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AB325,16,2020 (c) “Stored-value card” does not include the following:
AB325,16,2121 1. A payroll card.
AB325,16,2222 2. A loyalty card.
AB325,16,2323 3. A gift card.
AB325,16,2424 4. Game-related digital content.
AB325,44 25Section 44. 177.01 (15) of the statutes is amended to read:
AB325,17,5
1177.01 (15) “Utility" means a person who that owns or operates for public use
2any plant, equipment, real property, franchise , or license for the transmission of
3communications or; the production, storage, transmission, sale, delivery, or
4furnishing of electricity, water, steam, or gas ; the provision of sewage or septic
5services; or the disposal or recycling of trash or garbage
.
AB325,45 6Section 45. 177.01 (16) of the statutes is created to read:
AB325,17,97 177.01 (16) “Virtual currency” means a digital representation of value used as
8a medium of exchange, unit of account, or store of value that does not have legal
9tender status recognized by the United States. “Virtual currency" does not include:
AB325,17,1110 (a) The software or protocols governing the transfer of the digital
11representation of value.
AB325,17,1212 (b) Game-related digital content.
AB325,17,1313 (c) A loyalty card.
AB325,17,1414 (d) A gift card.
AB325,46 15Section 46. 177.01 (17) of the statutes is created to read:
AB325,17,1816 177.01 (17) “Worthless security” means a security for which the cost of
17liquidation and delivery to the administrator exceeds the value of the security on the
18date on which a report is due under this chapter.
AB325,47 19Section 47. 177.015 (title) of the statutes is amended to read:
AB325,17,21 20177.015 (title) Exemption Inapplicability to foreign transactions and
21other exemptions
.
AB325,48 22Section 48. 177.015 of the statutes is renumbered 177.015 (1).
AB325,49 23Section 49. 177.015 (2) of the statutes is created to read:
AB325,17,2424 177.015 (2) This chapter does not apply to any of the following:
AB325,18,2
1(a) Property held, due, and owing in a foreign country if the transaction out of
2which the property arose was a foreign transaction.
AB325,18,43 (b) Any payment or credit shown on the books and records of a business
4association owed to another business association in the ordinary course of business.
AB325,18,55 (c) Property described in s. 20.912 (1).
AB325,50 6Section 50. 177.02 of the statutes is repealed.
AB325,51 7Section 51 . Subchapter II (title) of chapter 177 [precedes 177.0201] of the
8statutes is created to read:
AB325,18,99 CHAPTER 177
AB325,18,1010 SUBCHAPTER ii
AB325,18,1111 presumption of abandonment
AB325,52 12Section 52. 177.0201 of the statutes is created to read:
AB325,18,15 13177.0201 When property presumed abandoned. Subject to s. 177.0210,
14the following property is presumed abandoned if it is unclaimed by the apparent
15owner during the period specified below:
AB325,18,16 16(1) A traveler's check, 15 years after issuance.
AB325,18,17 17(2) A money order or similar instrument, 5 years after issuance.
AB325,18,20 18(3) A state or municipal bond, bearer bond, or original-issue-discount bond,
193 years after the earliest of the date the bond matures or is called or the obligation
20to pay the principal of the bond arises.
AB325,18,22 21(4) A debt of a business association owed to an individual, 3 years after the
22obligation to pay arises.
AB325,19,3 23(5) A payroll card or demand, savings, or time deposit, including a deposit that
24is automatically renewable, 5 years after the earlier of maturity or the date of the last
25indication of interest in the property by the apparent owner, except a deposit that is

1automatically renewable is deemed matured on its initial date of maturity unless the
2apparent owner consented in a record on file with the holder to renewal at or about
3the time of the renewal.
AB325,19,6 4(6) Money or a credit owed to a customer as a result of a retail business
5transaction, other than in-store credit for returned merchandise, 5 years after the
6obligation arises.
AB325,19,11 7(7) An amount owed by an insurance company on a life or endowment
8insurance policy or an annuity contract that has matured or terminated, 3 years after
9the obligation to pay arises under the terms of the policy or contract or, if a policy or
10contract for which an amount is owed on proof of death has not matured by proof of
11the death of the insured or annuitant, as follows:
AB325,19,1612 (a) With respect to an amount owed on a life or endowment insurance policy,
133 years after the earliest of the date on which the insurance company has knowledge
14of the death of the insured or the date on which the insured attained, or would have
15attained if living, the limiting age under the mortality table that forms the basis of
16the reserve for the policy.
AB325,19,1817 (b) With respect to an amount owed on an annuity contract, 3 years after the
18date on which the insurance company has knowledge of the death of the annuitant.
