UNIFORM UNCLAIMED PROPERTY ACT S.B. 391: FLOOR ANALYSIS
Senate Bill 391 (as reported by the Committee of the Whole) Sponsor: Senator Joanne G. Emmons
Committee: Finance
The bill would amend the Executive Organization Act to repeal provisions that transferred the State Board of Escheats to the Department of Treasury.
The bill is tie-barred to Senate Bill 390, which would repeal the Michigan Code of Escheats and create the “Uniform Unclaimed Property Act”.
The bill would take effect January 1, 1996.
MCL 16.178 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: 3-23-95 Fiscal Analyst: R. Ross
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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.