Public Act 385 of 2004

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• Introduced by Sen. Michael Switalski (D) on August 4, 2004, to revise the law governing unclaimed property, so as to reduce from seven to three years the period after which shares of stock are presumed to have been abandoned when their owner's location is unknown and the owner does not claim any dividends or other distributions. Also, to shorten the time after which stock enrolled in an automatic reinvestment plan may be considered abandoned.
  • Referred to the Senate Appropriations Committee on August 4, 2004.
    • Reported in the Senate on September 9, 2004, with the recommendation that the substitute (S-1) be adopted and that the bill then pass.
  • Substitute offered in the Senate on September 9, 2004, to replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described. The substitute passed by voice vote in the Senate on September 9, 2004.
• Passed 35 to 0 in the Senate on September 9, 2004.
  Who Voted "Yes" and Who Voted "No"
• Received in the House on September 9, 2004.
  • Referred to the House Appropriations Committee on September 9, 2004.
    • Reported in the House on September 29, 2004, with the recommendation that the amendment be adopted and that the bill then pass.
  • Amendment offered in the House on September 29, 2004, to require that the unclaimed property report be published in newspapers every six months, and not "twice each year" (which potentially be two days in a row). The amendment passed by voice vote in the House on September 29, 2004.
• Passed 101 to 3 in the House on September 29, 2004, to revise the law governing unclaimed property, so as to reduce from seven to three years the period after which shares of stock are presumed to have been abandoned when their owner's location is unknown and the owner does not claim any dividends or other distributions. Also, to shorten the time after which stock enrolled in an automatic reinvestment plan may be considered abandoned.
  Who Voted "Yes" and Who Voted "No"
• Received in the Senate on September 30, 2004, to concur with the House-passed version of the bill. Passed 37 to 0 in the Senate on September 30, 2004.
  Who Voted "Yes" and Who Voted "No"
• Signed by Gov. Jennifer Granholm on October 12, 2004.