Mich. Admin. Code R. 567.13 - Remediation

Rule 13.

(1) After the compilation of the preliminary findings from an examination, the auditor shall provide a copy of the findings to the person subject to examination and a notice that a remediation period of 120 days begins upon receipt of the findings. During the remediation period, the property presumed abandoned may be remediated from the preliminary findings by providing documents to the auditor that include 1 or more of the following:

(a) Documentation of accounting or data entry error.

(b) Documentation that the last known owner address is not in this state or that the owner address is unknown and the person subject to an examination is not domiciled in this state.

(c) Documentation from the presumed owner indicating that the property is or is not owned by that person.

(d) Documentation of transactions or other activity by an owner that establishes that the property has not been abandoned.

(e) Documentation showing that the apparent liability has been satisfied.

(f) Documentation that the obligation did not exist or is not fixed and certain.

(g) Other documentation that proves that the property is not subject to or presumed abandoned under the act.

(2) Remediation documentation shall be provided to the auditor conducting the examination within the 120 day remediation period unless the auditor grants an extension of the remediation period. Extension of the period shall be granted where the person has made a good faith effort to provide the documentation as described in subrule (1) of this rule.

(3) Within 30 days of the expiration of the original or extended remediation period, a closing conference shall be held between the auditor and the person subject to an examination at which time the total unclaimed funds reporting liability resulting from the examination shall be calculated.

Notes

Mich. Admin. Code R. 567.13

2017 MR 5, Eff. 3/21/2017