SB756: Bill Text

SB756,4,16 62.63 (5) Treatment of abandoned retirement accounts. Funds in employee retirement accounts of a retirement system of a 1st class city, which are presumed abandoned under s. 177.13 subch. II of ch. 177, are not subject to the custody of the state as unclaimed property under ch. 177, but shall be retained by the retirement system and used to reduce employer funding obligations to the retirement system. The board of a retirement system of a 1st class city shall devise rules and regulations for determining the conditions under which employee retirement accounts are presumed abandoned and for determining the manner in which funds in the abandoned employee retirement accounts may be used to reduce employer funding obligations to the retirement system.

SB756,4 Section 4. 71.93 (1) (d) 2. of the statutes is amended to read:

SB756,4,20 71.93 (1) (d) 2. The amount owed to a debtor under s. 177.24 (3) 177.0905 for the return of abandoned property under s. 177.24 subch. IX of ch. 177 which exceeds a debtor's Wisconsin tax liability or any other liability owed to the department.

SB756,5 Section 5. 71.93 (3) (a) (intro.) of the statutes is amended to read:

SB756,5,3 71.93 (3) (a) (intro.) The department of revenue shall setoff any debt or other amount owed to the department, regardless of the origin of the debt or of the amount, its nature or its date. The department's setoff shall include the use of unclaimed property owed to the debtor under s. 177.24 177.0505, 177.0605 (12), 177.0905 (2), or 177.0906 (2). If after the setoff there remains a refund in excess of $10, the department shall set off the remaining refund against certified debts of other entities in the following order:

SB756,6 Section 6. 73.01 (4) (a) of the statutes is amended to read:

SB756,5,23 73.01 (4) (a) Subject to the provisions for judicial review contained in s. 73.015, the commission shall be the final authority for the hearing and determination of all questions of law and fact arising under sub. (5) and s. 72.86 (4), 1985 stats., and ss. 70.38 (4) (a), 70.397, 70.64, and 70.995 (8), s. 76.38 (12) (a), 1993 stats., ss. 76.39 (4) (c), 76.48 (6), 77.26 (3), 77.59 (5m) and (6) (b), 78.01, 78.22, 78.40, 78.555, 139.02, 139.03, 139.06, 139.31, 139.315, 139.33, 139.76, 139.78, 341.405, and 341.45, subch. XIV of ch. 71, and subch. VII of ch. 77, and ss. 177.1103 and 177.1206 (3). Whenever with respect to a pending appeal there is filed with the commission a stipulation signed by the department of revenue and the adverse party, under s. 73.03 (25), or the department of transportation and the adverse party agreeing to an affirmance, modification, or reversal of the department of revenue's or department of transportation's position with respect to some or all of the issues raised in the appeal, the commission shall enter an order affirming or modifying in whole or in part, or canceling the assessment appealed from, or allowing in whole or in part or denying the petitioner's refund claim, as the case may be, pursuant to and in accordance with the stipulation filed. No responsibility shall devolve upon the commission, respecting the signing of an order of dismissal as to any pending appeal settled by the department of revenue or the department of transportation without the approval of the commission.

SB756,7 Section 7 . Subchapter I (title) of chapter 177 [precedes 177.001] of the statutes is created to read:

SB756,6,1 CHAPTER 177

SB756,6,2 SUBCHAPTER i

SB756,6,3 general provisions

SB756,8 Section 8. 177.001 of the statutes is created to read:

SB756,6,6 177.001 Short title. This chapter may be cited as the “Revised Uniform Unclaimed Property Act.”

SB756,9 Section 9. 177.01 (1) of the statutes is amended to read:

SB756,6,8 177.01 (1) “Administrator" means the secretary department of revenue.

SB756,10 Section 10. 177.01 (1d) of the statutes is created to read:

SB756,6,13 177.01 (1d) “Administrator's agent” means a person that the administrator contracts with to conduct an examination under subch. X on the administrator's behalf, including an independent contractor of such person and each individual participating in the examination on behalf of the person or contractor.

SB756,11 Section 11. 177.01 (2) of the statutes is amended to read:

SB756,6,17 177.01 (2) “Apparent owner" means the a person whose name appears on the records of the holder as the person entitled to owner of property held, issued, or owing by the holder.

SB756,12 Section 12. 177.01 (3) and (4) of the statutes are repealed.

