177.1204(1)(a)
(a) Any person who fails to timely file a report under this chapter shall pay a penalty equal to $150.
177.1204(1)(b)
(b) In addition to the penalty imposed under par.
(a), any person who fails to file a report by the time prescribed in a written request by the administrator may be subject to a penalty of $100 for each day the report is not filed.
177.1204(1)(c)
(c) Any person who files a false or fraudulent report with intent to defeat or evade the laws imposed under this chapter is subject to the penalties under pars.
(a) and
(b) and a fine of $1,000 for each day from the date the report was made until corrected or imprisonment for not more than 6 months, or both. The fine imposed under this paragraph may not exceed the lesser of $25,000 or an amount equal to 25 percent of the amount or value of any property that was required to be included in the report that was not included or was underreported.
177.1204(2)(a)
(a) Any person who fails to timely pay or deliver abandoned property to the administrator as required under this chapter shall pay a penalty equal to 15 percent of the value of the property.
177.1204(2)(b)
(b) In addition to the penalty imposed under par.
(a), any person who fails to pay or deliver abandoned property by the time prescribed in a written request from the administrator may be subject to a penalty of $100 for each day the property is not paid or delivered.
177.1204(3)
(3)
Failure to perform other duty. Any person who fails to perform any other duty required under this chapter, other than the duties for which a penalty is imposed under sub.
(1) or
(2), may be subject to a penalty of up to $500 for each day the duty is not performed, not to exceed $10,000 in a calendar year.
177.1204(4)
(4)
Assessment and collection. The administrator shall assess and collect any penalties under this section as it assesses and collects amounts or property due for payment or delivery under this chapter.
177.1204 History
History: 2021 a. 87;
2021 a. 240 s.
30.
177.1205
177.1205
Waiver of penalties. The administrator may waive, in whole or in part, the penalties imposed under s.
177.1204.
177.1205 History
History: 2021 a. 87.
177.1206
177.1206
Recovery of property paid to incorrect claimant. 177.1206(1)(1)
If the administrator pays or delivers property under this chapter in error to any person, the administrator may assess the value of such property against the person. The assessment is subject to interest at the rate for delinquent taxes under s.
71.82 (2) from the date of assessment and to action and collection by the administrator under ss.
71.91,
71.92, and
73.03 (9),
(20),
(27),
(28),
(33m), and
(33p), consistent with action taken by the department of revenue with respect to delinquent taxes.
177.1206(2)
(2) The administrator may accept property from a person that receives the property in error prior to assessment under sub.
(1), if the person acknowledges in writing that the property was paid or delivered in error and waives any further interest in the property.
177.1206(3)
(3) The appeal provisions of ss.
71.88 (1) (a) and
(2) (a),
71.89,
71.90,
73.01 (1),
(2),
(3),
(4), and
(4m), and
73.015, as they apply to a taxpayer and the department of revenue and consistent with this chapter, shall apply to the person and the administrator with respect to an assessment under this chapter.
177.1206 History
History: 2021 a. 87.
Agreement to locate
property OF apparent owner
held by administrator
177.1301
177.1301
When agreement to locate property enforceable. 177.1301(1)(1)
In this subchapter, “locator service” means a person who locates, delivers, recovers, or assists in the location, delivery, and recovery of property held by the administrator.
177.1301(2)
(2) An agreement by an apparent owner and locator service is enforceable under this chapter only if the agreement complies with all of the following:
177.1301(2)(a)
(a) It is in a written, valid contract that clearly states the nature of the property and the services to be provided.
177.1301(2)(b)
(b) It is signed by the apparent owner or by an agent of the apparent owner.
177.1301(2)(c)
(c) It states the amount or value of the property reasonably expected to be recovered, computed before and after a deduction for any fee or other compensation paid to the locator service.
177.1301(2)(d)
(d) It includes a clear and prominent statement of the fee or other compensation to be paid to the locator service, which may not exceed 10 percent of the actual amount or value of the property recovered.
