AB325: Bill Text

AB325,14,22 6. A stored-value card.

AB325,14,23 7. Property described under s. 177.015 (2).

AB325,39 Section 39. 177.01 (13d) of the statutes is created to read:

AB325,15,4 177.01 (13d) “Putative holder” means a person believed by the administrator to be a holder, until the person pays or delivers to the administrator property subject to this chapter or the administrator or a court makes a final determination that the person is or is not a holder.

AB325,40 Section 40. 177.01 (13f) of the statutes is created to read:

AB325,15,8 177.01 (13f) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

AB325,41 Section 41. 177.01 (13h) of the statutes is created to read:

AB325,15,10 177.01 (13h) “Security” means all of the following:

AB325,15,11 (a) A security, as defined in s. 408.102 (1) (o).

AB325,15,14 (b) A security entitlement, as defined in s. 408.102 (1) (q), including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not any of the following:

AB325,15,16 1. Registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets.

AB325,15,17 2. Payable to the order of the person.

AB325,15,18 3. Specifically endorsed to the person.

AB325,15,20 (c) An equity interest in a business association that is not a security under par. (a) or a security entitlement under par. (b).

AB325,42 Section 42. 177.01 (13j) of the statutes is created to read:

AB325,15,23 177.01 (13j) “Sign” means any of the following done with the intent to authenticate or adopt a record:

AB325,15,24 (a) To execute or adopt a tangible symbol.

AB325,16,2 (b) To attach to or logically associate with the record an electronic symbol, sound, or process.

AB325,43 Section 43. 177.01 (14d) of the statutes is created to read:

AB325,16,7 177.01 (14d) (a) “Stored-value card” means a record evidencing a promise for consideration by the seller or issuer of the record that merchandise, goods, services, or money will be provided to the owner of the record equal to the value or amount shown in the record, if all of the following apply:

AB325,16,8 1. The value or amount does not expire.

AB325,16,10 2. The value or amount may be decreased only by redemption for merchandise, goods, services, or money.

AB325,16,12 3. The value or amount may be redeemed for or converted into money or otherwise monetized by the issuer.

AB325,16,13 (b) “Stored-value card” includes the following:

AB325,16,17 1. A record that contains or consists of a microprocessor chip, magnetic strip, or other means for the storage of information, that is prefunded and the value or amount of which is decreased on each use and increased by payment of additional consideration.

AB325,16,19 2. A prepaid commercial mobile radio service, as defined in 47 CFR 20.3, as amended.

AB325,16,20 (c) “Stored-value card” does not include the following:

AB325,16,21 1. A payroll card.

AB325,16,22 2. A loyalty card.

AB325,16,23 3. A gift card.

AB325,16,24 4. Game-related digital content.

AB325,44 Section 44. 177.01 (15) of the statutes is amended to read:

AB325,17,5 177.01 (15) “Utility" means a person who that owns or operates for public use any plant, equipment, real property, franchise , or license for the transmission of communications or; the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas ; the provision of sewage or septic services; or the disposal or recycling of trash or garbage.

AB325,45 Section 45. 177.01 (16) of the statutes is created to read:

AB325,17,9 177.01 (16) “Virtual currency” means a digital representation of value used as a medium of exchange, unit of account, or store of value that does not have legal tender status recognized by the United States. “Virtual currency" does not include:

AB325,17,11 (a) The software or protocols governing the transfer of the digital representation of value.

AB325,17,12 (b) Game-related digital content.

AB325,17,13 (c) A loyalty card.

AB325,17,14 (d) A gift card.

AB325,46 Section 46. 177.01 (17) of the statutes is created to read:

AB325,17,18 177.01 (17) “Worthless security” means a security for which the cost of liquidation and delivery to the administrator exceeds the value of the security on the date on which a report is due under this chapter.

AB325,47 Section 47. 177.015 (title) of the statutes is amended to read:

AB325,17,21 177.015 (title) Exemption Inapplicability to foreign transactions and other exemptions.

AB325,48 Section 48. 177.015 of the statutes is renumbered 177.015 (1).

AB325,49 Section 49. 177.015 (2) of the statutes is created to read:

AB325,17,24 177.015 (2) This chapter does not apply to any of the following:

AB325,18,2 (a) Property held, due, and owing in a foreign country if the transaction out of which the property arose was a foreign transaction.

AB325,18,4 (b) Any payment or credit shown on the books and records of a business association owed to another business association in the ordinary course of business.

AB325,18,5 (c) Property described in s. 20.912 (1).

AB325,50 Section 50. 177.02 of the statutes is repealed.

AB325,51 Section 51 . Subchapter II (title) of chapter 177 [precedes 177.0201] of the statutes is created to read:

AB325,18,9 CHAPTER 177

AB325,18,10 SUBCHAPTER ii

AB325,18,11 presumption of abandonment

AB325,52 Section 52. 177.0201 of the statutes is created to read:

AB325,18,15 177.0201 When property presumed abandoned. Subject to s. 177.0210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below:

AB325,18,16 (1) A traveler's check, 15 years after issuance.

AB325,18,17 (2) A money order or similar instrument, 5 years after issuance.

AB325,18,20 (3) A state or municipal bond, bearer bond, or original-issue-discount bond, 3 years after the earliest of the date the bond matures or is called or the obligation to pay the principal of the bond arises.