SB756,13 Section 13. 177.01 (5) of the statutes is amended to read:

SB756,7,3 177.01 (5) “Business association" means a nonpublic corporation,; joint stock company,; investment company, not including an investment company registered under the investment company act of 140, as amended, 15 U.S.C. sections 80a-1 to 80a-64; business trust,; partnership,; unincorporated association; joint venture; limited liability company or association for business purposes,; trust company; land bank; safe deposit company; safekeeping depository; financial organization; insurance company; federally chartered entity; utility; sole proprietorship; or other business entity; regardless of whether or not any such entity is for profit, including a banking organization, financial organization, insurance company or utility.

SB756,14 Section 14. 177.01 (5d) of the statutes is created to read:

SB756,7,6 177.01 (5d) “Confidential information” means records, reports, and information that are confidential under s. 177.1402.

SB756,15 Section 15. 177.01 (6) of the statutes is renumbered 177.01 (6) (intro.) and amended to read:

SB756,7,11 177.01 (6) (intro.) “Domicile" means the state of incorporation of a corporation, the state of organization of a limited liability company and the state of the principal place of business of an unincorporated person. the following:

SB756,16 Section 16. 177.01 (6) (a) to (d) of the statutes are created to read:

SB756,7,13 177.01 (6) (a) For a corporation, the state of its incorporation.

SB756,7,15 (b) For a business association, other than a corporation, that requires a filing with a state for its formation, the state of its filing.

SB756,7,18 (c) For a federally chartered entity or an investment company registered under the investment company act of 1940, as amended, 15 U.S.C. sections 80a-1 to 80a-64, the state of its home office.

SB756,7,19 (d) For any other holder, the state of its principal place of business.

SB756,17 Section 17. 177.01 (6d) of the statutes is created to read:

SB756,7,23 177.01 (6d) “Dormancy period” means the period of time, as specified for each property type in this chapter, that must pass before the property is presumed abandoned.

SB756,18 Section 18. 177.01 (6f) of the statutes is created to read:

SB756,8,2 177.01 (6f) “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

SB756,19 Section 19. 177.01 (6g) of the statutes is created to read:

SB756,8,5 177.01 (6g) “E-mail” means a communication by electronic means which is automatically retained and stored and may be readily accessed or retrieved.

SB756,20 Section 20. 177.01 (7) of the statutes is amended to read:

SB756,8,11 177.01 (7) “Financial organization" means a savings and loan association, savings bank, cooperative bank, building and loan association or, credit union, industrial bank, bank, banking organization, trust company, land bank, safe deposit company, private banker, or any other organization defined by other law as a bank, banking organization, or financial institution.

SB756,21 Section 21. 177.01 (7b) of the statutes is created to read:

SB756,8,22 177.01 (7b) “Game-related digital content” means digital content that exists only in an electronic game or electronic-game platform. “Game-related digital content includes game play currency, such as a virtual wallet, even if denominated in U.S. currency and points sometimes referred to as gems, tokens, gold, and similar names, and digital codes, if for use or redemption only within the game or platform or another electronic game or electronic game platform. “Game-related digital content” does not include an item that the issuer permits to be redeemed for use outside of a game or platform and for money or goods and services that have more than minimal value or that the issuer otherwise monetizes for use outside of a game or platform.

SB756,22 Section 22. 177.01 (7d) of the statutes is created to read:

SB756,9,2 177.01 (7d) (a) “Gift card” means a record evidencing a promise for consideration by the seller or issuer of the record that merchandise, goods, or services will be provided to the owner of the record equal to the value or amount shown in the record, if all of the following apply:

SB756,9,3 1. The value or amount does not expire.

SB756,9,5 2. The value or amount may be decreased only by redemption for merchandise, goods, or services.

SB756,9,7 3. The value or amount may not be redeemed for or converted into money or otherwise monetized by the issuer.

SB756,9,8 (b) “Gift card” includes the following:

SB756,9,12 1. A record that contains or consists of a microprocessor chip, magnetic strip, or other means for the storage of information, that is prefunded and the value or amount of which is decreased on each use and increased by payment of additional consideration.

SB756,9,14 2. A prepaid commercial mobile radio service, as defined in 47 C.F.R. 20.3, as amended.

SB756,9,15 (c) “Gift card” does not include the following:

SB756,9,16 1. A stored-value card.

SB756,9,17 2. A loyalty card.

SB756,9,18 3. A payroll card.

SB756,9,19 4. Game-related digital content.

