It’s that time of year again to report unclaimed property to the state. This past year, the state government really cracked down on this law by sending notices out in January to businesses informing them of their requirement to report unclaimed property yearly. While the required response earlier this year just told the state whether a company HAD unclaimed property or not, the actual due date for turning the property over to the state is July 1st.
Common types of unclaimed property include uncashed vendor or payroll checks, customer overpayments or inactive bank accounts. Each type has a dormancy period – for example vendor checks need to be outstanding for three years before reported but payroll checks need only one year. The cutoff date for reporting is March 31st.
If you believe you may have unclaimed property that needs to be turned over to the state, please click on the following link. This will take you to the instruction manual and will give you step-by-step instructions on how to send in the appropriate information to the State of Michigan.
