SB-1340, As Passed Senate, September 9, 2004
SUBSTITUTE FOR
SENATE BILL NO. 1340
A bill to amend 1995 PA 29, entitled
"Uniform unclaimed property act,"
by amending section 19 (MCL 567.239), as amended by 2004 PA 82,
and by adding section 11a; and to repeal acts and parts of acts.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 11a. (1) Any stock, share, or other intangible
2 ownership interest in a business association, the existence of
3 which is evidenced by records available to the association, is
4 presumed abandoned and, with respect to the interest, the
5 association is the holder, if both of the following apply:
6 (a) The interest in the association is owned by a person who
7 for more than 3 years has not claimed a dividend, distribution,
8 or other sum payable as a result of the interest, or who has not
9 communicated with the association regarding the interest or a
10 dividend, distribution, or other sum payable as the result of the
1 interest, as evidenced by a memorandum or other record on file
2 with the association prepared by an employee of the association.
3 (b) The association does not know the location of the owner
4 at the end of the 3-year period.
5 (2) The return of official shareholder notifications or
6 communications by the postal service as undeliverable is evidence
7 that the association does not know the location of the owner.
8 (3) This section applies to both the underlying stock, share,
9 or other intangible ownership interest of an owner, and any
10 stock, share, or other intangible ownership interest of which the
11 business association is in possession of the certificate or other
12 evidence or indicia of ownership, and to the stock, share, or
13 other ownership interest of dividend and nondividend paying
14 business associations whether or not the interest is represented
15 by a certificate.
16 (4) At the time an interest is presumed abandoned under this
17 section, any dividend, distribution, or other sum then held for
18 or owing to the owner as a result of the interest, and not
19 previously presumed abandoned, is presumed abandoned.
20 (5) This section does not apply to any stock or other
21 intangible ownership interest enrolled in a plan that provides
22 for the automatic reinvestment of dividends, distributions, or
23 other sums payable as a result of the interest unless 1 or more
24 of the following apply:
25 (a) The records available to the administrator of the plan
26 show, with respect to any intangible ownership interest not
27 enrolled in the reinvestment plan, that the owner has not within
1 3 years communicated in any manner described in subsection (1).
2 (b) Three years have elapsed since the location of the owner
3 became unknown to the association, as evidenced by the return of
4 official shareholder notifications or communications by the
5 postal service as undeliverable, and the owner has not within 3
6 years communicated in any manner described in subsection (1).
7 Sec. 19. (1) The administrator shall cause a notice to be
8 published not later
than November 1 of the twice each year
9 immediately following
the report required by section 18 in
a
10 newspaper of general that
has statewide circulation. in the
11 county of this state
in which is located the last known address
12 of any person named in
the notice. If no address is listed or
13 the address is outside
this state, the notice shall be published
14 in the county in which
the holder of the property has its
15 principal place of
business within this state or another county
16 as determined by the
administrator.
17 (2) The published
notice shall be entitled "notice of names
18 of to persons appearing to and
entities who may be owners of abandoned
19 property" and contain all of the following:
20 (a) The names, in
alphabetical order, of persons listed in
21 the report and
entitled to notice within the county as specified
22 in subsection (1).
23 (b) A statement
that information concerning the property may
24 be obtained by any
person possessing an interest in the property
25 by addressing an
inquiry to the administrator.
26 (c) A statement
informing an owner of property held by the
1 administrator on how
to file a claim with the administrator to
2 receive his or her
property.
3 (a) A statement of the number of new properties that have
4 been added to the department of treasury website and that the
5 list of new properties will be available for not less than 1
6 year.
7 (b) The department's website address. The website shall
8 enable persons and entities to search for their abandoned
9 property.
10 (c) The department's telephone number for persons and
11 entities wishing to contact the department via telephone in
12 search of their abandoned property.
13 (d) A statement that anyone interested in searching the
14 department of treasury website may search the internet at his or
15 her local public library.
16 (3) The website shall contain all of the following:
17 (a) The name of any person for whom property has been added
18 to the unclaimed property division database.
19 (b) A statement that information concerning the property may
20 be obtained by any person possessing an interest in the property
21 by addressing an inquiry to the administrator.
22 (c) A claim form.
23 (d) A statement informing an owner of property held by the
24 administrator how to file a claim with the administrator to
25 receive his or her property.
26 (4) (3) The
administrator is not required to publish in
27 the notice on the website any items of less than $50.00
unless
1 the administrator
considers their publication of 1 or more of
2 those items to be in the public interest.
3 (5) (4) This
section is not applicable to sums payable on
4 travelers checks, money orders, and other written instruments
5 presumed abandoned under section 5.
6 Enacting section 1. Section 11 of the uniform unclaimed
7 property act, 1995 PA 29, MCL 567.231, is repealed.