With H.B. 4563, Michigan becomes the 14th state to have a "business-to-business" exemption. Under the exemption, the Michigan unclaimed property law will not apply "to any credit balances, overpayments, deposits, refunds, discounts, rebates, credit memos, or unidentified remittances created on or after April 1, 2009 and issued, held, or owing in any transactions between 2 or more associations."
Further, Michigan H.B. 5577 shortens the time period during which the unclaimed property administrator may bring an enforcement action with respect to unclaimed property of transactions between businesses, from 10 to five years. The law also reduces the record retention period for records of business transactions from a 10-year to a five-year retention period after property becomes reportable.