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SB370,70,11 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.
SB370,151 12Section 151. 177.15 of the statutes is repealed.
SB370,152 13Section 152 . Subchapter XV (title) of chapter 177 [precedes 177.1501] of the
14statutes is created to read:
SB370,70,1515 CHAPTER 177
SB370,70,1616 SUBCHAPTER XV
SB370,70,1717 miscellaneous provisions
SB370,153 18Section 153. 177.1505 of the statutes is created to read:
SB370,70,20 19177.1505 Voluntary disclosure. (1) The administrator may enter into
20voluntary disclosure agreements with holders if the following conditions are met:
SB370,70,2321 (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.
SB370,70,2524 (b) The administrator is not conducting an examination or investigation of the
25holder, as provided under s. 177.1002.
SB370,71,2
1(c) The holder has not received a notification from the administrator of an
2impending examination under s. 177.1002.
SB370,71,33 (d) The holder has not been notified of an assessment under subch. X or XI.
SB370,71,54 (e) The holder is not currently the subject of a civil or a criminal prosecution
5involving compliance with this chapter.
SB370,71,96 (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.
SB370,71,1110 (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.
SB370,71,1212 (h) The holder agrees to prospective compliance with this chapter.
SB370,71,1413 (i) The holder agrees to waive appeal rights under this chapter for periods
14under the agreement.
SB370,71,15 15(2) For purposes of this section:
SB370,71,1716 (a) The filing date is the date that the holder's application for voluntary
17compliance is received by the administrator.
SB370,71,1918 (b) The agreement is executed when signed by the holder and the
19administrator.
SB370,71,2120 (c) The administrator may extend the time during which the holder is to comply
21with sub. (1) (f).
SB370,71,2422 (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.
SB370,72,3
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.
SB370,72,54 (f) The agreement shall apply to the 5 reporting periods immediately preceding
5the filing date of the holder's application.
SB370,72,126 (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.
SB370,72,16 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:
SB370,72,1917 (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.
SB370,72,2220 (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.
SB370,72,2423 (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.
SB370,73,11
1(4) The administrator shall waive the provisions of s. 177.1204 with respect to
2reporting periods covered by the agreement if an application for voluntary disclosure
3is received by the administrator between the first day of the 3rd month and the last
4day of the 15th month after the effective date of this subsection .... [LRB inserts date],
5and a voluntary disclosure agreement is executed within 180 days of receipt of the
6application by the administrator. The administrator may enter into an agreement
7with a holder to extend the date upon which the agreement must be executed and
8shall waive the provisions of s. 177.1204 with respect to reporting periods covered by
9an agreement executed under such extension. The administrator shall make efforts
10to provide information to interested parties regarding the voluntary disclosure
11period provided under this subsection.
SB370,154 12Section 154. 177.16 of the statutes is repealed.
SB370,155 13Section 155. 177.165 of the statutes is renumbered 177.0209 and amended to
14read:
SB370,73,20 15177.0209 Proceeds from sale of property in self-service storage facility.
16Notwithstanding s. 177.02 (1) any other provision under this chapter, the proceeds
17of a sale under s. 704.90 (6) of personal property stored in a leased facility located
18within a self-service storage facility after satisfaction of the operator's lien under s.
19704.90 (3) (a)
is presumed abandoned immediately after satisfaction of the operator's
20lien under s. 704.90 (3) (a)
.
SB370,156 21Section 156. 177.17 of the statutes is repealed.
SB370,157 22Section 157. 177.18 of the statutes is renumbered 177.0503, and 177.0503
23(title), (1), (1g), (1m), (2m) and (4), as renumbered, are amended to read:
SB370,74,13 24177.0503 (title) Notice and publication of lists of abandoned or
25escheated property
by administrator. (1) Before July 1 of each year, the

1administrator shall publish on an Internet site maintained by the administrator a
2notice of the names of persons appearing to be apparent owners of abandoned
3property reported and remitted to the administrator. Except as provided in sub.
4(1m), the notice shall include the name and last-known address of each person
5identified in a report filed under s. 177.17 177.0401 since the publication of the
6previous notice. The administrator shall also publish the in a newspaper the names
7of apparent owners of abandoned property reported and remitted to the
8administrator in the previous reporting year. The
notice as shall be a class 1 notice
9under ch. 985, and published in a newspaper of general circulation in the county in
10which is located the last-known address of the person to be named in the notice. If
11no address is listed or the address is outside this state, the notice shall be published
12in the county in which the holder of the property has its principal place of business
13within this state
official state newspaper.
SB370,74,17 14(1g) In addition to any notice required under sub. (1), the administrator shall
15also publish, in the notice described under sub. (1), the name and last-known
16address of each owner of a U.S. savings bond that has been presumed abandoned
17under s. 177.135 177.0206 since the publication of the previous notice.
SB370,74,22 18(1m) If the address of a person to be named in a notice under sub. (1) is outside
19this state, and if the administrator has entered into an agreement under s. 177.33
20(1)
177.1202 with the state in which the address is located, the administrator may
21omit the information specified in sub. (2) with respect to that person from the notice
22published under sub. (1).
