• About Us

    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 in Appendix A.

  • What's New

    Senate Bill 538 amends the Uniform Unclaimed Property Act of 1995 effective 12/22/2015. Properties with a value of $25.00 or less are not required to be escheated per Section 567.224a Sec. 4a.

    • Does not apply to dividends or stock-related properties defined in Section 567.231a Sec. 11a.
    • These properties can still be voluntarily escheated.

    New streamlined audit option described in Section 567.251b Sec. 31b. for businesses whose principal place of business is in Michigan as defined by Section 567.222 Sec. 2. This is retroactive and applies to audits in progress as of August 15, 2015, but does not retroactively apply to contested determinations in litigation before the date of enactment of this amendatory act.