Bill Text: MI HB4563 | 2011-2012 | 96th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: State; escheats; certain business-to-business exemption; provide for. Amends 1995 PA 29 (MCL 567.221 - 567.265) by adding sec. 37a.

Spectrum: Partisan Bill (Republican 11-0)

Status: (Passed) 2012-05-24 - Assigned Pa 144'12 With Immediate Effect [HB4563 Detail]

Download: Michigan-2011-HB4563-Engrossed.html

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HB-4563, As Passed Senate, May 3, 2012

 

 

 

 

 

 

 

 

 

SENATE SUBSTITUTE FOR

 

HOUSE BILL NO. 4563

 

 

 

 

 

 

 

 

 

 

 

     A bill to amend 1995 PA 29, entitled

 

"Uniform unclaimed property act,"

 

(MCL 567.221 to 567.265) by adding section 37a.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 37a. (1) Except with respect to property described in

 

sections 7 and 17, this act does not apply to any credit balances,

 

overpayments, deposits, refunds, discounts, rebates, credit memos,

 

or unidentified remittances created on or after April 1, 2009 and

 

issued, held, due, or owing in any transactions between 2 or more

 

associations. This exemption does not apply to outstanding checks,

 

drafts, or other similar instruments.

 

     (2) As used in this section, "association" means a business

 

association, a public corporation, or any other commercial entity,

 

including a sole proprietorship.