AB752,52,25 177.0903 Claim for property by person claiming to be owner. (1) A person claiming to be the owner of property held under this chapter by the administrator may file a claim for the property on a form prescribed by the administrator. The claimant shall verify the claim as to its completeness and accuracy.

AB752,53,5 (2) The administrator may waive the requirement under sub. (1) and may pay or deliver property directly to a person if the person receiving the property or payment is shown to be the apparent owner included on a report filed under s. 177.0401 and the administrator reasonably believes the person is entitled to receive the property or payment.

AB752,53,8 (3) If a claim is submitted by a locator service that enters into an agreement under subch. XIII, a copy of the agreement shall be filed with the claim, otherwise the administrator shall deny the claim.

AB752,53,11 (4) The administrator may use state tax information to assist in identifying the owner of property that has been abandoned as provided under this chapter or in verifying a claim filed under this subchapter.

AB752,115 Section 115. 177.0904 of the statutes is created to read:

AB752,53,16 177.0904 When administrator must honor claim for property. (1) (a) The administrator shall pay or deliver property to a claimant under s. 177.0903 (1) if the administrator receives evidence sufficient to establish to the satisfaction of the administrator that the claimant is the owner of the property.

AB752,53,18 (b) If a claim is made and allowed under subch. XIII, the administrator shall pay or deliver property to the apparent owner of the property.

AB752,53,23 (2) Not later than 90 days after a claim is filed under s. 177.0903 (1), the administrator shall allow or deny the claim and give the claimant notice in a record of the decision. The administrator may refer any claim to the attorney general for an opinion. For each claim referred, the attorney general shall advise the administrator either to allow it or to deny it in whole or in part.

AB752,54,4 (3) If the administrator denies a claim under sub. (2), the administrator shall inform the claimant of the reason for the denial and specify what additional evidence, if any, is required for the claim to be allowed. The claimant may file an amended claim with the administrator or commence an action under s. 177.0906. The administrator shall consider an amended complaint filed under this subsection as an initial claim.

AB752,54,6 (4) If the administrator does not take action on a claim during the 90-day period following the filing of a claim under s. 177.0903 (1), the claim is denied.

AB752,116 Section 116. 177.0905 of the statutes is created to read:

AB752,54,15 177.0905 Allowance of claim for property. (1) Not later than 30 days after a claim is allowed under s. 177.0904 (2), the administrator shall pay or deliver the property to the owner or pay to the owner the net proceeds of a sale of the property, together with income or gain to which the owner is entitled under s. 177.0607. Upon request of the owner, the administrator may sell or liquidate a security and pay the net proceeds to the owner, even if the security has been held by the administrator for less than one year or the administrator has not complied with the notice requirements under s. 177.0702.

AB752,54,19 (2) If the owner is a debtor under s. 71.93 or 71.935, before delivery or payment of property to an owner under sub. (1) or payment to the owner of net proceeds of a sale of the property, the administrator shall first setoff against the owner's debt under s. 71.93 or 71.935.

AB752,54,21 (3) Any property paid or delivered to a person under this subchapter is subject to recovery by the administrator as provided in s. 177.1206.

AB752,117 Section 117. 177.0906 of the statutes is created to read:

AB752,55,3 177.0906 Action by person whose claim is denied. (1) A person aggrieved by a claim denial of the administrator or whose claim has not been acted upon within 90 days after its filing may petition for judicial review of the decision or of the claim under s. 227.52, notwithstanding s. 227.52 (1), except that petitions for review shall be served and filed within 90 days after the claim denial or within 180 days after the filing of the claim if the administrator has failed to act on it.

AB752,55,6 (2) If the person aggrieved establishes a claim under sub. (1) and is a debtor under s. 71.93 or 71.935, the administrator shall first setoff against the person's debt under s. 71.93 or 71.935 before delivery or payment of the property to the owner.

AB752,118 Section 118. 177.10 of the statutes is repealed.

AB752,119 Section 119 . Subchapter X (title) of chapter 177 [precedes 177.1001] of the statutes is created to read:

AB752,55,10 CHAPTER 177

AB752,55,11 SUBCHAPTER X

AB752,55,12 requests for reports;

AB752,55,13 examination of records

AB752,120 Section 120. 177.1001 of the statutes is created to read:

AB752,55,19 177.1001 Verified report of property. If a person does not file a report required under s. 177.0401 or the administrator believes that a person may have filed an inaccurate, incomplete, or false report, the administrator may require the person to file a verified report in a form prescribed by the administrator. A verified report shall include all of the following:

AB752,55,21 (1) A statement as to whether the person is holding property that is reportable under this chapter.

AB752,55,23 (2) A description of the property not previously reported or about which the administrator has inquired.

AB752,55,25 (3) A specific identification of property described under sub. (2) about which there is a dispute whether it is reportable under this chapter.

AB752,56,1 (4) The amount or value of the property.