Michigan’s new reporting bill, HB 6421 – introduced on September 8th, was signed into law by the Governor on October 5, 2010. The details are summarized below:
- General dormancy period from 5 to 3 years.
- Money orders from 7 years to 3 years.
- Any sum payable on a check, draft, or similar instrument from 5 years to 3 years.
- Demand, savings, matured time deposits including any automatically renewable deposits, from 5 to 3 years.
- Trust accounts and accounts under the Gifts to Minors Act, from 15 years to 3 years.
- Funds owed under any life or endowment insurance policy, from 5 to 3 years.
- Gift Cards, from 5 years to 3 years.
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Abandoned Property, Abandoned Property Law, Compliance, Dormancy Periods, Gift Card Escheatment, Legislative Alerts, Money Orders, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting