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SB370,25,2423 (b) The date on which the dormancy period has elapsed following the last
24indication of interest by the apparent owner in the property.
SB370,26,2
1(2) Under this chapter, an indication of an apparent owner's interest in
2property includes the following:
SB370,26,43 (a) A record communicated by the apparent owner to the holder or the holder's
4agent concerning the property or the account in which the property is held.
SB370,26,85 (b) An oral communication by the apparent owner to the holder or agent of the
6holder concerning the property or the account in which the property is held, if the
7holder or the holder's agent contemporaneously makes and preserves a record of the
8fact of the apparent owner's communication.
SB370,26,129 (c) Presentment of a check or other instrument of payment of a dividend,
10interest, or other distribution, or evidence of receipt of a distribution made by
11electronic or similar means, with respect to an account, underlying security, or
12interest in a business association.
SB370,26,1613 (d) Activity directed by an apparent owner in the account in which the property
14is held, including accessing the account or information concerning the account, or a
15direction by the apparent owner to increase, decrease, or otherwise change the
16amount or type of property held in the account.
SB370,26,1917 (e) A deposit into or withdrawal from an account at a financial organization,
18including an automatic deposit or withdrawal previously authorized by the apparent
19owner, other than an automatic reinvestment of dividends or interest.
SB370,26,2020 (f) Subject to sub. (5), payment of a premium on an insurance policy.
SB370,26,2221 (g) Any other action by the apparent owner that reasonably demonstrates to
22the holder that the apparent owner knows that the property exists.
SB370,26,25 23(3) An action by an agent or other representative of an apparent owner, other
24than the holder acting as the apparent owner's agent, is presumed to be an action on
25behalf of the apparent owner.
SB370,27,4
1(4) A communication with an apparent owner by a person other than the holder
2or the holder's representative is not an indication of interest in the property by the
3apparent owner unless a record of the communication evidences the apparent
4owner's knowledge of a right to the property.
SB370,27,9 5(5) If an insured person dies or the insured or beneficiary of an insurance policy
6otherwise becomes entitled to the proceeds before depletion of the cash surrender
7value of the policy by operation of an automatic-premium-loan provision or other
8nonforfeiture provision contained in the policy, the operation does not prevent the
9policy from maturing or terminating for purposes of this chapter.
SB370,60 10Section 60. 177.0211 of the statutes is created to read:
SB370,27,15 11177.0211 Knowledge of death of insured or annuitant. (1) In this section,
12“death master file” means the federal social security administration death master
13file or other database or service that is at least as comprehensive as the federal social
14security administration death master file for determining that a person has
15reportedly died.
SB370,27,19 16(2) With respect to a life or endowment insurance policy or annuity contract
17for which an amount is owed on proof of death, but which has not matured by proof
18of death of the insured or annuitant, the insurance company has knowledge of the
19death of an insured or annuitant when any of the following occurs:
SB370,27,2120 (a) The insurance company receives a death certificate or court order
21determining that the insured or annuitant has died.
SB370,27,2522 (b) The insurance company or other person validates the death of the insured
23or annuitant by its performance of due diligence, as required under ch. 632 or other
24law, to maintain contact with the insured or annuitant to determine whether the
25insured or annuitant has died.
SB370,28,4
1(c) The insurance company compares for any purpose a death master file with
2the names of some or all of the company's insureds or annuitants, finds a match that
3provides notice that the insured or annuitant has died, and the company validates
4the death.
SB370,28,85 (d) The insurance company receives notice of the death of the insured or
6annuitant from a beneficiary, policy owner, relative, or trustee, or from the personal
7or legal representative of the insured's or annuitant's estate and the company
8validates the death.
SB370,28,10 9(3) The following applies to validating the death of the insured or annuitant
10under this section:
SB370,28,1311 (a) A death master file match occurs if the criteria for an exact or partial match
12is satisfied as provided by a law of this state other than this chapter or by a rule
13promulgated or policy adopted by the office of the commissioner of insurance.
