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AB752,33,1
1SUBCHAPTER iV
AB752,33,22 report by holder
AB752,73 3Section 73. 177.0401 of the statutes is created to read:
AB752,33,6 4177.0401 Report required by holder. (1) (a) A holder of property presumed
5abandoned and subject to the custody of the administrator shall report in a record
6to the administrator concerning the property.
AB752,33,87 (b) A holder shall report electronically in a format approved by the
8administrator, unless the administrator approves another method.
AB752,33,10 9(2) A holder may contract with a 3rd party to make the report required under
10sub. (1).
AB752,33,14 11(3) Regardless of whether a holder enters into a contract under sub. (2), the
12holder is responsible to the administrator for the complete, accurate, and timely
13reporting of property presumed abandoned and for paying or delivering the property
14described in the report to the administrator.
AB752,74 15Section 74. 177.0402 of the statutes is created to read:
AB752,33,21 16177.0402 Content of report. (1) The report required under s. 177.0401 shall
17be signed by or on behalf of the holder and verified as to its completeness and
18accuracy and be in a secure format, as approved by the administrator, that protects
19the apparent owner's confidential information in the same manner as is required of
20the administrator and administrator's agent under subch. IX. The report shall
21contain the following information:
AB752,33,2222 (a) A description of the property.
AB752,34,223 (b) Unless the property is a travelers check, money order, or similar
24instrument, the name, last-known address, social security number or taxpayer

1identification number, and date of birth of the property's apparent owner, if such
2information is known or readily ascertainable.
AB752,34,63 (c) For an amount held or owing under a life or endowment insurance policy or
4annuity contract, the name, social security number or taxpayer identification
5number, if known, date of birth, if known, and last-known address of the insured,
6annuitant, or other apparent owner of the policy or contract and of each beneficiary.
AB752,34,107 (d) For property held in or removed from a safe deposit box or other safekeeping
8repository or for other tangible personal property, an itemized inventory and
9description of the property, including the location of the property where it may be
10inspected by the administrator and any amounts owed to the holder.
AB752,34,1111 (e) The commencement date for determining abandonment under subch. II.
AB752,34,1312 (f) A statement that the holder has complied with the notice requirements of
13s. 177.0501.
AB752,34,1414 (g) Any other information prescribed by the administrator.
AB752,34,16 15(2) A report under s. 177.0401 may include in the aggregate items valued under
16$5 each only if the apparent owner is unknown.
AB752,34,19 17(3) A report under s. 177.0401 may include personal information, as defined
18in s. 177.1401 (1), about the apparent owner or the apparent owner's property to the
19extent not otherwise prohibited by federal law.
AB752,34,24 20(4) If a holder has changed the holder's name while holding property presumed
21abandoned or is a successor to another person that previously held the property for
22the apparent owner, the holder shall include in the report under s. 177.0401 the
23holder's former name or the name of the previous holder, if any, and the known name
24and address of each previous holder of the property.
AB752,75 25Section 75. 177.0403 of the statutes is created to read:
AB752,35,3
1177.0403 When report to be filed. (1) Subject to sub. (2), the report under
2s. 177.0401 shall be filed on or before November 1 of each year and cover the 12
3months preceding July 1 of that year.
AB752,35,7 4(2) Before the due date for filing the report under s. 177.0401, the holder of
5property presumed abandoned may request the administrator to extend the time for
6filing. The administrator may grant an extension of 60 days or other period agreed
7to by the administrator.
AB752,76 8Section 76. 177.0404 of the statutes is created to read:
AB752,35,12 9177.0404 Retention of records by holder. (1) A holder required to file a
10report under s. 177.0401 shall retain records for 10 years after the later of the date
11on which the report was filed or the last date on which a timely report was due to be
12filed, unless a shorter period is prescribed by rule by the administrator.
AB752,35,14 13(2) The holder may satisfy the requirement to retain records under this section
14through an agent.
AB752,35,15 15(3) The records retained under this section shall include the following:
AB752,35,1616 (a) The information required to be included in the report under s. 177.0401.
AB752,35,1817 (b) The date, place, and nature of the circumstances that gave rise to the
18property right.
AB752,35,1919 (c) The amount or value of the property.
AB752,35,2020 (d) The last address of the apparent owner, if known to the holder.
