Sec. 31b.
(1) Eligible holders being examined by the administrator under section 31(2) may elect to follow the streamlined audit process described in this section. Eligible holders may elect the streamlined audit process by executing a nondisclosure agreement acceptable to the administrator within 30 days from the receipt of the audit notice.
(2) An audit conducted under the streamlined audit process described in this section shall meet both of the following:
(a) Be completed within a time frame jointly developed by the holder and the administrator, with the goal of completing the audit within 18 months from the receipt of the audit notice.
(b) Be conducted according to standards set forth in rules and regulations promulgated in accordance with section 31(4).
History: Add. 2015, Act 242, Imd. Eff. Dec. 22, 2015 Compiler's Notes: Enacting section 1 of Act 242 of 2015 provides:"Enacting section 1. This amendatory act is retroactive and applies to audits in progress as of August 15, 2015, but does not retroactively apply to contested determinations in litigation before the date of enactment of this amendatory act."
Structure Michigan Compiled Laws
Act 29 of 1995 - Uniform Unclaimed Property Act (567.221 - 567.265)
Section 567.221 - Short Title.
Section 567.222 - Definitions.
Section 567.223 - Unclaimed Property Held in Ordinary Course of Business; Presumption.
Section 567.224 - Unclaimed Property; Conditions; Requirements.
Section 567.225 - Outstanding Travelers Checks, Money Orders, or Similar Written Instruments.
Section 567.226 - Outstanding Checks, Drafts, or Similar Instruments.
Section 567.227 - Demand, Savings, or Matured Time Deposit.
Section 567.228 - Unclaimed Life or Endowment Insurance Policy or Annuity Contract.
Section 567.228a - Unclaimed Prepaid Funeral Contract.
Section 567.228b - Demutualization of Insurance Company; Property; Presumption; Report; Definition.
Section 567.229 - Unclaimed Deposit for Utility Services.
Section 567.231 - Repealed. 2004, Act 385, Imd. Eff. Oct. 12, 2004.
Section 567.231a - Abandonment of Ownership Interest; Exceptions.
Section 567.232 - Unclaimed Property From Dissolved Business Association.
Section 567.233 - Property Held in Fiduciary Capacity.
Section 567.234 - Property Held by Court, Governmental Agency, or Public Corporation or Authority.
Section 567.236 - Unpaid Wages.
Section 567.237 - Property Held in Safe Deposit Box or Repository.
Section 567.239 - Notice; Publication in Newspaper; Requirements.
Section 567.240 - Payment or Delivery of Abandoned Property to Administrator; Duplicate Certificate.
Section 567.243 - Sale of Abandoned Property.
Section 567.244 - Disposition of Funds; Deductions; Transfer of Funds to Senior Care Respite Fund.
Section 567.245 - Claim of Interest in Property.
Section 567.246 - Claim of Interest in Property by Another State.
Section 567.247 - Action to Establish Claim in Circuit Court.
Section 567.251b - Streamlined Audit Process; Election; Audit.
Section 567.252 - Maintenance of Records; Required Time Periods.
Section 567.253 - Enforcement of Action; Jurisdiction.
Section 567.255 - Failure to Pay or Deliver Property; Penalties; Waiver.
Section 567.257 - Property Held, Due, and Owing in Foreign Country; Applicability of Act.
Section 567.257a - Exemptions; "Association" Defined.
Section 567.258 - Duty Arising Before Effective Date of Act.
Section 567.259 - Administrator as Successor to State Board of Escheats.
Section 567.261 - Applicability and Construction of Act.
Section 567.262 - Applicability of Act to Property Subject to Another Statute.
Section 567.263 - Repealed. 1997, Act 195, Imd. Eff. Dec. 30, 1997.