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AB325,62,74 (b) Authorize another state or foreign country or a person acting on behalf of
5the other state or country to examine its records of a putative holder as provided in
6subch. X. The administrator shall make the authorization under this paragraph in
7a record.
AB325,62,11 8(2) An exchange or examination under sub. (1) may be done only if the state
9or foreign country has confidentiality and security requirements substantially
10equivalent to those in subch. XIV or agrees in a record to be bound by this state's
11confidentiality and security requirements.
AB325,137 12Section 137. 177.1203 of the statutes is created to read:
AB325,62,15 13177.1203 Action involving another state or foreign country. (1) The
14administrator may join another state or foreign country to examine the records of a
15putative holder and seek enforcement of this chapter against a putative holder.
AB325,62,20 16(2) At the request of another state or a foreign country, the attorney general
17may commence an action on behalf of the other state or country to enforce, in this
18state, the law of the other state or country against a putative holder subject to a claim
19by the other state or country, if the other state or country agrees to pay costs incurred
20by the attorney general in the action.
AB325,62,25 21(3) The administrator may request the official authorized to enforce the
22unclaimed property law of another state or a foreign country to commence an action
23to recover property in the other state or country on behalf of the administrator. This
24state shall pay the costs, including reasonable attorney's fees and expenses, incurred
25by the other state or foreign country in an action under this section.
AB325,63,3
1(4) The administrator may pursue an action on behalf of this state to recover
2property subject to this chapter, but delivered to the custody of another state, if the
3administrator believes the property is subject to the custody of the administrator.
AB325,63,8 4(5) The administrator may retain an attorney in this state, another state, or
5a foreign country to commence an action to recover property on behalf of the
6administrator and may agree to pay attorney's fees based in whole or in part on a
7fixed fee, hourly fee, or a percentage of the amount or value of property recovered in
8the action.
AB325,63,12 9(6) Expenses incurred by this state in an action under this section may be paid
10from property received under this chapter or the net proceeds from the sale of the
11property. Expenses paid to recover property may not be deducted from the amount
12that is subject to a claim under this chapter by the owner.
AB325,138 13Section 138. 177.1204 of the statutes is created to read:
AB325,63,15 14177.1204 Penalties. (1) Failure to file a report. (a) Any person who fails
15to timely file a report under this chapter shall pay a penalty equal to $150.
AB325,63,1816 (b) In addition to the penalty imposed under par. (a), any person who fails to
17file a report by the time prescribed in a written request by the administrator may be
18subject to a penalty of $100 for each day the report is not filed.
AB325,63,2519 (c) Any person who files a false or fraudulent report with intent to defeat or
20evade the laws imposed under this chapter, is subject to the penalties under pars. (a)
21and (b) and a fine of $1,000 for each day from the date the report was made until
22corrected or imprisonment for not more than 6 months, or both. The fine imposed
23under this paragraph may not exceed the lesser of $25,000 or an amount equal to 25
24percent of the amount or value of any property that was required to be included in
25the report that was not included or was underreported.
AB325,64,3
1(2) Failure to pay or deliver property. (a) Any person who fails to timely pay
2or deliver abandoned property to the administrator as required under this chapter
3shall pay a penalty equal to 15 percent of the value of the property.
AB325,64,74 (b) In addition to the penalty imposed under par. (a), any person who fails to
5pay or deliver abandoned property by the time prescribed in a written request from
6the administrator may be subject to a penalty of $100 for each day the property is not
7paid or delivered.
AB325,64,11 8(3) Failure to perform other duty. Any person who fails to perform any other
9duty required under this chapter, other than the duties for which a penalty is
10imposed under sub. (1) or (2), may be subject to a penalty of up to a $500 for each day
11the duty is not performed, not to exceed $10,000 in a calendar year.
AB325,64,14 12(4) Assessment and collection. The administrator shall assess and collect any
13penalties under this section as it assesses and collects amounts or property due for
14payment or delivery under this chapter.
AB325,139 15Section 139. 177.1205 of the statutes is created to read:
AB325,64,17 16177.1205 Waiver of penalties. The administrator may waive, in whole or in
17part, the penalties imposed under s. 177.1204.
AB325,140 18Section 140. 177.1206 of the statutes is created to read:
AB325,64,25 19177.1206 Recovery of property paid to incorrect claimant. (1) If the
20administrator pays or delivers property under this chapter in error to any person, the
21administrator may assess the value of such property against the person. The
22assessment is subject to interest at the rate for delinquent taxes under s. 71.82 (2)
23from the date of assessment and to action and collection by the administrator under
24ss. 71.91, 71.92, and 73.03 (9), (20), (27), (28), (33m), and (33p), consistent with action
25taken by the department of revenue with respect to delinquent taxes.
AB325,65,4
1(2) The administrator may accept property from a person that receives the
2property in error prior to assessment under sub. (1), if the person acknowledges in
3writing that the property was paid or delivered in error and waives any further
4interest in the property.
AB325,65,8 5(3) The appeal provisions of ss. 71.88 (1) (a) and (2) (a), 71.89, 71.90, 73.01 (1),
6(2), (3), (4), and (4m), and 73.015, as they apply to a taxpayer and the department of
7revenue and consistent with this chapter, shall apply to the person and the
8administrator with respect to an assessment under this chapter.
AB325,141 9Section 141. 177.13 of the statutes is repealed.
AB325,142 10Section 142 . Subchapter XIII (title) of chapter 177 [precedes 177.1301] of the
11statutes is created to read:
AB325,65,1212 CHAPTER 177
AB325,65,1313 SUBCHAPTER XIII
AB325,65,1414 Agreement to locate
AB325,65,1515 property OF apparent owner
AB325,65,1616 held by administrator
AB325,143 17Section 143. 177.1301 of the statutes is created to read:
AB325,65,20 18177.1301 When agreement to locate property enforceable. (1) In this
19subchapter, “locator service” means a person who locates, delivers, recovers, or
20assists in the location, delivery, and recovery of property held by the administrator.
AB325,65,22 21(2) An agreement by an apparent owner and locator service is enforceable
22under this chapter only if the agreement complies with all of the following:
AB325,65,2423 (a) It is in a written, valid contract that clearly states the nature of the property
24and the services to be provided.
AB325,65,2525 (b) It is signed by the apparent owner or by an agent of the apparent owner.
AB325,66,3
1(c) It states the amount or value of the property reasonably expected to be
2recovered, computed before and after a deduction for any fee or other compensation
3paid to the locator service.
AB325,66,64 (d) It includes a clear and prominent statement of the fee or other compensation
5to be paid to the locator service, which may not exceed 10 percent of the actual
6amount or value of the property recovered.
AB325,66,97 (e) It includes a clear and prominent statement disclosing the name and
8address of the holder and whether the property has been paid or delivered to the
9administrator.
AB325,66,1110 (f) It includes a clear and prominent statement that the owner may file a claim
11with the administrator without the assistance of a locator service.
AB325,144 12Section 144. 177.1302 of the statutes is created to read:
AB325,66,16 13177.1302 When agreement to locate property void. (1) Subject to sub.
14(2), an agreement under s. 177.1301 is void if it is entered into during the period
15beginning on the date the property is paid or delivered by a holder to the
16administrator and ending 24 months after the payment or delivery.
AB325,66,21 17(2) If any provision of an agreement under s. 177.1301 applies to mineral
18proceeds for which compensation is to be paid to the locator service based in whole
19or in part on a portion of the underlying minerals or mineral proceeds not then
20presumed abandoned, the provision is void regardless of when the parties entered
21into the agreement.
AB325,66,23 22(3) This section does not apply to an apparent owner's agreement with an
23attorney to contest the administrator's denial of a claim for recovery of the property.
AB325,145 24Section 145. 177.135 of the statutes is renumbered 177.0206 and amended to
25read:
AB325,67,6
1177.0206 When U.S. savings bonds presumed abandoned. Except as
2provided in ss. 177.12 (1), 177.13, and 177.16 s. 177.0205, a U.S. savings bond that
3remains unredeemed by the owner for more than 5 years after the date of final
4maturity is presumed abandoned. In this section, “final maturity" means the date
5a U.S. savings bond stops earning interest upon reaching its final extended maturity
6date.
AB325,146 7Section 146. 177.14 of the statutes is repealed.
AB325,147 8Section 147 . Subchapter XIV (title) of chapter 177 [precedes 177.1401] of the
9statutes is created to read:
AB325,67,1010 CHAPTER 177
AB325,67,1111 SUBCHAPTER XIV
AB325,67,1212 confidentiality and security
AB325,67,1313 of information
AB325,148 14Section 148. 177.1401 of the statutes is created to read:
AB325,67,16 15177.1401 Definitions; applicability. (1) In this subchapter, “personal
16information” means the following:
AB325,67,1917 (a) Information that identifies or reasonably can be used to identify an
18individual, including an individual's first and last name in combination with any of
19the following information associated with the individual:
AB325,67,2020 1. A social security number or other government-issued number or identifier.
