SB-0642, As Passed House, December 11, 2013
October 23, 2013, Introduced by Senators HANSEN, BOOHER, MARLEAU, CASPERSON, HUNE and NOFS and referred to the Committee on Finance.
A bill to amend 1995 PA 29, entitled
"Uniform unclaimed property act,"
by amending section 24 (MCL 567.244).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 24. (1) Except as otherwise provided by this section, the
administrator shall promptly deposit in the general fund of this
state all funds received under this act, including the proceeds
from the sale of abandoned property under section 23. The
administrator shall retain in a separate trust fund an amount not
less than $100,000.00 from which prompt payment of claims allowed
under this act shall be made. When making the deposit, the
administrator shall record the name and last known address of each
person appearing from the holders' reports to be entitled to the
property and the name and last known address of each insured person
or annuitant and beneficiary and with respect to each policy or
contract listed in the report of an insurance company, the number
of the policy or contract, the name of the insurance company, and
the amount due. The name of the owner or apparent owner and a gross
description of the property only shall be available for public
inspection at all reasonable business hours.
(2) Before making any deposit to the credit of the general
fund, the administrator may deduct any of the following:
(a) Costs in connection with the sale of abandoned property.
(b) Costs of mailing and publication in connection with any
abandoned property.
(c) Reasonable service charges.
(d) Costs incurred in examining records of holders of property
and in collecting the property from those holders.
(3) The administrator shall transfer to the senior care
respite
fund created in the older Michiganians act, Act No. 180 of
the
Public Acts of 1981, being sections 400.581 to 400.594 of the
Michigan
Compiled Laws, 1981 PA 180,
MCL 400.581 to 400.594, funds
that
escheat to this state pursuant to section 1 or more of the
following:
(a) Section 403a of the nonprofit health care corporation
reform
act, Act No. 350 of the Public Acts of 1980, being section
550.1403a
of the Michigan Compiled Laws.1980
PA 350, MCL 550.1403a.
(b) Section 5805 of the insurance code of 1956, 1956 PA 218,
MCL 500.5805.