SB370,75,5 23(2m) For money or other property received under s. 852.01 (3), 863.37 (2) or
24863.39 (1), a notice shall be published at least annually in the official state
25newspaper and shall include the name of the decedent, the time and place of the

1decedent's death,
the amount paid to the administrator, the name of the decedent's
2personal representative,
the county in which the estate is probated and a statement
3that the money will be paid to the heirs or legatees without interest, on proof of
4ownership, if claimed within 10 years from the date of publication as provided in s.
5863.39 (3).
SB370,75,8 6(4) This section does not apply to sums payable on travelers checks, money
7orders and other written instruments presumed abandoned under s. 177.04
8177.0201.
SB370,158 9Section 158. 177.19 of the statutes is repealed.
SB370,159 10Section 159. 177.20 of the statutes is repealed.
SB370,160 11Section 160. 177.21 of the statutes is repealed.
SB370,161 12Section 161. 177.22 of the statutes is repealed.
SB370,162 13Section 162. 177.225 of the statutes is renumbered 177.1504, and 177.1504
14(1) (a) to (c) and (2), as renumbered, are amended to read:
SB370,75,1615 177.1504 (1) (a) The U.S. savings bond has been presumed abandoned under
16s. 177.135 177.0206 for at least one year.
SB370,75,1817 (b) The U.S. savings bond is subject to the custody of this state as unclaimed
18property under s. 177.03 subch. III.
SB370,75,2019 (c) At least one year has elapsed since the administrator published the notice
20required under s. 177.18 (1g) 177.0503.
SB370,76,4 21(2) An action under sub. (1) may be commenced in the circuit court for Dane
22County or in any county that would be a proper place of trial under s. 801.50. Subject
23to sub. (3), service may be made under s. 801.11 (1) (c) by publication of a notice
24published as a class 3 notice under ch. 985. In determining which newspaper is likely
25to give notice as required under s. 985.02 (1), the administrator shall consider the

1conditions under s. 177.03 177.0503 that made the U.S. savings bond subject to the
2custody of this state as unclaimed property. The administrator may postpone
3commencing an action under this subsection until sufficient U.S. savings bonds meet
4the conditions under sub. (1) to justify the expense of the action.
SB370,163 5Section 163. 177.23 of the statutes is repealed.
SB370,164 6Section 164. 177.24 of the statutes is repealed.
SB370,165 7Section 165. 177.25 of the statutes is repealed.
SB370,166 8Section 166. 177.255 of the statutes is renumbered 177.0907 and amended to
9read:
SB370,76,24 10177.0907 Claim to recover abandoned U.S. savings bond.
11Notwithstanding s. 177.225 177.1504, any person who could have claimed an
12interest in a U.S. savings bond immediately before this state became the owner of the
13U.S. savings bond pursuant to a judgment entered under s. 177.225 177.1504 (4) may
14file a claim under s. 177.24 177.0903, and another state may file a claim under s.
15177.25 177.0901. Notwithstanding s. 177.24 (3) 177.0607 or 177.25 (2) 177.0902, if
16the claim is allowed, the administrator shall pay the claimant the amount the
17administrator received from redeeming the U.S. savings bond under s. 177.225 (5)
18177.1504, minus any amounts that were deposited in the general fund to pay
19administrative expenses under s. 177.23 (2) 177.0801 that are attributable to the
20U.S. savings bond, or, if the U.S. savings bond has not been redeemed, the amount
21the administrator estimates the administrator will receive from redeeming the U.S.
22savings bond under s. 177.225 (5) 177.1504, minus any amounts the administrator
23estimates will be deposited in the general fund to pay administrative expenses under
24s. 177.23 (2) 177.0801 that are attributable to the U.S. savings bond.
SB370,167 25Section 167. 177.26 of the statutes is repealed.
SB370,168
1Section 168. 177.265 of the statutes is repealed.
SB370,169 2Section 169. 177.27 of the statutes is repealed.
SB370,170 3Section 170. 177.28 of the statutes is repealed.
SB370,171 4Section 171. 177.29 of the statutes is repealed.
SB370,172 5Section 172. 177.30 (title) of the statutes is renumbered 177.1002 (title).
SB370,173 6Section 173. 177.30 (2) of the statutes is renumbered 177.1002 (1) and
7amended to read:
SB370,77,168 177.1002 (1) The administrator, at reasonable times and upon reasonable
9notice, may examine the records of any person to determine whether the person has
10complied with this chapter. The administrator may authorize an agent, under
11written contract with the administrator, to conduct any such examination. In
12addition, the administrator
may designate the division of banking or other
13appropriate regulatory authority to examine the records of regulated institutions to
14determine if the institutions have complied with this chapter. The administrator
15may conduct the examination even if the person believes it is not in possession of any
16property reportable or deliverable under this chapter.
