MI HB5524

Prohibits the administrator from contracting with auditors on a contingent fee basis or similar arrangements when conducting audits under the Uniform Unclaimed Property Act.

Requires auditors conducting unclaimed property examinations to maintain independence and avoid any appearance of compromised independence when contracted by the administrator.

Allows the administrator to require persons not filing reports or filing inactive, incomplete, or false reports to submit verified reports detailing any unclaimed property held.

Permits the administrator to assess examination costs at $50.00 per day per examiner against holders where reportable property is found, capped at the value of property discovered.

Changes the effective date for record maintenance requirements from "the effective date of this act" to March 28, 1996.