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AB325,65,4
1(2) The administrator may accept property from a person that receives the
2property in error prior to assessment under sub. (1), if the person acknowledges in
3writing that the property was paid or delivered in error and waives any further
4interest in the property.
AB325,65,8 5(3) The appeal provisions of ss. 71.88 (1) (a) and (2) (a), 71.89, 71.90, 73.01 (1),
6(2), (3), (4), and (4m), and 73.015, as they apply to a taxpayer and the department of
7revenue and consistent with this chapter, shall apply to the person and the
8administrator with respect to an assessment under this chapter.
AB325,141 9Section 141. 177.13 of the statutes is repealed.
AB325,142 10Section 142 . Subchapter XIII (title) of chapter 177 [precedes 177.1301] of the
11statutes is created to read:
AB325,65,1212 CHAPTER 177
AB325,65,1313 SUBCHAPTER XIII
AB325,65,1414 Agreement to locate
AB325,65,1515 property OF apparent owner
AB325,65,1616 held by administrator
AB325,143 17Section 143. 177.1301 of the statutes is created to read:
AB325,65,20 18177.1301 When agreement to locate property enforceable. (1) In this
19subchapter, “locator service” means a person who locates, delivers, recovers, or
20assists in the location, delivery, and recovery of property held by the administrator.
AB325,65,22 21(2) An agreement by an apparent owner and locator service is enforceable
22under this chapter only if the agreement complies with all of the following:
AB325,65,2423 (a) It is in a written, valid contract that clearly states the nature of the property
24and the services to be provided.
AB325,65,2525 (b) It is signed by the apparent owner or by an agent of the apparent owner.
AB325,66,3
1(c) It states the amount or value of the property reasonably expected to be
2recovered, computed before and after a deduction for any fee or other compensation
3paid to the locator service.
AB325,66,64 (d) It includes a clear and prominent statement of the fee or other compensation
5to be paid to the locator service, which may not exceed 10 percent of the actual
6amount or value of the property recovered.
AB325,66,97 (e) It includes a clear and prominent statement disclosing the name and
8address of the holder and whether the property has been paid or delivered to the
9administrator.
AB325,66,1110 (f) It includes a clear and prominent statement that the owner may file a claim
11with the administrator without the assistance of a locator service.
AB325,144 12Section 144. 177.1302 of the statutes is created to read:
AB325,66,16 13177.1302 When agreement to locate property void. (1) Subject to sub.
14(2), an agreement under s. 177.1301 is void if it is entered into during the period
15beginning on the date the property is paid or delivered by a holder to the
16administrator and ending 24 months after the payment or delivery.
AB325,66,21 17(2) If any provision of an agreement under s. 177.1301 applies to mineral
18proceeds for which compensation is to be paid to the locator service based in whole
19or in part on a portion of the underlying minerals or mineral proceeds not then
20presumed abandoned, the provision is void regardless of when the parties entered
21into the agreement.
AB325,66,23 22(3) This section does not apply to an apparent owner's agreement with an
23attorney to contest the administrator's denial of a claim for recovery of the property.
AB325,145 24Section 145. 177.135 of the statutes is renumbered 177.0206 and amended to
25read:
AB325,67,6
1177.0206 When U.S. savings bonds presumed abandoned. Except as
2provided in ss. 177.12 (1), 177.13, and 177.16 s. 177.0205, a U.S. savings bond that
3remains unredeemed by the owner for more than 5 years after the date of final
4maturity is presumed abandoned. In this section, “final maturity" means the date
5a U.S. savings bond stops earning interest upon reaching its final extended maturity
6date.
AB325,146 7Section 146. 177.14 of the statutes is repealed.
