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2021 - 2022 LEGISLATURE
May 25, 2021 - Introduced by Senator Petrowski, cosponsored by Representative
August. Referred to Committee on Financial Institutions and Revenue.
SB370,3,2 1An Act to repeal 177.01 (3) and (4), 177.01 (8) (a) to (c), 177.01 (10) and (11),
2177.02, 177.03, 177.04, 177.05, 177.06, 177.07, 177.075, 177.08, 177.10, 177.11,
3177.13, 177.14, 177.15, 177.16, 177.17, 177.19, 177.20, 177.21, 177.22, 177.23,
4177.24, 177.25, 177.26, 177.265, 177.27, 177.28, 177.29, 177.31, 177.32, 177.33,
5177.34, 177.35 and 177.36; to renumber 177.015, 177.09, 177.30 (title), 177.30
6(7), 177.38, 177.40 and 177.41; to renumber and amend 177.01 (6), 177.01 (8)
7(intro.), 177.01 (12), 177.12, 177.135, 177.165, 177.18, 177.225, 177.255, 177.30
8(2), 177.30 (3), 177.30 (4), 177.30 (5), 177.30 (6) and 177.37; to amend 20.437
9(2) (qm), 20.566 (4) (a), 20.566 (4) (j), 62.63 (5), 71.93 (1) (d) 2., 71.93 (3) (a)
10(intro.), 73.01 (4) (a), 177.01 (1), 177.01 (2), 177.01 (5), 177.01 (7), 177.01 (9),
11177.01 (13), 177.01 (15), 177.015 (title), 193.735 (1) (intro.), 193.735 (2), 610.61,
12632.63 (4), 863.37 (2) (a), 863.39 (1), 863.39 (3) (a) and 893.95; and to create
1373.03 (75), subchapter I (title) of chapter 177 [precedes 177.001], 177.001,
14177.01 (1d), 177.01 (5d), 177.01 (6) (a) to (d), 177.01 (6d), 177.01 (6f), 177.01 (6g),

1177.01 (7b), 177.01 (7d), 177.01 (11d), 177.01 (11f), 177.01 (11g), 177.01 (11j),
2177.01 (11m), 177.01 (12) (d), 177.01 (12d), 177.01 (13b), 177.01 (13d), 177.01
3(13f), 177.01 (13h), 177.01 (13j), 177.01 (14d), 177.01 (16), 177.01 (17), 177.015
4(2), subchapter II (title) of chapter 177 [precedes 177.0201], 177.0201,
5177.0202, 177.0203, 177.0204, 177.0205, 177.0207, 177.0208, 177.0210,
6177.0211, 177.0212, 177.0214, subchapter III (title) of chapter 177 [precedes
7177.0301], 177.0301, 177.0302, 177.0303, 177.0304, 177.0305, 177.0306,
8177.0307, 177.0308, subchapter IV (title) of chapter 177 [precedes 177.0401],
9177.0401, 177.0402, 177.0403, 177.0404, 177.0405, 177.0406, subchapter V
10(title) of chapter 177 [precedes 177.0501], 177.0501, 177.0502, 177.0503 (1b),
11177.0503 (1d), 177.0503 (2n), 177.0504, 177.0505, subchapter VI (title) of
12chapter 177 [precedes 177.0601], 177.0601, 177.0602, 177.0603, 177.0604,
13177.0605, 177.0606, 177.0607, 177.0608, 177.0609, 177.0610, subchapter VII
14(title) of chapter 177 [precedes 177.0701], 177.0701, 177.0702, 177.0703,
15177.0704, subchapter VIII (title) of chapter 177 [precedes 177.0801], 177.0801,
16177.0802, subchapter IX (title) of chapter 177 [precedes 177.0901], 177.0901,
17177.0902, 177.0903, 177.0904, 177.0905, 177.0906, subchapter X (title) of
18chapter 177 [precedes 177.1001], 177.1001, 177.1002 (3), 177.1002 (4),
19177.1003, subchapter XI (title) of chapter 177 [precedes 177.1101], 177.1101,
20177.1102, 177.1103, 177.1104, subchapter XII (title) of chapter 177 [precedes
21177.1201], 177.1201, 177.1202, 177.1203, 177.1204, 177.1205, 177.1206,
22subchapter XIII (title) of chapter 177 [precedes 177.1301], 177.1301, 177.1302,
23subchapter XIV (title) of chapter 177 [precedes 177.1401], 177.1401, 177.1402,
24177.1403, subchapter XV (title) of chapter 177 [precedes 177.1501] and

1177.1505 of the statutes; relating to: the Revised Uniform Unclaimed
2Property Act.
