MI HB4563

Exempts credit balances, overpayments, deposits, refunds, discounts, rebates, credit memos, and unidentified remittances created on or after April 1, 2009 from unclaimed property reporting requirements when transactions occur between two or more business associations.

Exemption does not apply to outstanding checks, drafts, or other similar instruments, which remain subject to unclaimed property laws.

Exemption does not apply to property described in sections 7 and 17 of the original unclaimed property act.

Defines "association" to include business associations, public corporations, sole proprietorships, and other commercial entities.

Effective immediately upon Governor's approval on May 24, 2012.