AB752,13,66
f. Money deposited to redeem a security, make a distribution, or pay a dividend.
AB752,13,77
g. An amount due and payable under an annuity contract or insurance policy.
AB752,13,118
h. An amount distributable from a trust or custodial fund established under a
9plan to provide health, welfare, pension, vacation, severance, retirement, death,
10stock purchase, profit-sharing, employee-savings, supplemental-unemployment
11insurance, or a similar benefit.
AB752,13,1212
(c) “Property” does not include the following:
AB752,13,14131. Property held in a plan described in section
529A of the Internal Revenue
14Code.
AB752,13,1515
2. Game-related digital content.
AB752,13,1616
3. A loyalty card.
AB752,13,1717
4. An in-store credit for returned merchandise.
AB752,13,1818
5. A gift card.
AB752,13,1919
6. A stored-value card.
AB752,13,2020
7. Property described under s. 177.015 (2).
AB752,37
21Section
37. 177.01 (13d) of the statutes is created to read:
AB752,13,2522
177.01
(13d) “Putative holder” means a person believed by the administrator
23to be a holder, until the person pays or delivers to the administrator property subject
24to this chapter or the administrator or a court makes a final determination that the
25person is or is not a holder.
AB752,38
1Section
38. 177.01 (13f) of the statutes is created to read:
AB752,14,42
177.01
(13f) “Record” means information that is inscribed on a tangible
3medium or that is stored in an electronic or other medium and is retrievable in
4perceivable form.
AB752,39
5Section
39. 177.01 (13h) of the statutes is created to read:
AB752,14,66
177.01
(13h) “Security” means all of the following:
AB752,14,77
(a) A security, as defined in s. 408.102 (1) (o).
AB752,14,108
(b) A security entitlement, as defined in s. 408.102 (1) (q), including a customer
9security account held by a registered broker-dealer, to the extent the financial assets
10held in the security account are not any of the following:
AB752,14,1211
1. Registered on the books of the issuer in the name of the person for which the
12broker-dealer holds the assets.
AB752,14,1313
2. Payable to the order of the person.
AB752,14,1414
3. Specifically endorsed to the person.
AB752,14,1615
(c) An equity interest in a business association that is not a security under par.
16(a) or a security entitlement under par. (b).
AB752,40
17Section
40. 177.01 (13j) of the statutes is created to read:
AB752,14,1918
177.01
(13j) “Sign” means any of the following done with the intent to
19authenticate or adopt a record:
AB752,14,2020
(a) To execute or adopt a tangible symbol.
AB752,14,2221
(b) To attach to or logically associate with the record an electronic symbol,
22sound, or process.
AB752,41
23Section
41. 177.01 (14d) of the statutes is created to read:
AB752,15,224
177.01
(14d) (a) “Stored-value card” means a record evidencing a promise for
25consideration by the seller or issuer of the record that merchandise, goods, services,
1or money will be provided to the owner of the record equal to the value or amount
2shown in the record, if all of the following apply:
AB752,15,33
1. The value or amount does not expire.
AB752,15,54
2. The value or amount may be decreased only by redemption for merchandise,
5goods, services, or money.
AB752,15,76
3. The value or amount may not be redeemed for or converted into money or
7otherwise monetized by the issuer.
AB752,15,88
(b) “Stored-value card” includes the following:
AB752,15,129
1. A record that contains or consists of a microprocessor chip, magnetic strip,
10or other means for the storage of information, that is prefunded and the value or
11amount of which is decreased on each use and increased by payment of additional
12consideration.
AB752,15,14132. A prepaid commercial mobile radio service, as defined in
47 C.F.R. 20.3, as
14amended.
AB752,15,1515
(c) “Stored-value card” does not include the following:
AB752,15,1616
1. A payroll card.
AB752,15,1717
2. A loyalty card.
AB752,15,1818
3. A gift card.
AB752,15,1919
4. Game-related digital content.
AB752,42
20Section
42. 177.01 (15) of the statutes is amended to read:
AB752,15,2521
177.01
(15) “Utility" means a person
who that owns or operates for public use
22any plant, equipment,
real property, franchise
, or license for the transmission of
23communications
or; the production, storage, transmission, sale, delivery
, or
24furnishing of electricity, water, steam
, or gas
; the provision of sewage or septic
25services; or the disposal or recycling of trash or garbage.
AB752,43
1Section
43. 177.01 (16) of the statutes is created to read:
AB752,16,42
177.01
(16) “Virtual currency” means a digital representation of value used as
3a medium of exchange, unit of account, or store of value that does not have legal
4tender status recognized by the United States. “Virtual currency" does not include:
AB752,16,65
(a) The software or protocols governing the transfer of the digital
6representation of value.
AB752,16,77
(b) Game-related digital content.
AB752,16,88
(c) A loyalty card.
AB752,16,99
(d) A gift card.
AB752,44
10Section
44. 177.01 (17) of the statutes is created to read:
AB752,16,1311
177.01
(17) “Worthless security” means a security for which the cost of
12liquidation and delivery to the administrator exceeds the value of the security on the
13date on which a report is due under this chapter.
AB752,45
14Section
45. 177.015 (title) of the statutes is amended to read:
AB752,16,16
15177.015 (title)
Exemption Inapplicability to foreign transactions and
16other exemptions.
AB752,46
17Section
46. 177.015 of the statutes is renumbered 177.015 (1).
AB752,47
18Section
47. 177.015 (2) of the statutes is created to read:
AB752,16,1919
177.015
(2) This chapter does not apply to any of the following:
AB752,16,2120
(a) Property held, due, and owing in a foreign country if the transaction out of
21which the property arose was a foreign transaction.
AB752,16,2322
(b) Any payment or credit shown on the books and records of a business
23association owed to another business association in the ordinary course of business.
AB752,16,2424
(c) Property described in s. 20.912 (1).
AB752,48
25Section
48. 177.02 of the statutes is repealed.
AB752,49
1Section
49. Subchapter II (title) of chapter 177 [precedes 177.0201] of the
2statutes is created to read:
AB752,17,44
SUBCHAPTER ii
AB752,17,55
presumption of abandonment
AB752,50
6Section
50. 177.0201 of the statutes is created to read:
AB752,17,9
7177.0201 When property presumed abandoned. Subject to s. 177.0210,
8the following property is presumed abandoned if it is unclaimed by the apparent
9owner during the period specified below:
AB752,17,10
10(1) A traveler's check, 15 years after issuance.
AB752,17,11
11(2) A money order or similar instrument, 5 years after issuance.
AB752,17,14
12(3) A state or municipal bond, bearer bond, or original-issue-discount bond,
133 years after the earliest of the date the bond matures or is called or the obligation
14to pay the principal of the bond arises.
AB752,17,15
15(4) A debt of a business association, 3 years after the obligation to pay arises.
AB752,17,20
16(5) A payroll card or demand, savings, or time deposit, including a deposit that
17is automatically renewable, 5 years after the maturity of the deposit, except a deposit
18that is automatically renewable is deemed matured on its initial date of maturity
19unless the apparent owner consented in a record on file with the holder to renewal
20at or about the time of the renewal.
AB752,17,23
21(6) Money or a credit owed to a customer as a result of a retail business
22transaction, other than in-store credit for returned merchandise, 5 years after the
23obligation arises.
AB752,18,3
24(7) An amount owed by an insurance company on a life or endowment
25insurance policy or an annuity contract that has matured or terminated, 3 years after
1the obligation to pay arises under the terms of the policy or contract or, if a policy or
2contract for which an amount is owed on proof of death has not matured by proof of
3the death of the insured or annuitant, as follows:
AB752,18,84
(a) With respect to an amount owed on a life or endowment insurance policy,
53 years after the earliest of the date on which the insurance company has knowledge
6of the death of the insured or the date on which the insured attained, or would have
7attained if living, the limiting age under the mortality table that forms the bases of
8the reserve for the policy.
AB752,18,109
(b) With respect to an amount owed on an annuity contract, 3 years after the
10date on which the insurance company has knowledge of the death of the annuitant.
AB752,18,12
11(8) Property that may distributed by a business association in the course of
12dissolution, one year after the property may be distributed.
AB752,18,15
13(9) Except as provided in ss. 800.095 (8), 852.01 (3), 863.37 (2), and 863.39,
14property held by a court, including property received as proceeds of a class action,
15one year after the property may be distributed.
AB752,18,20
16(10) Except as provided in ss. 40.08 (8), 852.01 (3), 863.37 (2), and 863.39,
17property held by a government or governmental subdivision, agency, or
18instrumentality, including municipal bond interest and unredeemed principal under
19the administration of a paying agent or indenture trustee, 5 years after the property
20may be distributed.
AB752,18,23
21(11) Wages, commissions, bonuses, or reimbursements to which an employee
22is entitled, or other compensation for personal services, other than amounts held in
23a payroll card, one year after the amount becomes payable.
AB752,18,25
24(12) A deposit or refund owed to a subscriber by a utility, one year after the
25deposit or refund becomes payable.
AB752,19,3
1(13) Property not specified in this section or ss. 177.0202 to 177.0209, the
2earlier of 5 years after the owner first has a right to demand the property or the date
3on which the obligation to pay or distribute the property arises.
AB752,51
4Section
51. 177.0202 of the statutes is created to read:
AB752,19,9
5177.0202 When tax-deferred retirement account presumed
6abandoned. (1) Subject to s. 177.0210, property held in a pension account or
7retirement account that qualifies for federal income tax deferral under the Internal
8Revenue Code is presumed abandoned if it is unclaimed by the apparent owner 3
9years after the earliest of the following:
AB752,19,1310
(a) The date on which a 2nd consecutive communication sent by the holder by
111st class mail to the apparent owner is returned to the holder by the U.S. postal
12service as undeliverable, if the apparent owner has reached the age for which an
13early withdrawal penalty does not apply.
AB752,19,1814
(b) If the 2nd communication is sent by the holder to the apparent owner later
15than 30 days after the date on which the first communication is returned to the
16holder by the U.S. postal service as undeliverable, the date on which the first
17communication was returned as undeliverable, if the apparent owner has reached
18the age for which an early withdrawal penalty does not apply.
AB752,19,2019
(c) The date on which the apparent owner becomes 70.5 years of age, if that can
20be determined by the holder.
AB752,19,2221
(d) Any of the following, if distribution to avoid a tax penalty is required under
22the Internal Revenue Code:
AB752,19,2423
1. The date on which the holder receives confirmation of the death of the
24apparent owner in the ordinary course of the holder's business.
AB752,20,2
12. The date on which the holder confirms the death of the apparent owner under
2sub. (2).
AB752,20,6
3(2) If a holder in the ordinary course of its business receives notice or an
4indication of the death of an apparent owner and sub. (1) (c) or (d) applies, the holder
5shall attempt not later than 90 days after receipt of the notice or indication to confirm
6whether the apparent owner is deceased.