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AB325,116 19Section 116. 177.0902 of the statutes is created to read:
AB325,53,22 20177.0902 When property subject to recovery by another state. (1)
21Property held under this chapter by the administrator is subject to the right of
22another state to take custody of the property if any of the following applies:
AB325,54,323 (a) The property was paid or delivered to the administrator because the records
24of the holder did not reflect a last-known address in the other state of the apparent
25owner and the other state establishes that the last-known address of the apparent

1owner or other person entitled to the property was in the other state or, under the
2law of the other state, the property has become subject to a claim by the other state
3of abandonment.
AB325,54,74 (b) The records of the holder did not accurately identify the owner of the
5property, the last-known address of the owner was in another state, and, under the
6law of the other state, the property has become subject to a claim by the other state
7of abandonment.
AB325,54,118 (c) The property was subject to the custody of the administrator of this state
9under s. 177.0305 and, under the law of the state of domicile of the holder, the
10property has become subject to a claim by the state of domicile of the holder of
11abandonment.
AB325,54,1512 (d) The property is a sum payable on a traveler's check, money order, or similar
13instrument that was purchased in the other state and delivered to the administrator
14under s. 177.0306 and, under the law of the other state, has become subject to a claim
15by the other state of abandonment.
AB325,54,18 16(2) A claim by another state to recover property under this section must be
17presented in a form prescribed by the administrator, unless the administrator
18waives presentation of the form.
AB325,54,23 19(3) The administrator shall make a decision regarding each claim under this
20section no later than 90 days after the claim is presented to the administrator. If the
21administrator determines that the other state is entitled under sub. (1) to custody
22of the property, the administrator shall allow the claim and pay or deliver the
23property to the other state.
AB325,55,3
1(4) The administrator may require another state, before recovering property
2under this section, to agree to indemnify this state and its agents, officers, and
3employees against any liability on a claim to the property.
AB325,117 4Section 117. 177.0903 of the statutes is created to read:
AB325,55,9 5177.0903 Claim for property by person claiming to be owner. (1) A
6person claiming to be the owner of property held under this chapter by the
7administrator may file a claim for the property on a form prescribed by the
8administrator. The claimant shall verify the claim as to its completeness and
9accuracy.
AB325,55,14 10(2) The administrator may waive the requirement under sub. (1) and may pay
11or deliver property directly to a person if the person receiving the property or
12payment is shown to be the apparent owner included on a report filed under s.
13177.0401 and the administrator reasonably believes the person is entitled to receive
14the property or payment.
AB325,55,17 15(3) If a claim is submitted by a locator service that enters into an agreement
16under subch. XIII, a copy of the agreement shall be filed with the claim, otherwise
17the administrator shall deny the claim.
AB325,55,20 18(4) The administrator may use state tax information to assist in identifying the
19owner of property that has been abandoned as provided under this chapter or in
20verifying a claim filed under this subchapter.
AB325,118 21Section 118. 177.0904 of the statutes is created to read:
AB325,55,25 22177.0904 When administrator must honor claim for property. (1) (a)
23The administrator shall pay or deliver property to a claimant under s. 177.0903 (1)
24if the administrator receives evidence sufficient to establish to the satisfaction of the
25administrator that the claimant is the owner of the property.
AB325,56,2
1(b) If a claim is made and allowed under subch. XIII, the administrator shall
2pay or deliver property to the apparent owner of the property.
AB325,56,7 3(2) Not later than 90 days after a claim is filed under s. 177.0903 (1), the
4administrator shall allow or deny the claim and give the claimant notice in a record
5of the decision. The administrator may refer any claim to the attorney general for
6an opinion. For each claim referred, the attorney general shall advise the
7administrator either to allow it or to deny it in whole or in part.
AB325,56,13 8(3) If the administrator denies a claim under sub. (2), the administrator shall
9inform the claimant of the reason for the denial and specify what additional evidence,
10if any, is required for the claim to be allowed. The claimant may file an amended
11claim with the administrator or commence an action under s. 177.0906. The
12administrator shall consider an amended complaint filed under this subsection as an
13initial claim.
