AB752,69,1615
(b) The agreement is executed when signed by the holder and the
16administrator.
AB752,69,1817
(c) The administrator may extend the time during which the holder is to comply
18with sub. (1) (f).
AB752,69,2119
(d) A holder who enters into an agreement with the administrator and upon
20compliance with the terms in the agreement shall be relieved of any further liability
21with respect to the property reported by the holder under the agreement.
AB752,69,2422
(e) A holder who enters into an agreement with the administrator shall
23maintain records with regard to property covered under the agreement in accordance
24with s. 177.0404.
AB752,70,2
1(f) The agreement shall apply to the 5 reporting periods immediately preceding
2the filing date of the holder's application.
AB752,70,93
(g) The administrator shall waive rights to an examination of records under s.
4177.1001 with respect to the reporting periods in par. (f), and all earlier periods,
5except for the purpose of the administrator making determinations with respect to
6sub. (3) (a) and (b). Unless an agreement is null and void as provided in sub. (3), the
7administrator shall not have any cause of action against the holder resulting from
8failure of the holder to report any property abandoned during the reporting periods
9to which par. (f) applies or to any earlier periods.
AB752,70,13
10(3) The administrator may declare an executed agreement null and void. In
11the case of an agreement that is null and void, the holder remains subject to all other
12provisions of this chapter. The administrator may declare an executed agreement
13null and void if at least one of the following applies:
AB752,70,1614
(a) Fraud or intentional misrepresentation by the holder or those acting on the
15holder's behalf with respect to the property required to be reported for the period
16covered by the agreement.
AB752,70,1917
(b) It is determined by the administrator that the property reported by the
18holder for the period covered by the agreement is less than 75 percent of the value
19of all property reportable by the holder for the period.
AB752,70,2120
(c) The holder fails to remain in compliance with this chapter for no less than
21the 4 reporting periods following the final reporting period covered by the agreement.
AB752,71,5
22(4) The administrator shall waive the provisions of s. 177.1204 with respect to
23reporting periods covered by the agreement if an application for voluntary disclosure
24is received by the administrator between the first day of the 3rd month and the last
25day of the 12th month after the effective date of this subsection .... [LRB inserts date],
1and a voluntary disclosure agreement is executed within 180 days of receipt of the
2application by the administrator. The administrator may enter into an agreement
3with a holder to extend the date upon which the agreement must be executed and
4shall waive the provisions of s. 177.1204 with respect to reporting periods covered by
5an agreement executed under such extension.
AB752,152
6Section
152. 177.16 of the statutes is repealed.
AB752,153
7Section
153. 177.165 of the statutes is renumbered 177.0209 and amended to
8read:
AB752,71,14
9177.0209 Proceeds from sale of property in self-service storage facility. 10Notwithstanding
s. 177.02 (1) any other provision under this chapter, the proceeds
11of a sale under s. 704.90 (6) of personal property stored in a leased facility located
12within a self-service storage facility
after satisfaction of the operator's lien under s.
13704.90 (3) (a) is presumed abandoned
immediately after satisfaction of the operator's
14lien under s. 704.90 (3) (a).
AB752,154
15Section
154. 177.17 of the statutes is repealed.
AB752,155
16Section
155. 177.18 of the statutes is renumbered 177.0503, and 177.0503
17(title), (1), (1g), (1m), (2m) and (4), as renumbered, are amended to read:
AB752,72,7
18177.0503 (title)
Notice and publication of lists of abandoned or
19escheated property by administrator
. (1) Before July 1 of each year, the
20administrator shall publish on an Internet site maintained by the administrator a
21notice of the names of
persons appearing to be
apparent owners of abandoned
22property
reported and remitted to the administrator. Except as provided in sub.
23(1m), the notice shall include the name and last-known address of each person
24identified in a report filed under s.
177.17
177.0401 since the publication of the
25previous notice. The administrator shall also publish
the in a newspaper the names
1of apparent owners of abandoned property reported and remitted to the
2administrator in the previous reporting year. The notice
as shall be a class 1 notice
3under ch. 985
, and published in a newspaper of general circulation in the county in
4which is located the last-known address of the person to be named in the notice. If
5no address is listed or the address is outside this state, the notice shall be published
6in the
county in which the holder of the property has its principal place of business
7within this state official state newspaper.
AB752,72,11
8(1g) In addition to any notice required under sub. (1), the administrator shall
9also publish, in the notice described under sub. (1), the name and last-known
10address of each owner of a U.S. savings bond that has been presumed abandoned
11under s.
