Most businesses have unclaimed property resulting from normal operations.  Any asset, tangible or intangible, belonging to a third party that remains unclaimed for a specified period of time is considered unclaimed property.  For example, uncashed payroll checks must be turned over to the State after one year; most other property types, such as vendor checks and accounts receivables credit balances, must be turned over after three years.  Government entities must turn over all unclaimed property, regardless of property type, after one year.

Michigan's Uniform Unclaimed Property Act, Public Act 29 of 1995, as amended, requires businesses and government entities to report and remit to the Michigan Department of Treasury abandoned and unclaimed property belonging to owners whose last known address is in Michigan.  In addition, every business or government entity that is incorporated in Michigan must report and remit abandoned property belonging to owners where there is no known address.

For a complete list of property dormancy periods, see the dormancy chart.

The due date for filing the unclaimed property annual report is July 1, 2012 for property reaching its dormancy period as of March 31, 2012.

Complete instructions and forms are available in the Manual for Reporting Unclaimed Property. 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 or paper forms
• Those who do not have any unclaimed Property - File an Attestation Form (Form 4305)

• Informational Webcast
• Frequently Asked Questions
• Key Dates
• Public Act 29 of 1995
• NAUPA
• Forms

If a property holder fails to properly file a report, penalty and interest may be assessed as follows:

• interest at one percentage point above the adjusted prime rate per annum per month on the property or value of the property from the date the property should have been paid or delivered, and/or
• Penalty at 25 percent of the value of the property that should have been paid or delivered.