Section 567.257 – Property Held, Due, and Owing in Foreign Country; Applicability of Act.
567.257 Property held, due, and owing in foreign country; applicability of act. Sec. 37. This act does not apply to any property held, due, and owing in a foreign country and arising out of a foreign transaction. History: 1995, Act 29, Eff. Mar. 28, 1996
Section 567.257a – Exemptions; “Association” Defined.
567.257a Exemptions; “association” defined. Sec. 37a. (1) Except with respect to property described in sections 7 and 17, this act does not apply to any credit balances, overpayments, deposits, refunds, discounts, rebates, credit memos, or unidentified remittances created on or after April 1, 2009 and issued, held, due, or owing in any transactions between 2 […]
Section 567.258 – Duty Arising Before Effective Date of Act.
567.258 Duty arising before effective date of act. Sec. 38. (1) This act does not relieve a holder of a duty that arose before the effective date of this act to report, pay, or deliver property. A holder who did not comply with the law in effect before the effective date of this act is […]
Section 567.259 – Administrator as Successor to State Board of Escheats.
567.259 Administrator as successor to state board of escheats. Sec. 39. The administrator is the successor to the state board of escheats created by former Act No. 329 of the Public Acts of 1947. A reference to the state board of escheats in any other provision of law is considered a reference to the administrator […]
Section 567.248 – Property Declined by Administrator; Destruction or Disposition of Property by Holder; Failure of Owner to Act in Relation to Property for 2 Years.
567.248 Property declined by administrator; destruction or disposition of property by holder; failure of owner to act in relation to property for 2 years. Sec. 28. (1) The administrator may decline to receive property reported under this act that the administrator considers to have a value less than the expense of giving notice and of […]
Section 567.249 – Determination of Insubstantial Commercial Value; Destruction or Disposition of Property.
567.249 Determination of insubstantial commercial value; destruction or disposition of property. Sec. 29. If the administrator determines after investigation that any property delivered under this act has insubstantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. An action or proceeding shall not be maintained against the state or […]
Section 567.250 – Expiration of Time Period Specified by Contract, Statute, or Court Order; Exception; Commencement of Action or Proceeding.
567.250 Expiration of time period specified by contract, statute, or court order; exception; commencement of action or proceeding. Sec. 30. (1) The expiration, before or after the effective date of this act, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made […]
Section 567.251 – Verified Report of Unclaimed Property Being Held; Examination of Records to Determine Compliance With Act; Notice; Audit; Incomplete Records; Cost of Examination; Failure to Maintain Records; Insufficient Records for Preparation of Report; Issuance of Check in Streamlined Process; “Substantially Complete Records” Defined.
567.251 Verified report of unclaimed property being held; examination of records to determine compliance with act; notice; audit; incomplete records; cost of examination; failure to maintain records; insufficient records for preparation of report; issuance of check in streamlined process; “substantially complete records” defined. Sec. 31. (1) The administrator may require a person who has not […]
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 […]