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AB752,51,15 13177.0902 When property subject to recovery by another state. (1)
14Property held under this chapter by the administrator is subject to the right of
15another state to take custody of the property if any of the following applies:
AB752,51,2116 (a) The property was paid or delivered to the administrator because the records
17of the holder did not reflect a last-known address in the other state of the apparent
18owner and the other state establishes that the last-known address of the apparent
19owner or other person entitled to the property was in the other state or, under the
20law of the other state, the property has become subject to a claim by the other state
21of abandonment.
AB752,51,2522 (b) The records of the holder did not accurately identify the owner of the
23property, the last-known address of the owner was in another state, and, under the
24law of the other state, the property has become subject to a claim by the other state
25of abandonment.
AB752,52,4
1(c) The property was subject to the custody of the administrator of this state
2under s. 177.0305 and, under the law of the state of domicile of the holder, the
3property has become subject to a claim by the state of domicile of the holder of
4abandonment.
AB752,52,85 (d) The property is a sum payable on a traveler's check, money order, or similar
6instrument that was purchased in the other state and delivered to the administrator
7under s. 177.0306 and, under the law of the other state, has become subject to a claim
8by the other state of abandonment.
AB752,52,11 9(2) A claim by another state to recover property under this section must be
10presented in a form prescribed by the administrator, unless the administrator
11waives presentation of the form.
AB752,52,16 12(3) The administrator shall make a decision regarding each claim under this
13section no later than 90 days after the claim is presented to the administrator. If the
14administrator determines that the other state is entitled under sub. (1) to custody
15of the property, the administrator shall allow the claim and pay or deliver the
16property to the other state.
AB752,52,19 17(4) The administrator may require another state, before recovering property
18under this section, to agree to indemnify this state and its agents, officers, and
19employees against any liability on a claim to the property.
AB752,114 20Section 114. 177.0903 of the statutes is created to read:
AB752,52,25 21177.0903 Claim for property by person claiming to be owner. (1) A
22person claiming to be the owner of property held under this chapter by the
23administrator may file a claim for the property on a form prescribed by the
24administrator. The claimant shall verify the claim as to its completeness and
25accuracy.
AB752,53,5
1(2) The administrator may waive the requirement under sub. (1) and may pay
2or deliver property directly to a person if the person receiving the property or
3payment is shown to be the apparent owner included on a report filed under s.
4177.0401 and the administrator reasonably believes the person is entitled to receive
5the property or payment.
AB752,53,8 6(3) If a claim is submitted by a locator service that enters into an agreement
7under subch. XIII, a copy of the agreement shall be filed with the claim, otherwise
8the administrator shall deny the claim.
AB752,53,11 9(4) The administrator may use state tax information to assist in identifying the
10owner of property that has been abandoned as provided under this chapter or in
11verifying a claim filed under this subchapter.
AB752,115 12Section 115. 177.0904 of the statutes is created to read:
AB752,53,16 13177.0904 When administrator must honor claim for property. (1) (a)
14The administrator shall pay or deliver property to a claimant under s. 177.0903 (1)
15if the administrator receives evidence sufficient to establish to the satisfaction of the
16administrator that the claimant is the owner of the property.
AB752,53,1817 (b) If a claim is made and allowed under subch. XIII, the administrator shall
18pay or deliver property to the apparent owner of the property.
AB752,53,23 19(2) Not later than 90 days after a claim is filed under s. 177.0903 (1), the
20administrator shall allow or deny the claim and give the claimant notice in a record
21of the decision. The administrator may refer any claim to the attorney general for
22an opinion. For each claim referred, the attorney general shall advise the
23administrator either to allow it or to deny it in whole or in part.
AB752,54,4 24(3) If the administrator denies a claim under sub. (2), the administrator shall
25inform the claimant of the reason for the denial and specify what additional evidence,

1if any, is required for the claim to be allowed. The claimant may file an amended
2claim with the administrator or commence an action under s. 177.0906. The
3administrator shall consider an amended complaint filed under this subsection as an
4initial claim.
AB752,54,6 5(4) If the administrator does not take action on a claim during the 90-day
6period following the filing of a claim under s. 177.0903 (1), the claim is denied.
AB752,116 7Section 116. 177.0905 of the statutes is created to read:
AB752,54,15 8177.0905 Allowance of claim for property. (1) Not later than 30 days after
9a claim is allowed under s. 177.0904 (2), the administrator shall pay or deliver the
10property to the owner or pay to the owner the net proceeds of a sale of the property,
11together with income or gain to which the owner is entitled under s. 177.0607. Upon
12request of the owner, the administrator may sell or liquidate a security and pay the
13net proceeds to the owner, even if the security has been held by the administrator for
14less than one year or the administrator has not complied with the notice
15requirements under s. 177.0702.
AB752,54,19 16(2) If the owner is a debtor under s. 71.93 or 71.935, before delivery or payment
17of property to an owner under sub. (1) or payment to the owner of net proceeds of a
18sale of the property, the administrator shall first setoff against the owner's debt
19under s. 71.93 or 71.935.
AB752,54,21 20(3) Any property paid or delivered to a person under this subchapter is subject
21to recovery by the administrator as provided in s. 177.1206.
AB752,117 22Section 117. 177.0906 of the statutes is created to read:
AB752,55,3 23177.0906 Action by person whose claim is denied. (1) A person aggrieved
24by a claim denial of the administrator or whose claim has not been acted upon within
2590 days after its filing may petition for judicial review of the decision or of the claim

1under s. 227.52, notwithstanding s. 227.52 (1), except that petitions for review shall
2be served and filed within 90 days after the claim denial or within 180 days after the
3filing of the claim if the administrator has failed to act on it.
AB752,55,6 4(2) If the person aggrieved establishes a claim under sub. (1) and is a debtor
5under s. 71.93 or 71.935, the administrator shall first setoff against the person's debt
6under s. 71.93 or 71.935 before delivery or payment of the property to the owner.
AB752,118 7Section 118. 177.10 of the statutes is repealed.
AB752,119 8Section 119 . Subchapter X (title) of chapter 177 [precedes 177.1001] of the
9statutes is created to read:
AB752,55,1010 CHAPTER 177
AB752,55,1111 SUBCHAPTER X
AB752,55,1212 requests for reports;
AB752,55,1313 examination of records
AB752,120 14Section 120. 177.1001 of the statutes is created to read:
AB752,55,19 15177.1001 Verified report of property. If a person does not file a report
16required under s. 177.0401 or the administrator believes that a person may have
17filed an inaccurate, incomplete, or false report, the administrator may require the
18person to file a verified report in a form prescribed by the administrator. A verified
19report shall include all of the following:
AB752,55,21 20(1) A statement as to whether the person is holding property that is reportable
21under this chapter.
AB752,55,23 22(2) A description of the property not previously reported or about which the
23administrator has inquired.
AB752,55,25 24(3) A specific identification of property described under sub. (2) about which
25there is a dispute whether it is reportable under this chapter.
AB752,56,1
1(4) The amount or value of the property.
AB752,121 2Section 121. 177.1002 (3) of the statutes is created to read:
AB752,56,63 177.1002 (3) The administrator may at reasonable times and on reasonable
4notice issue an administrative subpoena requiring the person or agent of the person
5to make records available for examination. The attorney general may bring an action
6seeking judicial enforcement of a subpoena issued under this subsection.
AB752,122 7Section 122. 177.1002 (4) of the statutes is created to read:
AB752,56,118 177.1002 (4) If any person fails to file any report or refuses to deliver property
9to the administrator as required under this chapter, the administrator may bring an
10action in a court of appropriate jurisdiction to require the filing of the report and to
11enforce delivery of the property.
AB752,123 12Section 123. 177.1003 of the statutes is created to read:
AB752,56,15 13177.1003 Records obtained in examination. Records obtained and records,
14including work papers, compiled by the administrator in the course of conducting an
15examination under s. 177.1002:
AB752,56,17 16(1) Are subject to the confidentiality and security provisions of subch. XIV and
17are not public records for purposes of subch. II of ch. 19.
AB752,56,19 18(2) May be used by the administrator in an action to collect property or
19otherwise enforce this chapter.
AB752,56,25 20(3) May be used in a joint examination conducted with another state, the
21federal government, a foreign country or subordinate unit of a foreign country, or any
22other governmental entity if the governmental entity conducting the examination is
23legally bound to maintain the confidentiality and security of information obtained
24from a person subject to examination in a manner substantially equivalent to that
25under subch. XIV.
AB752,57,5
1(4) May be disclosed to the person that administers the unclaimed property law
2of another state, upon that person's request, for that state's use in circumstances
3equivalent to circumstances described in this subchapter, if the other state is
4required to maintain the confidentiality and security of information obtained in a
5manner substantially equivalent to that under subch. XIV.
AB752,124 6Section 124. 177.1004 of the statutes is created to read:
AB752,57,12 7177.1004 Failure of person examined to retain records. If a person
8subject to examination under s. 177.1002 does not retain the records required by s.
9177.0404, the administrator may determine the value of property due using a
10reasonable method of estimation based on all information available to the
11administrator, including extrapolation and use of statistical sampling when
12appropriate and necessary.
AB752,125 13Section 125. 177.11 of the statutes is repealed.
AB752,126 14Section 126 . Subchapter XI (title) of chapter 177 [precedes 177.1101] of the
15statutes is created to read:
AB752,57,1616 CHAPTER 177
AB752,57,1717 SUBCHAPTER XI
AB752,57,1818 Assessments and appeals
AB752,127 19Section 127. 177.1101 of the statutes is created to read:
AB752,57,25 20177.1101 Default assessment. When any person fails, neglects, or refuses
21to file a report by the deadline prescribed by this chapter, the administrator may,
22notwithstanding ss. 177.1001 and 177.1002 and according to the administrator's
23best judgment, determine the amount of property that should have been reported
24and remitted by that person under this chapter and may assess such amount against
25the person.
AB752,128
1Section 128. 177.1102 of the statutes is created to read:
AB752,58,7 2177.1102 Notice of assessment. The administrator shall notify a person in
3writing of any assessment under this chapter. The administrator shall serve that
4notice as provided in s. 73.03 (73m). If the person is a corporation and the
5administrator is unable to serve that corporation as provided in s. 73.03 (73m), the
6administrator may serve the notice by publishing a class 3 notice under ch. 985 in
7the official state newspaper.
AB752,129 8Section 129. 177.1103 of the statutes is created to read:
AB752,58,13 9177.1103 Appeal of assessment. The appeal provisions under ss. 71.88 (1)
10(a) and (2) (a), 71.89, 71.90, 73.01 (1), (2), (3), (4), and (4m), and 73.015, as they apply
11to a taxpayer and the department of revenue and consistent with this chapter, shall
12apply to the person or holder and the administrator with respect to an assessment
13under this chapter.
AB752,130 14Section 130. 177.1104 of the statutes is created to read:
AB752,58,16 15177.1104 Penalties. The provisions of s. 177.1204 shall apply to an amount
16due as determined and assessed under this chapter.
AB752,131 17Section 131. 177.12 of the statutes is renumbered 177.0213, and 177.0213 (1),
18as renumbered, is amended to read:
AB752,58,2519 177.0213 (1) Intangible property Property and any income or increment
20derived from it held in a fiduciary capacity for the benefit of another person is
21presumed abandoned unless the owner, within 5 years after it has become payable
22or distributable, has increased or decreased the principal, accepted payment of
23principal or income, communicated concerning the property or otherwise indicated
24an interest as evidenced by a memorandum or other record on file prepared by the
25fiduciary
provided in s. 177.0210.
AB752,132
1Section 132. Subchapter XII (title) of chapter 177 [precedes 177.1201] of the
2statutes is created to read:
AB752,59,33 CHAPTER 177
AB752,59,44 SUBCHAPTER XII
AB752,59,55 enforcement
AB752,133 6Section 133. 177.1201 of the statutes is created to read:
AB752,59,11 7177.1201 Enforcement. (1) An assessment under this chapter that becomes
8final and is not subject to administrative or judicial review is subject to action and
9collection by the administrator under ss. 71.91, 71.92, and 73.03 (9), (20), (27), (28),
10(33m), and (33p) consistent with action taken by the department of revenue with
11respect to delinquent taxes under the same provisions.
AB752,59,14 12(2) If no court in this state has jurisdiction over the assessed holder or the
13assessed holder is not subject to the jurisdiction of this state, the attorney general
14may commence an action in any court having jurisdiction over the assessed holder.
AB752,59,16 15(3) Subject to sub. (2), the attorney general may bring an action in circuit court
16or in federal court to enforce this chapter.
AB752,134 17Section 134. 177.1202 of the statutes is created to read:
AB752,59,19 18177.1202 Interstate and international agreement; cooperation. (1)
19Subject to sub. (2), the administrator may do all of the following:
AB752,59,2220 (a) Exchange information with another state or foreign country relating to
21property presumed abandoned or relating to the possible existence of property
22presumed abandoned.
AB752,60,223 (b) Authorize another state or foreign country or a person acting on behalf of
24the other state or country to examine its records of a putative holder as provided in

1subch. X. The administrator shall make the authorization under this paragraph in
2a record.
AB752,60,6 3(2) An exchange or examination under sub. (1) may be done only if the state
4or foreign country has confidentiality and security requirements substantially
5equivalent to those in subch. XIV or agrees in a record to be bound by this state's
6confidentiality and security requirements.
AB752,135 7Section 135. 177.1203 of the statutes is created to read:
AB752,60,10 8177.1203 Action involving another state or foreign country. (1) The
9administrator may join another state or foreign country to examine the records of a
10putative holder and seek enforcement of this chapter against a putative holder.
AB752,60,15 11(2) At the request of another state or a foreign country, the attorney general
12may commence an action on behalf of the other state or country to enforce, in this
13state, the law of the other state or country against a putative holder subject to a claim
14by the other state or country, if the other state or country agrees to pay costs incurred
15by the attorney general in the action.
AB752,60,20 16(3) The administrator may request the official authorized to enforce the
17unclaimed property law of another state or a foreign country to commence an action
18to recover property in the other state or country on behalf of the administrator. This
19state shall pay the costs, including reasonable attorney's fees and expenses, incurred
20by the other state or foreign country in an action under this section.
AB752,60,23 21(4) The administrator may pursue an action on behalf of this state to recover
22property subject to this chapter, but delivered to the custody of another state, if the
23administrator believes the property is subject to the custody of the administrator.
AB752,61,3 24(5) The administrator may retain an attorney in this state, another state, or
25a foreign country to commence an action to recover property on behalf of the

1administrator and may agree to pay attorney's fees based in whole or in part on a
2fixed fee, hourly fee, or a percentage of the amount or value of property recovered in
3the action.
AB752,61,7 4(6) Expenses incurred by this state in an action under this section may be paid
5from property received under this chapter or the net proceeds from the sale of the
6property. Expenses paid to recover property may not be deducted from the amount
7that is subject to a claim under this chapter by the owner.
AB752,136 8Section 136. 177.1204 of the statutes is created to read:
AB752,61,10 9177.1204 Penalties. (1) Failure to file a report. (a) Any person who fails
10to timely file a report under this chapter shall pay a penalty equal to $150.
AB752,61,1311 (b) In addition to the penalty imposed under par. (a), any person who fails to
12file a report by the time prescribed in a written request by the administrator may be
13subject to a penalty of $100 for each day the report is not filed.
AB752,61,2014 (c) Any person who files a false or fraudulent report with intent to defeat or
15evade the laws imposed under this chapter, is subject to the penalties under pars. (a)
16and (b) and a fine of $1,000 for each day from the date the report was made until
17corrected or imprisonment for not more than 6 months, or both. The fine imposed
18under this paragraph may not exceed the lesser of $25,000 or an amount equal to 25
19percent of the amount or value of any property that was required to be included in
20the report that was not included or was underreported.
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