MCL 567.251b Streamlined Audit Process; Election; Audit

• Library: Michigan Statutes
• Edition: 2023
• Currency: Current through Public Act 321 of the 2023 Legislative Session
• Year: 2023
• Citation: MCL 567.251b

(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.