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SB370,59,2222 CHAPTER 177
SB370,59,2323 SUBCHAPTER XI
SB370,59,2424 Assessments and appeals
SB370,129 25Section 129. 177.1101 of the statutes is created to read:
SB370,60,5
1177.1101 Default assessment. When any person fails, neglects, or refuses
2to file a report by the deadline prescribed by this chapter, the administrator may,
3notwithstanding ss. 177.1001 and 177.1002, petition a court to determine the
4liability of such holder based on the court's findings as to a reasonable estimate of
5the amount due.
SB370,130 6Section 130. 177.1102 of the statutes is created to read:
SB370,60,12 7177.1102 Notice of assessment. The administrator shall notify a person in
8writing of any assessment under this chapter. The administrator shall serve that
9notice as provided in s. 73.03 (73m). If the person is a corporation and the
10administrator is unable to serve that corporation as provided in s. 73.03 (73m), the
11administrator may serve the notice by publishing a class 3 notice under ch. 985 in
12the official state newspaper.
SB370,131 13Section 131. 177.1103 of the statutes is created to read:
SB370,60,18 14177.1103 Appeal of assessment. The appeal provisions under ss. 71.88 (1)
15(a) and (2) (a), 71.89, 71.90, 73.01 (1), (2), (3), (4), and (4m), and 73.015, as they apply
16to a taxpayer and the department of revenue and consistent with this chapter, shall
17apply to the person or holder and the administrator with respect to an assessment
18under this chapter.
SB370,132 19Section 132. 177.1104 of the statutes is created to read:
SB370,60,21 20177.1104 Penalties. The provisions of s. 177.1204 shall apply to an amount
21due as determined and assessed under this chapter.
SB370,133 22Section 133. 177.12 of the statutes is renumbered 177.0213, and 177.0213 (1),
23as renumbered, is amended to read:
SB370,61,524 177.0213 (1) Intangible property Property and any income or increment
25derived from it held in a fiduciary capacity for the benefit of another person is

1presumed abandoned unless the owner, within 5 years after it has become payable
2or distributable, has increased or decreased the principal, accepted payment of
3principal or income, communicated concerning the property or otherwise indicated
4an interest as evidenced by a memorandum or other record on file prepared by the
5fiduciary
provided in s. 177.0210.
SB370,134 6Section 134 . Subchapter XII (title) of chapter 177 [precedes 177.1201] of the
7statutes is created to read:
SB370,61,88 CHAPTER 177
SB370,61,99 SUBCHAPTER XII
SB370,61,1010 enforcement
SB370,135 11Section 135. 177.1201 of the statutes is created to read:
SB370,61,16 12177.1201 Enforcement. (1) An assessment under this chapter that becomes
13final and is not subject to administrative or judicial review is subject to action and
14collection by the administrator under ss. 71.91, 71.92, and 73.03 (9), (20), (27), (28),
15(33m), and (33p) consistent with action taken by the department of revenue with
16respect to delinquent taxes under the same provisions.
SB370,61,19 17(2) If no court in this state has jurisdiction over the assessed holder or the
18assessed holder is not subject to the jurisdiction of this state, the attorney general
19may commence an action in any court having jurisdiction over the assessed holder.
SB370,61,21 20(3) Subject to sub. (2), the attorney general may bring an action in circuit court
21or in federal court to enforce this chapter.
SB370,136 22Section 136. 177.1202 of the statutes is created to read:
SB370,61,24 23177.1202 Interstate and international agreement; cooperation. (1)
24Subject to sub. (2), the administrator may do all of the following:
SB370,62,3
1(a) Exchange information with another state or foreign country relating to
2property presumed abandoned or relating to the possible existence of property
3presumed abandoned.
SB370,62,74 (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.
SB370,62,11 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.
SB370,137 12Section 137. 177.1203 of the statutes is created to read:
SB370,62,15 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.
SB370,62,20 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.
SB370,62,25 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.
SB370,63,3
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.
SB370,63,8 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.
SB370,63,12 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.
SB370,138 13Section 138. 177.1204 of the statutes is created to read:
SB370,63,15 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.
SB370,63,1816 (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.
SB370,63,2519 (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.
SB370,64,3
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.
SB370,64,74 (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.
SB370,64,11 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.
SB370,64,14 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.
SB370,139 15Section 139. 177.1205 of the statutes is created to read:
SB370,64,17 16177.1205 Waiver of penalties. The administrator may waive, in whole or in
17part, the penalties imposed under s. 177.1204.
SB370,140 18Section 140. 177.1206 of the statutes is created to read:
SB370,64,25 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.
SB370,65,4
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.
SB370,65,8 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.
SB370,141 9Section 141. 177.13 of the statutes is repealed.
SB370,142 10Section 142 . Subchapter XIII (title) of chapter 177 [precedes 177.1301] of the
11statutes is created to read:
SB370,65,1212 CHAPTER 177
SB370,65,1313 SUBCHAPTER XIII
SB370,65,1414 Agreement to locate
SB370,65,1515 property OF apparent owner
SB370,65,1616 held by administrator
SB370,143 17Section 143. 177.1301 of the statutes is created to read:
SB370,65,20 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.
SB370,65,22 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:
SB370,65,2423 (a) It is in a written, valid contract that clearly states the nature of the property
24and the services to be provided.
SB370,65,2525 (b) It is signed by the apparent owner or by an agent of the apparent owner.
SB370,66,3
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.
SB370,66,64 (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.
SB370,66,97 (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.
SB370,66,1110 (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.
SB370,144 12Section 144. 177.1302 of the statutes is created to read:
SB370,66,16 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.
SB370,66,21 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.
SB370,66,23 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.
SB370,145 24Section 145. 177.135 of the statutes is renumbered 177.0206 and amended to
25read:
SB370,67,6
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.
SB370,146 7Section 146. 177.14 of the statutes is repealed.
SB370,147 8Section 147 . Subchapter XIV (title) of chapter 177 [precedes 177.1401] of the
9statutes is created to read:
SB370,67,1010 CHAPTER 177
SB370,67,1111 SUBCHAPTER XIV
SB370,67,1212 confidentiality and security
SB370,67,1313 of information
SB370,148 14Section 148. 177.1401 of the statutes is created to read:
SB370,67,16 15177.1401 Definitions; applicability. (1) In this subchapter, “personal
16information” means the following:
SB370,67,1917 (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:
SB370,67,2020 1. A social security number or other government-issued number or identifier.
SB370,67,2121 2. Date of birth.
SB370,67,2222 3. Residential address.
SB370,67,2423 4. An e-mail address or other online contact information or Internet provider
24address.
SB370,67,2525 5. A financial account number or credit or debit card number.
SB370,68,1
16. Biometric data, health or medical data, or insurance information.
SB370,68,32 7. Passwords or other credentials that permit access to an online or other
3account.
SB370,68,54 (b) Personally identifiable financial or insurance information, including
5nonpublic personal information as defined by federal law.
SB370,68,96 (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.
SB370,68,12 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.
SB370,149 13Section 149. 177.1402 of the statutes is created to read:
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