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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:
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(a) The apparent owner has filed a tax return in the 14 months preceding the
12determination.
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(b) The apparent owner is a debtor under s. 71.93 or 71.935.
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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:
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(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.
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(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.
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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).
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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.
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5Section
90. 177.06 of the statutes is repealed.
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6Section 91
. Subchapter VI (title) of chapter 177 [precedes 177.0601] of the
7statutes is created to read:
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SUBCHAPTER VI
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taking custody of property
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by administrator
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12Section
92. 177.0601 of the statutes is created to read:
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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:
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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.
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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.
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22Section
93. 177.0602 of the statutes is created to read:
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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:
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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.
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(b) The holder regularly imposes the charge and regularly does not reverse or
5otherwise cancel or not collect the charge.
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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.
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10Section
94. 177.0603 of the statutes is created to read:
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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.
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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.
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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.
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22(4) If property reported to the administrator under s. 177.0401 is a security, the
23administrator may do any of the following:
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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.