SB370,28,1714 (b) A death master file match does not constitute proof of death for the purpose
15of submission to an insurance company of a claim by a beneficiary, annuitant, or
16owner of the policy or contract for an amount due under an insurance policy or
17annuity contract.
SB370,28,2118 (c) The death master file match or validation of the insured's or annuitant's
19death does not alter the requirements for a beneficiary, annuitant, or owner of the
20policy or contract to make a claim to receive proceeds under the terms of the policy
21or contract.
SB370,29,222 (d) If no provision in a law of this state or a rule promulgated or policy adopted
23by the office of the commissioner of insurance establishes a time for validation of a
24death of an insured or annuitant, the insurance company shall make a good faith
25effort using other available records and information to validate the death, and

1document the effort taken for such validation, not later than 90 days after the
2insurance company has notice of the death.
SB370,29,8 3(4) This chapter does not affect the determination of the extent to which an
4insurance company before the effective date of this subsection .... [LRB inserts date],
5had knowledge of the death of an insured or annuitant or was required to conduct
6a death master file comparison to determine whether amounts owed by the company
7on a life or endowment insurance policy or annuity contract were presumed
8abandoned or unclaimed.
SB370,61 9Section 61. 177.0212 of the statutes is created to read:
SB370,29,18 10177.0212 Deposit account for proceeds of insurance policy or annuity
11contract.
If proceeds payable under a life or endowment insurance policy or annuity
12contract are deposited into an account with check or draft writing privileges for the
13beneficiary of the policy or contract and, under a supplementary contract not
14involving annuity benefits other than death benefits, the proceeds are retained by
15the insurance company or the financial organization where the account is held and
16the policy or contract includes the assets in the account, the assets in the account are
17subject to the same presumption of abandonment that is applied to the underlying
18policy or contract.
SB370,62 19Section 62. 177.0214 of the statutes is created to read:
SB370,29,22 20177.0214 Distributions by certain insurance company activities. (1)
21Subject to s. 177.0210, property distributable in the course of a demutualization of
22an insurance company is presumed abandoned.
SB370,29,25 23(2) Subject to s. 177.0210, property distributable in the course of the dissolution
24of the Health Insurance Risk-Sharing Plan under 2013 Wisconsin Act 20, section
259122 (1L), and 2013 Wisconsin Act 116, section 32 (1) (b), is presumed abandoned.
SB370,63
1Section 63. 177.03 of the statutes is repealed.
SB370,64 2Section 64 . Subchapter III (title) of chapter 177 [precedes 177.0301] of the
3statutes is created to read:
SB370,30,44 CHAPTER 177
SB370,30,55 SUBCHAPTER III
SB370,30,66 taking custody of property
SB370,30,77 presumed abandoned
SB370,65 8Section 65. 177.0301 of the statutes is created to read:
SB370,30,13 9177.0301 Address of apparent owner to establish priority. (1) The
10last-known address of an apparent owner is any description, code, or other
11indication of the location of the apparent owner that identifies the state, even if the
12description, code, or indication of location is not sufficient to direct the delivery of 1st
13class mail to the apparent owner.
SB370,30,17 14(2) If the zip code associated with the apparent owner is for a post office located
15in this state, this state is deemed to be the state of the last-known address of the
16apparent owner unless other records associated with the apparent owner specifically
17identify the physical address of the apparent owner to be in another state.
SB370,30,19 18(3) If the address under sub. (2) is in another state, the other state is deemed
19to be the state of the last-known address of the apparent owner.
SB370,30,24 20(4) The address of the apparent owner of a life or endowment insurance policy
21or annuity contract or its proceeds is presumed to be the address of the insured or
22annuitant if a person other than the insured or annuitant is entitled to the amount
23owed under the policy or contract and the address of the other person is not known
24by the insurance company and cannot be determined under s. 177.0302.