Analysis by the Legislative Reference Bureau
This bill adopts the Revised Uniform Unclaimed Property Act (the act), as
approved by the Uniform Law Commission, also known as the National Conference
of Commissioners on Uniform State Laws. The act under current law is based on
earlier versions of the act that were last updated in 1995. The act requires a holder
of unclaimed property to submit that property to the state after a certain time has
passed, a period referred to as a dormancy period. The state then attempts to return
the property to its rightful owner. Generally, if the state is unable to return the
property to its owner, the state may retain the property. Under current law, a holder
of unclaimed property submits the property to the secretary of revenue who is the
administrator of the act. The bill designates the Department of Revenue as the
administrator and makes various changes to the act in order to make the act easier
to administer. For example, the bill updates the act to address the disposition of
unclaimed gift cards, life insurance benefits, securities, and virtual currencies. The
bill also organizes the act chapter into subchapters in order to facilitate the act's
administration.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB370,1 3Section 1. 20.437 (2) (qm) of the statutes is amended to read:
SB370,3,94 20.437 (2) (qm) Child support state operations and reimbursement for claims
5and expenses; unclaimed payments.
From the support collections trust fund, a sum
6sufficient equal to the amounts credited under s. 20.912 (1) to the support collections
7trust fund and the amounts not distributable under par. (r) for administering the
8program under s. 49.22 and all other purposes specified in s. 49.22 and for
9reimbursing the secretary department of revenue under s. 177.265 177.0503 (2n) (b).
SB370,2 10Section 2. 20.566 (4) (a) of the statutes is amended to read:
SB370,4,4
120.566 (4) (a) Unclaimed property; contingency appropriation. A sum sufficient
2to pay claims under ss. 177.24 to 177.26 subch. IX of ch. 177 and 863.39 (3). Money
3may be paid under this paragraph only if sufficient funds are not available under par.
4(j).
SB370,3 5Section 3. 20.566 (4) (j) of the statutes is amended to read:
SB370,4,106 20.566 (4) (j) Unclaimed property; claims. All moneys received under ss. 177.23
7(2)
177.0801, 852.01 (3), 863.37 (2), and 863.39 to pay claims under ss. 177.24 to
8177.26
subch. IX of ch. 177 and 863.39 (3), to transfer the amounts appropriated
9under par. (k), and for promotional activities for the unclaimed property program
10under s. 20.585 (1) (k) as specified in s. 14.58 (4).
SB370,4 11Section 4. 62.63 (5) of the statutes is amended to read:
SB370,4,2112 62.63 (5) Treatment of abandoned retirement accounts. Funds in employee
13retirement accounts of a retirement system of a 1st class city, which are presumed
14abandoned under s. 177.13 subch. II of ch. 177, are not subject to the custody of the
15state as unclaimed property under ch. 177, but shall be retained by the retirement
16system and used to reduce employer funding obligations to the retirement system.
17The board of a retirement system of a 1st class city shall devise rules and regulations
18for determining the conditions under which employee retirement accounts are
19presumed abandoned and for determining the manner in which funds in the
20abandoned employee retirement accounts may be used to reduce employer funding
21obligations to the retirement system.
SB370,5 22Section 5. 71.93 (1) (d) 2. of the statutes is amended to read:
SB370,4,2523 71.93 (1) (d) 2. The amount owed to a debtor under s. 177.24 (3) 177.0905 for
24the return of abandoned property under s. 177.24 subch. IX of ch. 177 which exceeds
25a debtor's Wisconsin tax liability or any other liability owed to the department.
SB370,6
1Section 6. 71.93 (3) (a) (intro.) of the statutes is amended to read:
SB370,5,82 71.93 (3) (a) (intro.) The department of revenue shall setoff any debt or other
3amount owed to the department, regardless of the origin of the debt or of the amount,
4its nature or its date. The department's setoff shall include the use of unclaimed
5property owed to the debtor under s. 177.24 177.0505, 177.0605 (12), 177.0905 (2),
6or 177.0906 (2)
. If after the setoff there remains a refund in excess of $10, the
7department shall set off the remaining refund against certified debts of other entities
8in the following order:
SB370,7 9Section 7. 73.01 (4) (a) of the statutes is amended to read:
SB370,6,310 73.01 (4) (a) Subject to the provisions for judicial review contained in s. 73.015,
11the commission shall be the final authority for the hearing and determination of all
12questions of law and fact arising under sub. (5) and s. 72.86 (4), 1985 stats., and ss.
