Frequently Asked Questions Unclaimed Property Return to Unclaimed Property Homepage 1. The Michigan State Treasurer is the administrator of the Uniform Unclaimed Property Act and acts as custodian of the property on behalf of the owner. Michigan's Uniform Unclaimed Property Act protects unclaimed property and returns it to its rightful owners or their heirs. The law also centralizes the search for lost property.
Unclaimed property is turned over to the State Treasurer, after the following have occurred.
Attempts to contact the owner have failed. If these attempts are unsuccessful, the money is turned over to the State Treasurer where the owner or the owner's heirs may claim it. A customer may write or telephone the holder, in most cases, every five years to keep the account from being reported to the state as a dormant account. The holder must maintain records that show how it tracks communications from the customer. 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.