Michigan HB 6421 – Signed into Law by the Governor – Reduces Unclaimed Property Dormancy Periods

Posted on Friday, 8th October 2010 by Keane Unclaimed Property Team

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Michigan’s new reporting bill, HB 6421 – introduced on September 8th, was signed into law by the Governor on October 5, 2010.  The details are summarized below:

  • General dormancy period from 5 to 3 years.
  • Money orders from 7 years to 3 years.
  • Any sum payable on a check, draft, or similar instrument from 5 years to 3 years.
  • Demand, savings, matured time deposits including any automatically renewable deposits, from 5 to 3 years.
  • Trust accounts and accounts under the Gifts to Minors Act, from 15 years to 3 years.
  • Funds owed under any life or endowment insurance policy, from 5 to 3 years.
  • Gift Cards, from 5 years to 3 years.

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Posted in: Abandoned Property, Abandoned Property Law, Dormancy Periods, Gift Card Escheatment, Legislative Alerts, Money Orders, State Escheatment, Unclaimed Money Orders, Unclaimed Property, Unclaimed Property Compliance, Unclaimed Property Law, Unclaimed Property Reporting | Comments (0)

Arizona Unclaimed Property Dormancy Periods Reduced Across The Board – Travelers Checks & Money Orders Reduced The Most

Posted on Thursday, 3rd December 2009 by Keane Unclaimed Property Team

Arizona Unclaimed Property Dormancy Periods Reduced Across The Board This post is to advise that on 11/23/09, the Arizona Legislature passed SB 1003 reducing dormancy periods for purposes of unclaimed property reporting.

The new legislation reduces dormancy periods for all property types by one year, except the dormancy period for travelers checks will be reduced from 15 to 3 years (an amendment is pending to revert back to 15) and the dormancy period for money orders is to be reduced from 7 to 3 years. Read More »

Posted in: Dormancy Periods, Legislative Alerts, Unclaimed Checks, Unclaimed Money Orders | Comments (0)