1370.38 (4) (a), 70.397, 70.64, and 70.995 (8), s. 76.38 (12) (a), 1993 stats., ss. 76.39 (4)
14(c), 76.48 (6), 77.26 (3), 77.59 (5m) and (6) (b), 78.01, 78.22, 78.40, 78.555, 139.02,
15139.03, 139.06, 139.31, 139.315, 139.33, 139.76, 139.78, 177.1103, 177.1206 (3),
16341.405, and 341.45, subch. XIV of ch. 71, and subch. VII of ch. 77. Whenever with
17respect to a pending appeal there is filed with the commission a stipulation signed
18by the department of revenue and the adverse party, under s. 73.03 (25), or the
19department of transportation and the adverse party agreeing to an affirmance,
20modification, or reversal of the department of revenue's or department of
21transportation's position with respect to some or all of the issues raised in the appeal,
22the commission shall enter an order affirming or modifying in whole or in part, or
23canceling the assessment appealed from, or allowing in whole or in part or denying
24the petitioner's refund claim, as the case may be, pursuant to and in accordance with
25the stipulation filed. No responsibility shall devolve upon the commission,

1respecting the signing of an order of dismissal as to any pending appeal settled by
2the department of revenue or the department of transportation without the approval
3of the commission.
SB370,8 4Section 8. 73.03 (75) of the statutes is created to read:
SB370,6,255 73.03 (75) To submit a report to the joint committee on finance no later than
66 months after the end of each fiscal year, beginning with the 2021-22 fiscal year and
7ending with the 2025-26 fiscal year, that contains information on the use of contract
8auditors in the unclaimed property program under ch. 177, including auditor
9performance results and comments and concerns from those audited regarding the
10contract auditors. The department shall survey those audited by contract auditors
11to receive comments and concerns. Before allowing any person to engage in an audit
12of another person's documents or records, the administrator shall post the contract
13or other agreement with the person on the department's Internet site. The contract
14or other agreement shall remain posted on the department's Internet site until the
15contract or other agreement is no longer in effect, is no longer valid, or is superseded
16or otherwise rescinded. The person may take no action to engage in the audit until
17the administrator certifies that the person will proceed, even if domiciled in another
18state, in accordance with Wisconsin statutes and department rules and guidance
19documents and the administrator concludes there is a reasonable justification for
20using the person to engage in the audit. The administrator shall actively monitor
21the person to ensure that the person, even if domiciled in another state, is acting in
22accordance with such statutes, rules, and guidance documents and shall
23immediately take corrective action, including rescinding the contract, if the
24administrator reasonably concludes the person is not acting in accordance with such
25statutes, rules, and guidance documents.
SB370,9
1Section 9. Subchapter I (title) of chapter 177 [precedes 177.001] of the statutes
2is created to read:
SB370,7,33 CHAPTER 177
SB370,7,44 SUBCHAPTER i
SB370,7,55 general provisions
SB370,10 6Section 10. 177.001 of the statutes is created to read:
SB370,7,8 7177.001 Short title. This chapter may be cited as the “Revised Uniform
8Unclaimed Property Act.”
SB370,11 9Section 11. 177.01 (1) of the statutes is amended to read:
SB370,7,1010 177.01 (1) “Administrator" means the secretary department of revenue.
SB370,12 11Section 12. 177.01 (1d) of the statutes is created to read:
SB370,7,1512 177.01 (1d) “Administrator's agent” means a person that the administrator
13contracts with to conduct an examination under subch. X on the administrator's
14behalf, including an independent contractor of such person and each individual
15participating in the examination on behalf of the person or contractor.
SB370,13 16Section 13. 177.01 (2) of the statutes is amended to read:
SB370,7,1917 177.01 (2) “Apparent owner" means the a person whose name appears on the
18records of the holder as the person entitled to owner of property held, issued, or owing
19by the holder.
SB370,14 20Section 14. 177.01 (3) and (4) of the statutes are repealed.
SB370,15 21Section 15. 177.01 (5) of the statutes is amended to read:
SB370,8,522 177.01 (5) “Business association" means a nonpublic corporation,; joint stock
23company,; investment company, not including an investment company registered
24under the Investment Company Act of 1940, as amended, 15 USC sections 80a-1 to
2580a-64;
business trust,; partnership,; unincorporated association; joint venture;

1limited liability company or association for business purposes,; trust company; land
2bank; safe deposit company; safekeeping depository; financial organization;
3insurance company; federally chartered entity; utility; sole proprietorship; or other
4business entity; regardless of
whether or not any such entity is for profit, including
5a banking organization, financial organization, insurance company or utility
.
SB370,16 6Section 16. 177.01 (5d) of the statutes is created to read:
SB370,8,87 177.01 (5d) “Confidential information” means records, reports, and
8information that are confidential under s. 177.1402.
SB370,17 9Section 17. 177.01 (6) of the statutes is renumbered 177.01 (6) (intro.) and
10amended to read:
SB370,8,1311 177.01 (6) (intro.) “Domicile" means the state of incorporation of a corporation,
12the state of organization of a limited liability company and the state of the principal
13place of business of an unincorporated person.
the following:
SB370,18 14Section 18. 177.01 (6) (a) to (d) of the statutes are created to read:
SB370,8,1515 177.01 (6) (a) For a corporation, the state of its incorporation.
