AB752: Bill Text

LRB-4503/1

JK:kjf

2019 - 2020 LEGISLATURE

2019 Assembly BILL 752

January 16, 2020 - Introduced by Representative August, cosponsored by Senator Petrowski. Referred to Committee on State Affairs.

AB752,3,2 An Act to repeal 177.01 (3) and (4), 177.01 (8) (a) to (c), 177.01 (10) and (11), 177.02, 177.03, 177.04, 177.05, 177.06, 177.07, 177.075, 177.08, 177.10, 177.11, 177.13, 177.14, 177.15, 177.16, 177.17, 177.19, 177.20, 177.21, 177.22, 177.23, 177.24, 177.25, 177.26, 177.265, 177.27, 177.28, 177.29, 177.30 (5), 177.31, 177.32, 177.33, 177.34, 177.35 and 177.36; to renumber 177.015, 177.09, 177.38, 177.40 and 177.41; to renumber and amend 177.01 (6), 177.01 (8) (intro.), 177.01 (12), 177.12, 177.135, 177.165, 177.18, 177.225, 177.255, 177.30 (2), 177.30 (3), 177.30 (4), 177.30 (6), 177.30 (7) and 177.37; to amend 20.437 (2) (qm), 20.566 (4) (j), 62.63 (5), 71.93 (1) (d) 2., 71.93 (3) (a) (intro.), 73.01 (4) (a), 177.01 (1), 177.01 (2), 177.01 (5), 177.01 (7), 177.01 (9), 177.01 (13), 177.01 (15), 177.015 (title), 193.735 (1) (intro.), 193.735 (2), 610.61, 632.63 (4), 863.37 (2) (a), 863.39 (1), 863.39 (3) (a) and 893.95; and to create subchapter I (title) of chapter 177 [precedes 177.001], 177.001, 177.01 (1d), 177.01 (5d), 177.01 (6) (a) to (d), 177.01 (6d), 177.01 (6f), 177.01 (6g), 177.01 (7b), 177.01 (7d), 177.01 (11d), 177.01 (11f), 177.01 (11g), 177.01 (11j), 177.01 (11m), 177.01 (12) (d), 177.01 (12d), 177.01 (13b), 177.01 (13d), 177.01 (13f), 177.01 (13h), 177.01 (13j), 177.01 (14d), 177.01 (16), 177.01 (17), 177.015 (2), subchapter II (title) of chapter 177 [precedes 177.0201], 177.0201, 177.0202, 177.0203, 177.0204, 177.0205, 177.0207, 177.0208, 177.0210, 177.0211, 177.0212, 177.0214, subchapter III (title) of chapter 177 [precedes 177.0301], 177.0301, 177.0302, 177.0303, 177.0304, 177.0305, 177.0306, 177.0307, 177.0308, subchapter IV (title) of chapter 177 [precedes 177.0401], 177.0401, 177.0402, 177.0403, 177.0404, 177.0405, 177.0406, subchapter V (title) of chapter 177 [precedes 177.0501], 177.0501, 177.0502, 177.0503 (2n), 177.0504, 177.0505, subchapter VI (title) of chapter 177 [precedes 177.0601], 177.0601, 177.0602, 177.0603, 177.0604, 177.0605, 177.0606, 177.0607, 177.0608, 177.0609, 177.0610, subchapter VII (title) of chapter 177 [precedes 177.0701], 177.0701, 177.0702, 177.0703, 177.0704, subchapter VIII (title) of chapter 177 [precedes 177.0801], 177.0801, 177.0802, 177.0803, subchapter IX (title) of chapter 177 [precedes 177.0901], 177.0901, 177.0902, 177.0903, 177.0904, 177.0905, 177.0906, subchapter X (title) of chapter 177 [precedes 177.1001], 177.1001, 177.1002 (3), 177.1002 (4), 177.1003, 177.1004, subchapter XI (title) of chapter 177 [precedes 177.1101], 177.1101, 177.1102, 177.1103, 177.1104, subchapter XII (title) of chapter 177 [precedes 177.1201], 177.1201, 177.1202, 177.1203, 177.1204, 177.1205, 177.1206, subchapter XIII (title) of chapter 177 [precedes 177.1301], 177.1301, 177.1302, subchapter XIV (title) of chapter 177 [precedes 177.1401], 177.1401, 177.1402, 177.1403, subchapter XV (title) of chapter 177 [precedes 177.1501] and 177.1505 of the statutes; relating to: the revised uniform unclaimed property act.

