This is the preview version of the Wisconsin State Legislature site.
Please see http://docs.legis.wisconsin.gov for the production version.
SB370,37,52 (e) If the holder sells, issues, or provides to others for sale or issue in this state
3travelers checks, money orders, or similar instruments, other than 3rd-party bank
4checks, on which the holder is directly liable, a record of the instruments while they
5remain outstanding, indicating the state and date of issue.
SB370,79 6Section 79. 177.0405 of the statutes is created to read:
SB370,37,10 7177.0405 Property reportable and payable or deliverable absent
8owner demand.
Property is reportable and payable or deliverable under this
9chapter even if the owner fails to make demand or present an instrument or
10document otherwise required to obtain payment.
SB370,80 11Section 80. 177.0406 of the statutes is created to read:
SB370,37,14 12177.0406 Negative reporting. (1) The administrator may require any
13person or persons to file a report as otherwise prescribed in this section, except that
14the administrator may specify a deadline after the deadline specified in s. 177.0403.
SB370,37,17 15(2) The administrator may require any person to file a report even if the person
16believes the person is not in possession of any property reportable or deliverable
17under this chapter.
SB370,81 18Section 81. 177.05 of the statutes is repealed.
SB370,82 19Section 82 . Subchapter V (title) of chapter 177 [precedes 177.0501] of the
20statutes is created to read:
SB370,37,2121 CHAPTER 177
SB370,37,2222 SUBCHAPTER V
SB370,37,2323 notice to apparent owner of
SB370,37,2424 property presumed abandoned
SB370,83 25Section 83. 177.0501 of the statutes is created to read:
SB370,38,5
1177.0501 Notice to apparent owner by holder. (1) Subject to sub. (2), the
2holder of property presumed abandoned shall send to the apparent owner notice by
31st class mail that complies with s. 177.0502, in a format acceptable to the
4administrator, not more than 120 days nor less than 60 days before filing the report
5under s. 177.0401, if all of the following apply:
SB370,38,86 (a) The holder has in the holder's records an address for the apparent owner
7that the records do not indicate to be invalid and that is sufficient to direct the
8delivery of 1st class mail to the apparent owner.
SB370,38,99 (b) The value of the property is $50 or more.
SB370,38,13 10(2) If an apparent owner has consented to receive e-mail delivery from the
11holder, the holder shall send the notice described in sub. (1) both by 1st class mail to
12the apparent owner's last-known mailing address and by e-mail, unless the holder
13believes that the apparent owner's e-mail address is invalid.
SB370,84 14Section 84. 177.0502 of the statutes is created to read:
SB370,38,19 15177.0502 Contents of notice by holder. (1) Notice under s. 177.0501 shall
16contain a heading that reads substantially as follows: “Notice. The State of
17Wisconsin requires us to notify you that your property may be transferred to the
18custody of the state's unclaimed property administrator if you do not contact us
19before (the date that is 30 days after the date of the notice).”
SB370,38,20 20(2) The notice under s. 177.0501 shall do all of the following:
SB370,38,2221 (a) Identify the nature and, except for property that does not have a fixed value,
22the value of the property that is the subject of the notice.
SB370,38,2323 (b) State that the property will be turned over to the administrator.
SB370,38,2524 (c) State that after the property is turned over to the administrator an apparent
25owner that seeks return of the property shall file a claim with the administrator.
SB370,39,1
1(d) State that property may be sold by the administrator.
SB370,39,32 (e) Provide instructions that the apparent owner shall follow to prevent the
3holder from reporting and paying or delivering the property to the administrator.
SB370,85 4Section 85. 177.0503 (1b) of the statutes is created to read:
SB370,39,55 177.0503 (1b) A notice under sub. (1) shall contain all of the following:
SB370,39,86 (a) The names in alphabetical order and the last-known addresses, if any, of
7persons listed in the report and entitled to notice within the county, as specified in
8sub. (1).
SB370,39,119 (b) A statement that information concerning the property and the name and
10last-known address of the holder may be obtained by any person possessing an
11interest in the property by addressing an inquiry to the administrator.
SB370,86 12Section 86. 177.0503 (1d) of the statutes is created to read:
SB370,39,1513 177.0503 (1d) The administrator is not required to publish notice of any item
14with a value of less than $50 unless the administrator determines the publication to
15be in the public interest.
SB370,87 16Section 87. 177.0503 (2n) of the statutes is created to read:
SB370,39,1917 177.0503 (2n) (a) The administrator may publish, on behalf of the department
18of children and families, the name and address of an apparent owner of uncashed
19child support payments.
SB370,39,2220 (b) At least quarterly, the department of children and families shall reimburse
21the administrator, based on information provided by the administrator, for any
22administrative expenses incurred under par. (a).
