Michigan Laws 567.251b – Streamlined audit process; election; audit
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 567.251b
- Administrator: means the state treasurer. See Michigan Laws 567.222
- Holder: means a person, wherever organized or domiciled, who is 1 or more of the following:
(i) In possession of property belonging to another. See Michigan Laws 567.222
(1) Eligible holders being examined by the administrator under section 31(2) may elect to follow the streamlined audit process described in this section. Eligible holders may elect the streamlined audit process by executing a nondisclosure agreement acceptable to the administrator within 30 days from the receipt of the audit notice.
(2) An audit conducted under the streamlined audit process described in this section shall meet both of the following:
(a) Be completed within a time frame jointly developed by the holder and the administrator, with the goal of completing the audit within 18 months from the receipt of the audit notice.
(b) Be conducted according to standards set forth in rules and regulations promulgated in accordance with section 31(4).