2012 House Bill 5577 / Public Act 292

Revise unclaimed property law detail

Introduced in the House

April 26, 2012

Introduced by Rep. Aric Nesbitt (R-80)

To reduce from 10 years to five years the time that the holder of unclaimed property must retain records of the property after it is presumed to have been abandoned.

Referred to the Committee on Commerce

May 22, 2012

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

May 30, 2012

Substitute offered

The substitute passed by voice vote

May 31, 2012

Passed in the House 109 to 0 (details)

Received in the Senate

June 5, 2012

Referred to the Committee on Economic Development

June 14, 2012

Reported without amendment

With the recommendation that the bill pass.

July 18, 2012

Passed in the Senate 30 to 7 (details)

To reduce from 10 years to five years the time that the holder of unclaimed property must retain records of the property after it is presumed to have been abandoned.

Motion by Sen. Tupac Hunter (D-5)

To give the bill immediate effect.

The motion passed 31 to 5 (details)

Signed by Gov. Rick Snyder

Aug. 1, 2012