The State of Michigan requires annual reporting of ‘unclaimed property’. Unclaimed property is defined as any asset, tangible or intangible, belonging to a third party that remains unclaimed for a specific period of time by the rightful owner. Any holder who fails to file a report of unclaimed property may be subject to fines and penalties as provided in the Uniform Unclaimed Property Act, Public Act 29 of 1995.
Companies and governmental agencies need to identify properties that may be reportable as unclaimed property as of March 31, 2018 and file an unclaimed property report by July 2, 2018.