SB370: Bill Text

SB370,65,25 (b) It is signed by the apparent owner or by an agent of the apparent owner.

SB370,66,3 (c) It states the amount or value of the property reasonably expected to be recovered, computed before and after a deduction for any fee or other compensation paid to the locator service.

SB370,66,6 (d) It includes a clear and prominent statement of the fee or other compensation to be paid to the locator service, which may not exceed 10 percent of the actual amount or value of the property recovered.

SB370,66,9 (e) It includes a clear and prominent statement disclosing the name and address of the holder and whether the property has been paid or delivered to the administrator.

SB370,66,11 (f) It includes a clear and prominent statement that the owner may file a claim with the administrator without the assistance of a locator service.

SB370,144 Section 144. 177.1302 of the statutes is created to read:

SB370,66,16 177.1302 When agreement to locate property void. (1) Subject to sub. (2), an agreement under s. 177.1301 is void if it is entered into during the period beginning on the date the property is paid or delivered by a holder to the administrator and ending 24 months after the payment or delivery.

SB370,66,21 (2) If any provision of an agreement under s. 177.1301 applies to mineral proceeds for which compensation is to be paid to the locator service based in whole or in part on a portion of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void regardless of when the parties entered into the agreement.

SB370,66,23 (3) This section does not apply to an apparent owner's agreement with an attorney to contest the administrator's denial of a claim for recovery of the property.

SB370,145 Section 145. 177.135 of the statutes is renumbered 177.0206 and amended to read:

SB370,67,6 177.0206 When U.S. savings bonds presumed abandoned. Except as provided in ss. 177.12 (1), 177.13, and 177.16 s. 177.0205, a U.S. savings bond that remains unredeemed by the owner for more than 5 years after the date of final maturity is presumed abandoned. In this section, “final maturity" means the date a U.S. savings bond stops earning interest upon reaching its final extended maturity date.

SB370,146 Section 146. 177.14 of the statutes is repealed.

SB370,147 Section 147 . Subchapter XIV (title) of chapter 177 [precedes 177.1401] of the statutes is created to read:

SB370,67,10 CHAPTER 177

SB370,67,11 SUBCHAPTER XIV

SB370,67,12 confidentiality and security

SB370,67,13 of information

SB370,148 Section 148. 177.1401 of the statutes is created to read:

SB370,67,16 177.1401 Definitions; applicability. (1) In this subchapter, “personal information” means the following:

SB370,67,19 (a) Information that identifies or reasonably can be used to identify an individual, including an individual's first and last name in combination with any of the following information associated with the individual:

SB370,67,20 1. A social security number or other government-issued number or identifier.

SB370,67,21 2. Date of birth.

SB370,67,22 3. Residential address.

SB370,67,24 4. An e-mail address or other online contact information or Internet provider address.

SB370,67,25 5. A financial account number or credit or debit card number.

SB370,68,1 6. Biometric data, health or medical data, or insurance information.

SB370,68,3 7. Passwords or other credentials that permit access to an online or other account.

SB370,68,5 (b) Personally identifiable financial or insurance information, including nonpublic personal information as defined by federal law.

SB370,68,9 (c) Any combination of data that, if accessed, disclosed, modified, or destroyed without authorization of the owner of the data or if lost or misused, would require notice or reporting under state or federal law, regardless of whether the administrator or the administrator's agent is subject to such law.

SB370,68,12 (2) All provisions of this subchapter that apply to the administrator or the records of the administrator apply to the administrator's agent and the records of the administrator's agent.

SB370,149 Section 149. 177.1402 of the statutes is created to read:

SB370,68,16 177.1402 Confidential information. (1) Except as otherwise provided in this chapter, the following are confidential and exempt from public inspection or disclosure under subch. II of ch. 19:

SB370,68,18 (a) Reports and records of a claimant that are in the possession of the administrator or the administrator's agent.

SB370,68,20 (b) Reports and records of a holder that are in the possession of the administrator or the administrator's agent.

SB370,68,23 (c) Personal information and other information derived or otherwise obtained by or communicated to the administrator or the administrator's agent from an examination under this chapter of the records of a person.

SB370,68,24 (d) Tax information that is confidential under s. 71.78.

SB370,69,3 (2) A record or other information that is confidential under the laws of this state, another state, or the United States continues to be confidential when disclosed or delivered under this chapter to the administrator or administrator's agent.

