March 29, 2007, Introduced by Senators CASSIS, PAPPAGEORGE, KUIPERS, BASHAM, BIRKHOLZ, GEORGE, GLEASON, ALLEN, HUNTER and KAHN and referred to the Committee on Commerce and Tourism.
A bill to amend 1995 PA 29, entitled
"Uniform unclaimed property act,"
by amending sections 2 and 15 (MCL 567.222 and 567.235).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2. As used in this act, unless the context otherwise
requires:
(a) "Administrator" means the state treasurer.
(b) "Apparent owner" means the person whose name appears on
the records of the holder as the person entitled to property held,
issued, or owing by the holder.
(c) "Attorney general" means the department of attorney
general.
(d) "Banking organization" means a bank, trust company,
savings bank, industrial bank, land bank, safe deposit company,
private banker, or any organization defined by law as a bank or
banking organization.
(e) "Business association" means a nonpublic corporation,
joint stock company, investment company, business trust,
partnership, or association for business purposes of 2 or more
individuals, whether or not for profit, including a banking
organization, financial organization, insurance company, or
utility.
(f) "Domicile" means the state of incorporation of a
corporation and the state of the principal place of business of an
unincorporated person.
(g) "Financial organization" means a savings and loan
association, cooperative bank, building and loan association,
savings bank, or credit union.
(h) "Holder" means a person, wherever organized or domiciled,
who is 1 or more of the following:
(i) In possession of property belonging to another.
(ii) A trustee.
(iii) Indebted to another on an obligation.
(i) "Insurance company" means an individual, association,
corporation, fraternal or mutual benefit organization, or any other
legal entity, whether or not for profit, that is engaged or
attempting to engage in the business of making insurance or surety
contracts.
(j) "Intangible property" includes all of the following:
(i) Money, checks, drafts, deposits, interest, dividends, and
income.
(ii) Credit balances, customer overpayments, gift certificates,
gift cards, security deposits, refunds, credit memos, unpaid wages,
unused airline tickets, and unidentified remittances.
(iii) Stocks and other intangible ownership interests in
business associations.
(iv) Money deposited to redeem stocks, bonds, coupons, and
other securities, or to make distributions.
(v) Amounts due and payable under the terms of insurance
policies.
(vi) Amounts distributable from a trust or custodial fund
established under a plan to provide health, welfare, pension,
vacation, severance, retirement, death, stock purchase, profit
sharing, employee savings, supplemental unemployment insurance, or
similar benefits.
(k) "Last known address" means a description of the location
of the apparent owner sufficient for the purpose of the delivery of
mail.
(l) "Owner" means a depositor, in the case of a deposit; a
beneficiary, in case of a trust other than a deposit in trust; a
creditor, claimant, or payee, in the case of other intangible
property; or a person having a legal or equitable interest in
property subject to this act. Owner includes the legal
representative of the person defined as an owner in this
subdivision.
(m) "Person" means an individual, business association, state
or other government, governmental subdivision or agency, public
corporation, public authority, estate, trust, 2 or more persons
having a joint or common interest, or any other legal or commercial
entity.
(n) "Property" means tangible or intangible personal property
owned by a person.
(o) "State" means any state, district, commonwealth,
territory, insular possession, or any other area subject to the
legislative authority of the United States.
(p) "Utility" means a person who owns or operates for public
use any plant, equipment, property, franchise, or license for the
transmission of communications or the production, storage,
transmission, sale, delivery, or furnishing of electricity, water,
steam, or gas.
Sec.
15. (1) A gift certificate, gift
card, or a credit memo
issued in the ordinary course of an issuer's business that remains
unclaimed by the owner for more than 5 years after becoming payable
or distributable is presumed abandoned.
(2) In the case of a gift certificate or gift card, the amount
presumed abandoned is the price paid by the purchaser for the gift
certificate or gift card. In the case of a credit memo, the amount
presumed abandoned is the amount credited to the recipient of the
memo.