AB325,67,2121 2. Date of birth.
AB325,67,2222 3. Residential address.
AB325,67,2423 4. An e-mail address or other online contact information or Internet provider
24address.
AB325,67,2525 5. A financial account number or credit or debit card number.
AB325,68,1
16. Biometric data, health or medical data, or insurance information.
AB325,68,32 7. Passwords or other credentials that permit access to an online or other
3account.
AB325,68,54 (b) Personally identifiable financial or insurance information, including
5nonpublic personal information as defined by federal law.
AB325,68,96 (c) Any combination of data that, if accessed, disclosed, modified, or destroyed
7without authorization of the owner of the data or if lost or misused, would require
8notice or reporting under state or federal law, regardless of whether the
9administrator or the administrator's agent is subject to such law.
AB325,68,12 10(2) All provisions of this subchapter that apply to the administrator or the
11records of the administrator apply to the administrator's agent and the records of the
12administrator's agent.
AB325,149 13Section 149. 177.1402 of the statutes is created to read:
AB325,68,16 14177.1402 Confidential information. (1) Except as otherwise provided in
15this chapter, the following are confidential and exempt from public inspection or
16disclosure under subch. II of ch. 19:
AB325,68,1817 (a) Reports and records of a claimant that are in the possession of the
18administrator or the administrator's agent.
AB325,68,2019 (b) Reports and records of a holder that are in the possession of the
20administrator or the administrator's agent.
AB325,68,2321 (c) Personal information and other information derived or otherwise obtained
22by or communicated to the administrator or the administrator's agent from an
23examination under this chapter of the records of a person.
AB325,68,2424 (d) Tax information that is confidential under s. 71.78.
AB325,69,3
1(2) A record or other information that is confidential under the laws of this
2state, another state, or the United States continues to be confidential when disclosed
3or delivered under this chapter to the administrator or administrator's agent.
AB325,69,7 4(3) The provisions of s. 71.78 (1) and (1m), as they apply to tax information,
5apply to the confidential information in sub. (1), except that the administrator may
6provide the name of a claimant or owner, along with any property claimed by or paid
7to that claimant or owner, to any other claimant filing a claim for the same property.
AB325,150 8Section 150. 177.1403 of the statutes is created to read:
AB325,69,12 9177.1403 When confidential information may be disclosed. (1) When
10reasonably necessary to enforce or implement this chapter, the administrator may
11disclose confidential information concerning property held by the administrator or
12the administrator's agent only to the following:
AB325,69,1513 (a) An apparent owner or the apparent owner's personal representative or
14special administrator, attorney, guardian, other legal representative, or a person
15entitled to inherit from the deceased apparent owner.
AB325,69,1616 (b) A department or agency of this state or the United States.
AB325,69,2117 (c) The person that administers the unclaimed property law of another state,
18if the other state accords substantially reciprocal privileges to the administrator of
19this state and if the other state is required to maintain the confidentiality and
20security of information obtained in a manner substantially equivalent to that under
21this subchapter.
AB325,69,2222 (d) A person subject to an examination as required by subch. X.
AB325,69,25 23(2) (a) Except as otherwise provided in s. 177.1402 (1), the administrator shall
24include on the administrator's Internet site or in the database required by s.
25177.0503 the name of each apparent owner of property held by the administrator.
AB325,70,5
1(b) The administrator may include on the administrator's Internet site or in the
2database additional information concerning the apparent owner's property, if the
3administrator believes that the information will assist in identifying and returning
4property to the owner and if the information does not disclose personal information,
5except the apparent owner's name and residential address.
AB325,70,86 (c) The administrator may include the information described in par. (b) in
7published notices, printed publications, telecommunications, or other media or on
8the Internet.
AB325,70,11 9(3) The administrator and the administrator's agent may not use confidential
10information provided to them or in their possession except as expressly authorized
11by this chapter or by other law.
AB325,151 12Section 151. 177.15 of the statutes is repealed.
AB325,152 13Section 152 . Subchapter XV (title) of chapter 177 [precedes 177.1501] of the
14statutes is created to read:
AB325,70,1515 CHAPTER 177
AB325,70,1616 SUBCHAPTER XV
AB325,70,1717 miscellaneous provisions
AB325,153 18Section 153. 177.1505 of the statutes is created to read:
AB325,70,20 19177.1505 Voluntary disclosure. (1) The administrator may enter into
20voluntary disclosure agreements with holders if the following conditions are met:
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