AB325,147 8Section 147 . Subchapter XIV (title) of chapter 177 [precedes 177.1401] of the
9statutes is created to read:
AB325,67,1010 CHAPTER 177
AB325,67,1111 SUBCHAPTER XIV
AB325,67,1212 confidentiality and security
AB325,67,1313 of information
AB325,148 14Section 148. 177.1401 of the statutes is created to read:
AB325,67,16 15177.1401 Definitions; applicability. (1) In this subchapter, “personal
16information” means the following:
AB325,67,1917 (a) Information that identifies or reasonably can be used to identify an
18individual, including an individual's first and last name in combination with any of
19the following information associated with the individual:
AB325,67,2020 1. A social security number or other government-issued number or identifier.
AB325,67,2121 2. Date of birth.
AB325,67,2222 3. Residential address.
AB325,67,2423 4. An e-mail address or other online contact information or Internet provider
24address.
AB325,67,2525 5. A financial account number or credit or debit card number.
AB325,68,1
16. Biometric data, health or medical data, or insurance information.
AB325,68,32 7. Passwords or other credentials that permit access to an online or other
3account.
AB325,68,54 (b) Personally identifiable financial or insurance information, including
5nonpublic personal information as defined by federal law.
AB325,68,96 (c) Any combination of data that, if accessed, disclosed, modified, or destroyed
7without authorization of the owner of the data or if lost or misused, would require
8notice or reporting under state or federal law, regardless of whether the
9administrator or the administrator's agent is subject to such law.
AB325,68,12 10(2) All provisions of this subchapter that apply to the administrator or the
11records of the administrator apply to the administrator's agent and the records of the
12administrator's agent.
AB325,149 13Section 149. 177.1402 of the statutes is created to read:
AB325,68,16 14177.1402 Confidential information. (1) Except as otherwise provided in
15this chapter, the following are confidential and exempt from public inspection or
16disclosure under subch. II of ch. 19:
AB325,68,1817 (a) Reports and records of a claimant that are in the possession of the
18administrator or the administrator's agent.
AB325,68,2019 (b) Reports and records of a holder that are in the possession of the
20administrator or the administrator's agent.
AB325,68,2321 (c) Personal information and other information derived or otherwise obtained
22by or communicated to the administrator or the administrator's agent from an
23examination under this chapter of the records of a person.
AB325,68,2424 (d) Tax information that is confidential under s. 71.78.
AB325,69,3
1(2) A record or other information that is confidential under the laws of this
2state, another state, or the United States continues to be confidential when disclosed
3or delivered under this chapter to the administrator or administrator's agent.
AB325,69,7 4(3) The provisions of s. 71.78 (1) and (1m), as they apply to tax information,
5apply to the confidential information in sub. (1), except that the administrator may
6provide the name of a claimant or owner, along with any property claimed by or paid
7to that claimant or owner, to any other claimant filing a claim for the same property.
AB325,150 8Section 150. 177.1403 of the statutes is created to read:
AB325,69,12 9177.1403 When confidential information may be disclosed. (1) When
10reasonably necessary to enforce or implement this chapter, the administrator may
11disclose confidential information concerning property held by the administrator or
12the administrator's agent only to the following:
AB325,69,1513 (a) An apparent owner or the apparent owner's personal representative or
14special administrator, attorney, guardian, other legal representative, or a person
15entitled to inherit from the deceased apparent owner.
AB325,69,1616 (b) A department or agency of this state or the United States.
AB325,69,2117 (c) The person that administers the unclaimed property law of another state,
18if the other state accords substantially reciprocal privileges to the administrator of
19this state and if the other state is required to maintain the confidentiality and
20security of information obtained in a manner substantially equivalent to that under
21this subchapter.
AB325,69,2222 (d) A person subject to an examination as required by subch. X.
AB325,69,25 23(2) (a) Except as otherwise provided in s. 177.1402 (1), the administrator shall
24include on the administrator's Internet site or in the database required by s.
25177.0503 the name of each apparent owner of property held by the administrator.
AB325,70,5
1(b) The administrator may include on the administrator's Internet site or in the
2database additional information concerning the apparent owner's property, if the
3administrator believes that the information will assist in identifying and returning
4property to the owner and if the information does not disclose personal information,
5except the apparent owner's name and residential address.
AB325,70,86 (c) The administrator may include the information described in par. (b) in
7published notices, printed publications, telecommunications, or other media or on
8the Internet.
