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Unclaimed Property Frequently Asked Questions:
B. STATUTORY AUTHORITY:
C. APPLICABLE REGULATION:
D. SUMMARY OF PERMIT/APPROVAL PROCESS:
1. Applicability (activities that require the permit)
Report Unclaimed Property if you:
Have any asset (tangible or intangible) belonging to a third party that remains unclaimed for a specific period of time. For example, uncashed payroll checks must be submitted to the Treasury after one year without any activity while most other property types, such as vendor checks and account receivable credit balances, must be submitted after three years.
2. Pre-Application Requirements
Holders have a legal obligation to contact the owners of unclaimed property no less than 60 days and no more than 365 days before it is turned over to the State. Due diligence is required when the holder possesses the last known address of the property owner and the value of the property is over $50.
3. Application Submission Requirements
The amount of properties that a holder reports determines the method for reporting:
· Those reporting 10 or more properties - File using free third-party software.
· Those reporting less than 10 properties - File using free third-party software (preferred) or paper forms.
· Those who do not have any unclaimed property - File an Attestation Form.
4. Procedures and Time-Frame for Obtaining Permit or Approval
Starting in 2011, the due date for the Unclaimed Property Report will be July 1. Complete instructions and forms are in the Manual for Reporting Unclaimed Property.
5. Operational Requirements
7. Appeal Process
Please see Sec. 27 of Public Act 29 of 1995.
8. Public Input Opportunities
February 18, 2011
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