Michigan Unclaimed Property Locator Agreement: Your Guide to Understanding it
Every year, millions of dollars worth of property such as money, stocks, and other assets are reported as unclaimed. The Michigan Department of Treasury is tasked with the responsibility of reuniting these unclaimed assets with their rightful owners.
To make this process simpler, the state of Michigan has partnered with a company called Keane Unclaimed Property, which serves as the Michigan Unclaimed Property Locator Agreement. This agreement allows Keane to search for and locate unclaimed property on behalf of the Michigan Department of Treasury.
What is the Michigan Unclaimed Property Locator Agreement?
The Michigan Unclaimed Property Locator Agreement is a contract between the State of Michigan and Keane Unclaimed Property. Under this agreement, Keane provides a wide range of services related to identifying and locating property owners who have unclaimed assets held by the state.
The services provided by Keane include:
1. Searching the Michigan unclaimed property database – Keane uses its proprietary technology to search the Michigan Department of Treasury’s unclaimed property database for any assets that match the search criteria of their clients.
2. Contacting the owners of unclaimed property – Once Keane has located a potential owner of unclaimed property, they will initiate contact with them. This is done through a variety of means such as phone, email, and regular mail.
3. Claiming the unclaimed property – If an owner is located and they want to claim their property, Keane will assist them with the claim process. This includes completing the necessary paperwork and submitting it to the Michigan Department of Treasury.
What are the benefits of the Michigan Unclaimed Property Locator Agreement?
The Michigan Unclaimed Property Locator Agreement provides several benefits to both the state of Michigan and the owners of unclaimed property.
1. Increased outreach – Keane’s advanced technology makes it possible to search for potential owners in a wider range of locations, increasing outreach and the likelihood of reuniting owners with their funds.
2. Expertise – Keane has years of experience in the field of unclaimed property, which they use to guide and advise both the state and the owners of unclaimed assets throughout the process.
3. Time savings – By outsourcing the search and claim process to Keane, the Michigan Department of Treasury can focus on other important tasks.
4. Results – The Michigan Unclaimed Property Locator Agreement has been very successful in reuniting owners with their unclaimed assets. Since partnering with Keane, the state has reunited over $400 million in unclaimed property with its rightful owners.
Conclusion
If you believe that you may have unclaimed property in Michigan, the Michigan Unclaimed Property Locator Agreement with Keane may be able to help you locate it. The process is simple, and the benefits are numerous. Contact Keane Unclaimed Property today to learn more about how they can help you and the state of Michigan reunite lost assets with their rightful owners.