SB370,88 23Section 88. 177.0504 of the statutes is created to read:
SB370,40,6 24177.0504 Cooperation among state officers and agencies to locate
25apparent owners.
Unless otherwise prohibited by law, at the request of the

1administrator, each officer, agency, board, commission, division, or department of
2this state, any body politic or corporate created by this state for a public purpose, and
3each political subdivision of this state shall make its books and records available to
4the administrator and cooperate with the administrator to determine the current
5address of an apparent owner of property held by the administrator under this
6chapter.
SB370,89 7Section 89. 177.0505 of the statutes is created to read:
SB370,40,10 8177.0505 Tax return identification of apparent owners. (1) Annually,
9before July 1, the administrator shall determine if either of the following applies to
10any apparent owner of abandoned property under s. 177.0503:
SB370,40,1211 (a) The apparent owner has filed a tax return in the 14 months preceding the
12determination.
SB370,40,1313 (b) The apparent owner is a debtor under s. 71.93 or 71.935.
SB370,40,15 14(2) For any person who is identified in sub. (1) and who is not a debtor under
15sub (1) (b), the administrator shall do the following:
SB370,40,1816 (a) Deliver the property to the apparent owner, in the manner provided under
17s. 177.0903, without requiring the apparent owner to file a claim under s. 177.0903,
18if the value of the abandoned property is $2,000 or less.
SB370,40,2219 (b) Send written notice to the person, informing the person that he or she is the
20owner of abandoned property held by the state and may file a claim with the
21administrator for return of the property under s. 177.0903, if the value of the
22abandoned property is over $2,000.
SB370,41,2 23(3) For any person who is identified in sub. (1) and who is a debtor under sub.
24(1) (b), the administrator shall setoff the abandoned property against the person's

1debts under s. 71.93 or 71.935. If there is any remaining property after setoff, the
2administrator shall proceed under sub. (2) (a) or (b).
SB370,41,4 3(4) Any property paid or delivered to a person under this section is subject to
4recovery by the administrator as provided in s. 177.1206 and this chapter.
SB370,90 5Section 90. 177.06 of the statutes is repealed.
SB370,91 6Section 91 . Subchapter VI (title) of chapter 177 [precedes 177.0601] of the
7statutes is created to read:
SB370,41,88 CHAPTER 177
SB370,41,99 SUBCHAPTER VI
SB370,41,1010 taking custody of property
SB370,41,1111 by administrator
SB370,92 12Section 92. 177.0601 of the statutes is created to read:
SB370,41,14 13177.0601 Definition of good faith. In this subchapter, payment or delivery
14of property is made in good faith if any of the following applies:
SB370,41,17 15(1) The holder had a reasonable basis for believing, based on the facts then
16known, that the property was required or permitted to be paid or delivered to the
17administrator under this chapter.
SB370,41,21 18(2) The holder made payment or delivery in response to a demand by the
19administrator or administrator's agent or under guidance or a ruling issued by the
20administrator that the holder reasonably believed required or permitted the
21property to be paid or delivered.
SB370,93 22Section 93. 177.0602 of the statutes is created to read:
SB370,41,25 23177.0602 Dormancy charge. (1) A holder may deduct a dormancy charge
24from property required to be paid or delivered to the administrator if all of the
25following apply:
SB370,42,3
1(a) A valid written contract between the holder and the apparent owner
2authorizes imposition of the charge for the apparent owner's failure to claim the
3property within a specified time.
SB370,42,54 (b) The holder regularly imposes the charge and regularly does not reverse or
5otherwise cancel or not collect the charge.
SB370,42,9 6(2) The amount of the deduction under sub. (1) is limited to an amount that is
7not unconscionable considering all relevant factors, including the marginal
8transactional costs incurred by the holder in maintaining the apparent owner's
9property and any services received by the apparent owner.
SB370,94 10Section 94. 177.0603 of the statutes is created to read:
SB370,42,13 11177.0603 Payment or delivery of property to administrator. (1) Except
12as otherwise provided in this section, upon filing a report under s. 177.0401, the
13holder shall pay or deliver to the administrator the property described in the report.
SB370,42,19 14(2) If property in a report under s. 177.0401 is an automatically renewable
15deposit and a penalty or forfeiture in the payment of interest would result from
16paying the deposit to the administrator at the time of the report, the date for payment
17of the property to the administrator is extended until a penalty or forfeiture no longer
18would result from payment, if the holder informs the administrator of the extended
19date.
SB370,42,21 20(3) After filing the report under s. 177.0401, property in a safe deposit box shall
21be delivered to the administrator no later than December 1.
SB370,42,23 22(4) If property reported to the administrator under s. 177.0401 is a security, the
23administrator may do any of the following:
SB370,43,3
1(a) Make an endorsement, instruction, or entitlement order on behalf of the
2apparent owner to invoke the duty of the issuer, its transfer agent, or the securities
3intermediary to transfer the security.
