Great News! Gov. Snyder Signs Partial Escheats Reform Into Law

May 25, 2012

On Thursday, May 24, Gov. Snyder signed House Bill 4563 into law. Public Act 144 provides a partial Business-to-Business exemption. Items specifically exempted are so - if created after April 1, 2009.  Read the language of the bill here.

This is a significant legislative reform to Michigan’s burdensome Unclaimed Property Act. This is also State Representative Aric Nesbitt’s first bill signing and we greatly appreciate the significant amount of time he devoted to this important legislation. He also continues to pursue meaningful Unclaimed Property reform, having introduced HB 5577 to provide a five-year “lookback” limit (instead of 10) for the same types of property. This bill was passed unanimously out of the House Commerce Committee on March 22. For questions about these bills, please contact Tricia Kinley at tkinley@michamber.com

For background on other legislative issues, please visit our Briefing Center.