- Unclaimed Property

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Unclaimed Property

	Who administers the law?

	Why does Michigan have an Unclaimed Property Law?

	Does the State simply go in and take the money?

	Does a customer have to go to the bank or other business every year to keep the account from becoming dormant?

	Why do companies, banks and financial institutions have to turn over unclaimed funds to the State Treasurer?

	If an owner just lets his or her account "sit" and accumulate interest or dividends, is it considered active?

	Must a claimant pay a fee to get his or her money back?

	What should a person do if his or her name appears on a list of unclaimed property?

	Can a holder reimburse a customer or reactivate a customer's account?

	Will the State return an owner's money after it has been remitted?

	Are holders obligated to report and remit unclaimed property to other states?

	What happens to money that is never claimed by the owner?

	Should an owner hire a fee finder or heir finder?

	How do I contact the Unclaimed Property Division?