AB325,19,20 19(8) Property that may distributed by a business association in the course of
20dissolution, one year after the property may be distributed.
AB325,19,23 21(9) Except as provided in ss. 800.095 (8), 852.01 (3), 863.37 (2), and 863.39,
22property held by a court, including property received as proceeds of a class action,
23one year after the property may be distributed.
AB325,20,3 24(10) Except as provided in ss. 40.08 (8), 852.01 (3), 863.37 (2), and 863.39,
25property held by a government or governmental subdivision, agency, or

1instrumentality, including municipal bond interest and unredeemed principal under
2the administration of a paying agent or indenture trustee, 5 years after the property
3may be distributed.
AB325,20,6 4(11) Wages, commissions, bonuses, or reimbursements to which an employee
5is entitled, or other compensation for personal services, other than amounts held in
6a payroll card, one year after the amount becomes payable.
AB325,20,8 7(12) A deposit or refund owed to a subscriber by a utility, one year after the
8deposit or refund becomes payable.
AB325,20,11 9(13) Property not specified in this section or ss. 177.0202 to 177.0209, the
10earlier of 5 years after the owner first has a right to demand the property or the date
11on which the obligation to pay or distribute the property arises.
AB325,53 12Section 53. 177.0202 of the statutes is created to read:
AB325,20,17 13177.0202 When tax-deferred retirement account presumed
14abandoned. (1)
Subject to s. 177.0210, property held in a pension account or
15retirement account that qualifies for federal income tax deferral under the U.S.
16income tax laws is presumed abandoned if it is unclaimed by the apparent owner 3
17years after the later of:
AB325,20,1818 (a) The following dates:
AB325,20,2119 1. The date on which a 2nd consecutive communication sent by the holder by
201st class mail to the apparent owner is returned to the holder by the U.S. postal
21service as undeliverable.
AB325,20,2522 2. If the 2nd communication is sent later than 30 days after the date on which
23the first communication is returned to the holder by the U.S. postal service as
24undeliverable, the date on which the first communication was returned as
25undeliverable.
AB325,21,1
1(b) The earlier of the following dates:
AB325,21,42 1. The date on which the apparent owner reaches the minimum required
3distribution age, as specified under the Internal Revenue Code or by federal
4regulation, if that can be determined by the holder.
AB325,21,65 2. If distribution to avoid a tax penalty is required under the Internal Revenue
6Code, 2 years after the following:
AB325,21,87 a. The date on which the holder receives confirmation of the death of the
8apparent owner in the ordinary course of the holder's business.
AB325,21,109 b. The date on which the holder confirms the death of the apparent owner under
10sub. (2).
AB325,21,14 11(2) If a holder in the ordinary course of its business receives notice or an
12indication of the death of an apparent owner and sub. (1) (b) applies, the holder shall
13attempt not later than 90 days after receipt of the notice or indication to confirm
14whether the apparent owner is deceased.
AB325,21,20 15(3) If the holder does not send communications to the apparent owner of an
16account described in sub. (1) by 1st class mail, the holder shall attempt to confirm
17the apparent owner's interest in the property by sending the apparent owner e-mail
18not later than 2 years after the apparent owner's last indication of interest in the
19property, except that the holder shall promptly attempt to contact the apparent
20owner by 1st class mail if any of the following applies:
AB325,21,2321 (a) The holder does not have information needed to send the apparent owner
22e-mail or the holder believes that the apparent owner's e-mail address in the
23holder's records is not valid.
AB325,21,2424 (b) The holder receives notification that the e-mail was not received.
AB325,22,2
1(c) The apparent owner does not respond to the e-mail within 30 days from the
2date on which the e-mail was sent.
AB325,22,5 3(4) If 1st class mail sent under sub. (3) is returned to the holder by the U.S.
4postal service as undeliverable, the property is presumed abandoned on the date
5determined under sub. (1).
AB325,54 6Section 54. 177.0203 of the statutes is created to read:
AB325,22,13 7177.0203 When other tax-deferred account presumed abandoned.
8Subject to s. 177.0210, and except for property described under s. 177.0202 and
9property held in a plan described in section 529A of the Internal Revenue Code,
10property held in an account or plan, including a health savings account, that
11qualifies for federal income tax deferral under the Internal Revenue Code is
12presumed abandoned if it is unclaimed by the apparent owner 3 years after the
13earliest of the following:
AB325,22,16 14(1) The date specified under the Internal Revenue Code or by federal regulation
15by which the distribution of property must begin in order to avoid a penalty, if no such
16distribution has been made.