AB325,56,15 14(4) If the administrator does not take action on a claim during the 90-day
15period following the filing of a claim under s. 177.0903 (1), the claim is denied.
AB325,119 16Section 119. 177.0905 of the statutes is created to read:
AB325,56,24 17177.0905 Allowance of claim for property. (1) Not later than 30 days after
18a claim is allowed under s. 177.0904 (2), the administrator shall pay or deliver the
19property to the owner or pay to the owner the net proceeds of a sale of the property,
20together with interest, income, or gain to which the owner is entitled under s.
21177.0607. Upon request of the owner, the administrator may sell or liquidate a
22security and pay the net proceeds to the owner, even if the security has been held by
23the administrator for less than one year or the administrator has not complied with
24the notice requirements under s. 177.0503.
AB325,57,4
1(2) If the owner is a debtor under s. 71.93 or 71.935, before delivery or payment
2of property to an owner under sub. (1) or payment to the owner of net proceeds of a
3sale of the property, the administrator shall first setoff against the owner's debt
4under s. 71.93 or 71.935.
AB325,57,6 5(3) Any property paid or delivered to a person under this subchapter is subject
6to recovery by the administrator as provided in s. 177.1206.
AB325,120 7Section 120. 177.0906 of the statutes is created to read:
AB325,57,13 8177.0906 Action by person whose claim is denied. (1) A person aggrieved
9by a claim denial of the administrator or whose claim has not been acted upon within
1090 days after its filing may petition for judicial review of the decision or of the claim
11under s. 227.52, notwithstanding s. 227.52 (1), except that petitions for review shall
12be served and filed within 90 days after the claim denial or within 180 days after the
13filing of the claim if the administrator has failed to act on it.
AB325,57,16 14(2) If the person aggrieved establishes a claim under sub. (1) and is a debtor
15under s. 71.93 or 71.935, the administrator shall first setoff against the person's debt
16under s. 71.93 or 71.935 before delivery or payment of the property to the owner.
AB325,121 17Section 121. 177.10 of the statutes is repealed.
AB325,122 18Section 122 . Subchapter X (title) of chapter 177 [precedes 177.1001] of the
19statutes is created to read:
AB325,57,2020 CHAPTER 177
AB325,57,2121 SUBCHAPTER X
AB325,57,2222 requests for reports;
AB325,57,2323 examination of records
AB325,123 24Section 123. 177.1001 of the statutes is created to read:
AB325,58,5
1177.1001 Verified report of property. If a person does not file a report
2required under s. 177.0401 or the administrator believes that a person may have
3filed an inaccurate, incomplete, or false report, the administrator may require the
4person to file a verified report in a form prescribed by the administrator. A verified
5report shall include all of the following:
AB325,58,7 6(1) A statement as to whether the person is holding property that is reportable
7under this chapter.
AB325,58,9 8(2) A description of the property not previously reported or about which the
9administrator has inquired.
AB325,58,11 10(3) A specific identification of property described under sub. (2) about which
11there is a dispute whether it is reportable under this chapter.
AB325,58,12 12(4) The amount or value of the property.
AB325,124 13Section 124. 177.1002 (3) of the statutes is created to read:
AB325,58,1714 177.1002 (3) The administrator may at reasonable times and on reasonable
15notice issue an administrative subpoena requiring the person or agent of the person
16to make records available for examination. The attorney general may bring an action
17seeking judicial enforcement of a subpoena issued under this subsection.
AB325,125 18Section 125. 177.1002 (4) of the statutes is created to read:
AB325,58,2219 177.1002 (4) If any person fails to file any report or refuses to deliver property
20to the administrator as required under this chapter, the administrator may bring an
21action in a court of appropriate jurisdiction to require the filing of the report and to
22enforce delivery of the property.
AB325,126 23Section 126. 177.1003 of the statutes is created to read:
AB325,59,3
1177.1003 Records obtained in examination. Records obtained and records,
2including work papers, compiled by the administrator in the course of conducting an
3examination under s. 177.1002:
AB325,59,5 4(1) Are subject to the confidentiality and security provisions of subch. XIV and
5are not public records for purposes of subch. II of ch. 19.
