AB325: Bill Text

AB325,35,2 177.0402 Content of report. (1) The report required under s. 177.0401 shall be signed by or on behalf of the holder and verified as to its completeness and accuracy and be in a secure format, as approved by the administrator, that protects the apparent owner's confidential information in the same manner as is required of the administrator and administrator's agent under subch. XIV. The report shall contain the following information:

AB325,35,3 (a) A description of the property.

AB325,35,7 (b) Unless the property is a travelers check, money order, or similar instrument, the name, last-known address, social security number or taxpayer identification number, and date of birth of the property's apparent owner, if such information is known or readily ascertainable.

AB325,35,11 (c) For an amount held or owing under a life or endowment insurance policy or annuity contract, the name, social security number or taxpayer identification number, if known, date of birth, if known, and last-known address of the insured, annuitant, or other apparent owner of the policy or contract and of each beneficiary.

AB325,35,15 (d) For property held in or removed from a safe deposit box or other safekeeping repository or for other tangible personal property, an itemized inventory and description of the property, including the location of the property where it may be inspected by the administrator and any amounts owed to the holder.

AB325,35,16 (e) The commencement date for determining abandonment under subch. II.

AB325,35,18 (f) A statement that the holder has complied with the notice requirements of s. 177.0501.

AB325,35,19 (g) Any other information prescribed by the administrator.

AB325,35,21 (2) A report under s. 177.0401 may include in the aggregate items valued under $5 each only if the apparent owner is unknown.

AB325,35,24 (3) A report under s. 177.0401 may include personal information, as defined in s. 177.1401 (1), about the apparent owner or the apparent owner's property to the extent not otherwise prohibited by federal law.

AB325,36,5 (4) If a holder has changed the holder's name while holding property presumed abandoned or is a successor to another person that previously held the property for the apparent owner, the holder shall include in the report under s. 177.0401 the holder's former name or the name of the previous holder, if any, and the known name and address of each previous holder of the property.

AB325,77 Section 77. 177.0403 of the statutes is created to read:

AB325,36,9 177.0403 When report to be filed. (1) Subject to sub. (2), the report under s. 177.0401 shall be filed on or before November 1 of each year and cover the 12 months preceding July 1 of that year.

AB325,36,13 (2) Before the due date for filing the report under s. 177.0401, the holder of property presumed abandoned may request the administrator to extend the time for filing. The administrator may grant an extension of 60 days or other period agreed to by the administrator.

AB325,78 Section 78. 177.0404 of the statutes is created to read:

AB325,36,18 177.0404 Retention of records by holder. (1) A holder required to file a report under s. 177.0401 shall retain records for 10 years after the later of the date on which the report was filed or the last date on which a timely report was due to be filed, unless a shorter period is prescribed by rule by the administrator.

AB325,36,20 (2) The holder may satisfy the requirement to retain records under this section through an agent.

AB325,36,21 (3) The records retained under this section shall include the following:

AB325,36,22 (a) The information required to be included in the report under s. 177.0401.

AB325,36,24 (b) The date, place, and nature of the circumstances that gave rise to the property right.

AB325,36,25 (c) The amount or value of the property.

AB325,37,1 (d) The last address of the apparent owner, if known to the holder.

AB325,37,5 (e) If the holder sells, issues, or provides to others for sale or issue in this state travelers checks, money orders, or similar instruments, other than 3rd-party bank checks, on which the holder is directly liable, a record of the instruments while they remain outstanding, indicating the state and date of issue.

AB325,79 Section 79. 177.0405 of the statutes is created to read:

AB325,37,10 177.0405 Property reportable and payable or deliverable absent owner demand. Property is reportable and payable or deliverable under this chapter even if the owner fails to make demand or present an instrument or document otherwise required to obtain payment.

AB325,80 Section 80. 177.0406 of the statutes is created to read:

AB325,37,14 177.0406 Negative reporting. (1) The administrator may require any person or persons to file a report as otherwise prescribed in this section, except that the administrator may specify a deadline after the deadline specified in s. 177.0403.

