State lawmakers pass a bill that changes the unclaimed property laws.
Under the new bill, businesses, banks and credit unions would be required to turn over forgotten assets like bank accounts, safety deposit boxes and paychecks to the state treasury after three years.
That is reduced from the current five to 15 years that property remains unclaimed before it is turned over.
A spokesperson for the Treasury Department says residents can claim their forgotten property indefinitely, so long as they can prove the money is theirs.
However, millions of dollars are never claimed and the state leaves that money in the general fund.
Governor Granholm is expected to sign the bill, which lawmakers hope will help close the budget deficit.
The state is already banking on an estimated $208 million from bank accounts, payroll checks, and safety deposit boxes forgotten by their owners to balance the current budget, which is due by October 1.
To make sure you don't have any unclaimed accounts, visit www.michigan.gov/treasury and click on "unclaimed property." You can also call 517-636-5320.