Sec. 16.
(1) Unpaid wages greater than $50.00, including wages represented by unpresented payroll checks greater than $50.00, owing in the ordinary course of the holder's business that remain unclaimed by the owner for more than 1 year after becoming payable are presumed abandoned.
(2) Unpaid wages of $50.00 or less owing in the ordinary course of the holder's business that remain unclaimed by the owner for more than 1 year after becoming payable are not subject to this act.
History: 1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2002, Act 677, Imd. Eff. Dec. 30, 2002
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