Michigan
Statutory term: Unclaimed Property
Overview
Search for Unclaimed Property
This program provides a public search portal where you can look up unclaimed property.
Search Now →Key Statistics
Dormancy Periods
The dormancy period is how long property must be inactive before it is considered unclaimed and reported to the state.
| Property Type | Years | Notes |
|---|---|---|
| Checking accounts | 3 | Demand deposits |
| Savings accounts | 3 | Savings deposits |
| Certificates of deposit | 3 | Matured CDs; auto-renewable CDs have 15-year dormancy |
| Wages/payroll | 1 | Payroll checks and uncashed wages |
| Commissions | 1 | Unpaid commissions |
| Accounts payable | 3 | General business obligations |
| Insurance proceeds | 3 | Life insurance benefits and premium refunds |
| Securities (cash) | 3 | Cash distributions from securities |
| Securities (shares) | 3 | Stock certificates and equity interests |
| Dividends | 3 | Unclaimed dividend payments |
| Safe deposit boxes | 3 | Contents of safe deposit boxes |
| Utility deposits | 1 | Utility company deposits and refunds |
| Customer refunds | 3 | Credit balances and overpayments |
| Money orders | 3 | Shorter than many other states |
| Traveler's checks | 15 | |
| Auto-renewable CDs | 15 | Significantly longer than standard CDs |
Michigan adopted the 1995 Uniform Unclaimed Property Act (Act 29 of 1995). Most property types have a 3-year dormancy period, with wages/payroll at 1 year and traveler's checks/auto-renewable CDs at 15 years. Reporting period is April 1 - March 31 with a July 1 filing deadline. Due diligence required 60-365 days before filing for property $50+. Active duty military personnel receive an extended 5-year dormancy period (amended 2024, SB 388). Record retention minimum is 10 years.
Finder / Helper Restrictions
Restriction Level: Moderate
Fee Cap: No statutory cap — Michigan does not set a statutory maximum percentage on finder/locator fees. However, locators must register with the Department and pay a $1,200 registration fee (renewable every 4 years). Locators can only access account information for unclaimed property valued at $10,000 or more that has been unclaimed for at least 24 months.
Waiting Period: 24 months — An agreement to pay compensation for recovery of property reported under MCL 567.238, made within 24 months after the date payment or delivery is made under MCL 567.240, is unenforceable (MCL 567.256a).
Licensing Required: Yes — Locators must register with the Michigan Department of Treasury and pay a $1,200 registration fee. Registration is renewed every 4 years. Individuals convicted of a felony involving dishonesty, deceit, fraud, or breach of fiduciary duty within the preceding 10 years are barred from registration.
Solicitation Rules: Locators must register with the Department and pay a $1,200 fee. They can only access information for unclaimed accounts of $10,000+ that have been unclaimed for 24+ months. Redistribution of account information is prohibited.