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Unclaimed Property
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List of Topics:
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General
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What is unclaimed property?
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Why does Michigan have an unclaimed property law?
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Who administers the law?
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Does the State of Michigan ever take ownership of unclaimed property?
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Does the State simply go in and take the money?
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Does a customer have to go to the bank or other business every year to keep the account from becoming dormant?
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What will happen to my investment accounts if I do not maintain contact with my broker or the company in which my funds are invested?
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How can I prevent my property from being turned over to the State?
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Does the State of Michigan auction off unclaimed property?
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Are there any items you do not sell at the auction?
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What is your fax number?
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What is the mailing address?
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Holders
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Who must file an Unclaimed Property Annual Report?
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What must be reported?
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How do I report?
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When is due diligence required?
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I forgot to do my due diligence, do I hold my report until I get that done?
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Are wires/EFTs accepted?
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What is the reporting due date?
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How do I contact the department for a reporting question?
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How do I request an extension?
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What do I do if I have nothing to report?
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Am I obligated to report and remit unclaimed property to other states?
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Why do companies, banks, and financial institutions have to turn over unclaimed funds to the State Treasurer?
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What happens if a company chooses not to report?
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Do you have a voluntary compliance program?
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I reported a property I shouldn't have, can I get it back?
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Can a holder reimburse a customer or reactivate a customer's account?
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What is the street address for shipments via courier?
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What forms do I need to file?
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What are my holder ID number and branch number?
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What if I don't know our annual sales and total assets?
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What are the cutoff dates for the 2012 report?
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Can Holders deduct fees & due diligence expenses?
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Can out-of-state addresses be included on Michigan's report?
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If I report an aggregate property, who is the owner and what is the last activity date?
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Do aggregate properties count against the 10 property limit for paper reporting?
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Is there a minimum amount that we are not required to report?
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I've created my NAUPA file but my computer cannot save to a disk or CD.
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What do I do if records are not available for certain property types or review periods?
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Why is there a penalty and/or interest assessment when there never has been before?
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How is interest calculated?
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Why isn't interest included on the annual report forms?
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If past due unclaimed property is voluntarily reported and remitted, will my company be charged with penalties and interest?
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If selected for an audit and audit findings reveal past due unclaimed property, will penalty and interest be charged?
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When completing the Attestation Form, what do I do if my entity does not have a FEIN?
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Claimants
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If an owner just lets his or her account "sit" and accumulate interest or dividends, is it considered active?
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Must a claimant pay a fee to get his or her money back?
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How can a person search for unclaimed property?
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What happens to money that is never claimed by the owner?
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Should an owner hire a fee finder or heir finder?
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Is there a time limit for claiming funds?
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I haven't heard from you in awhile, what should I do?
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How do I contact the department for a claim?
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