Michigan Laws 567.256a – Receipt of unclaimed property account information by locator; value; format; registration of locator; prohibition
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 567.256a
- Administrator: means the state treasurer. See Michigan Laws 567.222
- 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. See Michigan Laws 567.222
- Fiduciary: A trustee, executor, or administrator.
- Fraud: Intentional deception resulting in injury to another.
- Holder: means a person, wherever organized or domiciled, who is 1 or more of the following:
(i) In possession of property belonging to another. See Michigan Laws 567.222Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. See Michigan Laws 567.222 Locator: means a person registered under section 36a(2) who locates owners of unclaimed property and enters into a written agreement with an owner to document entitlement to property and to locate, deliver, recover, or claim, or assist in locating, delivering, recovering, or claiming, property that is presumed abandoned, for compensation. See Michigan Laws 567.222 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. See Michigan Laws 567.222 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. See Michigan Laws 567.222 Property: means tangible or intangible personal property owned by a person. See Michigan Laws 567.222
(1) The administrator may sell or otherwise provide unclaimed property account information to a locator for unclaimed accounts that remain unclaimed for not less than 24 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 provide the unclaimed property account information in an electronic searchable format. The unclaimed property account information may include all of the following:
(a) The name of the apparent owner.
(b) The last known address of the apparent owner, as reported by the holder.
(c) The relationship code, if any.
(d) The type and amount of property and cash value of the property.
(2) Before the department provides information to a locator under subsection (1), the locator shall register with the department in a form and manner determined by the department and pay a fee to the department of $1,200.00. The fees collected under this subsection shall be used by the department 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 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. 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.