Unclaimed Property

Under Michigan's Uniform Unclaimed Property Act, holders of unclaimed property are required to report and remit to the State Treasurer, property belonging to owners who cannot be located or for whom there is no known address. Most businesses have unclaimed property resulting from normal operations.

Unclaimed Property Reporting  

Unclaimed Property Frequently Asked Questions:

     General Frequently Asked Questions

     Holder Frequently Asked Questions

A. NAME OF PERMIT OR APPROVAL: 

Unclaimed Property  

B. STATUTORY AUTHORITY: 

Public Act 29 of 1995 - Michigan's Uniform Unclaimed Property Act  

C. APPLICABLE REGULATION: 

Not applicable.

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

6.  Fees

7.  Appeal Process

Please see Sec. 27 of Public Act 29 of 1995. 

 8.  Public Input Opportunities

E. Contact Information:

Contact the Unclaimed Property staff

Creation/Revision Date:  

February 18, 2011