UNIFORM UNCLAIMED PROPERTY ACT S.B. 392: FLOOR ANALYSIS
Senate Bill 392 (as reported without amendment) Sponsor: Senator Joanne G. Emmons Committee: Finance
The bill would amend Public Act 90 of 1951, which regulates racing meets, to replace references to the State Board of Escheats, the Michigan Code of Escheats, and Public Act 63 of 1949 (which pertains to unclaimed personal property) with references to the State Treasurer and the Uniform Unclaimed Property Act.
The bill is tie-barred to Senate Bill 390, which would repeal the Michigan Code of Escheats and create the “Uniform Unclaimed Property Act”.
MCL 431.255 & 431.256 Legislative Analyst: G. Towne
Senate Bills 390 through 396 would have minimal fiscal impact on State and local governments. By more efficiently handling abandoned or unclaimed property, costs would be reduced. These bills would reduce State payments, by an annual amount of approximately $900,000, to counties and to probate courts, which would no longer be involved with escheat lawsuits. By eliminating the local unit’s responsibilities with abandoned or unclaimed property, the bills would require the Department of Treasury to take on those duties and incur minimal costs.
Minor changes in the amount of time certain categories of property are considered abandoned and escheated to the State would have minimal impact on the escheat revenue. Many entities affected by escheat laws presently follow the smaller time periods these bills would implement.
Date Completed: 3-22-95 Fiscal Analyst: R. Ross
floor\sb392
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.