177.135 177.0206 since the publication of the previous notice.
AB752,72,16
12(1m) If the address of a person to be named in a notice under sub. (1) is outside
13this state, and if the administrator has entered into an agreement under s.
177.33
14(1) 177.1202 with the state in which the address is located, the administrator may
15omit the information specified in sub. (2) with respect to that person from the notice
16published under sub. (1).
AB752,72,24
17(2m) For money or other property received under s. 852.01 (3), 863.37 (2) or
18863.39 (1), a notice shall be published at least annually in the official state
19newspaper and shall include the name of the decedent,
the time and place of the
20decedent's death, the amount paid to the administrator,
the name of the decedent's
21personal representative, the county in which the estate is probated and a statement
22that the money will be paid to the heirs or legatees without interest, on proof of
23ownership, if claimed within 10 years from the date of publication as provided in s.
24863.39 (3).
AB752,73,3
1(4) This section does not apply to sums payable on travelers checks, money
2orders and other written instruments presumed abandoned under s.
177.04 3177.0201.
AB752,156
4Section
156. 177.19 of the statutes is repealed.
AB752,157
5Section
157. 177.20 of the statutes is repealed.
AB752,158
6Section
158. 177.21 of the statutes is repealed.
AB752,159
7Section
159. 177.22 of the statutes is repealed.
AB752,160
8Section
160. 177.225 of the statutes is renumbered 177.1504, and 177.1504
9(1) (a) to (c) and (2), as renumbered, are amended to read:
AB752,73,1110
177.1504
(1) (a) The U.S. savings bond has been presumed abandoned under
11s.
177.135 177.0206 for at least one year.
AB752,73,1312
(b) The U.S. savings bond is subject to the custody of this state as unclaimed
13property under
s. 177.03 subch. III.
AB752,73,1514
(c) At least one year has elapsed since the administrator published the notice
15required under s.
177.18 (1g) 177.0503.
AB752,73,24
16(2) An action under sub. (1) may be commenced in the circuit court for Dane
17County or in any county that would be a proper place of trial under s. 801.50. Subject
18to sub. (3), service may be made under s. 801.11 (1) (c) by publication of a notice
19published as a class 3 notice under ch. 985. In determining which newspaper is likely
20to give notice as required under s. 985.02 (1), the administrator shall consider the
21conditions under s.
177.03 177.0503 that made the U.S. savings bond subject to the
22custody of this state as unclaimed property. The administrator may postpone
23commencing an action under this subsection until sufficient U.S. savings bonds meet
24the conditions under sub. (1) to justify the expense of the action.
AB752,161
25Section
161. 177.23 of the statutes is repealed.
AB752,162
1Section
162. 177.24 of the statutes is repealed.
AB752,163
2Section
163. 177.25 of the statutes is repealed.
AB752,164
3Section
164. 177.255 of the statutes is renumbered 177.0907 and amended to
4read:
AB752,74,19
5177.0907 Claim to recover abandoned U.S. savings bond. 6Notwithstanding s.
177.225 177.1504, any person who could have claimed an
7interest in a U.S. savings bond immediately before this state became the owner of the
8U.S. savings bond pursuant to a judgment entered under s.
177.225 177.1504 (4) may
9file a claim under s.
177.24 177.0903, and another state may file a claim under s.
10177.25 177.0901. Notwithstanding s.
177.24 (3) 177.0607 or
177.25 (2) 177.0902, if
11the claim is allowed, the administrator shall pay the claimant the amount the
12administrator received from redeeming the U.S. savings bond under s.
177.225 (5)
13177.1504, minus any amounts that were deposited in the general fund to pay
14administrative expenses under s.
177.23 (2)
177.0803 that are attributable to the
15U.S. savings bond, or, if the U.S. savings bond has not been redeemed, the amount
16the administrator estimates the administrator will receive from redeeming the U.S.
17savings bond under s.
177.225 (5) 177.1504, minus any amounts the administrator
18estimates will be deposited in the general fund to pay administrative expenses under
19s.
177.23 (2) 177.0803 that are attributable to the U.S. savings bond.
AB752,165
20Section
165. 177.26 of the statutes is repealed.
AB752,166
21Section
166. 177.265 of the statutes is repealed.
AB752,167
22Section
167. 177.27 of the statutes is repealed.
AB752,168
23Section
168. 177.28 of the statutes is repealed.
AB752,169
24Section
169. 177.29 of the statutes is repealed.
