2015 Senate Bill 538 / Public Act 242

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Introduced in the Senate

Oct. 1, 2015

Introduced by Sen. Jack Brandenburg (R-8)

To revise details of the state <a href="http://www.michiganvotes.org/2010-HB-6421">”escheats law”</a> that lets the state government take possession of unclaimed property if the owner does not claim it within three years. Among other changes the bill authorizes a streamlined audit process for some holders of unclaimed assets.

Referred to the Committee on Finance

Oct. 15, 2015

Reported without amendment

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

Oct. 28, 2015

Passed in the Senate 37 to 0 (details)

Received in the House

Oct. 28, 2015

Referred to the Committee on Commerce and Trade

Dec. 1, 2015

Reported without amendment

With the recommendation that the substitute (H-2) be adopted and that the bill then pass.

Dec. 10, 2015

Passed in the House 106 to 0 (details)

To revise details of the state <a href="http://www.michiganvotes.org/2010-HB-6421">”escheats law”</a> that lets the state government take possession of unclaimed property if the owner does not claim it within three years. Among other changes the bill authorizes a streamlined audit process for some holders of unclaimed assets.

Received in the Senate

Dec. 15, 2015

Passed in the Senate 38 to 0 (details)

To concur with the House-passed version of the bill.

Signed by Gov. Rick Snyder

Dec. 22, 2015