AB325,59,7 6(2) May be used by the administrator in an action to collect property or
7otherwise enforce this chapter.
AB325,59,13 8(3) May be used in a joint examination conducted with another state, the
9federal government, a foreign country or subordinate unit of a foreign country, or any
10other governmental entity if the governmental entity conducting the examination is
11legally bound to maintain the confidentiality and security of information obtained
12from a person subject to examination in a manner substantially equivalent to that
13under subch. XIV.
AB325,59,18 14(4) May be disclosed to the person that administers the unclaimed property law
15of another state, upon that person's request, for that state's use in circumstances
16equivalent to circumstances described in this subchapter, if the other state is
17required to maintain the confidentiality and security of information obtained in a
18manner substantially equivalent to that under subch. XIV.
AB325,127 19Section 127. 177.11 of the statutes is repealed.
AB325,128 20Section 128 . Subchapter XI (title) of chapter 177 [precedes 177.1101] of the
21statutes is created to read:
AB325,59,2222 CHAPTER 177
AB325,59,2323 SUBCHAPTER XI
AB325,59,2424 Assessments and appeals
AB325,129 25Section 129. 177.1101 of the statutes is created to read:
AB325,60,5
1177.1101 Default assessment. When any person fails, neglects, or refuses
2to file a report by the deadline prescribed by this chapter, the administrator may,
3notwithstanding ss. 177.1001 and 177.1002, petition a court to determine the
4liability of such holder based on the court's findings as to a reasonable estimate of
5the amount due.
AB325,130 6Section 130. 177.1102 of the statutes is created to read:
AB325,60,12 7177.1102 Notice of assessment. The administrator shall notify a person in
8writing of any assessment under this chapter. The administrator shall serve that
9notice as provided in s. 73.03 (73m). If the person is a corporation and the
10administrator is unable to serve that corporation as provided in s. 73.03 (73m), the
11administrator may serve the notice by publishing a class 3 notice under ch. 985 in
12the official state newspaper.
AB325,131 13Section 131. 177.1103 of the statutes is created to read:
AB325,60,18 14177.1103 Appeal of assessment. The appeal provisions under ss. 71.88 (1)
15(a) and (2) (a), 71.89, 71.90, 73.01 (1), (2), (3), (4), and (4m), and 73.015, as they apply
16to a taxpayer and the department of revenue and consistent with this chapter, shall
17apply to the person or holder and the administrator with respect to an assessment
18under this chapter.
AB325,132 19Section 132. 177.1104 of the statutes is created to read:
AB325,60,21 20177.1104 Penalties. The provisions of s. 177.1204 shall apply to an amount
21due as determined and assessed under this chapter.
AB325,133 22Section 133. 177.12 of the statutes is renumbered 177.0213, and 177.0213 (1),
23as renumbered, is amended to read:
AB325,61,524 177.0213 (1) Intangible property Property and any income or increment
25derived from it held in a fiduciary capacity for the benefit of another person is

1presumed abandoned unless the owner, within 5 years after it has become payable
2or distributable, has increased or decreased the principal, accepted payment of
3principal or income, communicated concerning the property or otherwise indicated
4an interest as evidenced by a memorandum or other record on file prepared by the
5fiduciary
provided in s. 177.0210.
AB325,134 6Section 134 . Subchapter XII (title) of chapter 177 [precedes 177.1201] of the
7statutes is created to read:
AB325,61,88 CHAPTER 177
AB325,61,99 SUBCHAPTER XII
AB325,61,1010 enforcement
AB325,135 11Section 135. 177.1201 of the statutes is created to read:
AB325,61,16 12177.1201 Enforcement. (1) An assessment under this chapter that becomes
13final and is not subject to administrative or judicial review is subject to action and
14collection by the administrator under ss. 71.91, 71.92, and 73.03 (9), (20), (27), (28),
15(33m), and (33p) consistent with action taken by the department of revenue with
16respect to delinquent taxes under the same provisions.
