MCL 567.221 et seq. · Michigan Dept. of Treasury — Unclaimed Property

Michigan July 1 Summer Cycle, Tier 2 B2B Credit Exclusion & VDA Program

Michigan's March 31 cutoff / July 1 deadline pairs with a strict Tier 2 B2B credit-only exclusion that leaves uncashed vendor checks exposed.

Deadline: July 1 Cutoff: March 31 Tier 2 — Credit Balances Only Zero Report: Conditional

Michigan Statutory Dormancy & Compliance Schedule

NAUPA Property Stream	Statutory Dormancy	Compliance Rule
Uncashed AP Vendor Checks (CK13)	3 yrs	Michigan exempts qualifying B2B credit memos/overpayments under MCL 567.257a, while uncashed B2B AP vendor checks remain fully reportable.
Payroll, Wages & Commissions (MS01)	1 yr	Never B2B exempt; applies to employee final & bonus checks.
AR Credit Balances & Overpayments (MS09)	3 yrs	Write-offs to income do not extinguish reporting obligation.
Customer Refunds (MS05)	3 yrs	Due diligence window: 60–365 days prior to July 1.
Gift Cards & Stored Value (GC / MS12)	Exempt (most gift cards)	Unaddressed cards route to corporate domicile under 2nd Priority.
Securities & Dividends (SC01 / SC08)	3 yrs	First-class mail for items >= $50
Virtual Currency / Digital Assets (VC)	3 yrs	Verify liquidation vs. native custodial transfer mandate.

Key Michigan Compliance Traps & Enforcement Risks

March 31 Cutoff Confusion Michigan's reporting year ends March 31 (not June 30 or December 31) with reports due July 1—frequently missed by fall-focused software.

Michigan Treasury Voluntary Disclosure Agreement

10-year + dormancy VDA eliminating the 25% civil penalty and interest for voluntary holders.

Statutory Interest & Penalties: Interest + 25% non-filing civil penalty. Negative Report Policy: Zero-balance attestation requested/expected for active prior filers via Michigan Treasury Online.

Statutory Questions & Answers

Does Michigan exempt B2B vendor checks?

No. Under MCL 567.257a, only qualifying B2B credit balances are excluded; uncashed vendor checks remain reportable.