Mich. Admin. Code R. 567.3 - Authority of administrator; selection factors for examination
Rule 3.
(1) The
administrator or his or her designee shall have sole authority to select a
person for examination or to participate in an examination of that person
commenced by another state. Factors that may be considered in determining
whether to commence an examination or participate in an examination initiated
by another state include, but are not limited to, the following:
(a) Value of the persons assets.
(b) Annual sales volume of the
person.
(c) The reporting history
of the person.
(d) Mergers,
takeovers, stock splits, sales, exchanges, liquidations, acquisitions, or other
changes in equity.
(e) Evidence or
complaints of failure by the person to send written notice under section 18(5)
of the act to the apparent owner of property presumed abandoned or other
complaints filed by property owners or other interested parties.
(f) The person has not been previously
subject to an examination by the state.
(g) Examinations or other information
indicate a trend or practice of failing to report the presumed abandonment of
certain types of property within the persons industry or business
sector.
(h) The extent of the
persons operations in this state including employees, vendors, stockholders,
customers, and account holders.
(i)
Whether an examination has been initiated by another state or more than 1
state.
(2) If the person
selected for examination has information that the selection was not based on
the criteria in subrule (1) of this rule or other factors that would reasonably
subject a person to examination, the person shall provide the information to
the administrator. The administrator will review the information and if the
information supports the persons claim that the selection was based on factors
that would not reasonably subject a person to examination, the administrator
will discontinue the examination. However, the person may still be subject to
an examination for the same property types and periods if at a later time, the
person is selected based on the criteria in subrule (1) of this rule or other
factors that would reasonably subject a person to examination.
Notes
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