SB370,69,7 (3) The provisions of s. 71.78 (1) and (1m), as they apply to tax information, apply to the confidential information in sub. (1), except that the administrator may provide the name of a claimant or owner, along with any property claimed by or paid to that claimant or owner, to any other claimant filing a claim for the same property.

SB370,150 Section 150. 177.1403 of the statutes is created to read:

SB370,69,12 177.1403 When confidential information may be disclosed. (1) When reasonably necessary to enforce or implement this chapter, the administrator may disclose confidential information concerning property held by the administrator or the administrator's agent only to the following:

SB370,69,15 (a) An apparent owner or the apparent owner's personal representative or special administrator, attorney, guardian, other legal representative, or a person entitled to inherit from the deceased apparent owner.

SB370,69,16 (b) A department or agency of this state or the United States.

SB370,69,21 (c) The person that administers the unclaimed property law of another state, if the other state accords substantially reciprocal privileges to the administrator of this state and if the other state is required to maintain the confidentiality and security of information obtained in a manner substantially equivalent to that under this subchapter.

SB370,69,22 (d) A person subject to an examination as required by subch. X.

SB370,69,25 (2) (a) Except as otherwise provided in s. 177.1402 (1), the administrator shall include on the administrator's Internet site or in the database required by s. 177.0503 the name of each apparent owner of property held by the administrator.

SB370,70,5 (b) The administrator may include on the administrator's Internet site or in the database additional information concerning the apparent owner's property, if the administrator believes that the information will assist in identifying and returning property to the owner and if the information does not disclose personal information, except the apparent owner's name and residential address.

SB370,70,8 (c) The administrator may include the information described in par. (b) in published notices, printed publications, telecommunications, or other media or on the Internet.

SB370,70,11 (3) The administrator and the administrator's agent may not use confidential information provided to them or in their possession except as expressly authorized by this chapter or by other law.

SB370,151 Section 151. 177.15 of the statutes is repealed.

SB370,152 Section 152 . Subchapter XV (title) of chapter 177 [precedes 177.1501] of the statutes is created to read:

SB370,70,15 CHAPTER 177

SB370,70,16 SUBCHAPTER XV

SB370,70,17 miscellaneous provisions

SB370,153 Section 153. 177.1505 of the statutes is created to read:

SB370,70,20 177.1505 Voluntary disclosure. (1) The administrator may enter into voluntary disclosure agreements with holders if the following conditions are met:

SB370,70,23 (a) The holder failed to file a report required under this chapter or the holder filed a report under this chapter and failed to include on the report all property subject to reporting.

SB370,70,25 (b) The administrator is not conducting an examination or investigation of the holder, as provided under s. 177.1002.

SB370,71,2 (c) The holder has not received a notification from the administrator of an impending examination under s. 177.1002.

SB370,71,3 (d) The holder has not been notified of an assessment under subch. X or XI.

SB370,71,5 (e) The holder is not currently the subject of a civil or a criminal prosecution involving compliance with this chapter.

SB370,71,9 (f) The holder agrees to report and deliver any property that was abandoned during any year to which the agreement applies within 60 days of execution of the agreement. The holder must make a reasonable effort in good faith to calculate, report, and deliver such property.

SB370,71,11 (g) The holder agrees to perform duties described in s. 177.0501 within 30 days of execution of the agreement, unless the agreement provides otherwise.

SB370,71,12 (h) The holder agrees to prospective compliance with this chapter.

SB370,71,14 (i) The holder agrees to waive appeal rights under this chapter for periods under the agreement.

SB370,71,15 (2) For purposes of this section:

SB370,71,17 (a) The filing date is the date that the holder's application for voluntary compliance is received by the administrator.

SB370,71,19 (b) The agreement is executed when signed by the holder and the administrator.

SB370,71,21 (c) The administrator may extend the time during which the holder is to comply with sub. (1) (f).

SB370,71,24 (d) A holder who enters into an agreement with the administrator and upon compliance with the terms in the agreement shall be relieved of any further liability with respect to the property reported by the holder under the agreement.

SB370,72,3 (e) A holder who enters into an agreement with the administrator shall maintain records with regard to property covered under the agreement in accordance with s. 177.0404.

SB370,72,5 (f) The agreement shall apply to the 5 reporting periods immediately preceding the filing date of the holder's application.

SB370,72,12 (g) The administrator shall waive rights to an examination of records under s. 177.1001 with respect to the reporting periods in par. (f), and all earlier periods, except for the purpose of the administrator making determinations with respect to sub. (3) (a) and (b). Unless an agreement is null and void as provided in sub. (3), the administrator shall not have any cause of action against the holder resulting from failure of the holder to report any property abandoned during the reporting periods to which par. (f) applies or to any earlier periods.