SB370,43,44 (b) Dispose of the security under s. 177.0702.
SB370,43,8 5(5) If the holder of property reported to the administrator under s. 177.0401
6is the issuer of a certificated security, the administrator may obtain a replacement
7certificate in physical or book-entry form under s. 408.405. An indemnity bond is
8not required for purposes of this subsection.
SB370,43,11 9(6) The administrator shall establish procedures for the registration, issuance,
10method of delivery, transfer, and maintenance of securities delivered to the
11administrator by a holder.
SB370,43,15 12(7) An issuer, holder, or transfer agent, or other person acting under this
13section under instructions of and on behalf of the issuer or holder, is not liable to the
14apparent owner for, and shall be indemnified by the state against, a claim arising
15with respect to property after the property has been delivered to the administrator.
SB370,95 16Section 95. 177.0604 of the statutes is created to read:
SB370,43,23 17177.0604 Effect of payment or delivery of property to administrator.
18(1)
On payment or delivery of property to the administrator under this chapter, the
19administrator, as agent for the state, assumes custody and responsibility for
20safekeeping the property. A holder that pays or delivers property to the
21administrator in good faith and substantially complies with ss. 177.0501 and
22177.0502 is relieved of liability arising thereafter with respect to payment or delivery
23of the property to the administrator.
SB370,44,2 24(2) This state shall defend and indemnify a holder against liability on a claim
25against the holder resulting from the payment or delivery of property to the

1administrator made in good faith and after the holder substantially complied with
2ss. 177.0501 and 177.0502.
SB370,96 3Section 96. 177.0605 of the statutes is created to read:
SB370,44,6 4177.0605 Recovery of property by holder from administrator. (1) A
5holder that pays money to the administrator may file a claim for reimbursement from
6the administrator of the amount paid if any of the following applies:
SB370,44,77 (a) The holder paid the money in error.
SB370,44,98 (b) After paying the money to the administrator, the holder paid money to a
9person the holder reasonably believed was entitled to the money.
SB370,44,17 10(2) If a claim for reimbursement under sub. (1) is made for a payment made on
11a negotiable instrument, including a travelers check, money order, or similar
12instrument, the holder shall submit proof that the instrument was presented and
13payment was made to a person the holder reasonably believed was entitled to
14payment. The holder may claim reimbursement even if the payment was made to
15a person whose claim was made after expiration of a period of limitation on the
16owner's right to receive or recover property, whether specified by contract or court
17order and notwithstanding any law to the contrary.
SB370,44,19 18(3) The administrator may only grant and pay a holder's claim under sub. (1)
19if the money being claimed is in the administrator's possession.
SB370,44,23 20(4) If a holder is reimbursed by the administrator under sub. (1) (b), the holder
21may also recover from the administrator income or gain under s. 177.0607 that would
22have been paid to the owner if the money had been claimed from the administrator
23by the owner, to the extent the income or gain was paid by the holder to the owner.
SB370,45,3
1(5) A holder that delivers property other than money to the administrator may
2file a claim for return of the property from the administrator if any of the following
3applies:
SB370,45,44 (a) The holder delivered the property in error.
SB370,45,55 (b) The apparent owner has claimed the property from the holder.
SB370,45,7 6(6) The administrator may only grant and pay a holder's claim under sub. (5)
7if the property being claimed is in the administrator's possession.
SB370,45,10 8(7) A holder that files a claim under sub. (5) shall include with the claim
9evidence sufficient to establish that the apparent owner claimed the property from
10the holder or that the holder delivered the property to the administrator in error.
SB370,45,13 11(8) The administrator may determine that an affidavit submitted by a holder
12is evidence sufficient to establish that the holder is entitled to reimbursement or to
13recover property under this section.
SB370,45,15 14(9) A holder is not required to pay a fee or other charge for reimbursement or
15return of property under this section.
SB370,45,19 16(10) Not later than 120 days after a claim is filed under sub. (1) or (4), the
17administrator shall allow or deny the claim and give the claimant notice of the
18decision in a record. If the administrator does not take action on a claim during the
19120-day period, the claim is deemed denied.
SB370,46,2 20(11) If a holder's claim is denied under this section, the holder may petition for
21judicial review of the claim under s. 227.52, notwithstanding s. 227.52 (1), except
22that petitions for review shall be served and filed no later than 90 days after the
23decision of the administrator or no later than 180 days after the filing of the claim
24if the administrator has failed to act on it. If the holder establishes the claim in an

1action against the administrator, the hearing examiner or court may award costs and
2reasonable attorney fees as permitted by s. 227.483, 227.485, or 814.245.
Loading...
Loading...