AB752,35,2421 (e) If the holder sells, issues, or provides to others for sale or issue in this state
22travelers checks, money orders, or similar instruments, other than 3rd-party bank
23checks, on which the holder is directly liable, a record of the instruments while they
24remain outstanding, indicating the state and date of issue.
AB752,77 25Section 77. 177.0405 of the statutes is created to read:
AB752,36,4
1177.0405 Property reportable and payable or deliverable absent
2owner demand.
Property is reportable and payable or deliverable under this
3chapter even if the owner fails to make demand or present an instrument or
4document otherwise required to obtain payment.
AB752,78 5Section 78. 177.0406 of the statutes is created to read:
AB752,36,8 6177.0406 Negative reporting. (1) The administrator may require any
7person or persons to file a report as otherwise prescribed in this section, except that
8the administrator may specify a deadline after the deadline specified in s. 177.0403.
AB752,36,11 9(2) The administrator may require any person to file a report even if the person
10believes the person is not in possession of any property reportable or deliverable
11under this chapter.
AB752,79 12Section 79. 177.05 of the statutes is repealed.
AB752,80 13Section 80 . Subchapter V (title) of chapter 177 [precedes 177.0501] of the
14statutes is created to read:
AB752,36,1515 CHAPTER 177
AB752,36,1616 SUBCHAPTER V
AB752,36,1717 notice to apparent owner of
AB752,36,1818 property presumed abandoned
AB752,81 19Section 81. 177.0501 of the statutes is created to read:
AB752,36,24 20177.0501 Notice to apparent owner by holder. (1) Subject to sub. (2), the
21holder of property presumed abandoned shall send to the apparent owner notice by
221st class mail that complies with s. 177.0502, in a format acceptable to the
23administrator, not more than 120 days nor less than 60 days before filing the report
24under s. 177.0401, if all of the following apply:
AB752,37,3
1(a) The holder has in the holder's records an address for the apparent owner
2that the records do not indicate to be invalid and that is sufficient to direct the
3delivery of 1st class mail to the apparent owner.
AB752,37,44 (b) The value of the property is $50 or more.
AB752,37,8 5(2) If an apparent owner has consented to receive e-mail delivery from the
6holder, the holder shall send the notice described in sub. (1) both by 1st class mail to
7the apparent owner's last-known mailing address and by e-mail, unless the holder
8believes that the apparent owner's e-mail address is invalid.
AB752,82 9Section 82. 177.0502 of the statutes is created to read:
AB752,37,14 10177.0502 Contents of notice by holder. (1) Notice under s. 177.0501 shall
11contain a heading that reads substantially as follows: “Notice. The State of
12Wisconsin requires us to notify you that your property may be transferred to the
13custody of the state's unclaimed property administrator if you do not contact us
14before (the date that is 30 days after the date of the notice).”
AB752,37,15 15(2) The notice under s. 177.0501 shall do all of the following:
AB752,37,1716 (a) Identify the nature and, except for property that does not have a fixed value,
17the value of the property that is the subject of the notice.
AB752,37,1818 (b) State that the property will be turned over to the administrator.
AB752,37,2019 (c) State that after the property is turned over to the administrator an apparent
20owner that seeks return of the property shall file a claim with the administrator.
AB752,37,2121 (d) State that property may be sold by the administrator.
AB752,37,2322 (e) Provide instructions that the apparent owner shall follow to prevent the
23holder from reporting and paying or delivering the property to the administrator.
AB752,83 24Section 83. 177.0503 (2n) of the statutes is created to read:
AB752,38,3
1177.0503 (2n) (a) The administrator may publish, on behalf of the department
2of children and families, the name and address of an apparent owner of uncashed
3child support payments.
AB752,38,64 (b) At least quarterly, the department of children and families shall reimburse
5the administrator, based on information provided by the administrator, for any
6administrative expenses incurred under par. (a).
AB752,84 7Section 84. 177.0504 of the statutes is created to read:
AB752,38,15 8177.0504 Cooperation among state officers and agencies to locate
9apparent owners.
Unless otherwise prohibited by law, at the request of the
10administrator, each officer, agency, board, commission, division, or department of
11this state, any body politic or corporate created by this state for a public purpose, and
12each political subdivision of this state shall make its books and records available to
13the administrator and cooperate with the administrator to determine the current
14address of an apparent owner of property held by the administrator under this
15chapter.