SB756,23 Section 23. 177.01 (8) (intro.) of the statutes is renumbered 177.01 (8) and amended to read:

SB756,9,24 177.01 (8) “Holder" means a person, wherever organized or domiciled, who is any of the following: obligated to hold property subject to this chapter for the account of, or to deliver or pay to, the owner.

SB756,24 Section 24. 177.01 (8) (a) to (c) of the statutes are repealed.

SB756,25 Section 25. 177.01 (9) of the statutes is amended to read:

SB756,10,8 177.01 (9) “Insurance company" means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, which is engaged in the business of providing life endowments, annuities, or insurance coverage, including, but not limited to, accident, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, illness, life including endowments and annuities, malpractice, marine, mortgage, surety and, wage protection, and worker compensation insurance.

SB756,26 Section 26. 177.01 (10) and (11) of the statutes are repealed.

SB756,27 Section 27. 177.01 (11d) of the statutes is created to read:

SB756,10,15 177.01 (11d) “Loyalty card” means a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program and that may be used or redeemed only to obtain goods or services or a discount on goods or services. “Loyalty card” does not include a record that may be redeemed for money or otherwise monetized by the issuer.

SB756,28 Section 28. 177.01 (11f) of the statutes is created to read:

SB756,10,21 177.01 (11f) “Mineral" means gas, oil, coal, oil shale, other gaseous liquid or solid hydrocarbon, cement material, sand and gravel, road material, building stone, chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other geothermal resources, and any other substance defined as a mineral by law of this state other than this chapter.

SB756,29 Section 29. 177.01 (11g) of the statutes is created to read:

SB756,11,2 177.01 (11g) “Mineral proceeds” means an amount payable for extraction, production, or sale of minerals, or, on the abandonment of the amount, an amount that becomes payable after abandonment. “Mineral proceeds" includes an amount payable:

SB756,11,4 (a) For the acquisition and retention of a mineral lease, including a bonus, royalty, compensatory royalty, shut-in royalty, minimum royalty, or delay rental.

SB756,11,6 (b) For the extraction, production, or sale of minerals, including a net revenue interest, royalty, overriding royalty, extraction payment, and production payment.

SB756,11,8 (c) Under an agreement or option, including a joint-operating agreement, unit agreement, pooling agreement, and farm-out agreement.

SB756,30 Section 30. 177.01 (11j) of the statutes is created to read:

SB756,11,12 177.01 (11j) “Money order” means a payment order for a specified amount of money. “Money order" includes an express money order and a personal money order on which the remitter is the purchaser.

SB756,31 Section 31. 177.01 (11m) of the statutes is created to read:

SB756,11,15 177.01 (11m) “Municipal bond” means a bond or evidence of indebtedness issued by a municipality or other political subdivision of a state.

SB756,32 Section 32. 177.01 (12) of the statutes is renumbered 177.01 (12) (intro.) and amended to read:

SB756,11,20 177.01 (12) (intro.) “Owner" means a person having a legal, beneficial, or equitable interest in property subject to this chapter or the person's legal representative acting on the person's behalf. “Owner” includes the following:

SB756,11,21 (a) A depositor in the case of , for a deposit, a .

SB756,11,22 (b) A beneficiary in the case of , for a trust other than a deposit in trust, a .

SB756,11,25 (c) A creditor, claimant, or payee in the case of, for other intangible property, or a person having a legal or equitable interest in property subject to this chapter or his or her legal representative.

SB756,33 Section 33. 177.01 (12) (d) of the statutes is created to read:

SB756,12,3 177.01 (12) (d) The lawful bearer of a record that may be used to obtain money, a reward, or a thing of value.

SB756,34 Section 34. 177.01 (12d) of the statutes is created to read:

SB756,12,6 177.01 (12d) “Payroll card” means a record that evidences a payroll-card account as defined in Regulation E, 12 C.F.R. Part 1005, as amended.

SB756,35 Section 35. 177.01 (13) of the statutes is amended to read:

SB756,12,11 177.01 (13) “Person" means an individual, business association, state or other government, governmental subdivision, instrumentality, or agency, public corporation, public authority, estate, trust, 2 or more persons having a joint or common interest, or any other legal or commercial entity.

SB756,36 Section 36. 177.01 (13b) of the statutes is created to read:

SB756,12,16 177.01 (13b) (a) “Property” means tangible property described in s. 177.0205 or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality.

SB756,12,17 (b) “Property” includes all of the following:

SB756,12,18 1. All income from or increments to the property.