This is the preview version of the Wisconsin State Legislature site.
Please see http://docs.legis.wisconsin.gov for the production version.
SB370,32,6
1177.0304 Holder domiciled in this state. (1) Except as provided in sub. (2)
2or s. 177.0302 or 177.0303, property presumed abandoned is subject to reporting to
3and custody of this state and the administrator may take custody of property
4presumed abandoned, whether located in this state, another state, or a foreign
5country, if the holder is domiciled in this state or is this state or a governmental
6subdivision, agency, or instrumentality of this state, and any of the following applies:
SB370,32,97 (a) Another state or foreign country is not entitled to the property because there
8is no last-known address of the apparent owner or other person entitled to the
9property in the records of the holder.
SB370,32,1210 (b) The state or foreign country of the last-known address of the apparent
11owner or other person entitled to the property does not provide for custodial taking
12of the property.
SB370,32,15 13(2) Property is not subject to the custody of the administrator under sub. (1)
14if the property is specifically exempt from custodial taking under the laws of this
15state or the state or foreign country of the last-known address of the apparent owner.
SB370,32,19 16(3) If a holder's state of domicile has changed since the time the property was
17presumed abandoned, the holder's state of domicile for purposes of this section is
18deemed to be the state where the holder was domiciled at the time the property was
19presumed abandoned.
SB370,69 20Section 69. 177.0305 of the statutes is created to read:
SB370,32,25 21177.0305 Custody if transaction took place in this state. Except as
22provided in ss. 177.0302, 177.0303, or 177.0304, property presumed abandoned is
23subject to reporting to and custody of this state and the administrator may take
24custody of property presumed abandoned whether located in this state or another
25state if any of the following applies:
SB370,33,1
1(1) The transaction out of which the property arose took place in this state.
SB370,33,5 2(2) The holder is domiciled in a state that does not provide for the custodial
3taking of the property, except that if the property is specifically exempt from
4custodial taking under the law of the state of the holder's domicile, the property is
5not subject to the custody of the administrator.
SB370,33,10 6(3) The last-known address of the apparent owner or other person entitled to
7the property is unknown or in a state that does not provide for the custodial taking
8of the property, except that if the property is specifically exempt from custodial
9taking under the law of the state of the last-known address, the property is not
10subject to the custody of the administrator.
SB370,70 11Section 70. 177.0306 of the statutes is created to read:
SB370,33,15 12177.0306 Travelers check, money order, or similar instrument. Sums
13payable on a travelers check, money order, or similar instrument presumed
14abandoned are subject to reporting to and custody of this state and the administrator
15may take custody of such sums to the extent permitted under 12 USC 2501 to 2503.
SB370,71 16Section 71. 177.0307 of the statutes is created to read:
SB370,33,20 17177.0307 Virtual currency. Virtual currency presumed abandoned is subject
18to reporting and custody of this state if the holder is able to convert virtual currency
19to U.S. currency by sale, exchange, or any other disposition. The holder shall convert
20the virtual currency to U.S. currency for delivery to the administrator.
SB370,72 21Section 72. 177.0308 of the statutes is created to read:
SB370,34,2 22177.0308 Hazardous or dangerous items found in safe deposit box.
23Thirty days prior to delivery of any hazardous or dangerous items such as guns,
24chemicals, or explosives under s. 177.0205, the holder shall provide written notice

1to the administrator and deliver the hazardous or dangerous items as required by
2the administrator.
SB370,73 3Section 73. 177.04 of the statutes is repealed.
SB370,74 4Section 74 . Subchapter IV (title) of chapter 177 [precedes 177.0401] of the
5statutes is created to read:
SB370,34,66 CHAPTER 177
SB370,34,77 SUBCHAPTER iV
SB370,34,88 report by holder
SB370,75 9Section 75. 177.0401 of the statutes is created to read:
SB370,34,12 10177.0401 Report required by holder. (1) (a) A holder of property presumed
11abandoned and subject to the custody of the administrator shall report in a record
12to the administrator concerning the property.
SB370,34,1413 (b) A holder shall report electronically in a format approved by the
14administrator, unless the administrator approves another method.
SB370,34,16 15(2) A holder may contract with a 3rd party to make the report required under
16sub. (1).
SB370,34,20 17(3) Regardless of whether a holder enters into a contract under sub. (2), the
18holder is responsible to the administrator for the complete, accurate, and timely
19reporting of property presumed abandoned and for paying or delivering the property
20described in the report to the administrator.
SB370,76 21Section 76. 177.0402 of the statutes is created to read:
SB370,35,2 22177.0402 Content of report. (1) The report required under s. 177.0401 shall
23be signed by or on behalf of the holder and verified as to its completeness and
24accuracy and be in a secure format, as approved by the administrator, that protects
25the apparent owner's confidential information in the same manner as is required of

1the administrator and administrator's agent under subch. XIV. The report shall
2contain the following information:
SB370,35,33 (a) A description of the property.
SB370,35,74 (b) Unless the property is a travelers check, money order, or similar
5instrument, the name, last-known address, social security number or taxpayer
6identification number, and date of birth of the property's apparent owner, if such
7information is known or readily ascertainable.
SB370,35,118 (c) For an amount held or owing under a life or endowment insurance policy or
9annuity contract, the name, social security number or taxpayer identification
10number, if known, date of birth, if known, and last-known address of the insured,
11annuitant, or other apparent owner of the policy or contract and of each beneficiary.
SB370,35,1512 (d) For property held in or removed from a safe deposit box or other safekeeping
13repository or for other tangible personal property, an itemized inventory and
14description of the property, including the location of the property where it may be
15inspected by the administrator and any amounts owed to the holder.
SB370,35,1616 (e) The commencement date for determining abandonment under subch. II.
SB370,35,1817 (f) A statement that the holder has complied with the notice requirements of
18s. 177.0501.
SB370,35,1919 (g) Any other information prescribed by the administrator.
SB370,35,21 20(2) A report under s. 177.0401 may include in the aggregate items valued under
21$5 each only if the apparent owner is unknown.
SB370,35,24 22(3) A report under s. 177.0401 may include personal information, as defined
23in s. 177.1401 (1), about the apparent owner or the apparent owner's property to the
24extent not otherwise prohibited by federal law.
SB370,36,5
1(4) If a holder has changed the holder's name while holding property presumed
2abandoned or is a successor to another person that previously held the property for
3the apparent owner, the holder shall include in the report under s. 177.0401 the
4holder's former name or the name of the previous holder, if any, and the known name
5and address of each previous holder of the property.
SB370,77 6Section 77. 177.0403 of the statutes is created to read:
SB370,36,9 7177.0403 When report to be filed. (1) Subject to sub. (2), the report under
8s. 177.0401 shall be filed on or before November 1 of each year and cover the 12
9months preceding July 1 of that year.
SB370,36,13 10(2) Before the due date for filing the report under s. 177.0401, the holder of
11property presumed abandoned may request the administrator to extend the time for
12filing. The administrator may grant an extension of 60 days or other period agreed
13to by the administrator.
SB370,78 14Section 78. 177.0404 of the statutes is created to read:
SB370,36,18 15177.0404 Retention of records by holder. (1) A holder required to file a
16report under s. 177.0401 shall retain records for 10 years after the later of the date
17on which the report was filed or the last date on which a timely report was due to be
18filed, unless a shorter period is prescribed by rule by the administrator.
SB370,36,20 19(2) The holder may satisfy the requirement to retain records under this section
20through an agent.
SB370,36,21 21(3) The records retained under this section shall include the following:
SB370,36,2222 (a) The information required to be included in the report under s. 177.0401.
SB370,36,2423 (b) The date, place, and nature of the circumstances that gave rise to the
24property right.
SB370,36,2525 (c) The amount or value of the property.
SB370,37,1
1(d) The last address of the apparent owner, if known to the holder.
SB370,37,52 (e) If the holder sells, issues, or provides to others for sale or issue in this state
3travelers checks, money orders, or similar instruments, other than 3rd-party bank
4checks, on which the holder is directly liable, a record of the instruments while they
5remain outstanding, indicating the state and date of issue.
SB370,79 6Section 79. 177.0405 of the statutes is created to read:
SB370,37,10 7177.0405 Property reportable and payable or deliverable absent
8owner demand.
Property is reportable and payable or deliverable under this
9chapter even if the owner fails to make demand or present an instrument or
10document otherwise required to obtain payment.
SB370,80 11Section 80. 177.0406 of the statutes is created to read:
SB370,37,14 12177.0406 Negative reporting. (1) The administrator may require any
13person or persons to file a report as otherwise prescribed in this section, except that
14the administrator may specify a deadline after the deadline specified in s. 177.0403.
SB370,37,17 15(2) The administrator may require any person to file a report even if the person
16believes the person is not in possession of any property reportable or deliverable
17under this chapter.
SB370,81 18Section 81. 177.05 of the statutes is repealed.
SB370,82 19Section 82 . Subchapter V (title) of chapter 177 [precedes 177.0501] of the
20statutes is created to read:
SB370,37,2121 CHAPTER 177
SB370,37,2222 SUBCHAPTER V
SB370,37,2323 notice to apparent owner of
SB370,37,2424 property presumed abandoned
SB370,83 25Section 83. 177.0501 of the statutes is created to read:
SB370,38,5
1177.0501 Notice to apparent owner by holder. (1) Subject to sub. (2), the
2holder of property presumed abandoned shall send to the apparent owner notice by
31st class mail that complies with s. 177.0502, in a format acceptable to the
4administrator, not more than 120 days nor less than 60 days before filing the report
5under s. 177.0401, if all of the following apply:
SB370,38,86 (a) The holder has in the holder's records an address for the apparent owner
7that the records do not indicate to be invalid and that is sufficient to direct the
8delivery of 1st class mail to the apparent owner.
SB370,38,99 (b) The value of the property is $50 or more.
SB370,38,13 10(2) If an apparent owner has consented to receive e-mail delivery from the
11holder, the holder shall send the notice described in sub. (1) both by 1st class mail to
12the apparent owner's last-known mailing address and by e-mail, unless the holder
13believes that the apparent owner's e-mail address is invalid.
SB370,84 14Section 84. 177.0502 of the statutes is created to read:
SB370,38,19 15177.0502 Contents of notice by holder. (1) Notice under s. 177.0501 shall
16contain a heading that reads substantially as follows: “Notice. The State of
17Wisconsin requires us to notify you that your property may be transferred to the
18custody of the state's unclaimed property administrator if you do not contact us
19before (the date that is 30 days after the date of the notice).”
SB370,38,20 20(2) The notice under s. 177.0501 shall do all of the following:
SB370,38,2221 (a) Identify the nature and, except for property that does not have a fixed value,
22the value of the property that is the subject of the notice.
SB370,38,2323 (b) State that the property will be turned over to the administrator.
SB370,38,2524 (c) State that after the property is turned over to the administrator an apparent
25owner that seeks return of the property shall file a claim with the administrator.
SB370,39,1
1(d) State that property may be sold by the administrator.
SB370,39,32 (e) Provide instructions that the apparent owner shall follow to prevent the
3holder from reporting and paying or delivering the property to the administrator.
SB370,85 4Section 85. 177.0503 (1b) of the statutes is created to read:
SB370,39,55 177.0503 (1b) A notice under sub. (1) shall contain all of the following:
SB370,39,86 (a) The names in alphabetical order and the last-known addresses, if any, of
7persons listed in the report and entitled to notice within the county, as specified in
8sub. (1).
SB370,39,119 (b) A statement that information concerning the property and the name and
10last-known address of the holder may be obtained by any person possessing an
11interest in the property by addressing an inquiry to the administrator.
SB370,86 12Section 86. 177.0503 (1d) of the statutes is created to read:
SB370,39,1513 177.0503 (1d) The administrator is not required to publish notice of any item
14with a value of less than $50 unless the administrator determines the publication to
15be in the public interest.
SB370,87 16Section 87. 177.0503 (2n) of the statutes is created to read:
SB370,39,1917 177.0503 (2n) (a) The administrator may publish, on behalf of the department
18of children and families, the name and address of an apparent owner of uncashed
19child support payments.
SB370,39,2220 (b) At least quarterly, the department of children and families shall reimburse
21the administrator, based on information provided by the administrator, for any
22administrative expenses incurred under par. (a).
SB370,88 23Section 88. 177.0504 of the statutes is created to read:
SB370,40,6 24177.0504 Cooperation among state officers and agencies to locate
25apparent owners.
Unless otherwise prohibited by law, at the request of the

1administrator, each officer, agency, board, commission, division, or department of
2this state, any body politic or corporate created by this state for a public purpose, and
3each political subdivision of this state shall make its books and records available to
4the administrator and cooperate with the administrator to determine the current
5address of an apparent owner of property held by the administrator under this
6chapter.
SB370,89 7Section 89. 177.0505 of the statutes is created to read:
SB370,40,10 8177.0505 Tax return identification of apparent owners. (1) Annually,
9before July 1, the administrator shall determine if either of the following applies to
10any apparent owner of abandoned property under s. 177.0503:
SB370,40,1211 (a) The apparent owner has filed a tax return in the 14 months preceding the
12determination.
SB370,40,1313 (b) The apparent owner is a debtor under s. 71.93 or 71.935.
Loading...
Loading...