AB325,70,11 9(3) The administrator and the administrator's agent may not use confidential
10information provided to them or in their possession except as expressly authorized
11by this chapter or by other law.
AB325,151 12Section 151. 177.15 of the statutes is repealed.
AB325,152 13Section 152 . Subchapter XV (title) of chapter 177 [precedes 177.1501] of the
14statutes is created to read:
AB325,70,1515 CHAPTER 177
AB325,70,1616 SUBCHAPTER XV
AB325,70,1717 miscellaneous provisions
AB325,153 18Section 153. 177.1505 of the statutes is created to read:
AB325,70,20 19177.1505 Voluntary disclosure. (1) The administrator may enter into
20voluntary disclosure agreements with holders if the following conditions are met:
AB325,70,2321 (a) The holder failed to file a report required under this chapter or the holder
22filed a report under this chapter and failed to include on the report all property
23subject to reporting.
AB325,70,2524 (b) The administrator is not conducting an examination or investigation of the
25holder, as provided under s. 177.1002.
AB325,71,2
1(c) The holder has not received a notification from the administrator of an
2impending examination under s. 177.1002.
AB325,71,33 (d) The holder has not been notified of an assessment under subch. X or XI.
AB325,71,54 (e) The holder is not currently the subject of a civil or a criminal prosecution
5involving compliance with this chapter.
AB325,71,96 (f) The holder agrees to report and deliver any property that was abandoned
7during any year to which the agreement applies within 60 days of execution of the
8agreement. The holder must make a reasonable effort in good faith to calculate,
9report, and deliver such property.
AB325,71,1110 (g) The holder agrees to perform duties described in s. 177.0501 within 30 days
11of execution of the agreement, unless the agreement provides otherwise.
AB325,71,1212 (h) The holder agrees to prospective compliance with this chapter.
AB325,71,1413 (i) The holder agrees to waive appeal rights under this chapter for periods
14under the agreement.
AB325,71,15 15(2) For purposes of this section:
AB325,71,1716 (a) The filing date is the date that the holder's application for voluntary
17compliance is received by the administrator.
AB325,71,1918 (b) The agreement is executed when signed by the holder and the
19administrator.
AB325,71,2120 (c) The administrator may extend the time during which the holder is to comply
21with sub. (1) (f).
AB325,71,2422 (d) A holder who enters into an agreement with the administrator and upon
23compliance with the terms in the agreement shall be relieved of any further liability
24with respect to the property reported by the holder under the agreement.
AB325,72,3
1(e) A holder who enters into an agreement with the administrator shall
2maintain records with regard to property covered under the agreement in accordance
3with s. 177.0404.
AB325,72,54 (f) The agreement shall apply to the 5 reporting periods immediately preceding
5the filing date of the holder's application.
AB325,72,126 (g) The administrator shall waive rights to an examination of records under s.
7177.1001 with respect to the reporting periods in par. (f), and all earlier periods,
8except for the purpose of the administrator making determinations with respect to
9sub. (3) (a) and (b). Unless an agreement is null and void as provided in sub. (3), the
10administrator shall not have any cause of action against the holder resulting from
11failure of the holder to report any property abandoned during the reporting periods
12to which par. (f) applies or to any earlier periods.
AB325,72,16 13(3) The administrator may declare an executed agreement null and void. In
14the case of an agreement that is null and void, the holder remains subject to all other
15provisions of this chapter. The administrator may declare an executed agreement
16null and void if at least one of the following applies:
AB325,72,1917 (a) Fraud or intentional misrepresentation by the holder or those acting on the
18holder's behalf with respect to the property required to be reported for the period
19covered by the agreement.
AB325,72,2220 (b) It is determined by the administrator that the property reported by the
21holder for the period covered by the agreement is less than 75 percent of the value
22of all property reportable by the holder for the period.
AB325,72,2423 (c) The holder fails to remain in compliance with this chapter for no less than
24the 4 reporting periods following the final reporting period covered by the agreement.
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