2011 House Bill 4563 / 2012 Public Act 144

Exempt “B2B” property from accelerated escheats takings law

Introduced in the House

April 14, 2011

Introduced by Rep. Aric Nesbitt (R-80)

To exempt property involved in any business-to-business transaction from the <a href="http://www.michiganvotes.org/2010-HB-6421">2010 law</a> that lets the state government take any unclaimed property that falls under its control if the owner does not claim it within three years. Under previous law, an owner had five years before the government took his or her property.

Referred to the Committee on Commerce

May 17, 2011

Reported without amendment

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

June 7, 2011

Substitute offered

The substitute passed by voice vote

June 8, 2011

Passed in the House 108 to 1 (details)

Received in the Senate

June 9, 2011

Referred to the Committee on Economic Development

June 30, 2011

Reported without amendment

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

May 2, 2012

Substitute offered

The substitute passed by voice vote

May 3, 2012

Passed in the Senate 37 to 1 (details)

To exempt property involved in any business-to-business transaction from the <a href="http://www.michiganvotes.org/2010-HB-6421">2010 law</a> that lets the state government take any unclaimed property that falls under its control if the owner does not claim it within three years. Under previous law, an owner had five years before the government took his or her property.

Received in the House

May 3, 2012

May 8, 2012

Passed in the House 108 to 0 (details)

Signed by Gov. Rick Snyder

May 24, 2012