177.1301(2)(e)
(e) It includes a clear and prominent statement disclosing the name and address of the holder and whether the property has been paid or delivered to the administrator.
177.1301(2)(f)
(f) It includes a clear and prominent statement that the owner may file a claim with the administrator without the assistance of a locator service.
177.1301 History
History: 2021 a. 87.
177.1302
177.1302
When agreement to locate property void. 177.1302(1)(1)
Subject to sub.
(2), an agreement under s.
177.1301 is void if it is entered into during the period beginning on the date the property is paid or delivered by a holder to the administrator and ending 24 months after the payment or delivery.
177.1302(2)
(2) If any provision of an agreement under s.
177.1301 applies to mineral proceeds for which compensation is to be paid to the locator service based in whole or in part on a portion of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void regardless of when the parties entered into the agreement.
177.1302(3)
(3) This section does not apply to an apparent owner's agreement with an attorney to contest the administrator's denial of a claim for recovery of the property.
177.1302 History
History: 2021 a. 87.
confidentiality and security
of information
177.1401
177.1401
Definitions; applicability. 177.1401(1)(1)
In this subchapter, “personal information” means the following:
177.1401(1)(a)
(a) Information that identifies or reasonably can be used to identify an individual, including an individual's first and last name in combination with any of the following information associated with the individual:
177.1401(1)(a)1.
1. A social security number or other government-issued number or identifier.
177.1401(1)(a)4.
4. An e-mail address or other online contact information or Internet provider address.
177.1401(1)(a)6.
6. Biometric data, health or medical data, or insurance information.
177.1401(1)(a)7.
7. Passwords or other credentials that permit access to an online or other account.
177.1401(1)(b)
(b) Personally identifiable financial or insurance information, including nonpublic personal information as defined by federal law.
177.1401(1)(c)
(c) Any combination of data that, if accessed, disclosed, modified, or destroyed without authorization of the owner of the data or if lost or misused, would require notice or reporting under state or federal law, regardless of whether the administrator or the administrator's agent is subject to such law.
177.1401(2)
(2) All provisions of this subchapter that apply to the administrator or the records of the administrator apply to the administrator's agent and the records of the administrator's agent.
177.1401 History
History: 2021 a. 87.
177.1402
177.1402
Confidential information. 177.1402(1)(1)
Except as otherwise provided in this chapter, the following are confidential and exempt from public inspection or disclosure under subch.
II of ch. 19:
177.1402(1)(a)
(a) Reports and records of a claimant that are in the possession of the administrator or the administrator's agent.
177.1402(1)(b)
(b) Reports and records of a holder that are in the possession of the administrator or the administrator's agent.
177.1402(1)(c)
(c) Personal information and other information derived or otherwise obtained by or communicated to the administrator or the administrator's agent from an examination under this chapter of the records of a person.
177.1402(2)
(2) A record or other information that is confidential under the laws of this state, another state, or the United States continues to be confidential when disclosed or delivered under this chapter to the administrator or administrator's agent.
177.1402(3)
(3) The provisions of s.
71.78 (1) and
(1m), as they apply to tax information, apply to the confidential information in sub.
(1), except that the administrator may provide the name of a claimant or owner, along with any property claimed by or paid to that claimant or owner, to any other claimant filing a claim for the same property.
177.1402 History
History: 2021 a. 87.
177.1403
177.1403
When confidential information may be disclosed. 177.1403(1)(1)
When reasonably necessary to enforce or implement this chapter, the administrator may disclose confidential information concerning property held by the administrator or the administrator's agent only to the following:
177.1403(1)(a)
(a) An apparent owner or the apparent owner's personal representative or special administrator, attorney, guardian, other legal representative, or a person entitled to inherit from the deceased apparent owner.
177.1403(1)(b)
(b) A department or agency of this state or the United States.
177.1403(1)(c)
(c) The person that administers the unclaimed property law of another state, if the other state accords substantially reciprocal privileges to the administrator of this state and if the other state is required to maintain the confidentiality and security of information obtained in a manner substantially equivalent to that under this subchapter.
