MI HB5991

Requires administrators to demand verified reports from persons not filing unclaimed property reports or suspected of filing inactive, incomplete, or false reports, with the report describing any unclaimed property held and specific amounts in question.

Administrators may examine records at reasonable times with reasonable notice to determine compliance, and may contract with other parties to conduct examinations, even if the person believes they hold no reportable property.

Examinations must follow generally accepted government auditing standards published by the Government Accountability Office, with liability determined from facts in audited reports or other information available to the administrator.

Prohibits indirect audit procedures, statistical sampling, and extrapolation for persons who filed all required reports, maintained adequate records, and have no documented reason to believe records are inaccurate—examinations must review actual books and records.

Assessment of examination costs capped at $50 per day per examiner but cannot exceed the value of property found reportable; administrators may estimate amounts from available records when proper records are not maintained.