AB325,22,17 17(2) Thirty years after the date on which the account was opened.
AB325,55 18Section 55. 177.0204 of the statutes is created to read:
AB325,22,23 19177.0204 When custodial account for a minor presumed abandoned.
20(1)
Subject to s. 177.0210, property held in an account established under any state's
21uniform gifts to minors act or uniform transfers to minors act is presumed abandoned
22if it is unclaimed by or on behalf of the minor on whose behalf the account was opened
233 years after the later of the following:
AB325,23,224 (a) If the date on which the minor's custodian is required to transfer the
25property to the minor has passed, the date on which a 2nd consecutive

1communication sent by the holder by 1st class mail to the minor's custodian is
2returned to the holder by the U.S. postal service as undeliverable.
AB325,23,73 (b) If the date on which the minor's custodian is required to transfer the
4property to the minor has passed and if the 2nd communication is sent by the holder
5to the minor's custodian later than 30 days after the date on which the first
6communication is returned to the holder by the U.S. postal service as undeliverable,
7the date on which the first communication was returned as undeliverable.
AB325,23,108 (c) The date on which the minor's custodian is required to transfer the property
9to the minor or the minor's estate in accordance with the uniform gifts to minors act
10or uniform transfers to minors act of the state in which the account was opened.
AB325,23,16 11(2) If the holder does not send communications to the custodian by 1st class
12mail, as described in sub. (1), the holder shall attempt to confirm the custodian's
13interest in the property by sending the custodian e-mail not later than 2 years after
14the custodian's last indication of interest in the property, except that the holder shall
15promptly attempt to contact the custodian by 1st class mail if any of the following
16applies:
AB325,23,1917 (a) The holder does not have information needed to send the custodian e-mail
18or the holder believes that the custodian's e-mail address in the holder's records is
19not valid.
AB325,23,2020 (b) The holder receives notification that the e-mail was not received.
AB325,23,2221 (c) The custodian does not respond to the e-mail within 30 days from the date
22on which the e-mail was sent.
AB325,23,25 23(3) If 1st class mail sent under sub. (2) is returned to the holder by the U.S.
24postal service as undeliverable, the property is presumed abandoned on the date
25determined under sub. (1).
AB325,24,2
1(4) The property in the account described under sub. (1) is not subject to this
2section after the property is transferred to the minor or the minor's estate.
AB325,56 3Section 56. 177.0205 of the statutes is created to read:
AB325,24,8 4177.0205 When contents of safe deposit box presumed abandoned.
5Tangible property held in a safe deposit box and proceeds from a sale of the property
6by the holder permitted by law of this state other than this chapter are presumed
7abandoned if the property remains unclaimed by the apparent owner 5 years after
8the earliest of the following:
AB325,24,9 9(1) The expiration of the lease or rental period for the box.
AB325,24,12 10(2) The earliest date when the lessor of the box is authorized by contract or law
11of this state other than this chapter to enter the box and remove or dispose of the
12contents without consent or authorization of the lessee.
AB325,57 13Section 57. 177.0207 of the statutes is created to read:
AB325,24,15 14177.0207 When security presumed abandoned. (1) Subject to s. 177.0210,
15a security is presumed to be abandoned 3 years after the following:
AB325,24,1816 (a) The date on which a 2nd consecutive communication sent by the holder by
171st class mail to the apparent owner is returned to the holder by the U.S. postal
18service as undeliverable.
AB325,24,2219 (b) If the 2nd communication is sent by the holder to the apparent owner later
20than 30 days after the date on which the first communication is returned to the
21holder by the U.S. postal service as undeliverable, the date on which the first
22communication was returned as undeliverable.
AB325,25,3 23(2) If the holder does not send communications to the apparent owner of the
24security by 1st class mail, as described in sub. (1), the holder shall attempt to confirm
25the apparent owner's interest in the security by sending the apparent owner e-mail

1not later than 2 years after the apparent owner's last indication of interest in the
2security, except that the holder shall promptly attempt to contact the apparent owner
3by 1st class mail if any of the following applies:
AB325,25,64 (a) The holder does not have information needed to send the apparent owner
5e-mail or the holder believes that the apparent owner's e-mail address in the
6holder's records is not valid.
AB325,25,77 (b) The holder receives notification that the e-mail was not received.
AB325,25,98 (c) The apparent owner does not respond to the e-mail within 30 days from the
9date on which the e-mail was sent.
AB325,25,12 10(3) If 1st class mail sent under sub. (2) is returned to the holder by the U.S.
11postal service as undeliverable, the security is presumed abandoned 3 years after the
12date on which the mail is returned.
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