State management: escheats; unclaimed property of military personnel; modify dormancy periods. Amends secs. 5, 6, 7, 8, 13, 15, 17 & 18 of 1995 PA 29 (MCL 567.225 et seq.) & adds sec. 17a.

SB 389 modifies Michigan's unclaimed property laws by adjusting the timeframes after which certain financial instruments and accounts are considered abandoned. The bill specifically shortens the dormancy period for travelers checks and money orders from 15 years to 3 years, while maintaining a 3-year wait for bank accounts, cashier's checks, and other financial deposits. These changes apply primarily to funds held by issuers or financial organizations where the owner has not communicated with the entity or shown interest in the property within the specified time. Additionally, the legislation clarifies the rules for charging fees or stopping interest payments on dormant accounts, requiring specific written contracts and advance notice for such actions. The law also establishes criteria for when the state can claim these funds, focusing on whether the financial instrument was purchased in Michigan or if the issuer is based in the state.