2016 House Bill 5283 / Public Act 312

Sell unclaimed property records to "locators"

Introduced in the House

Feb. 2, 2016

Introduced by Rep. Michael Webber (R-45)

To revise the state <a href="http://www.michiganvotes.org/2010-HB-6421">”escheats law”</a> that lets the state government take possession of unclaimed property if the owner does not claim it within three years, by allowing the state to sell information on this property to “locator” services that make money by finding apparent owners who pay them for having found the information.

Referred to the Committee on Tax Policy

March 16, 2016

Reported without amendment

With the recommendation that the substitute (H-4) be adopted and that the bill then pass.

March 24, 2016

Substitute offered by Rep. Michael Webber (R-45)

To adopt a version of the bill that imposes a $1,200 quadrennial registration fee on "locator" services; prohibits locators charging discovering property worth less than $2,000; and changes some other details.

The substitute passed by voice vote

Amendment offered by Rep. Jim Townsend (D-26)

To impose a background check mandate on "locator" service owners, officers and certain staff.

The amendment failed by voice vote

Amendment offered by Rep. Jim Townsend (D-26)

To impose a price cap on locator charges.

The amendment failed by voice vote

April 12, 2016

Passed in the House 75 to 33 (details)

To revise the state <a href="http://www.michiganvotes.org/2010-HB-6421">”escheats law”</a> that lets the state government take possession of unclaimed property, by allowing the state to sell information on this property to “locator” services that make money by finding apparent owners who pay them for having found the information. The bill would impose the equivalent of a $300 annual fee on these services in addition to the cost of any records they purchase.

Received in the Senate

April 13, 2016

Referred to the Committee on Finance

June 8, 2016

Reported without amendment

With the recommendation that the substitute (S-2) be adopted and that the bill then pass.

Sept. 8, 2016

Passed in the Senate 37 to 0 (details)

To revise the state <a href="http://www.michiganvotes.org/2010-HB-6421">”escheats law”</a> that lets the state government take possession of unclaimed property, by allowing the state to sell information on this property to “locator” services that make money by finding apparent owners who pay them for having found the information. The bill would impose the equivalent of a $300 annual fee on these services in addition to the cost of any records they purchase.

Received in the House

Sept. 8, 2016

Sept. 20, 2016

Passed in the House 78 to 28 (details)

To concur with the Senate-passed version of the bill.

Signed by Gov. Rick Snyder

Oct. 6, 2016