Sec. 36a.
(1) The administrator may sell or otherwise provide unclaimed property account information to a locator for unclaimed accounts that remain unclaimed for not less than 24 months after the date payment or delivery is made under section 20 if the value of the unclaimed property is $10,000.00 or more. The administrator shall provide the unclaimed property account information in an electronic searchable format. The unclaimed property account information may include all of the following:
(a) The name of the apparent owner.
(b) The last known address of the apparent owner, as reported by the holder.
(c) The relationship code, if any.
(d) The type and amount of property and cash value of the property.
(2) Before the department provides information to a locator under subsection (1), the locator shall register with the department in a form and manner determined by the department and pay a fee to the department of $1,200.00. The fees collected under this subsection shall be used by the department 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 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. 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.
History: Add. 2016, Act 312, Imd. Eff. Oct. 6, 2016
Structure Michigan Compiled Laws
Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)
Section 567.221 - Short Title.
Section 567.222 - Definitions.
Section 567.223 - Unclaimed Property Held in Ordinary Course of Business; Presumption.
Section 567.224 - Unclaimed Property; Conditions; Requirements.
Section 567.225 - Outstanding Travelers Checks, Money Orders, or Similar Written Instruments.
Section 567.226 - Outstanding Checks, Drafts, or Similar Instruments.
Section 567.227 - Demand, Savings, or Matured Time Deposit.
Section 567.228 - Unclaimed Life or Endowment Insurance Policy or Annuity Contract.
Section 567.228a - Unclaimed Prepaid Funeral Contract.
Section 567.228b - Demutualization of Insurance Company; Property; Presumption; Report; Definition.
Section 567.229 - Unclaimed Deposit for Utility Services.
Section 567.231 - Repealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004.
Section 567.231a - Abandonment of Ownership Interest; Exceptions.
Section 567.232 - Unclaimed Property From Dissolved Business Association.
Section 567.233 - Property Held in Fiduciary Capacity.
Section 567.234 - Property Held by Court, Governmental Agency, or Public Corporation or Authority.
Section 567.236 - Unpaid Wages.
Section 567.237 - Property Held in Safe Deposit Box or Repository.
Section 567.239 - Notice; Publication in Newspaper; Requirements.
Section 567.240 - Payment or Delivery of Abandoned Property to Administrator; Duplicate Certificate.
Section 567.243 - Sale of Abandoned Property.
Section 567.244 - Disposition of Funds; Deductions; Transfer of Funds to Senior Care Respite Fund.
Section 567.245 - Claim of Interest in Property.
Section 567.246 - Claim of Interest in Property by Another State.
Section 567.247 - Action to Establish Claim in Circuit Court.
Section 567.251b - Streamlined Audit Process; Election; Audit.
Section 567.252 - Maintenance of Records; Required Time Periods.
Section 567.253 - Enforcement of Action; Jurisdiction.
Section 567.255 - Failure to Pay or Deliver Property; Penalties; Waiver.
Section 567.257 - Property Held, Due, and Owing in Foreign Country; Applicability of Act.
Section 567.257a - Exemptions; "Association" Defined.
Section 567.258 - Duty Arising Before Effective Date of Act.
Section 567.259 - Administrator as Successor to State Board of Escheats.
Section 567.261 - Applicability and Construction of Act.
Section 567.262 - Applicability of Act to Property Subject to Another Statute.
Section 567.263 - Repealed. 1997, Act 195, Imd. Eff. Dec. 30, 1997.