March 29, 2012, Introduced by Reps. Nesbitt, MacGregor, Jacobsen, Forlini, Poleski, Pscholka, Haveman, Haines, Tyler, Kowall, Crawford, Huuki, Farrington, O'Brien, Horn and Olson and referred to the Committee on Tax Policy.
A bill to amend 1995 PA 29, entitled
"Uniform unclaimed property act,"
by amending section 31 (MCL 567.251), as amended by 1997 PA 195.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 31. (1) The administrator may require a person who has
not filed a report under this act or a person who the administrator
believes has filed an inactive, incomplete, or false report, to
file a verified report in a form specified by the administrator.
The report shall state whether the person is holding any unclaimed
property reportable or deliverable under this act, describe
unclaimed property not previously reported or as to which the
administrator has made inquiry, and specifically identify and state
the amounts of property that may be in issue.
(2) The administrator, at reasonable times and upon reasonable
notice, may examine the records of a person to determine whether
the person has complied with this act. The administrator may
conduct the examination even if the person believes he or she is
not in possession of any property reportable or deliverable under
this act. The administrator may contract with any other person to
conduct the examination on behalf of the administrator. If the
administrator contracts with any other person to conduct an audit
under this act, the audit shall not be performed by an auditor on a
contingent fee basis or any other similar method that may impair an
auditor's independence or the perception of independence by the
public.
(3) If a person is treated under section 13 as the holder of
the property only insofar as the interest of the business
association in the property is concerned, the administrator,
pursuant to subsection (2), may examine the records of the person
if the administrator has given the notice required by subsection
(2) to both the person and the business association at least 90
days before the examination.
(4) If an examination of the records of a person results in
the disclosure of property reportable and deliverable under this
act, the administrator may assess the cost of the examination
against the holder at the rate of $50.00 a day for each examiner;
however, the charges shall not exceed the value of the property
found to be reportable and deliverable. The cost of examination
made pursuant to subsection (3) shall be imposed only against the
business association.
(5)
If a holder fails after the effective date of this act
March 28, 1996 to maintain the records required by section 32 and
the records of the holder available for the periods subject to this
act are insufficient to permit the preparation of a report, the
administrator may require the holder to report and pay an amount as
may reasonably be estimated from any available records.