AB325,37,17 (2) The administrator may require any person to file a report even if the person believes the person is not in possession of any property reportable or deliverable under this chapter.

AB325,81 Section 81. 177.05 of the statutes is repealed.

AB325,82 Section 82 . Subchapter V (title) of chapter 177 [precedes 177.0501] of the statutes is created to read:

AB325,37,21 CHAPTER 177

AB325,37,22 SUBCHAPTER V

AB325,37,23 notice to apparent owner of

AB325,37,24 property presumed abandoned

AB325,83 Section 83. 177.0501 of the statutes is created to read:

AB325,38,5 177.0501 Notice to apparent owner by holder. (1) Subject to sub. (2), the holder of property presumed abandoned shall send to the apparent owner notice by 1st class mail that complies with s. 177.0502, in a format acceptable to the administrator, not more than 120 days nor less than 60 days before filing the report under s. 177.0401, if all of the following apply:

AB325,38,8 (a) The holder has in the holder's records an address for the apparent owner that the records do not indicate to be invalid and that is sufficient to direct the delivery of 1st class mail to the apparent owner.

AB325,38,9 (b) The value of the property is $50 or more.

AB325,38,13 (2) If an apparent owner has consented to receive e-mail delivery from the holder, the holder shall send the notice described in sub. (1) both by 1st class mail to the apparent owner's last-known mailing address and by e-mail, unless the holder believes that the apparent owner's e-mail address is invalid.

AB325,84 Section 84. 177.0502 of the statutes is created to read:

AB325,38,19 177.0502 Contents of notice by holder. (1) Notice under s. 177.0501 shall contain a heading that reads substantially as follows: “Notice. The State of Wisconsin requires us to notify you that your property may be transferred to the custody of the state's unclaimed property administrator if you do not contact us before (the date that is 30 days after the date of the notice).”

AB325,38,20 (2) The notice under s. 177.0501 shall do all of the following:

AB325,38,22 (a) Identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice.

AB325,38,23 (b) State that the property will be turned over to the administrator.

AB325,38,25 (c) State that after the property is turned over to the administrator an apparent owner that seeks return of the property shall file a claim with the administrator.

AB325,39,1 (d) State that property may be sold by the administrator.

AB325,39,3 (e) Provide instructions that the apparent owner shall follow to prevent the holder from reporting and paying or delivering the property to the administrator.

AB325,85 Section 85. 177.0503 (1b) of the statutes is created to read:

AB325,39,5 177.0503 (1b) A notice under sub. (1) shall contain all of the following:

AB325,39,8 (a) The names in alphabetical order and the last-known addresses, if any, of persons listed in the report and entitled to notice within the county, as specified in sub. (1).

AB325,39,11 (b) A statement that information concerning the property and the name and last-known address of the holder may be obtained by any person possessing an interest in the property by addressing an inquiry to the administrator.

AB325,86 Section 86. 177.0503 (1d) of the statutes is created to read:

AB325,39,15 177.0503 (1d) The administrator is not required to publish notice of any item with a value of less than $50 unless the administrator determines the publication to be in the public interest.

AB325,87 Section 87. 177.0503 (2n) of the statutes is created to read:

AB325,39,19 177.0503 (2n) (a) The administrator may publish, on behalf of the department of children and families, the name and address of an apparent owner of uncashed child support payments.

AB325,39,22 (b) At least quarterly, the department of children and families shall reimburse the administrator, based on information provided by the administrator, for any administrative expenses incurred under par. (a).

AB325,88 Section 88. 177.0504 of the statutes is created to read:

AB325,40,6 177.0504 Cooperation among state officers and agencies to locate apparent owners. Unless otherwise prohibited by law, at the request of the administrator, each officer, agency, board, commission, division, or department of this state, any body politic or corporate created by this state for a public purpose, and each political subdivision of this state shall make its books and records available to the administrator and cooperate with the administrator to determine the current address of an apparent owner of property held by the administrator under this chapter.

AB325,89 Section 89. 177.0505 of the statutes is created to read:

AB325,40,10 177.0505 Tax return identification of apparent owners. (1) Annually, before July 1, the administrator shall determine if either of the following applies to any apparent owner of abandoned property under s. 177.0503:

AB325,40,12 (a) The apparent owner has filed a tax return in the 14 months preceding the determination.

AB325,40,13 (b) The apparent owner is a debtor under s. 71.93 or 71.935.

AB325,40,15 (2) For any person who is identified in sub. (1) and who is not a debtor under sub (1) (b), the administrator shall do the following:

AB325,40,18 (a) Deliver the property to the apparent owner, in the manner provided under s. 177.0903, without requiring the apparent owner to file a claim under s. 177.0903, if the value of the abandoned property is $2,000 or less.

AB325,40,22 (b) Send written notice to the person, informing the person that he or she is the owner of abandoned property held by the state and may file a claim with the administrator for return of the property under s. 177.0903, if the value of the abandoned property is over $2,000.

AB325,41,2 (3) For any person who is identified in sub. (1) and who is a debtor under sub. (1) (b), the administrator shall setoff the abandoned property against the person's debts under s. 71.93 or 71.935. If there is any remaining property after setoff, the administrator shall proceed under sub. (2) (a) or (b).

AB325,41,4 (4) Any property paid or delivered to a person under this section is subject to recovery by the administrator as provided in s. 177.1206 and this chapter.

AB325,90 Section 90. 177.06 of the statutes is repealed.

AB325,91 Section 91 . Subchapter VI (title) of chapter 177 [precedes 177.0601] of the statutes is created to read:

AB325,41,8 CHAPTER 177

AB325,41,9 SUBCHAPTER VI

AB325,41,10 taking custody of property

AB325,41,11 by administrator

AB325,92 Section 92. 177.0601 of the statutes is created to read:

AB325,41,14 177.0601 Definition of good faith. In this subchapter, payment or delivery of property is made in good faith if any of the following applies:

AB325,41,17 (1) The holder had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid or delivered to the administrator under this chapter.

AB325,41,21 (2) The holder made payment or delivery in response to a demand by the administrator or administrator's agent or under guidance or a ruling issued by the administrator that the holder reasonably believed required or permitted the property to be paid or delivered.

AB325,93 Section 93. 177.0602 of the statutes is created to read:

AB325,41,25 177.0602 Dormancy charge. (1) A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if all of the following apply:

AB325,42,3 (a) A valid written contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time.

AB325,42,5 (b) The holder regularly imposes the charge and regularly does not reverse or otherwise cancel or not collect the charge.

AB325,42,9 (2) The amount of the deduction under sub. (1) is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner's property and any services received by the apparent owner.

AB325,94 Section 94. 177.0603 of the statutes is created to read:

AB325,42,13 177.0603 Payment or delivery of property to administrator. (1) Except as otherwise provided in this section, upon filing a report under s. 177.0401, the holder shall pay or deliver to the administrator the property described in the report.

AB325,42,19 (2) If property in a report under s. 177.0401 is an automatically renewable deposit and a penalty or forfeiture in the payment of interest would result from paying the deposit to the administrator at the time of the report, the date for payment of the property to the administrator is extended until a penalty or forfeiture no longer would result from payment, if the holder informs the administrator of the extended date.

AB325,42,21 (3) After filing the report under s. 177.0401, property in a safe deposit box shall be delivered to the administrator no later than December 1.

AB325,42,23 (4) If property reported to the administrator under s. 177.0401 is a security, the administrator may do any of the following:

AB325,43,3 (a) Make an endorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer, its transfer agent, or the securities intermediary to transfer the security.

AB325,43,4 (b) Dispose of the security under s. 177.0702.