AB752,170
1Section
170. 177.30 (2) of the statutes is renumbered 177.1002 (1) and
2amended to read:
AB752,75,113
177.1002
(1) The administrator, at reasonable times and upon reasonable
4notice, may examine the records of any person to determine whether the person has
5complied with this chapter. The administrator
may authorize an agent, under
6written contract with the administrator, to conduct any such examination. In
7addition, the administrator may designate the division of banking or other
8appropriate regulatory authority to examine the records of regulated institutions to
9determine if the institutions have complied with this chapter. The administrator
10may conduct the examination even if the person believes it is not in possession of any
11property reportable or deliverable under this chapter.
AB752,171
12Section
171. 177.30 (3) of the statutes is renumbered 177.1002 (5) and
13amended to read:
AB752,75,1814
177.1002
(5) If a person is treated under s.
177.12 177.0213 as the holder of the
15property only insofar as the interest of the business association in the property is
16concerned, the administrator may examine the records of the person as provided
17under sub.
(2) (1) if the administrator has given the required notice to both the person
18and the business association at least 90 days before the examination.
AB752,172
19Section
172. 177.30 (4) of the statutes is renumbered 177.1002 (2) and
20amended to read:
AB752,76,221
177.1002
(2) If an examination of the records of a person results in the
22disclosure discovery of property reportable and deliverable under this chapter, the
23administrator
shall assess the total value of the property against the person and may
24assess the cost of the examination against the holder at the rate of $150 a day for each
25examiner, but the charges may not exceed the value of the property found to be
1reportable and deliverable. The cost of examination under sub.
(3) (5) may be
2imposed only against the business association.
AB752,173
3Section
173. 177.30 (5) of the statutes is repealed.
AB752,174
4Section
174. 177.30 (6) of the statutes is renumbered 177.1005 and amended
5to read:
AB752,76,11
6177.1005 Administrator's contract with another to conduct
7examination. (1) Except as provided in
pars. (b) and (c) subs. (2) and (3), the
8administrator may not enter into a contract or other agreement to allow any person
9to engage in an audit on a contingent fee basis of another person's documents or
10records as part of an effort to administer this chapter or to purchase information or
11documents arising from the audit.
AB752,76,16
12(2) If a person whose documents or records are audited is not domiciled in this
13state, the administrator may enter into a contract or agreement described under
par.
14(a) sub. (1) related to the person if the amount of the contingent fee under the contract
15or agreement does not exceed 12 percent of the total amount of property reportable
16and deliverable under this chapter that is disclosed by the audit.
AB752,76,18
17(3) This
subsection section does not apply to information received from the
18federal government.
AB752,175
19Section
175. 177.30 (7) of the statutes is renumbered 177.1005 (4) and
20amended to read:
AB752,76,2521
177.1005
(4) The Except as provided in s. 177.1004, the administrator may not
22enter into a contract or other agreement as part of an effort to administer this chapter
23that allows a person that is engaging in an audit of another person's documents or
24records to use statistical sampling to estimate the other person's liability unless the
25other person consents to the use of an estimate.
AB752,176
1Section
176. 177.31 of the statutes is repealed.
AB752,177
2Section
177. 177.32 of the statutes is repealed.
AB752,178
3Section
178. 177.33 of the statutes is repealed.
AB752,179
4Section
179. 177.34 of the statutes is repealed.
AB752,180
5Section
180. 177.35 of the statutes is repealed.
AB752,181
6Section
181. 177.36 of the statutes is repealed.
AB752,182
7Section
182. 177.37 of the statutes is renumbered 177.1502 and amended to
8read:
AB752,77,17
9177.1502 Effect of new provisions; clarification of application. (1) This
10chapter does not relieve a holder of a duty that arose before
December 31, 1984 the
11effective date of this subsection .... [LRB inserts date], to report, pay
, or deliver
12property.
A Subject to ss. 177.0610 (2) and (3), a holder who did not comply with the
13law
governing unclaimed property in effect before
December 31, 1984 the effective
14date of this subsection .... [LRB inserts date], is subject to the applicable enforcement
15and penalty provisions
that then existed and they are continued in effect
for the
16purpose of this subsection, except as provided in s. 177.29 (2)
before the effective date
17of this subsection .... [LRB inserts date].
AB752,77,24
18(2) The initial report filed under this chapter for property that was not required
19to be reported before
December 31, 1984 the effective date of this subsection .... [LRB
20inserts date], but
which is subject to
that is required to be reported under this
21chapter, shall include all items of property that would have been presumed
22abandoned during the 10-year period preceding
December 31, 1984 the effective
23date of this subsection .... [LRB inserts date], as if this chapter had been in effect
24during that period.
