Michigan Unclaimed Money

Michigan's Uniform Unclaimed Property Act protects unclaimed property and returns it to its rightful owners or their heirs. The State Treasurer takes custody of the property so the owner may claim it, even if the original holder (like a financial institution) is no longer in business. The law also centralizes the search for lost property.

Holders are required to report and remit accounts or other property that belong to owners who cannot be located, or for whom there is no known address. The Michigan Uniform Unclaimed Property Act protects accounts belonging to owners whose whereabouts is unknown. Companies, banks and other financial institutions identify accounts for which there has not been any owner-generated activity during the applicable dormancy period and the owner has not responded to mail or telephone inquiries. If the owner does not respond or contact the holder within five years, and does not respond to the due diligence notice sent by the holder, the account must be turned over to the State Treasurer. The Unclaimed Property Division publishes a notice annually in newspapers that lists the names of the person appearing to be owners of unclaimed property. The account is held by the state until the owner or the owner's heir are located and the funds are claimed.