SB370,8,1716 (b) For a business association, other than a corporation, that requires a filing
17with a state for its formation, the state of its filing.
SB370,8,2018 (c) For a federally chartered entity or an investment company registered under
19the Investment Company Act of 1940, as amended, 15 USC sections 80a-1 to 80a-64,
20the state of its home office.
SB370,8,2121 (d) For any other holder, the state of its principal place of business.
SB370,19 22Section 19. 177.01 (6d) of the statutes is created to read:
SB370,8,2523 177.01 (6d) “Dormancy period” means the period of time, as specified for each
24property type in this chapter, that must pass before the property is presumed
25abandoned.
SB370,20
1Section 20. 177.01 (6f) of the statutes is created to read:
SB370,9,32 177.01 (6f) “Electronic” means relating to technology having electrical, digital,
3magnetic, wireless, optical, electromagnetic, or similar capabilities.
SB370,21 4Section 21. 177.01 (6g) of the statutes is created to read:
SB370,9,65 177.01 (6g) “E-mail” means a communication by electronic means which is
6automatically retained and stored and may be readily accessed or retrieved.
SB370,22 7Section 22. 177.01 (7) of the statutes is amended to read:
SB370,9,128 177.01 (7) “Financial organization" means a savings and loan association,
9savings bank, cooperative bank, building and loan association or, credit union,
10industrial bank, bank, banking organization, trust company, land bank, safe deposit
11company, private banker, or any other organization defined by other law as a bank,
12banking organization, or financial institution
.
SB370,23 13Section 23. 177.01 (7b) of the statutes is created to read:
SB370,9,2314 177.01 (7b) “Game-related digital content” means digital content that exists
15only in an electronic game or electronic-game platform. “Game-related digital
16content” includes game play currency, such as a virtual wallet, even if denominated
17in U.S. currency and points sometimes referred to as gems, tokens, gold, and similar
18names, and digital codes, if for use or redemption only within the game or platform
19or another electronic game or electronic game platform. “Game-related digital
20content” does not include an item that the issuer permits to be redeemed for use
21outside of a game or platform and for money or goods and services that have more
22than minimal value or that the issuer otherwise monetizes for use outside of a game
23or platform.
SB370,24 24Section 24. 177.01 (7d) of the statutes is created to read:
SB370,10,4
1177.01 (7d) (a) “Gift card” means a record evidencing a promise for
2consideration by the seller or issuer of the record that merchandise, goods, or services
3will be provided to the owner of the record equal to the value or amount shown in the
4record, if all of the following apply:
SB370,10,55 1. The value or amount does not expire.
SB370,10,76 2. The value or amount may be decreased only by redemption for merchandise,
7goods, or services.
SB370,10,98 3. The value or amount may not be redeemed for or converted into money or
9otherwise monetized by the issuer.
SB370,10,1010 (b) “Gift card” includes the following:
SB370,10,1411 1. A record that contains or consists of a microprocessor chip, magnetic strip,
12or other means for the storage of information, that is prefunded and the value or
13amount of which is decreased on each use and increased by payment of additional
14consideration.
SB370,10,16152. A prepaid commercial mobile radio service, as defined in 47 CFR 20.3, as
16amended.
SB370,10,1717 (c) “Gift card” does not include the following:
SB370,10,1818 1. A stored-value card.
SB370,10,1919 2. A loyalty card.
SB370,10,2020 3. A payroll card.
SB370,10,2121 4. Game-related digital content.
SB370,25 22Section 25. 177.01 (8) (intro.) of the statutes is renumbered 177.01 (8) and
23amended to read:
SB370,11,3
1177.01 (8) “Holder" means a person , wherever organized or domiciled, who is
2any of the following:
obligated to hold property subject to this chapter for the account
3of, or to deliver or pay to, the owner.
SB370,26 4Section 26. 177.01 (8) (a) to (c) of the statutes are repealed.
SB370,27 5Section 27. 177.01 (9) of the statutes is amended to read:
SB370,11,126 177.01 (9) “Insurance company" means an association, corporation, or
7fraternal or mutual benefit organization, whether or not for profit, which is engaged
8in the business of providing life endowments, annuities, or insurance coverage,
9including, but not limited to, accident, burial, casualty, credit life, contract
10performance, dental, disability, fidelity, fire, health, hospitalization, illness, life
11including endowments and annuities, malpractice, marine, mortgage, surety and,
12wage protection, and worker compensation insurance.
SB370,28 13Section 28. 177.01 (10) and (11) of the statutes are repealed.
SB370,29 14Section 29. 177.01 (11d) of the statutes is created to read:
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