AB752,183
25Section
183. 177.38 of the statutes is renumbered 177.016.
AB752,184
1Section
184. 177.40 of the statutes is renumbered 177.1501.
AB752,185
2Section
185. 177.41 of the statutes is renumbered 177.1503.
AB752,186
3Section
186. 193.735 (1) (intro.) of the statutes is amended to read:
AB752,78,94
193.735
(1) Alternate procedure to distribute property. (intro.)
5Notwithstanding
s. 177.17 (4) (a) 2. and (b)
ch. 177, a cooperative may distribute any
6property required to be reported under
s. 177.17 (1) subch. IV of ch. 177 to an entity
7that is exempt from taxation under section
501 (a) of the Internal Revenue Code. A
8cooperative making a distribution under this subsection shall file all of the following
9with the secretary of revenue before making the distribution:
AB752,187
10Section
187. 193.735 (2) of the statutes is amended to read:
AB752,78,1311
193.735
(2) Reporting procedure not affected. Subsection (1) does not affect
12the requirement that a cooperative report property under
s. 177.17 (1) subch. IV of
13ch. 177.
AB752,188
14Section
188. 610.61 of the statutes is amended to read:
AB752,78,17
15610.61 Duty of life insurers to report abandoned property. An insurer
16doing a life insurance business shall report under
s. 177.17 subch. IV of ch. 177 any
17property presumed abandoned under
s. 177.07
subch. II of ch. 177.
AB752,78,2520
632.63
(4) Payment of benefits. The benefits from a policy, contract, or a
21retained asset account, plus any applicable accrued contractual interest, shall first
22be payable to the designated beneficiaries or owners and, in the event said
23beneficiaries or owners cannot be found, shall escheat to the state as unclaimed
24property under ch. 177. Interest payable under s. 628.46 shall not be payable as
25unclaimed property under
s. 177.07 subch. II of ch. 177.
AB752,190
1Section
190. 863.37 (2) (a) of the statutes is amended to read:
AB752,79,102
863.37
(2) (a) Whenever payment of a legacy or a distributive share cannot be
3made to the person entitled to payment or it appears that the person may not receive
4or have the opportunity to obtain payment, the court may, on petition of a person
5interested or on its own motion, order that the funds be paid or delivered to the
6secretary of revenue for deposit as provided under
s. 177.23 subch. VIII of ch. 177.
7Claims on the funds may be made under s. 863.39 within 10 years after the date of
8publication under s.
177.18 177.0503. When a claimant to the funds resides outside
9the United States or its territories the court may require the personal appearance
10of the claimant before the court.
AB752,191
11Section
191. 863.39 (1) of the statutes is amended to read:
AB752,79,1712
863.39
(1) Generally. If any legacy or intestate property is not claimed by the
13distributee within 120 days after entry of final judgment, or within the time
14designated in the judgment, it shall be converted into money as close to the inventory
15value as possible and paid to the
secretary of revenue administrator for deposit as
16provided under s.
177.23 177.0801. Claims for the money shall be made under sub.
17(3).
AB752,192
18Section
192. 863.39 (3) (a) of the statutes is amended to read:
AB752,80,819
863.39
(3) (a) Within 10 years after the date of publication under s.
177.18 20177.0503, any person claiming any amount deposited under sub. (1) may file in the
21probate court in which the estate was settled a petition alleging the basis of his or
22her claim. The court shall order a hearing upon the petition, and 20 days' notice of
23the hearing and a copy of the petition shall be given by the claimant to the
24department of revenue and to the attorney general, who may appear for the state at
25the hearing. If the claim is established it shall be allowed without interest, but
1including any increment which may have occurred on securities held, and the court
2shall so certify to the department of administration, which shall audit the claim. The
3secretary of revenue shall pay the claim out of the appropriation under s. 20.566 (4)
4(j). Before issuing the order distributing the estate, the court shall issue an order
5determining the death tax due, if any. If real property has been adjudged to escheat
6to the state under s. 852.01 (3) the probate court which made the adjudication may
7adjudge at any time before title has been transferred from the state that the title
8shall be transferred to the proper owners under this subsection.
AB752,193
9Section
193. 893.95 of the statutes is amended to read:
AB752,80,11
10893.95 Unclaimed property; civil remedies. Any civil action to enforce ch.
11177 is subject to the limitations under s.
177.29 (2) 177.0610.