SB370,66 25Section 66. 177.0302 of the statutes is created to read:
SB370,31,4
1177.0302 Address of apparent owner in this state. Unless otherwise
2provided in this chapter or by another law of this state, if property is presumed
3abandoned, the property is subject to reporting to and custody of this state whether
4located in this state, another state, or a foreign country if any of the following applies:
SB370,31,6 5(1) The last-known address of the apparent owner in the records of the holder
6is in this state.
SB370,31,9 7(2) The records of the holder do not reflect the identity or last-known address
8of the apparent owner, but the administrator has determined that the last-known
9address of the apparent owner is in this state.
SB370,31,12 10(3) The records of the holder do not reflect the identity of the apparent owner,
11but the records of the holder do reflect that the last-known address of the apparent
12owner is in this state.
SB370,67 13Section 67. 177.0303 of the statutes is created to read:
SB370,31,19 14177.0303 If records show multiple addresses of apparent owner. (1)
15Except as provided in sub. (2), if records of a holder reflect multiple addresses for an
16apparent owner and this state is the state of the most recently recorded address, the
17property is subject to reporting to and custody of this state and the administrator
18may take custody of property presumed abandoned, whether located in this state or
19another state.
SB370,31,24 20(2) If it appears from records of the holder that the most recently recorded
21address of the apparent owner under sub. (1) is a temporary address and this state
22is the state of the next most recently recorded address that is not a temporary
23address, the property is subject to reporting to and custody of this state and the
24administrator may take custody of the property presumed abandoned.
SB370,68 25Section 68. 177.0304 of the statutes is created to read:
SB370,32,6
1177.0304 Holder domiciled in this state. (1) Except as provided in sub. (2)
2or s. 177.0302 or 177.0303, property presumed abandoned is subject to reporting to
3and custody of this state and the administrator may take custody of property
4presumed abandoned, whether located in this state, another state, or a foreign
5country, if the holder is domiciled in this state or is this state or a governmental
6subdivision, agency, or instrumentality of this state, and any of the following applies:
SB370,32,97 (a) Another state or foreign country is not entitled to the property because there
8is no last-known address of the apparent owner or other person entitled to the
9property in the records of the holder.
SB370,32,1210 (b) The state or foreign country of the last-known address of the apparent
11owner or other person entitled to the property does not provide for custodial taking
12of the property.
SB370,32,15 13(2) Property is not subject to the custody of the administrator under sub. (1)
14if the property is specifically exempt from custodial taking under the laws of this
15state or the state or foreign country of the last-known address of the apparent owner.
SB370,32,19 16(3) If a holder's state of domicile has changed since the time the property was
17presumed abandoned, the holder's state of domicile for purposes of this section is
18deemed to be the state where the holder was domiciled at the time the property was
19presumed abandoned.
SB370,69 20Section 69. 177.0305 of the statutes is created to read:
SB370,32,25 21177.0305 Custody if transaction took place in this state. Except as
22provided in ss. 177.0302, 177.0303, or 177.0304, property presumed abandoned is
23subject to reporting to and custody of this state and the administrator may take
24custody of property presumed abandoned whether located in this state or another
25state if any of the following applies:
SB370,33,1
1(1) The transaction out of which the property arose took place in this state.
SB370,33,5 2(2) The holder is domiciled in a state that does not provide for the custodial
3taking of the property, except that if the property is specifically exempt from
4custodial taking under the law of the state of the holder's domicile, the property is
5not subject to the custody of the administrator.
SB370,33,10 6(3) The last-known address of the apparent owner or other person entitled to
7the property is unknown or in a state that does not provide for the custodial taking
8of the property, except that if the property is specifically exempt from custodial
9taking under the law of the state of the last-known address, the property is not
10subject to the custody of the administrator.
SB370,70 11Section 70. 177.0306 of the statutes is created to read:
SB370,33,15 12177.0306 Travelers check, money order, or similar instrument. Sums
13payable on a travelers check, money order, or similar instrument presumed
14abandoned are subject to reporting to and custody of this state and the administrator
15may take custody of such sums to the extent permitted under 12 USC 2501 to 2503.
