Keane's Unclaimed Property Blog

Michigan HB 6421 – Signed into Law by the Governor – Reduces Unclaimed Property Dormancy Periods

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.

The bill also changes the filing deadline for unclaimed property reports.  Starting in 2011, the report shall be filed on or before July 1 for the 9-month period ending on March 31, 2011.  For years ending after December 31, 2011, the report shall be filed on or before July 1 of each year for the 12-month period ending on the immediately preceding March 31.

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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

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