SB370,174 17Section 174. 177.30 (3) of the statutes is renumbered 177.1002 (5) and
18amended to read:
SB370,77,2319 177.1002 (5) If a person is treated under s. 177.12 177.0213 as the holder of the
20property only insofar as the interest of the business association in the property is
21concerned, the administrator may examine the records of the person as provided
22under sub. (2) (1) if the administrator has given the required notice to both the person
23and the business association at least 90 days before the examination.
SB370,175 24Section 175. 177.30 (4) of the statutes is renumbered 177.1002 (2) and
25amended to read:
SB370,78,8
1177.1002 (2) If an examination of the records of a person results in the
2disclosure discovery of property reportable and deliverable under this chapter, the
3administrator may assess the cost of the examination against the holder at the rate
4of $150 a day for each examiner, but the charges may not exceed the value of the
5property found to be reportable and deliverable. The cost of examination under sub.
6(3) may be imposed only against the business association
person shall file a report
7and deliver the property to the administrator. If the property is not reported and
8delivered, the administrator shall assess the person for the value of the property
.
SB370,176 9Section 176. 177.30 (5) of the statutes is renumbered 177.1004 and amended
10to read:
SB370,78,16 11177.1004 Failure of person to maintain records. If a holder, after
12December 31, 1984,
fails to maintain the records required under s. 177.31 177.0404,
13and the records of the holder available for the periods subject to this chapter are
14insufficient to permit the preparation of a report, a court may determine the liability
15of such holder based on the court's findings as to a reasonable estimate of the amount
16due.
SB370,177 17Section 177. 177.30 (6) of the statutes is renumbered 177.1005 and amended
18to read:
SB370,78,24 19177.1005 Administrator's contract with another to conduct
20examination.
(1) Except as provided in pars. (b) and (c) subs. (2) and (3), the
21administrator may not enter into a contract or other agreement to allow any person
22to engage in an audit on a contingent fee basis of another person's documents or
23records as part of an effort to administer this chapter or to purchase information or
24documents arising from the audit.
SB370,79,5
1(2) If a person whose documents or records are audited is not domiciled in this
2state, the administrator may enter into a contract or agreement described under par.
3(a)
sub. (1) related to the person if the amount of the contingent fee under the contract
4or agreement does not exceed 12 percent of the total amount of property reportable
5and deliverable under this chapter that is disclosed by the audit.
SB370,79,7 6(3) This subsection section does not apply to information received from the
7federal government.
SB370,178 8Section 178. 177.30 (7) of the statutes is renumbered 177.1005 (4).
SB370,179 9Section 179. 177.31 of the statutes is repealed.
SB370,180 10Section 180. 177.32 of the statutes is repealed.
SB370,181 11Section 181. 177.33 of the statutes is repealed.
SB370,182 12Section 182. 177.34 of the statutes is repealed.
SB370,183 13Section 183. 177.35 of the statutes is repealed.
SB370,184 14Section 184. 177.36 of the statutes is repealed.
SB370,185 15Section 185. 177.37 of the statutes is renumbered 177.1502 and amended to
16read:
SB370,79,25 17177.1502 Effect of new provisions; clarification of application. (1) This
18chapter does not relieve a holder of a duty that arose before December 31, 1984 the
19effective date of this subsection .... [LRB inserts date],
to report, pay, or deliver
20property. A Subject to s. 177.0610 (2) and (3), a holder who did not comply with the
21law governing unclaimed property in effect before December 31, 1984 the effective
22date of this subsection .... [LRB inserts date],
is subject to the applicable enforcement
23and penalty provisions that then existed and they are continued in effect for the
24purpose of this subsection, except as provided in s. 177.29 (2)
before the effective date
25of this subsection .... [LRB inserts date]
.
SB370,80,7
1(2) The initial report filed under this chapter for property that was not required
2to be reported before December 31, 1984 the effective date of this subsection .... [LRB
3inserts date]
, but which is subject to that is required to be reported under this
4chapter, shall include all items of property that would have been presumed
5abandoned during the 10-year period preceding December 31, 1984 the effective
6date of this subsection .... [LRB inserts date],
as if this chapter had been in effect
7during that period.
SB370,186 8Section 186. 177.38 of the statutes is renumbered 177.016.
SB370,187 9Section 187. 177.40 of the statutes is renumbered 177.1501.
SB370,188 10Section 188. 177.41 of the statutes is renumbered 177.1503.
SB370,189 11Section 189. 193.735 (1) (intro.) of the statutes is amended to read:
SB370,80,1712 193.735 (1) Alternate procedure to distribute property. (intro.)
13Notwithstanding s. 177.17 (4) (a) 2. and (b) ch. 177, a cooperative may distribute any
14property required to be reported under s. 177.17 (1) subch. IV of ch. 177 to an entity
15that is exempt from taxation under section 501 (a) of the Internal Revenue Code. A
16cooperative making a distribution under this subsection shall file all of the following
17with the secretary of revenue before making the distribution:
SB370,190 18Section 190. 193.735 (2) of the statutes is amended to read:
SB370,80,2119 193.735 (2) Reporting procedure not affected. Subsection (1) does not affect
20the requirement that a cooperative report property under s. 177.17 (1) subch. IV of
21ch. 177
.
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