AB325,18,22 (4) A debt of a business association owed to an individual, 3 years after the obligation to pay arises.

AB325,19,3 (5) A payroll card or demand, savings, or time deposit, including a deposit that is automatically renewable, 5 years after the earlier of maturity or the date of the last indication of interest in the property by the apparent owner, except a deposit that is automatically renewable is deemed matured on its initial date of maturity unless the apparent owner consented in a record on file with the holder to renewal at or about the time of the renewal.

AB325,19,6 (6) Money or a credit owed to a customer as a result of a retail business transaction, other than in-store credit for returned merchandise, 5 years after the obligation arises.

AB325,19,11 (7) An amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, 3 years after the obligation to pay arises under the terms of the policy or contract or, if a policy or contract for which an amount is owed on proof of death has not matured by proof of the death of the insured or annuitant, as follows:

AB325,19,16 (a) With respect to an amount owed on a life or endowment insurance policy, 3 years after the earliest of the date on which the insurance company has knowledge of the death of the insured or the date on which the insured attained, or would have attained if living, the limiting age under the mortality table that forms the basis of the reserve for the policy.

AB325,19,18 (b) With respect to an amount owed on an annuity contract, 3 years after the date on which the insurance company has knowledge of the death of the annuitant.

AB325,19,20 (8) Property that may distributed by a business association in the course of dissolution, one year after the property may be distributed.

AB325,19,23 (9) Except as provided in ss. 800.095 (8), 852.01 (3), 863.37 (2), and 863.39, property held by a court, including property received as proceeds of a class action, one year after the property may be distributed.

AB325,20,3 (10) Except as provided in ss. 40.08 (8), 852.01 (3), 863.37 (2), and 863.39, property held by a government or governmental subdivision, agency, or instrumentality, including municipal bond interest and unredeemed principal under the administration of a paying agent or indenture trustee, 5 years after the property may be distributed.

AB325,20,6 (11) Wages, commissions, bonuses, or reimbursements to which an employee is entitled, or other compensation for personal services, other than amounts held in a payroll card, one year after the amount becomes payable.

AB325,20,8 (12) A deposit or refund owed to a subscriber by a utility, one year after the deposit or refund becomes payable.

AB325,20,11 (13) Property not specified in this section or ss. 177.0202 to 177.0209, the earlier of 5 years after the owner first has a right to demand the property or the date on which the obligation to pay or distribute the property arises.

AB325,53 Section 53. 177.0202 of the statutes is created to read:

AB325,20,17 177.0202 When tax-deferred retirement account presumed abandoned. (1) Subject to s. 177.0210, property held in a pension account or retirement account that qualifies for federal income tax deferral under the U.S. income tax laws is presumed abandoned if it is unclaimed by the apparent owner 3 years after the later of:

AB325,20,18 (a) The following dates:

AB325,20,21 1. The date on which a 2nd consecutive communication sent by the holder by 1st class mail to the apparent owner is returned to the holder by the U.S. postal service as undeliverable.

AB325,20,25 2. If the 2nd communication is sent later than 30 days after the date on which the first communication is returned to the holder by the U.S. postal service as undeliverable, the date on which the first communication was returned as undeliverable.

AB325,21,1 (b) The earlier of the following dates:

AB325,21,4 1. The date on which the apparent owner reaches the minimum required distribution age, as specified under the Internal Revenue Code or by federal regulation, if that can be determined by the holder.

AB325,21,6 2. If distribution to avoid a tax penalty is required under the Internal Revenue Code, 2 years after the following:

AB325,21,8 a. The date on which the holder receives confirmation of the death of the apparent owner in the ordinary course of the holder's business.

AB325,21,10 b. The date on which the holder confirms the death of the apparent owner under sub. (2).

AB325,21,14 (2) If a holder in the ordinary course of its business receives notice or an indication of the death of an apparent owner and sub. (1) (b) applies, the holder shall attempt not later than 90 days after receipt of the notice or indication to confirm whether the apparent owner is deceased.

AB325,21,20 (3) If the holder does not send communications to the apparent owner of an account described in sub. (1) by 1st class mail, the holder shall attempt to confirm the apparent owner's interest in the property by sending the apparent owner e-mail not later than 2 years after the apparent owner's last indication of interest in the property, except that the holder shall promptly attempt to contact the apparent owner by 1st class mail if any of the following applies:

AB325,21,23 (a) The holder does not have information needed to send the apparent owner e-mail or the holder believes that the apparent owner's e-mail address in the holder's records is not valid.

AB325,21,24 (b) The holder receives notification that the e-mail was not received.

AB325,22,2 (c) The apparent owner does not respond to the e-mail within 30 days from the date on which the e-mail was sent.

AB325,22,5 (4) If 1st class mail sent under sub. (3) is returned to the holder by the U.S. postal service as undeliverable, the property is presumed abandoned on the date determined under sub. (1).

AB325,54 Section 54. 177.0203 of the statutes is created to read:

AB325,22,13 177.0203 When other tax-deferred account presumed abandoned. Subject to s. 177.0210, and except for property described under s. 177.0202 and property held in a plan described in section 529A of the Internal Revenue Code, property held in an account or plan, including a health savings account, that qualifies for federal income tax deferral under the Internal Revenue Code is presumed abandoned if it is unclaimed by the apparent owner 3 years after the earliest of the following: