LRBa1338/1
JK:cjs/ahe/klm
2019 - 2020 LEGISLATURE
SENATE AMENDMENT 1,
TO SENATE BILL 756
February 20, 2020 - Offered by Senator Petrowski.
SB756-SA1,1,3
3“
Section 6m. 73.03 (75) of the statutes is created to read:
SB756-SA1,2,114
73.03
(75) To submit a report to the Joint Committee on Finance no later than
56 months after the end of each fiscal year, beginning with the 2019-20 fiscal year and
6ending with the 2023-24 fiscal year, that contains information on the use of contract
7auditors in the unclaimed property program under ch. 177, including auditor
8performance results and comments and concerns from those audited regarding the
9contract auditors. The department shall survey those audited by contract auditors
10to receive comments and concerns. Before allowing any person to engage in an audit
11of another person's documents or records, the administrator shall post the contract
12or other agreement with the person on the department's Internet site. The contract
13or other agreement shall remain posted on the department's Internet site until the
1contract or other agreement is no longer in effect, is no longer valid, or is superseded
2or otherwise rescinded. The person may take no action to engage in the audit until
3the administrator certifies that the person will proceed, even if domiciled in another
4state, in accordance with Wisconsin statutes and department rules and guidance
5documents and the administrator concludes there is a reasonable justification for
6using the person to engage in the audit. The administrator shall actively monitor
7the person to ensure that the person, even if domiciled in another state, is acting in
8accordance with such statutes, rules, and guidance documents and shall
9immediately take corrective action, including rescinding the contract, if the
10administrator reasonably concludes the person is not acting in accordance with such
11statutes, rules, and guidance documents.".
SB756-SA1,2,16
144. Page 17, line 17: delete “maturity of the deposit" and substitute “earlier of
15maturity or the date of the last indication of interest in the property by the apparent
16owner".
SB756-SA1,2,23
19“
177.0202 When tax-deferred retirement account presumed
20abandoned. (1) Subject to s. 177.0210, property held in a pension account or
21retirement account that qualifies for federal income tax deferral under the U.S.
22income tax laws is presumed abandoned if it is unclaimed by the apparent owner 3
23years after the later of:
SB756-SA1,2,2424
(a) The following dates:
SB756-SA1,3,3
11. The date on which a 2nd consecutive communication sent by the holder by
21st class mail to the apparent owner is returned to the holder by the U.S. postal
3service as undeliverable.
SB756-SA1,3,74
2. If the 2nd communication is sent later than 30 days after the date on which
5the first communication is returned to the holder by the U.S. postal service as
6undeliverable, the date on which the first communication was returned as
7undeliverable.
SB756-SA1,3,88
(b) The earlier of the following dates:
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1. The date on which the apparent owner reaches the required minimum
10distribution age, as specified under the Internal Revenue Code or by federal
11regulation, if that can be determined by the holder.
SB756-SA1,3,1312
2. If distribution to avoid a tax penalty is required under the Internal Revenue
13Code, 2 years after the following:
SB756-SA1,3,1514
a. The date on which the holder receives confirmation of the death of the
15apparent owner in the ordinary course of the holder's business.
SB756-SA1,3,1716
b. The date on which the holder confirms the death of the apparent owner under
17sub. (2).
SB756-SA1,3,21
18(2) If a holder in the ordinary course of its business receives notice or an
19indication of the death of an apparent owner and sub. (1) (b) applies, the holder shall
20attempt not later than 90 days after receipt of the notice or indication to confirm
21whether the apparent owner is deceased.
SB756-SA1,4,2
22(3) If the holder does not send communications to the apparent owner of an
23account described in sub. (1) by 1st class mail, the holder shall attempt to confirm
24the apparent owner's interest in the property by sending the apparent owner e-mail
25not later than 2 years after the apparent owner's last indication of interest in the
1property, except that the holder shall promptly attempt to contact the apparent
2owner by 1st class mail if any of the following applies:
SB756-SA1,4,53
(a) The holder does not have information needed to send the apparent owner
4e-mail or the holder believes that the apparent owner's e-mail address in the
5holder's records is not valid.
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(b) The holder receives notification that the e-mail was not received.
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(c) The apparent owner does not respond to the e-mail within 30 days from the
8date on which the e-mail was sent.
SB756-SA1,4,11
9(4) If 1st class mail sent under sub. (3) is returned to the holder by the U.S.
10postal service as undeliverable, the property is presumed abandoned on the date
11determined under sub. (1).”.
SB756-SA1,4,15
137. Page 21, line 15: delete “The date" and substitute “If the date on which the
14minor's custodian is required to transfer the property to the minor has passed, the
15date".
SB756-SA1,4,17
168. Page 21, line 18: after “If" insert “the date on which the minor's custodian
17is required to transfer the property to the minor has passed and if".
SB756-SA1,4,19
189. Page 22, line 14: delete the material beginning with “3" and ending with
19“returned" on line 15 and substitute “on the date determined under sub. (1)”.
SB756-SA1,4,22
22“
Section 82b. 177.0503 (1b) of the statutes is created to read:
SB756-SA1,4,2323
177.0503
(1b) A notice under sub. (1) shall contain all of the following:
SB756-SA1,5,3
1(a) The names in alphabetical order and the last-known addresses, if any, of
2persons listed in the report and entitled to notice within the county, as specified in
3sub. (1).
SB756-SA1,5,64
(b) A statement that information concerning the property and the name and
5last-known address of the holder may be obtained by any person possessing an
6interest in the property by addressing an inquiry to the administrator.
SB756-SA1,82d
7Section 82d. 177.0503 (1d) of the statutes is created to read:
SB756-SA1,5,108
177.0503
(1d) The administrator is not required to publish notice of any item
9with a value of less than $50 unless the administrator determines the publication to
10be in the public interest.”.
SB756-SA1,5,17
1415. Page 57, line 22: delete the material beginning with “177.1002" and
15ending with “person" on line 25 and substitute “177.1002, petition a court to
16determine the liability of such holder based on the court's findings as to a reasonable
17estimate of the amount due”.
SB756-SA1,5,22
21“(a) Reports and records of a claimant that are in the possession of the
22administrator or the administrator's agent.”.
SB756-SA1,6,3
120. Page 71, line 5: after “extension." insert “The administrator shall make
2efforts to provide information to interested parties regarding the voluntary
3disclosure period provided under this subsection.".
