Unclaimed Property Notice - November 2013
On October 29, 2013, Michigan passed into law amendments to the Uniform Unclaimed Property Act (the “Act”) which impose certain standards regarding the conduct of unclaimed property audits.
The State Treasurer or its duly authorized agents (collectively, the “State”) are now required to perform all examinations in accordance with generally accepted auditing standards to the extent applicable. Further, the State is required to give those persons who have been audited or whose books, records, and papers had been examined, a complete copy of the audit report in printed or electric format.
In addition, the State is permitted to determine the amount of any abandoned or unclaimed property due and owing based upon a reasonable method of estimation consistent with the auditing standards when the person being examined did not have “substantially complete records,” as defined in the bill.