Mich. Admin. Code R. 567.3 - Authority of administrator; selection factors for examination
(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.
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