AB325: Bill Text

AB325,63,18 (b) In addition to the penalty imposed under par. (a), any person who fails to file a report by the time prescribed in a written request by the administrator may be subject to a penalty of $100 for each day the report is not filed.

AB325,63,25 (c) Any person who files a false or fraudulent report with intent to defeat or evade the laws imposed under this chapter, is subject to the penalties under pars. (a) and (b) and a fine of $1,000 for each day from the date the report was made until corrected or imprisonment for not more than 6 months, or both. The fine imposed under this paragraph may not exceed the lesser of $25,000 or an amount equal to 25 percent of the amount or value of any property that was required to be included in the report that was not included or was underreported.

AB325,64,3 (2) Failure to pay or deliver property. (a) Any person who fails to timely pay or deliver abandoned property to the administrator as required under this chapter shall pay a penalty equal to 15 percent of the value of the property.

AB325,64,7 (b) In addition to the penalty imposed under par. (a), any person who fails to pay or deliver abandoned property by the time prescribed in a written request from the administrator may be subject to a penalty of $100 for each day the property is not paid or delivered.

AB325,64,11 (3) Failure to perform other duty. Any person who fails to perform any other duty required under this chapter, other than the duties for which a penalty is imposed under sub. (1) or (2), may be subject to a penalty of up to a $500 for each day the duty is not performed, not to exceed $10,000 in a calendar year.

AB325,64,14 (4) Assessment and collection. The administrator shall assess and collect any penalties under this section as it assesses and collects amounts or property due for payment or delivery under this chapter.

AB325,139 Section 139. 177.1205 of the statutes is created to read:

AB325,64,17 177.1205 Waiver of penalties. The administrator may waive, in whole or in part, the penalties imposed under s. 177.1204.

AB325,140 Section 140. 177.1206 of the statutes is created to read:

AB325,64,25 177.1206 Recovery of property paid to incorrect claimant. (1) If the administrator pays or delivers property under this chapter in error to any person, the administrator may assess the value of such property against the person. The assessment is subject to interest at the rate for delinquent taxes under s. 71.82 (2) from the date of assessment and to action and collection by the administrator under ss. 71.91, 71.92, and 73.03 (9), (20), (27), (28), (33m), and (33p), consistent with action taken by the department of revenue with respect to delinquent taxes.

AB325,65,4 (2) The administrator may accept property from a person that receives the property in error prior to assessment under sub. (1), if the person acknowledges in writing that the property was paid or delivered in error and waives any further interest in the property.

AB325,65,8 (3) The appeal provisions of ss. 71.88 (1) (a) and (2) (a), 71.89, 71.90, 73.01 (1), (2), (3), (4), and (4m), and 73.015, as they apply to a taxpayer and the department of revenue and consistent with this chapter, shall apply to the person and the administrator with respect to an assessment under this chapter.

AB325,141 Section 141. 177.13 of the statutes is repealed.

AB325,142 Section 142 . Subchapter XIII (title) of chapter 177 [precedes 177.1301] of the statutes is created to read:

AB325,65,12 CHAPTER 177

AB325,65,13 SUBCHAPTER XIII

AB325,65,14 Agreement to locate

AB325,65,15 property OF apparent owner

AB325,65,16 held by administrator

AB325,143 Section 143. 177.1301 of the statutes is created to read:

AB325,65,20 177.1301 When agreement to locate property enforceable. (1) In this subchapter, “locator service” means a person who locates, delivers, recovers, or assists in the location, delivery, and recovery of property held by the administrator.

AB325,65,22 (2) An agreement by an apparent owner and locator service is enforceable under this chapter only if the agreement complies with all of the following:

AB325,65,24 (a) It is in a written, valid contract that clearly states the nature of the property and the services to be provided.

AB325,65,25 (b) It is signed by the apparent owner or by an agent of the apparent owner.

AB325,66,3 (c) It states the amount or value of the property reasonably expected to be recovered, computed before and after a deduction for any fee or other compensation paid to the locator service.

AB325,66,6 (d) It includes a clear and prominent statement of the fee or other compensation to be paid to the locator service, which may not exceed 10 percent of the actual amount or value of the property recovered.

AB325,66,9 (e) It includes a clear and prominent statement disclosing the name and address of the holder and whether the property has been paid or delivered to the administrator.

AB325,66,11 (f) It includes a clear and prominent statement that the owner may file a claim with the administrator without the assistance of a locator service.

AB325,144 Section 144. 177.1302 of the statutes is created to read:

AB325,66,16 177.1302 When agreement to locate property void. (1) Subject to sub. (2), an agreement under s. 177.1301 is void if it is entered into during the period beginning on the date the property is paid or delivered by a holder to the administrator and ending 24 months after the payment or delivery.

AB325,66,21 (2) If any provision of an agreement under s. 177.1301 applies to mineral proceeds for which compensation is to be paid to the locator service based in whole or in part on a portion of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void regardless of when the parties entered into the agreement.

AB325,66,23 (3) This section does not apply to an apparent owner's agreement with an attorney to contest the administrator's denial of a claim for recovery of the property.

AB325,145 Section 145. 177.135 of the statutes is renumbered 177.0206 and amended to read:

AB325,67,6 177.0206 When U.S. savings bonds presumed abandoned. Except as provided in ss. 177.12 (1), 177.13, and 177.16 s. 177.0205, a U.S. savings bond that remains unredeemed by the owner for more than 5 years after the date of final maturity is presumed abandoned. In this section, “final maturity" means the date a U.S. savings bond stops earning interest upon reaching its final extended maturity date.

AB325,146 Section 146. 177.14 of the statutes is repealed.

AB325,147 Section 147 . Subchapter XIV (title) of chapter 177 [precedes 177.1401] of the statutes is created to read:

AB325,67,10 CHAPTER 177

AB325,67,11 SUBCHAPTER XIV

AB325,67,12 confidentiality and security

AB325,67,13 of information

AB325,148 Section 148. 177.1401 of the statutes is created to read:

AB325,67,16 177.1401 Definitions; applicability. (1) In this subchapter, “personal information” means the following:

AB325,67,19 (a) Information that identifies or reasonably can be used to identify an individual, including an individual's first and last name in combination with any of the following information associated with the individual:

AB325,67,20 1. A social security number or other government-issued number or identifier.

AB325,67,21 2. Date of birth.

AB325,67,22 3. Residential address.

AB325,67,24 4. An e-mail address or other online contact information or Internet provider address.

AB325,67,25 5. A financial account number or credit or debit card number.

AB325,68,1 6. Biometric data, health or medical data, or insurance information.

AB325,68,3 7. Passwords or other credentials that permit access to an online or other account.

AB325,68,5 (b) Personally identifiable financial or insurance information, including nonpublic personal information as defined by federal law.

AB325,68,9 (c) Any combination of data that, if accessed, disclosed, modified, or destroyed without authorization of the owner of the data or if lost or misused, would require notice or reporting under state or federal law, regardless of whether the administrator or the administrator's agent is subject to such law.

AB325,68,12 (2) All provisions of this subchapter that apply to the administrator or the records of the administrator apply to the administrator's agent and the records of the administrator's agent.

AB325,149 Section 149. 177.1402 of the statutes is created to read:

AB325,68,16 177.1402 Confidential information. (1) Except as otherwise provided in this chapter, the following are confidential and exempt from public inspection or disclosure under subch. II of ch. 19:

AB325,68,18 (a) Reports and records of a claimant that are in the possession of the administrator or the administrator's agent.

AB325,68,20 (b) Reports and records of a holder that are in the possession of the administrator or the administrator's agent.

AB325,68,23 (c) Personal information and other information derived or otherwise obtained by or communicated to the administrator or the administrator's agent from an examination under this chapter of the records of a person.