SB370,71 16Section 71. 177.0307 of the statutes is created to read:
SB370,33,20 17177.0307 Virtual currency. Virtual currency presumed abandoned is subject
18to reporting and custody of this state if the holder is able to convert virtual currency
19to U.S. currency by sale, exchange, or any other disposition. The holder shall convert
20the virtual currency to U.S. currency for delivery to the administrator.
SB370,72 21Section 72. 177.0308 of the statutes is created to read:
SB370,34,2 22177.0308 Hazardous or dangerous items found in safe deposit box.
23Thirty days prior to delivery of any hazardous or dangerous items such as guns,
24chemicals, or explosives under s. 177.0205, the holder shall provide written notice

1to the administrator and deliver the hazardous or dangerous items as required by
2the administrator.
SB370,73 3Section 73. 177.04 of the statutes is repealed.
SB370,74 4Section 74 . Subchapter IV (title) of chapter 177 [precedes 177.0401] of the
5statutes is created to read:
SB370,34,66 CHAPTER 177
SB370,34,77 SUBCHAPTER iV
SB370,34,88 report by holder
SB370,75 9Section 75. 177.0401 of the statutes is created to read:
SB370,34,12 10177.0401 Report required by holder. (1) (a) A holder of property presumed
11abandoned and subject to the custody of the administrator shall report in a record
12to the administrator concerning the property.
SB370,34,1413 (b) A holder shall report electronically in a format approved by the
14administrator, unless the administrator approves another method.
SB370,34,16 15(2) A holder may contract with a 3rd party to make the report required under
16sub. (1).
SB370,34,20 17(3) Regardless of whether a holder enters into a contract under sub. (2), the
18holder is responsible to the administrator for the complete, accurate, and timely
19reporting of property presumed abandoned and for paying or delivering the property
20described in the report to the administrator.
SB370,76 21Section 76. 177.0402 of the statutes is created to read:
SB370,35,2 22177.0402 Content of report. (1) The report required under s. 177.0401 shall
23be signed by or on behalf of the holder and verified as to its completeness and
24accuracy and be in a secure format, as approved by the administrator, that protects
25the apparent owner's confidential information in the same manner as is required of

1the administrator and administrator's agent under subch. XIV. The report shall
2contain the following information:
SB370,35,33 (a) A description of the property.
SB370,35,74 (b) Unless the property is a travelers check, money order, or similar
5instrument, the name, last-known address, social security number or taxpayer
6identification number, and date of birth of the property's apparent owner, if such
7information is known or readily ascertainable.
SB370,35,118 (c) For an amount held or owing under a life or endowment insurance policy or
9annuity contract, the name, social security number or taxpayer identification
10number, if known, date of birth, if known, and last-known address of the insured,
11annuitant, or other apparent owner of the policy or contract and of each beneficiary.
SB370,35,1512 (d) For property held in or removed from a safe deposit box or other safekeeping
13repository or for other tangible personal property, an itemized inventory and
14description of the property, including the location of the property where it may be
15inspected by the administrator and any amounts owed to the holder.
SB370,35,1616 (e) The commencement date for determining abandonment under subch. II.
SB370,35,1817 (f) A statement that the holder has complied with the notice requirements of
18s. 177.0501.
SB370,35,1919 (g) Any other information prescribed by the administrator.
SB370,35,21 20(2) A report under s. 177.0401 may include in the aggregate items valued under
21$5 each only if the apparent owner is unknown.
SB370,35,24 22(3) A report under s. 177.0401 may include personal information, as defined
23in s. 177.1401 (1), about the apparent owner or the apparent owner's property to the
24extent not otherwise prohibited by federal law.
SB370,36,5
1(4) If a holder has changed the holder's name while holding property presumed
2abandoned or is a successor to another person that previously held the property for
3the apparent owner, the holder shall include in the report under s. 177.0401 the
4holder's former name or the name of the previous holder, if any, and the known name
5and address of each previous holder of the property.
SB370,77 6Section 77. 177.0403 of the statutes is created to read:
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