HOUSE BILL NO. 5340

January 16, 2020, Introduced by Reps. Byrd, Webber and Brann and referred to the Committee on Regulatory Reform.

"Uniform unclaimed property act,"

by amending section 36 (MCL 567.256), as amended by 2016 PA 312.

the people of the state of michigan enact:

Sec. 36. (1) An agreement to pay compensation to recover or assist in the recovery of property reported under section 18, made within 24 months after the date payment or delivery is made under section 20, is unenforceable.

(2) A written agreement between a locator and an apparent owner of unclaimed property is subject to subsection (1).signed by an owner to compensate a locator to recover or to sell unclaimed property to a locator shall be in writing in 10 point font or larger and include all of the following:

(a) The unclaimed property account number.

(b) The aggregate estimated value of the unclaimed property accounts being claimed before and after deduction of compensation and costs, if known.

(2) If the unclaimed property is being purchased by a locator, the agreement shall include the net amount to be paid to the seller.

(3) Electronically signed agreements described in this section are considered original for all purposes under this act.