AB752,85 16Section 85. 177.0505 of the statutes is created to read:
AB752,38,19 17177.0505 Tax return identification of apparent owners. (1) Annually,
18before July 1, the administrator shall determine if either of the following applies to
19any apparent owner of abandoned property under s. 177.0503:
AB752,38,2120 (a) The apparent owner has filed a tax return in the 14 months preceding the
21determination.
AB752,38,2222 (b) The apparent owner is a debtor under s. 71.93 or 71.935.
AB752,38,24 23(2) For any person who is identified in sub. (1) and who is not a debtor under
24sub (1) (b), the administrator shall do the following:
AB752,39,3
1(a) Deliver the property to the apparent owner, in the manner provided under
2s. 177.0903, without requiring the apparent owner to file a claim under s. 177.0903,
3if the value of the abandoned property is $2,000 or less.
AB752,39,74 (b) Send written notice to the person, informing the person that he or she is the
5owner of abandoned property held by the state and may file a claim with the
6administrator for return of the property under s. 177.0903, if the value of the
7abandoned property is over $2,000.
AB752,39,11 8(3) For any person who is identified in sub. (1) and who is a debtor under sub.
9(1) (b), the administrator shall setoff the abandoned property against the person's
10debts under s. 71.93 or 71.935. If there is any remaining property after setoff, the
11administrator shall proceed under sub. (2) (a) or (b).
AB752,39,13 12(4) Any property paid or delivered to a person under this section is subject to
13recovery by the administrator as provided in s. 177.1206 and this chapter.
AB752,86 14Section 86. 177.06 of the statutes is repealed.
AB752,87 15Section 87 . Subchapter VI (title) of chapter 177 [precedes 177.0601] of the
16statutes is created to read:
AB752,39,1717 CHAPTER 177
AB752,39,1818 SUBCHAPTER VI
AB752,39,1919 taking custody of property
AB752,39,2020 by administrator
AB752,88 21Section 88. 177.0601 of the statutes is created to read:
AB752,39,23 22177.0601 Definition of good faith. In this subchapter, payment or delivery
23of property is made in good faith if any of the following applies:
AB752,40,3
1(1) The holder had a reasonable basis for believing, based on the facts then
2known, that the property was required or permitted to be paid or delivered to the
3administrator under this chapter.
AB752,40,7 4(2) The holder made payment or delivery in response to a demand by the
5administrator or administrator's agent or under guidance or a ruling issued by the
6administrator that the holder reasonably believed required or permitted the
7property to be paid or delivered.
AB752,89 8Section 89. 177.0602 of the statutes is created to read:
AB752,40,11 9177.0602 Dormancy charge. (1) A holder may deduct a dormancy charge
10from property required to be paid or delivered to the administrator if all of the
11following apply:
AB752,40,1412 (a) A valid written contract between the holder and the apparent owner
13authorizes imposition of the charge for the apparent owner's failure to claim the
14property within a specified time.
AB752,40,1615 (b) The holder regularly imposes the charge and regularly does not reverse or
16otherwise cancel or not collect the charge.
AB752,40,20 17(2) The amount of the deduction under sub. (1) is limited to an amount that is
18not unconscionable considering all relevant factors, including the marginal
19transactional costs incurred by the holder in maintaining the apparent owner's
20property and any services received by the apparent owner.
AB752,90 21Section 90. 177.0603 of the statutes is created to read:
AB752,40,24 22177.0603 Payment or delivery of property to administrator. (1) Except
23as otherwise provided in this section, upon filing a report under s. 177.0401, the
24holder shall pay or deliver to the administrator the property described in the report.
AB752,41,6
1(2) If property in a report under s. 177.0401 is an automatically renewable
2deposit and a penalty or forfeiture in the payment of interest would result from
3paying the deposit to the administrator at the time of the report, the date for payment
4of the property to the administrator is extended until a penalty or forfeiture no longer
5would result from payment, if the holder informs the administrator of the extended
6date.
AB752,41,8 7(3) After filing the report under s. 177.0401, property in a safe deposit box shall
8be delivered to the administrator no later than December 1.
AB752,41,10 9(4) If property reported to the administrator under s. 177.0401 is a security, the
10administrator may do any of the following:
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