AB752,39,3 (a) Deliver the property to the apparent owner, in the manner provided under s. 177.0903, without requiring the apparent owner to file a claim under s. 177.0903, if the value of the abandoned property is $2,000 or less.

AB752,39,7 (b) Send written notice to the person, informing the person that he or she is the owner of abandoned property held by the state and may file a claim with the administrator for return of the property under s. 177.0903, if the value of the abandoned property is over $2,000.

AB752,39,11 (3) For any person who is identified in sub. (1) and who is a debtor under sub. (1) (b), the administrator shall setoff the abandoned property against the person's debts under s. 71.93 or 71.935. If there is any remaining property after setoff, the administrator shall proceed under sub. (2) (a) or (b).

AB752,39,13 (4) Any property paid or delivered to a person under this section is subject to recovery by the administrator as provided in s. 177.1206 and this chapter.

AB752,86 Section 86. 177.06 of the statutes is repealed.

AB752,87 Section 87 . Subchapter VI (title) of chapter 177 [precedes 177.0601] of the statutes is created to read:

AB752,39,17 CHAPTER 177

AB752,39,18 SUBCHAPTER VI

AB752,39,19 taking custody of property

AB752,39,20 by administrator

AB752,88 Section 88. 177.0601 of the statutes is created to read:

AB752,39,23 177.0601 Definition of good faith. In this subchapter, payment or delivery of property is made in good faith if any of the following applies:

AB752,40,3 (1) The holder had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid or delivered to the administrator under this chapter.

AB752,40,7 (2) The holder made payment or delivery in response to a demand by the administrator or administrator's agent or under guidance or a ruling issued by the administrator that the holder reasonably believed required or permitted the property to be paid or delivered.

AB752,89 Section 89. 177.0602 of the statutes is created to read:

AB752,40,11 177.0602 Dormancy charge. (1) A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if all of the following apply:

AB752,40,14 (a) A valid written contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time.

AB752,40,16 (b) The holder regularly imposes the charge and regularly does not reverse or otherwise cancel or not collect the charge.

AB752,40,20 (2) The amount of the deduction under sub. (1) is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner's property and any services received by the apparent owner.

AB752,90 Section 90. 177.0603 of the statutes is created to read:

AB752,40,24 177.0603 Payment or delivery of property to administrator. (1) Except as otherwise provided in this section, upon filing a report under s. 177.0401, the holder shall pay or deliver to the administrator the property described in the report.

AB752,41,6 (2) If property in a report under s. 177.0401 is an automatically renewable deposit and a penalty or forfeiture in the payment of interest would result from paying the deposit to the administrator at the time of the report, the date for payment of the property to the administrator is extended until a penalty or forfeiture no longer would result from payment, if the holder informs the administrator of the extended date.

AB752,41,8 (3) After filing the report under s. 177.0401, property in a safe deposit box shall be delivered to the administrator no later than December 1.

AB752,41,10 (4) If property reported to the administrator under s. 177.0401 is a security, the administrator may do any of the following:

AB752,41,13 (a) Make an endorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer, its transfer agent, or the securities intermediary to transfer the security.

AB752,41,14 (b) Dispose of the security under s. 177.0702.

AB752,41,18 (5) If the holder of property reported to the administrator under s. 177.0401 is the issuer of a certificated security, the administrator may obtain a replacement certificate in physical or book-entry form under s. 408.405. An indemnity bond is not required for purposes of this subsection.

AB752,41,21 (6) The administrator shall establish procedures for the registration, issuance, method of delivery, transfer, and maintenance of securities delivered to the administrator by a holder.

AB752,41,25 (7) An issuer, holder, or transfer agent, or other person acting under this section under instructions of and on behalf of the issuer or holder, is not liable to the apparent owner for, and shall be indemnified by the state against, a claim arising with respect to property after the property has been delivered to the administrator.