AB325,61,19 17(2) If no court in this state has jurisdiction over the assessed holder or the
18assessed holder is not subject to the jurisdiction of this state, the attorney general
19may commence an action in any court having jurisdiction over the assessed holder.
AB325,61,21 20(3) Subject to sub. (2), the attorney general may bring an action in circuit court
21or in federal court to enforce this chapter.
AB325,136 22Section 136. 177.1202 of the statutes is created to read:
AB325,61,24 23177.1202 Interstate and international agreement; cooperation. (1)
24Subject to sub. (2), the administrator may do all of the following:
AB325,62,3
1(a) Exchange information with another state or foreign country relating to
2property presumed abandoned or relating to the possible existence of property
3presumed abandoned.
AB325,62,74 (b) Authorize another state or foreign country or a person acting on behalf of
5the other state or country to examine its records of a putative holder as provided in
6subch. X. The administrator shall make the authorization under this paragraph in
7a record.
AB325,62,11 8(2) An exchange or examination under sub. (1) may be done only if the state
9or foreign country has confidentiality and security requirements substantially
10equivalent to those in subch. XIV or agrees in a record to be bound by this state's
11confidentiality and security requirements.
AB325,137 12Section 137. 177.1203 of the statutes is created to read:
AB325,62,15 13177.1203 Action involving another state or foreign country. (1) The
14administrator may join another state or foreign country to examine the records of a
15putative holder and seek enforcement of this chapter against a putative holder.
AB325,62,20 16(2) At the request of another state or a foreign country, the attorney general
17may commence an action on behalf of the other state or country to enforce, in this
18state, the law of the other state or country against a putative holder subject to a claim
19by the other state or country, if the other state or country agrees to pay costs incurred
20by the attorney general in the action.
AB325,62,25 21(3) The administrator may request the official authorized to enforce the
22unclaimed property law of another state or a foreign country to commence an action
23to recover property in the other state or country on behalf of the administrator. This
24state shall pay the costs, including reasonable attorney's fees and expenses, incurred
25by the other state or foreign country in an action under this section.
AB325,63,3
1(4) The administrator may pursue an action on behalf of this state to recover
2property subject to this chapter, but delivered to the custody of another state, if the
3administrator believes the property is subject to the custody of the administrator.
AB325,63,8 4(5) The administrator may retain an attorney in this state, another state, or
5a foreign country to commence an action to recover property on behalf of the
6administrator and may agree to pay attorney's fees based in whole or in part on a
7fixed fee, hourly fee, or a percentage of the amount or value of property recovered in
8the action.
AB325,63,12 9(6) Expenses incurred by this state in an action under this section may be paid
10from property received under this chapter or the net proceeds from the sale of the
11property. Expenses paid to recover property may not be deducted from the amount
12that is subject to a claim under this chapter by the owner.
AB325,138 13Section 138. 177.1204 of the statutes is created to read:
AB325,63,15 14177.1204 Penalties. (1) Failure to file a report. (a) Any person who fails
15to timely file a report under this chapter shall pay a penalty equal to $150.
AB325,63,1816 (b) In addition to the penalty imposed under par. (a), any person who fails to
17file a report by the time prescribed in a written request by the administrator may be
18subject to a penalty of $100 for each day the report is not filed.
AB325,63,2519 (c) Any person who files a false or fraudulent report with intent to defeat or
20evade the laws imposed under this chapter, is subject to the penalties under pars. (a)
21and (b) and a fine of $1,000 for each day from the date the report was made until
22corrected or imprisonment for not more than 6 months, or both. The fine imposed
23under this paragraph may not exceed the lesser of $25,000 or an amount equal to 25
24percent of the amount or value of any property that was required to be included in
25the report that was not included or was underreported.
AB325,64,3
1(2) Failure to pay or deliver property. (a) Any person who fails to timely pay
2or deliver abandoned property to the administrator as required under this chapter
3shall pay a penalty equal to 15 percent of the value of the property.
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