Modifies the period for transfer of abandoned property with pore space compensation to the Michigan Department of Treasury.
Michigan HB5667 amends the definition of abandoned property to extend the period for transfer of pore space compensation to the Department of Treasury. Property is presumed abandoned after 10 years instead of 3 years, aligning with other related bills. This change affects property holders and the state's handling of unclaimed assets.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.