SB756,19,3 (13) Property not specified in this section or ss. 177.0202 to 177.0209, the earlier of 5 years after the owner first has a right to demand the property or the date on which the obligation to pay or distribute the property arises.

SB756,51 Section 51. 177.0202 of the statutes is created to read:

SB756,19,9 177.0202 When tax-deferred retirement account presumed abandoned. (1) Subject to s. 177.0210, property held in a pension account or retirement account that qualifies for federal income tax deferral under the Internal Revenue Code is presumed abandoned if it is unclaimed by the apparent owner 3 years after the earliest of the following:

SB756,19,13 (a) The date on which a 2nd consecutive communication sent by the holder by 1st class mail to the apparent owner is returned to the holder by the U.S. postal service as undeliverable, if the apparent owner has reached the age for which an early withdrawal penalty does not apply.

SB756,19,18 (b) If the 2nd communication is sent by the holder to the apparent owner later than 30 days after the date on which the first communication is returned to the holder by the U.S. postal service as undeliverable, the date on which the first communication was returned as undeliverable, if the apparent owner has reached the age for which an early withdrawal penalty does not apply.

SB756,19,20 (c) The date on which the apparent owner becomes 70.5 years of age, if that can be determined by the holder.

SB756,19,22 (d) Any of the following, if distribution to avoid a tax penalty is required under the Internal Revenue Code:

SB756,19,24 1. The date on which the holder receives confirmation of the death of the apparent owner in the ordinary course of the holder's business.

SB756,20,2 2. The date on which the holder confirms the death of the apparent owner under sub. (2).

SB756,20,6 (2) If a holder in the ordinary course of its business receives notice or an indication of the death of an apparent owner and sub. (1) (c) or (d) applies, the holder shall attempt not later than 90 days after receipt of the notice or indication to confirm whether the apparent owner is deceased.

SB756,20,12 (3) If the holder does not send communications to the apparent owner by 1st class mail, as described in sub. (1), the holder shall attempt to confirm the apparent owner's interest in the property by sending the apparent owner e-mail not later than 2 years after the apparent owner's last indication of interest in the property, except that the holder shall promptly attempt to contact the apparent owner by 1st class mail if any of the following applies:

SB756,20,15 (a) The holder does not have information needed to send the apparent owner e-mail or the holder believes that the apparent owner's e-mail address in the holder's records is not valid.

SB756,20,16 (b) The holder receives notification that the e-mail was not received.

SB756,20,18 (c) The apparent owner does not respond to the e-mail within 30 days from the date on which the e-mail was sent.

SB756,20,21 (4) If 1st class mail sent under sub. (3) is returned to the holder by the U.S. postal service as undeliverable, the property is presumed abandoned 3 years after the date on which the mail is returned.

SB756,52 Section 52. 177.0203 of the statutes is created to read:

SB756,21,4 177.0203 When other tax-deferred account presumed abandoned. Subject to s. 177.0210, and except for property described under s. 177.0202 and property held in a plan described in section 529A of the Internal Revenue Code, property held in an account or plan, including a health savings account, that qualifies for federal income tax deferral under the Internal Revenue Code is presumed abandoned if it is unclaimed by the apparent owner 3 years after the earliest of the following:

SB756,21,7 (1) The date specified under the Internal Revenue Code or by federal regulation by which the distribution of property must begin in order to avoid a penalty, if no such distribution has been made.

SB756,21,8 (2) Thirty years after the date on which the account was opened.

SB756,53 Section 53. 177.0204 of the statutes is created to read:

SB756,21,14 177.0204 When custodial account for a minor presumed abandoned. (1) Subject to s. 177.0210, property held in an account established under any state's uniform gifts to minors act or uniform transfers to minors act is presumed abandoned if it is unclaimed by or on behalf of the minor on whose behalf the account was opened 3 years after the earliest of the following:

SB756,21,17 (a) The date on which a 2nd consecutive communication sent by the holder by 1st class mail to the minor's custodian is returned to the holder by the U.S. postal service as undeliverable.

SB756,21,21 (b) If the 2nd communication is sent by the holder to the minor's custodian later than 30 days after the date on which the first communication is returned to the holder by the U.S. postal service as undeliverable, the date on which the first communication was returned as undeliverable.

SB756,21,24 (c) The date on which the minor's custodian is required to transfer the property to the minor or the minor's estate in accordance with the uniform gifts to minors act or uniform transfers to minors act of the state in which the account was opened.

SB756,22,6 (2) If the holder does not send communications to the custodian by 1st class mail, as described in sub. (1), the holder shall attempt to confirm the custodian's interest in the property by sending the custodian e-mail not later than 2 years after the custodian's last indication of interest in the property, except that the holder shall promptly attempt to contact the custodian by 1st class mail if any of the following applies:

SB756,22,9 (a) The holder does not have information needed to send the custodian e-mail or the holder believes that the custodian's e-mail address in the holder's records is not valid.

SB756,22,10 (b) The holder receives notification that the e-mail was not received.

SB756,22,12 (c) The custodian does not respond to the e-mail within 30 days from the date on which the e-mail was sent.

SB756,22,15 (3) If 1st class mail sent under sub. (2) is returned to the holder by the U.S. postal service as undeliverable, the property is presumed abandoned 3 years after the date on which the mail is returned.