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 ”escheats law” 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 ”escheats law” 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