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Business Group Welcomes Changes to “Insidious Unclaimed Property Process.

The legislative changes in unclaimed property process approved unanimously by both chambers of the State of Michigan Legislature and signed by Gov. Rick Snyder on Dec. 22, 2015, has been praised by Business advocates in Michigan. The bill creates a “streamlined audit process” with an aim for an audit to be completed within 18 months. This is a significant change from previous practice, where there was no time limit for unclaimed property audit. Some of the audits took as long as five years. The State of Michigan has no immediate plans to change the practice of using third-party auditors.  The state intends to allow time for this new law to work before suggesting any further changes to the audit process.

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