Compliance with the Michigan Uniform Unclaimed Property Act

by Kevin J. Roragen and Mark A. Iafrate

All Michigan businesses should be familiar with the basic requirements of the Michigan Uniform Unclaimed Property Act. The Act provides a mechanism for businesses and individuals to report and reclaim unclaimed property. The Act is especially important for telecommunication providers, as they frequently accept and remit payments to customers. Unclaimed refunds, deposits, and other funds owned by customers will generally fall within the scope of the Act. A summary on compliance with the Michigan Unclaimed Property Act can be found here.