This page addresses key areas of interest regarding Michigan unclaimed property and escheatment laws and regulations.
The deadline for annual reporting and remittance in Michigan is July 1 for all holders. Early reporting is permitted after two years of dormancy if due diligence has been performed to provide notice to owners.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Michigan’s unclaimed property laws. Holders reporting to Michigan are required to submit their reports electronically for reports that contain 10 or more properties. Paper reports may only be submitted if reporting fewer than 10 properties.
Michigan strongly encourages companies without unclaimed property to file a negative report.
Michigan requires holders to send due diligence notifications for any property with a value of $50 or more. If the holder is reporting at least 25,000 properties over $50 each, this threshold value increases to $100. Due diligence letters must be sent each reporting cycle to the apparent owner’s last known address, not less than 60 days, nor more than 365 days before filing the annual report.
Michigan offers holders who have not previously reported or have under-reported unclaimed property a way to come into compliance through its Voluntary Disclosure Agreement. By submitting the Voluntary Disclosure Agreement form, holders agree to complete and file unclaimed property reports and remit payments for the current reporting year, and the previous four reporting years within six months from the date it is filed with the Unclaimed Property Division. Holders will not be charged penalties and interest on past due properties if it is voluntarily reported.
Reporting unclaimed property in Michigan can be a stressful process that consumes valuable internal resources, especially if you must report in other jurisdictions as well. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Michigan Department of Treasury - Unclaimed Property Division
P.O Box 30756 | Lansing, MI 48909