Section 567.251a – Failure of Holder to Report or Deliver Unclaimed Property; Notice of Examination Determination; Request for Reconsideration; Notice of Appeal; Hearing; Decision; Filing Action in Circuit Court; Waiver of Penalties or Interest; “Notice of Examination Determination” Defined.
567.251a Failure of holder to report or deliver unclaimed property; notice of examination determination; request for reconsideration; notice of appeal; hearing; decision; filing action in circuit court; waiver of penalties or interest; “notice of examination determination” defined. Sec. 31a. (1) If the administrator determines that a holder has failed to report or deliver to the […]
Section 567.251b – Streamlined Audit Process; Election; Audit.
567.251b Streamlined audit process; election; audit. Sec. 31b. (1) Eligible holders being examined by the administrator under section 31(2) may elect to follow the streamlined audit process described in this section. Eligible holders may elect the streamlined audit process by executing a nondisclosure agreement acceptable to the administrator within 30 days from the receipt of […]
Section 567.252 – Maintenance of Records; Required Time Periods.
567.252 Maintenance of records; required time periods. Sec. 32. (1) A holder required to file a report under section 18, as to any property for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for 10 years, or, for […]
Section 567.253 – Enforcement of Action; Jurisdiction.
567.253 Enforcement of action; jurisdiction. Sec. 33. The administrator may bring an action in a court of competent jurisdiction to enforce this act. History: 1995, Act 29, Eff. Mar. 28, 1996
Section 567.240 – Payment or Delivery of Abandoned Property to Administrator; Duplicate Certificate.
567.240 Payment or delivery of abandoned property to administrator; duplicate certificate. Sec. 20. (1) A person who is required to file a report under section 18 shall at the time for filing the report pay or deliver to the administrator all abandoned property that is required to be reported under section 18 or any balance […]
Section 567.241 – Payment or Delivery of Abandoned Property to Administrator; Rights of Property Holder.
567.241 Payment or delivery of abandoned property to administrator; rights of property holder. Sec. 21. (1) Upon the payment or delivery of property to the administrator, the state assumes custody and responsibility for the safekeeping of the property. A person who pays or delivers property to the administrator in good faith is relieved of all […]
Section 567.228a – Unclaimed Prepaid Funeral Contract.
567.228a Unclaimed prepaid funeral contract. Sec. 8a. (1) Funds held by a provider under the prepaid funeral contract funding act, 1986 PA 255, MCL 328.211 to 328.235, that remain unclaimed for a period of 3 years after the death of the contract beneficiary or, if no contract beneficiary has been designated under the prepaid funeral […]
Section 567.242 – Liquidation or Conversion of Property Into Money; Receipt of Dividends, Interest, or Other Increments.
567.242 Liquidation or conversion of property into money; receipt of dividends, interest, or other increments. Sec. 22. If property other than money is paid or delivered to the administrator under this act, the owner is entitled to receive from the administrator any dividends, interest, or other increments realized or accruing on the property at or […]
Section 567.228b – Demutualization of Insurance Company; Property; Presumption; Report; Definition.
567.228b Demutualization of insurance company; property; presumption; report; definition. Sec. 8b. (1) Property distributable in the course of the demutualization of an insurance company is presumed abandoned as follows: (a) Any funds, 2 years after the date of the demutualization, if the funds remain unclaimed and the owner has not otherwise communicated with the holder […]
Section 567.243 – Sale of Abandoned Property.
567.243 Sale of abandoned property. Sec. 23. (1) Except as provided in subsections (2) and (3), the administrator, not later than 3 years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords, in the judgment of the administrator, the most favorable […]