SB370,72,16 (3) The administrator may declare an executed agreement null and void. In the case of an agreement that is null and void, the holder remains subject to all other provisions of this chapter. The administrator may declare an executed agreement null and void if at least one of the following applies:

SB370,72,19 (a) Fraud or intentional misrepresentation by the holder or those acting on the holder's behalf with respect to the property required to be reported for the period covered by the agreement.

SB370,72,22 (b) It is determined by the administrator that the property reported by the holder for the period covered by the agreement is less than 75 percent of the value of all property reportable by the holder for the period.

SB370,72,24 (c) The holder fails to remain in compliance with this chapter for no less than the 4 reporting periods following the final reporting period covered by the agreement.

SB370,73,11 (4) The administrator shall waive the provisions of s. 177.1204 with respect to reporting periods covered by the agreement if an application for voluntary disclosure is received by the administrator between the first day of the 3rd month and the last day of the 15th month after the effective date of this subsection .... [LRB inserts date], and a voluntary disclosure agreement is executed within 180 days of receipt of the application by the administrator. The administrator may enter into an agreement with a holder to extend the date upon which the agreement must be executed and shall waive the provisions of s. 177.1204 with respect to reporting periods covered by an agreement executed under such extension. The administrator shall make efforts to provide information to interested parties regarding the voluntary disclosure period provided under this subsection.

SB370,154 Section 154. 177.16 of the statutes is repealed.

SB370,155 Section 155. 177.165 of the statutes is renumbered 177.0209 and amended to read:

SB370,73,20 177.0209 Proceeds from sale of property in self-service storage facility. Notwithstanding s. 177.02 (1) any other provision under this chapter, the proceeds of a sale under s. 704.90 (6) of personal property stored in a leased facility located within a self-service storage facility after satisfaction of the operator's lien under s. 704.90 (3) (a) is presumed abandoned immediately after satisfaction of the operator's lien under s. 704.90 (3) (a).

SB370,156 Section 156. 177.17 of the statutes is repealed.

SB370,157 Section 157. 177.18 of the statutes is renumbered 177.0503, and 177.0503 (title), (1), (1g), (1m), (2m) and (4), as renumbered, are amended to read:

SB370,74,13 177.0503 (title) Notice and publication of lists of abandoned or escheated property by administrator. (1) Before July 1 of each year, the administrator shall publish on an Internet site maintained by the administrator a notice of the names of persons appearing to be apparent owners of abandoned property reported and remitted to the administrator. Except as provided in sub. (1m), the notice shall include the name and last-known address of each person identified in a report filed under s. 177.17 177.0401 since the publication of the previous notice. The administrator shall also publish the in a newspaper the names of apparent owners of abandoned property reported and remitted to the administrator in the previous reporting year. The notice as shall be a class 1 notice under ch. 985, and published in a newspaper of general circulation in the county in which is located the last-known address of the person to be named in the notice. If no address is listed or the address is outside this state, the notice shall be published in the county in which the holder of the property has its principal place of business within this state official state newspaper.

SB370,74,17 (1g) In addition to any notice required under sub. (1), the administrator shall also publish, in the notice described under sub. (1), the name and last-known address of each owner of a U.S. savings bond that has been presumed abandoned under s. 177.135 177.0206 since the publication of the previous notice.

SB370,74,22 (1m) If the address of a person to be named in a notice under sub. (1) is outside this state, and if the administrator has entered into an agreement under s. 177.33 (1) 177.1202 with the state in which the address is located, the administrator may omit the information specified in sub. (2) with respect to that person from the notice published under sub. (1).

SB370,75,5 (2m) For money or other property received under s. 852.01 (3), 863.37 (2) or 863.39 (1), a notice shall be published at least annually in the official state newspaper and shall include the name of the decedent, the time and place of the decedent's death, the amount paid to the administrator, the name of the decedent's personal representative, the county in which the estate is probated and a statement that the money will be paid to the heirs or legatees without interest, on proof of ownership, if claimed within 10 years from the date of publication as provided in s. 863.39 (3).

SB370,75,8 (4) This section does not apply to sums payable on travelers checks, money orders and other written instruments presumed abandoned under s. 177.04 177.0201.

SB370,158 Section 158. 177.19 of the statutes is repealed.

SB370,159 Section 159. 177.20 of the statutes is repealed.