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Bill > SB0825
MI SB0825
MI SB0825Property: abandoned; compensation for use of geologic pore space; modify period for transfer to department of treasury. Amends sec. 3 of 1995 PA 29 (MCL 567.223). TIE BAR WITH: SB 0822'26, SB 0823'26, SB 0824'26, SB 0826'26, SB 0827'26
summary
Introduced
03/10/2026
03/10/2026
In Committee
03/10/2026
03/10/2026
Crossed Over
Passed
Dead
Introduced Session
103rd Legislature
Bill Summary
A bill to amend 1995 PA 29, entitled"Uniform unclaimed property act,"by amending section 3 (MCL 567.223), as amended by 2010 PA 197.
AI Summary
This bill modifies the Uniform Unclaimed Property Act, which governs how unclaimed property is handled. Specifically, it changes the timeframe after which certain property is considered "presumed abandoned" and therefore subject to transfer to the state treasury. Previously, property was presumed abandoned after three years of inactivity, but this bill introduces a new provision that extends this period to ten years for compensation related to the use of "pore space," which refers to the underground spaces within rock formations that can be used for activities like storing carbon dioxide or other substances. This change is contingent on the enactment of several other related bills.
Committee Categories
Agriculture and Natural Resources
Sponsors (4)
Last Action
Referred To Committee On Energy And Environment (on 03/10/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.mi.gov/Bills/Bill?ObjectName=2026-SB-0825 |
| BillText | https://legislature.mi.gov/documents/2025-2026/billintroduced/Senate/htm/2026-SIB-0825.htm |
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