SENATE Substitute For

HOUSE BILL NO. 5339

A bill to amend 1995 PA 29, entitled

"Uniform unclaimed property act,"

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

the people of the state of michigan enact:

Sec. 36a. (1) The Upon written request, the administrator may shall sell or otherwise provide all unclaimed property account information to a locator for all unclaimed accounts that remain unclaimed for not less than 24 12 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 not charge more than $250.00 for each request. The administrator shall provide the unclaimed property account information in an a searchable electronic searchable or digital format. The unclaimed property account information may must include all of the following:

(a) The name of the apparent owner or apparent owners.

(b) The complete last known address of the apparent owner or apparent owners, as reported by the holder.

(c) The relationship code, if any.

(d) The type and amount of property. and

(e) The cash value of the property.

(f) The year the property was reported to the administrator.

(g) The name and contact information of the holder that is on file with the administrator.

(2) Before the department administrator provides information to a locator under subsection (1), the locator shall register with the department administrator in a form and manner determined by the department administrator and pay a fee to the department administrator of $1,200.00. The fees collected under this subsection shall be used by the department administrator 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 administrator 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. administrator. 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.

(4) If an owner has entered into a written agreement that authorizes a locator registered with the administrator under this act, to assist the owner in claiming the property, the administrator shall make payment to the owner unless, if requested by the owner, the administrator shall mail payment to the locator's address.