AB325,68,24 (d) Tax information that is confidential under s. 71.78.

AB325,69,3 (2) A record or other information that is confidential under the laws of this state, another state, or the United States continues to be confidential when disclosed or delivered under this chapter to the administrator or administrator's agent.

AB325,69,7 (3) The provisions of s. 71.78 (1) and (1m), as they apply to tax information, apply to the confidential information in sub. (1), except that the administrator may provide the name of a claimant or owner, along with any property claimed by or paid to that claimant or owner, to any other claimant filing a claim for the same property.

AB325,150 Section 150. 177.1403 of the statutes is created to read:

AB325,69,12 177.1403 When confidential information may be disclosed. (1) When reasonably necessary to enforce or implement this chapter, the administrator may disclose confidential information concerning property held by the administrator or the administrator's agent only to the following:

AB325,69,15 (a) An apparent owner or the apparent owner's personal representative or special administrator, attorney, guardian, other legal representative, or a person entitled to inherit from the deceased apparent owner.

AB325,69,16 (b) A department or agency of this state or the United States.

AB325,69,21 (c) The person that administers the unclaimed property law of another state, if the other state accords substantially reciprocal privileges to the administrator of this state and if the other state is required to maintain the confidentiality and security of information obtained in a manner substantially equivalent to that under this subchapter.

AB325,69,22 (d) A person subject to an examination as required by subch. X.

AB325,69,25 (2) (a) Except as otherwise provided in s. 177.1402 (1), the administrator shall include on the administrator's Internet site or in the database required by s. 177.0503 the name of each apparent owner of property held by the administrator.

AB325,70,5 (b) The administrator may include on the administrator's Internet site or in the database additional information concerning the apparent owner's property, if the administrator believes that the information will assist in identifying and returning property to the owner and if the information does not disclose personal information, except the apparent owner's name and residential address.

AB325,70,8 (c) The administrator may include the information described in par. (b) in published notices, printed publications, telecommunications, or other media or on the Internet.

AB325,70,11 (3) The administrator and the administrator's agent may not use confidential information provided to them or in their possession except as expressly authorized by this chapter or by other law.

AB325,151 Section 151. 177.15 of the statutes is repealed.

AB325,152 Section 152 . Subchapter XV (title) of chapter 177 [precedes 177.1501] of the statutes is created to read:

AB325,70,15 CHAPTER 177

AB325,70,16 SUBCHAPTER XV

AB325,70,17 miscellaneous provisions

AB325,153 Section 153. 177.1505 of the statutes is created to read:

AB325,70,20 177.1505 Voluntary disclosure. (1) The administrator may enter into voluntary disclosure agreements with holders if the following conditions are met:

AB325,70,23 (a) The holder failed to file a report required under this chapter or the holder filed a report under this chapter and failed to include on the report all property subject to reporting.

AB325,70,25 (b) The administrator is not conducting an examination or investigation of the holder, as provided under s. 177.1002.

AB325,71,2 (c) The holder has not received a notification from the administrator of an impending examination under s. 177.1002.

AB325,71,3 (d) The holder has not been notified of an assessment under subch. X or XI.

AB325,71,5 (e) The holder is not currently the subject of a civil or a criminal prosecution involving compliance with this chapter.

AB325,71,9 (f) The holder agrees to report and deliver any property that was abandoned during any year to which the agreement applies within 60 days of execution of the agreement. The holder must make a reasonable effort in good faith to calculate, report, and deliver such property.

AB325,71,11 (g) The holder agrees to perform duties described in s. 177.0501 within 30 days of execution of the agreement, unless the agreement provides otherwise.

AB325,71,12 (h) The holder agrees to prospective compliance with this chapter.

AB325,71,14 (i) The holder agrees to waive appeal rights under this chapter for periods under the agreement.

AB325,71,15 (2) For purposes of this section:

AB325,71,17 (a) The filing date is the date that the holder's application for voluntary compliance is received by the administrator.