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2016 House Bill 5283: Sell unclaimed property records to "locators"

Public Act 312 of 2016

Introduced by Rep. Michael Webber (R) on February 2, 2016
To revise the state ”escheats law” that lets the state government take possession of unclaimed property if the owner does not claim it within three years, by allowing the state to sell information on this property to “locator” services that make money by finding apparent owners who pay them for having found the information.   Official Text and Analysis.
Referred to the House Tax Policy Committee on February 2, 2016
Reported in the House on March 16, 2016
With the recommendation that the substitute (H-4) be adopted and that the bill then pass.
Substitute offered by Rep. Michael Webber (R) on March 24, 2016
To adopt a version of the bill that imposes a $1,200 quadrennial registration fee on "locator" services; prohibits locators charging discovering property worth less than $2,000; and changes some other details.
The substitute passed by voice vote in the House on March 24, 2016
Amendment offered by Rep. Jim Townsend (D) on March 24, 2016
To impose a background check mandate on "locator" service owners, officers and certain staff.
The amendment failed by voice vote in the House on March 24, 2016
Amendment offered by Rep. Jim Townsend (D) on March 24, 2016
To impose a price cap on locator charges.
The amendment failed by voice vote in the House on March 24, 2016
Passed 75 to 33 in the House on April 12, 2016.
    See Who Voted "Yes" and Who Voted "No".
To revise the state ”escheats law” that lets the state government take possession of unclaimed property, by allowing the state to sell information on this property to “locator” services that make money by finding apparent owners who pay them for having found the information. The bill would impose the equivalent of a $300 annual fee on these services in addition to the cost of any records they purchase.
Received in the Senate on April 13, 2016
Referred to the Senate Finance Committee on April 13, 2016
Reported in the Senate on June 8, 2016
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
Received in the House on September 8, 2016
Passed 78 to 28 in the House on September 20, 2016.
    See Who Voted "Yes" and Who Voted "No".
To concur with the Senate-passed version of the bill.
Signed by Gov. Rick Snyder on October 6, 2016

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