Chapter 177

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)(a) (a) The U.S. savings bond has been presumed abandoned under s. 177.0206 for at least one year.

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.

177.1504(3)(b) (b) The name and last-known address of each person identified by the administrator as appearing to be an owner of the U.S. savings bond.

177.1504(3)(c) (c) The interest of each unknown person identified by the administrator as appearing to be an owner of the U.S. savings bond.

177.1504(3)(d) (d) A description of the efforts made by the administrator to notify each owner of the U.S. savings bond that the owner may be entitled to claim abandoned property.

177.1504(3)(e) (e) A statement that, based on prior efforts of the administrator to locate or contact the persons appearing to be owners of the U.S. saving bond, the administrator believes that the administrator cannot, with reasonable diligence, serve the owners with notice of the action by personal or substituted service.

177.1504(4) (4) In an action under sub. (1), if the court finds that the administrator has substantially complied with the provisions of this chapter and that no other person has proven ownership of the U.S. savings bond, the court shall enter judgment that this state has all legal title and interest, including all rights, powers, and privileges of survivorship of any owner, co-owner, or beneficiary, of the U.S. savings bond and that this state owns the U.S. savings bond free of all claims of the owner or previous holder and of all persons claiming through or under them.

177.1504(5) (5) Within 3 years after the entry of a judgment under sub. (4), the administrator shall file an application with the U.S. department of the treasury to redeem the U.S. savings bond.

177.1504 History History: 2015 a. 309; 2021 a. 87 s. 162; Stats. 2021 s. 177.1504.

177.1505 177.1505 Voluntary disclosure.

177.1505(1) (1) The administrator may enter into voluntary disclosure agreements with holders if the following conditions are met:

177.1505(1)(a) (a) The holder failed to file a report required under this chapter or the holder filed a report under this chapter and failed to include on the report all property subject to reporting.

177.1505(1)(b) (b) The administrator is not conducting an examination or investigation of the holder, as provided under s. 177.1002.

177.1505(1)(c) (c) The holder has not received a notification from the administrator of an impending examination under s. 177.1002.

177.1505(1)(d) (d) The holder has not been notified of an assessment under subch. X or XI.

177.1505(1)(e) (e) The holder is not currently the subject of a civil or a criminal prosecution involving compliance with this chapter.

177.1505(1)(f) (f) The holder agrees to report and deliver any property that was abandoned during any year to which the agreement applies within 60 days of execution of the agreement. The holder must make a reasonable effort in good faith to calculate, report, and deliver such property.

177.1505(1)(g) (g) The holder agrees to perform duties described in s. 177.0501 within 30 days of execution of the agreement, unless the agreement provides otherwise.

177.1505(1)(h) (h) The holder agrees to prospective compliance with this chapter.

177.1505(1)(i) (i) The holder agrees to waive appeal rights under this chapter for periods under the agreement.

177.1505(2) (2) For purposes of this section:

177.1505(2)(a) (a) The filing date is the date that the holder’s application for voluntary compliance is received by the administrator.

177.1505(2)(b) (b) The agreement is executed when signed by the holder and the administrator.

177.1505(2)(c) (c) The administrator may extend the time during which the holder is to comply with sub. (1) (f).

177.1505(2)(d) (d) A holder who enters into an agreement with the administrator and upon compliance with the terms in the agreement shall be relieved of any further liability with respect to the property reported by the holder under the agreement.

177.1505(2)(e) (e) A holder who enters into an agreement with the administrator shall maintain records with regard to property covered under the agreement in accordance with s. 177.0404.

177.1505(2)(f) (f) The agreement shall apply to the 5 reporting periods immediately preceding the filing date of the holder’s application.

177.1505(2)(g) (g) The administrator shall waive rights to an examination of records under s. 177.1001 with respect to the reporting periods in par. (f), and all earlier periods, except for the purpose of the administrator making determinations with respect to sub. (3) (a) and (b). Unless an agreement is null and void as provided in sub. (3), the administrator shall not have any cause of action against the holder resulting from failure of the holder to report any property abandoned during the reporting periods to which par. (f) applies or to any earlier periods.

177.1505(3) (3) The administrator may declare an executed agreement null and void. In the case of an agreement that is null and void, the holder remains subject to all other provisions of this chapter. The administrator may declare an executed agreement null and void if at least one of the following applies:

177.1505(3)(a) (a) Fraud or intentional misrepresentation by the holder or those acting on the holder’s behalf with respect to the property required to be reported for the period covered by the agreement.

177.1505(3)(b) (b) It is determined by the administrator that the property reported by the holder for the period covered by the agreement is less than 75 percent of the value of all property reportable by the holder for the period.

177.1505(3)(c) (c) The holder fails to remain in compliance with this chapter for no less than the 4 reporting periods following the final reporting period covered by the agreement.

177.1505(4) (4) The administrator shall waive the provisions of s. 177.1204 with respect to reporting periods covered by the agreement if an application for voluntary disclosure is received by the administrator and a voluntary disclosure agreement is executed within 180 days of receipt of the application by the administrator. The administrator may enter into an agreement with a holder to extend the date upon which the agreement must be executed and shall waive the provisions of s. 177.1204 with respect to reporting periods covered by an agreement executed under such extension. The administrator shall make efforts to provide information to interested parties regarding the voluntary disclosure period provided under this subsection.

177.1505 History History: 2021 a. 87; 2023 a. 138.