Analysis by the Legislative Reference Bureau

This bill adopts the revised Uniform Unclaimed Property Act (the act), as approved by the Uniform Law Commission, also known as the National Conference of Commissioners on Uniform State Laws. The act under current law is based on earlier versions of the act that were last updated in 1995. The act requires a holder of unclaimed property to submit that property to the state after a certain time has passed, a period referred to as a dormancy period. The state then attempts to return the property to its rightful owner. Generally, if the state is unable to return the property to its owner, the state may retain the property. Under current law, a holder of unclaimed property submits the property to the secretary of revenue who is the administrator of the act. The bill designates the Department of Revenue as the administrator and makes various changes to the act in order to make the act easier to administer. For example, the bill updates the act to address the disposition of unclaimed gift cards, life insurance benefits, securities, and virtual currencies. The bill also organizes the act chapter into subchapters in order to facilitate the act's administration.

For further information see the state fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB752,1 Section 1. 20.437 (2) (qm) of the statutes is amended to read:

AB752,3,9 20.437 (2) (qm) Child support state operations and reimbursement for claims and expenses; unclaimed payments. From the support collections trust fund, a sum sufficient equal to the amounts credited under s. 20.912 (1) to the support collections trust fund and the amounts not distributable under par. (r) for administering the program under s. 49.22 and all other purposes specified in s. 49.22 and for reimbursing the secretary department of revenue under s. 177.265 177.0503 (2n) (b).

AB752,2 Section 2. 20.566 (4) (j) of the statutes is amended to read:

AB752,4,5 20.566 (4) (j) Unclaimed property; claims. All moneys received under ss. 177.23 (2) 177.0801, 852.01 (3), 863.37 (2), and 863.39 to pay claims under ss. 177.24 to 177.26 subch. IX of ch. 177 and 863.39 (3), to transfer the amounts appropriated under par. (k), and for promotional activities for the unclaimed property program under s. 20.585 (1) (k) as specified in s. 14.58 (4).

AB752,3 Section 3. 62.63 (5) of the statutes is amended to read:

AB752,4,16 62.63 (5) Treatment of abandoned retirement accounts. Funds in employee retirement accounts of a retirement system of a 1st class city, which are presumed abandoned under s. 177.13 subch. II of ch. 177, are not subject to the custody of the state as unclaimed property under ch. 177, but shall be retained by the retirement system and used to reduce employer funding obligations to the retirement system. The board of a retirement system of a 1st class city shall devise rules and regulations for determining the conditions under which employee retirement accounts are presumed abandoned and for determining the manner in which funds in the abandoned employee retirement accounts may be used to reduce employer funding obligations to the retirement system.

AB752,4 Section 4. 71.93 (1) (d) 2. of the statutes is amended to read:

AB752,4,20 71.93 (1) (d) 2. The amount owed to a debtor under s. 177.24 (3) 177.0905 for the return of abandoned property under s. 177.24 subch. IX of ch. 177 which exceeds a debtor's Wisconsin tax liability or any other liability owed to the department.

AB752,5 Section 5. 71.93 (3) (a) (intro.) of the statutes is amended to read:

AB752,5,3 71.93 (3) (a) (intro.) The department of revenue shall setoff any debt or other amount owed to the department, regardless of the origin of the debt or of the amount, its nature or its date. The department's setoff shall include the use of unclaimed property owed to the debtor under s. 177.24 177.0505, 177.0605 (12), 177.0905 (2), or 177.0906 (2). If after the setoff there remains a refund in excess of $10, the department shall set off the remaining refund against certified debts of other entities in the following order:

AB752,6 Section 6. 73.01 (4) (a) of the statutes is amended to read:

