HOUSE BILL NO. 5339

January 16, 2020, Introduced by Reps. Webber, Byrd and Brann and referred to the Committee on Regulatory Reform.

A bill to amend 1995 PA 29, entitled

"Uniform unclaimed property act,"

by amending section 36a (MCL 567.256a), as added by 2016 PA 312.

the people of the state of michigan enact:

Sec. 36a. (1) The administrator may sell or otherwise shall provide all unclaimed property account information described in this section to a locator for all unclaimed accounts that remain unclaimed for not less than 24 months after the date payment or delivery is made described under section 20 if the value of the unclaimed property is $10,000.00 or more. upon written request. The administrator shall not charge more than $100.00 for each request. The administrator shall provide the unclaimed property account information in an a searchable electronic searchable or digital format. The unclaimed property account information may shall include all of the following:

(a) The name of the apparent owner or apparent owners.

(b) The complete last known address of the apparent owner or apparent owners, as reported by the holder.

(c) The relationship code, if any.

(d) The type and amount of property. and

(e) The cash value of the property if other than cash and the number of shares or items if the property is a security or a mutual fund share, including the exchange ticker symbol or fund name, if reported.

(f) The year the property was reported to the administrator.

(g) The name and contact information of the holder.

(h) A general description of the safe deposit box contents and liquidation amount, if applicable.

(2) Before the department administrator provides information to a locator under subsection (1), the locator shall register with the department administrator in a form and manner determined by the department administrator and pay a fee to the department administrator of $1,200.00. The fees collected under this subsection shall be used by the department administrator to register and monitor locators under this act. The locator shall renew its registration and pay a fee of $1,200.00 every 4 years. To register, a locator shall provide the department administrator a primary business address and telephone number, and the name, telephone number, and electronic mail address of the individual who will be the primary point of contact with the department. administrator. A locator is ineligible for registration if, within the immediately preceding 10 years, the individual, a current officer or owner of an entity, or a current employee of the individual or entity who performs or directs locator services was convicted of a felony involving dishonesty, deceit, fraud, or a breach of fiduciary duty.

(3) A locator who receives unclaimed property account information from the administrator under subsection (1) shall not distribute that information to other locators or any other person, other than the apparent owner, for compensation.

(4) If an owner has entered into a written agreement that authorizes a locator registered with the administrator under this act, to claim the unclaimed property on the owner's behalf or if the owner has sold the right to claim the unclaimed property to a locator, the administrator shall make distribution of the property or money in accordance with that written agreement. The written agreement must be executed by the owner and must be filed with the administrator.