177.1403(1)(d)
(d) A person subject to an examination as required by subch.
X.
177.1403(2)(a)(a) Except as otherwise provided in s.
177.1402 (1), the administrator shall include on the administrator's Internet site or in the database required by s.
177.0503 the name of each apparent owner of property held by the administrator.
177.1403(2)(b)
(b) The administrator may include on the administrator's Internet site or in the database additional information concerning the apparent owner's property, if the administrator believes that the information will assist in identifying and returning property to the owner and if the information does not disclose personal information, except the apparent owner's name and residential address.
177.1403(2)(c)
(c) The administrator may include the information described in par.
(b) in published notices, printed publications, telecommunications, or other media or on the Internet.
177.1403(3)
(3) The administrator and the administrator's agent may not use confidential information provided to them or in their possession except as expressly authorized by this chapter or by other law.
177.1403 History
History: 2021 a. 87.
miscellaneous provisions
177.1501
177.1501
Uniformity of application and construction. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
177.1501 History
History: 1983 a. 408;
2021 a. 87 s.
187; Stats. 2021 s. 177.1501.
177.1502
177.1502
Effect of new provisions; clarification of application. 177.1502(1)(1)
This chapter does not relieve a holder of a duty that arose before November 7, 2021, to report, pay, or deliver property. Subject to s.
177.0610 (2) and
(3), a holder who did not comply with the law governing unclaimed property in effect before November 7, 2021, is subject to the applicable enforcement and penalty provisions in effect before November 7, 2021.
177.1502(2)
(2) The initial report filed under this chapter for property that was not required to be reported before November 7, 2021, but that is required to be reported under this chapter, shall include all items of property that would have been presumed abandoned during the 10-year period preceding November 7, 2021, as if this chapter had been in effect during that period.
177.1502 History
History: 1983 a. 408;
2021 a. 87 s.
185; Stats. 2021 s. 177.1502.
177.1503
177.1503
Escheat of property to municipalities. If any statute provides for the escheat of abandoned or unclaimed property to a county, city, village or town, this chapter does not apply.
177.1503 History
History: 1983 a. 408;
2021 a. 87 s.
188; Stats. 2021 s. 177.1503.
177.1504
177.1504
Escheat of U.S. savings bonds. 177.1504(1)(1)
If all of the following conditions apply, the administrator may bring an action for a judgment that a U.S. savings bond, including a U.S. savings bond in the possession of the administrator or a U.S. savings bond that has been lost, stolen, or destroyed, is abandoned and for an order transferring ownership of the abandoned U.S. savings bond to this state:
177.1504(1)(b)
(b) The U.S. savings bond is subject to the custody of this state as unclaimed property under subch.
III.
177.1504(1)(c)
(c) At least one year has elapsed since the administrator published the notice required under s.
177.0503.
177.1504(2)
(2) An action under sub.
(1) may be commenced in the circuit court for Dane County or in any county that would be a proper place of trial under s.
801.50. Subject to sub.
(3), service may be made under s.
801.11 (1) (c) by publication of a notice published as a class 3 notice under ch.
985. In determining which newspaper is likely to give notice as required under s.
985.02 (1), the administrator shall consider the conditions under s.
177.0503 that made the U.S. savings bond subject to the custody of this state as unclaimed property. The administrator may postpone commencing an action under this subsection until sufficient U.S. savings bonds meet the conditions under sub.
(1) to justify the expense of the action.
177.1504(3)
(3) If service is made under sub.
(2) by publication of a notice, the administrator shall, before publication of the notice, file with the court an affidavit setting forth the administrator's efforts to locate the owners of each U.S. savings bond subject to the action, and, upon filing of the affidavit, there shall be a presumption that the owners cannot with reasonable diligence be served under s.
801.11 (1) (a) or
(b). The affidavit shall include all of the following information with respect to the U.S. savings bond:
177.1504(3)(a)
(a) A description of the efforts made by the administrator to ascertain the name and last-known address of each person appearing to be an owner of the U.S. savings bond.