AB752,5,23 73.01 (4) (a) Subject to the provisions for judicial review contained in s. 73.015, the commission shall be the final authority for the hearing and determination of all questions of law and fact arising under sub. (5) and s. 72.86 (4), 1985 stats., and ss. 70.38 (4) (a), 70.397, 70.64, and 70.995 (8), s. 76.38 (12) (a), 1993 stats., ss. 76.39 (4) (c), 76.48 (6), 77.26 (3), 77.59 (5m) and (6) (b), 78.01, 78.22, 78.40, 78.555, 139.02, 139.03, 139.06, 139.31, 139.315, 139.33, 139.76, 139.78, 341.405, and 341.45, subch. XIV of ch. 71, and subch. VII of ch. 77, and ss. 177.1103 and 177.1206 (3). Whenever with respect to a pending appeal there is filed with the commission a stipulation signed by the department of revenue and the adverse party, under s. 73.03 (25), or the department of transportation and the adverse party agreeing to an affirmance, modification, or reversal of the department of revenue's or department of transportation's position with respect to some or all of the issues raised in the appeal, the commission shall enter an order affirming or modifying in whole or in part, or canceling the assessment appealed from, or allowing in whole or in part or denying the petitioner's refund claim, as the case may be, pursuant to and in accordance with the stipulation filed. No responsibility shall devolve upon the commission, respecting the signing of an order of dismissal as to any pending appeal settled by the department of revenue or the department of transportation without the approval of the commission.

AB752,7 Section 7 . Subchapter I (title) of chapter 177 [precedes 177.001] of the statutes is created to read:

AB752,6,1 CHAPTER 177

AB752,6,2 SUBCHAPTER i

AB752,6,3 general provisions

AB752,8 Section 8. 177.001 of the statutes is created to read:

AB752,6,6 177.001 Short title. This chapter may be cited as the “Revised Uniform Unclaimed Property Act.”

AB752,9 Section 9. 177.01 (1) of the statutes is amended to read:

AB752,6,8 177.01 (1) “Administrator" means the secretary department of revenue.

AB752,10 Section 10. 177.01 (1d) of the statutes is created to read:

AB752,6,13 177.01 (1d) “Administrator's agent” means a person that the administrator contracts with to conduct an examination under subch. X on the administrator's behalf, including an independent contractor of such person and each individual participating in the examination on behalf of the person or contractor.

AB752,11 Section 11. 177.01 (2) of the statutes is amended to read:

AB752,6,17 177.01 (2) “Apparent owner" means the a person whose name appears on the records of the holder as the person entitled to owner of property held, issued, or owing by the holder.

AB752,12 Section 12. 177.01 (3) and (4) of the statutes are repealed.

AB752,13 Section 13. 177.01 (5) of the statutes is amended to read:

AB752,7,3 177.01 (5) “Business association" means a nonpublic corporation,; joint stock company,; investment company, not including an investment company registered under the investment company act of 140, as amended, 15 U.S.C. sections 80a-1 to 80a-64; business trust,; partnership,; unincorporated association; joint venture; limited liability company or association for business purposes,; trust company; land bank; safe deposit company; safekeeping depository; financial organization; insurance company; federally chartered entity; utility; sole proprietorship; or other business entity; regardless of whether or not any such entity is for profit, including a banking organization, financial organization, insurance company or utility.

AB752,14 Section 14. 177.01 (5d) of the statutes is created to read:

AB752,7,6 177.01 (5d) “Confidential information” means records, reports, and information that are confidential under s. 177.1402.

AB752,15 Section 15. 177.01 (6) of the statutes is renumbered 177.01 (6) (intro.) and amended to read:

AB752,7,11 177.01 (6) (intro.) “Domicile" means the state of incorporation of a corporation, the state of organization of a limited liability company and the state of the principal place of business of an unincorporated person. the following:

AB752,16 Section 16. 177.01 (6) (a) to (d) of the statutes are created to read:

AB752,7,13 177.01 (6) (a) For a corporation, the state of its incorporation.

AB752,7,15 (b) For a business association, other than a corporation, that requires a filing with a state for its formation, the state of its filing.

AB752,7,18 (c) For a federally chartered entity or an investment company registered under the investment company act of 1940, as amended, 15 U.S.C. sections 80a-1 to 80a-64, the state of its home office.

AB752,7,19 (d) For any other holder, the state of its principal place of business.

AB752,17 Section 17. 177.01 (6d) of the statutes is created to read:

AB752,7,23 177.01 (6d) “Dormancy period” means the period of time, as specified for each property type in this chapter, that must pass before the property is presumed abandoned.

AB752,18 Section 18. 177.01 (6f) of the statutes is created to read:

AB752,8,2 177.01 (6f) “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

AB752,19 Section 19. 177.01 (6g) of the statutes is created to read:

AB752,8,5 177.01 (6g) “E-mail” means a communication by electronic means which is automatically retained and stored and may be readily accessed or retrieved.

AB752,20 Section 20. 177.01 (7) of the statutes is amended to read: