AB752,7
24Section 7
. Subchapter I (title) of chapter 177 [precedes 177.001] of the statutes
25is created to read:
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general provisions
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4Section
8. 177.001 of the statutes is created to read:
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5177.001 Short title. This chapter may be cited as the “Revised Uniform
6Unclaimed Property Act.”
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7Section
9. 177.01 (1) of the statutes is amended to read:
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177.01
(1) “Administrator" means the
secretary department of revenue.
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9Section
10. 177.01 (1d) of the statutes is created to read:
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177.01
(1d) “Administrator's agent” means a person that the administrator
11contracts with to conduct an examination under subch. X on the administrator's
12behalf, including an independent contractor of such person and each individual
13participating in the examination on behalf of the person or contractor.
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14Section
11. 177.01 (2) of the statutes is amended to read:
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177.01
(2) “Apparent owner" means
the a person whose name appears on the
16records of the holder as the
person entitled to
owner of property held, issued
, or owing
17by the holder.
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18Section
12. 177.01 (3) and (4) of the statutes are repealed.
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19Section
13. 177.01 (5) of the statutes is amended to read:
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177.01
(5) “Business association" means a
nonpublic corporation
,; joint stock
21company
,; investment company,
not including an investment company registered
22under the investment company act of 140, as amended, 15 U.S.C. sections 80a-1 to
2380a-64; business trust
,; partnership
,; unincorporated association; joint venture; 24limited liability company
or association for business purposes,; trust company; land
25bank; safe deposit company; safekeeping depository; financial organization;
1insurance company; federally chartered entity; utility; sole proprietorship; or other
2business entity; regardless of whether
or not
any such entity is for profit
, including
3a banking organization, financial organization, insurance company or utility.
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4Section
14. 177.01 (5d) of the statutes is created to read:
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177.01
(5d) “Confidential information” means records, reports, and
6information that are confidential under s. 177.1402.
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7Section
15. 177.01 (6) of the statutes is renumbered 177.01 (6) (intro.) and
8amended to read:
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177.01
(6) (intro.) “Domicile" means
the state of incorporation of a corporation,
10the state of organization of a limited liability company and the state of the principal
11place of business of an unincorporated person. the following:
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12Section
16. 177.01 (6) (a) to (d) of the statutes are created to read:
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177.01
(6) (a) For a corporation, the state of its incorporation.
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(b) For a business association, other than a corporation, that requires a filing
15with a state for its formation, the state of its filing.
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(c) For a federally chartered entity or an investment company registered under
17the investment company act of 1940, as amended,
15 U.S.C. sections 80a-1 to
1880a-64, the state of its home office.
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(d) For any other holder, the state of its principal place of business.
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20Section
17. 177.01 (6d) of the statutes is created to read:
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177.01
(6d) “Dormancy period” means the period of time, as specified for each
22property type in this chapter, that must pass before the property is presumed
23abandoned.
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24Section
18. 177.01 (6f) of the statutes is created to read:
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1177.01
(6f) “Electronic” means relating to technology having electrical, digital,
2magnetic, wireless, optical, electromagnetic, or similar capabilities.
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3Section
19. 177.01 (6g) of the statutes is created to read:
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177.01
(6g) “E-mail” means a communication by electronic means which is
5automatically retained and stored and may be readily accessed or retrieved.
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6Section
20. 177.01 (7) of the statutes is amended to read:
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177.01
(7) “Financial organization" means a savings and loan association,
8savings bank,
cooperative bank, building and loan association
or, credit union
,
9industrial bank, bank, banking organization, trust company, land bank, safe deposit
10company, private banker, or any other organization defined by other law as a bank,
11banking organization, or financial institution.
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12Section
21. 177.01 (7b) of the statutes is created to read:
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177.01
(7b) “Game-related digital content” means digital content that exists
14only in an electronic game or electronic-game platform. “Game-related digital
15content includes game play currency, such as a virtual wallet, even if denominated
16in U.S. currency and points sometimes referred to as gems, tokens, gold, and similar
17names, and digital codes, if for use or redemption only within the game or platform
18or another electronic game or electronic game platform. “Game-related digital
19content” does not include an item that the issuer permits to be redeemed for use
20outside of a game or platform and for money or goods and services that have more
21than minimal value or that the issuer otherwise monetizes for use outside of a game
22or platform.
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23Section
22. 177.01 (7d) of the statutes is created to read:
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177.01
(7d) (a) “Gift card” means a record evidencing a promise for
25consideration by the seller or issuer of the record that merchandise, goods, or services
1will be provided to the owner of the record equal to the value or amount shown in the
2record, if all of the following apply:
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1. The value or amount does not expire.
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2. The value or amount may be decreased only by redemption for merchandise,
5goods, or services.
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3. The value or amount may not be redeemed for or converted into money or
7otherwise monetized by the issuer.
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(b) “Gift card” includes the following:
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1. A record that contains or consists of a microprocessor chip, magnetic strip,
10or other means for the storage of information, that is prefunded and the value or
11amount of which is decreased on each use and increased by payment of additional
12consideration.
AB752,9,14132. A prepaid commercial mobile radio service, as defined in
47 C.F.R. 20.3, as
14amended.
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(c) “Gift card” does not include the following:
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1. A stored-value card.
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2. A loyalty card.
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3. A payroll card.
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4. Game-related digital content.
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20Section
23. 177.01 (8) (intro.) of the statutes is renumbered 177.01 (8) and
21amended to read:
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177.01
(8) “Holder" means a person
, wherever organized or domiciled, who is
23any of the following: obligated to hold property subject to this chapter for the account
24of, or to deliver or pay to, the owner.
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25Section
24. 177.01 (8) (a) to (c) of the statutes are repealed.
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1Section
25. 177.01 (9) of the statutes is amended to read:
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177.01
(9) “Insurance company" means an association, corporation,
or 3fraternal or mutual benefit organization, whether or not for profit, which is engaged
4in
the business of providing
life endowments, annuities, or insurance
coverage,
5including
, but not limited to, accident, burial, casualty, credit life, contract
6performance, dental,
disability, fidelity, fire, health, hospitalization, illness, life
7including endowments and annuities, malpractice, marine, mortgage, surety
and, 8wage protection
, and worker compensation insurance.
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9Section
26. 177.01 (10) and (11) of the statutes are repealed.
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10Section
27. 177.01 (11d) of the statutes is created to read:
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177.01
(11d) “Loyalty card” means a record given without direct monetary
12consideration under an award, reward, benefit, loyalty, incentive, rebate, or
13promotional program and that may be used or redeemed only to obtain goods or
14services or a discount on goods or services. “Loyalty card” does not include a record
15that may be redeemed for money or otherwise monetized by the issuer.
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16Section
28. 177.01 (11f) of the statutes is created to read:
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177.01
(11f) “Mineral" means gas, oil, coal, oil shale, other gaseous liquid or
18solid hydrocarbon, cement material, sand and gravel, road material, building stone,
19chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and
20other clay, steam and other geothermal resources, and any other substance defined
21as a mineral by law of this state other than this chapter.
AB752,29
22Section
29. 177.01 (11g) of the statutes is created to read:
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177.01
(11g) “Mineral proceeds” means an amount payable for extraction,
24production, or sale of minerals, or, on the abandonment of the amount, an amount
1that becomes payable after abandonment. “Mineral proceeds" includes an amount
2payable:
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(a) For the acquisition and retention of a mineral lease, including a bonus,
4royalty, compensatory royalty, shut-in royalty, minimum royalty, or delay rental.
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(b) For the extraction, production, or sale of minerals, including a net revenue
6interest, royalty, overriding royalty, extraction payment, and production payment.
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(c) Under an agreement or option, including a joint-operating agreement, unit
8agreement, pooling agreement, and farm-out agreement.
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9Section
30. 177.01 (11j) of the statutes is created to read:
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177.01
(11j) “Money order” means a payment order for a specified amount of
11money. “Money order" includes an express money order and a personal money order
12on which the remitter is the purchaser.
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13Section
31. 177.01 (11m) of the statutes is created to read:
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177.01
(11m) “Municipal bond” means a bond or evidence of indebtedness
15issued by a municipality or other political subdivision of a state.
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16Section
32. 177.01 (12) of the statutes is renumbered 177.01 (12) (intro.) and
17amended to read:
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177.01
(12) (intro.) “Owner" means a
person having a legal, beneficial, or
19equitable interest in property subject to this chapter or the person's legal
20representative acting on the person's behalf. “Owner” includes the following:
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21(a) A depositor
in the case of
, for a deposit
, a .
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22(b) A beneficiary
in the case of, for a trust other than a deposit in trust
, a .
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23(c) A creditor, claimant
, or payee
in the case of, for other
intangible property
,
24or a person having a legal or equitable interest in property subject to this chapter or
25his or her legal representative.
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1Section
33. 177.01 (12) (d) of the statutes is created to read:
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177.01
(12) (d) The lawful bearer of a record that may be used to obtain money,
3a reward, or a thing of value.
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4Section
34. 177.01 (12d) of the statutes is created to read:
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177.01
(12d) “Payroll card” means a record that evidences a payroll-card
6account as defined in Regulation E,
12 C.F.R. Part 1005, as amended.
AB752,35
7Section
35. 177.01 (13) of the statutes is amended to read:
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177.01
(13) “Person" means an individual, business association,
state or other 9government, governmental subdivision
, instrumentality, or agency, public
10corporation,
public authority, estate,
trust, 2 or more persons having a joint or
11common interest, or any other legal
or commercial entity.
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12Section
36. 177.01 (13b) of the statutes is created to read:
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177.01
(13b) (a) “Property” means tangible property described in s. 177.0205
14or a fixed and certain interest in intangible property held, issued, or owed in the
15course of a holder's business or by a government, governmental subdivision, agency,
16or instrumentality.
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(b) “Property” includes all of the following:
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1. All income from or increments to the property.
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2. Property referred to as or evidenced by:
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a. Money, virtual currency, or interest.
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b. A dividend, check, draft, deposit, or payroll card.
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c. A credit balance, customer overpayment, security deposit, refund, credit
23memorandum, unpaid wage, unused ticket for which the issuer has an obligation to
24provide a refund, mineral proceeds, or unidentified remittance.
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1d. A security, except for a worthless security or a security that is subject to a
2lien, legal hold, or restriction evidenced on the records of the holder or imposed by
3operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's
4ability to receive, transfer, sell, or otherwise negotiate the security.
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e. A bond, debenture, note, or other evidence of indebtedness.
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f. Money deposited to redeem a security, make a distribution, or pay a dividend.