 Applicability And Construction Of Act.
  This act shall be applied and construed as to effectuate its general purpose to make uniform the law with respect to the subject of...
• Section 567.262 Applicability Of Act To Property Subject To Another Statute.
  This act shall not apply to unclaimed, lost, or abandoned property, if the loss, abandonment, or failure to claim the property is the subject...
• Section 567.263 Repealed. 1997, Act 195, Imd. Eff. Dec. 30, 1997.
  Compiler's Notes: The repealed section pertained to hiring of additional personnel or independent contractors.
• Section 567.264 Repeal Of Mcl 567.11 To 567.76.
  Act No. 329 of the Public Acts of 1947, being sections 567.11 to 567.76 of the Michigan Compiled Laws, is repealed. History: 1995, Act...
• Section 567.265 Effective Date.
  This act shall take effect January 1, 1996. History: 1995, Act 29, Eff. Mar. 28, 1996

Last modified: October 10, 2016