AB752,56,1
1(4) The amount or value of the property.
AB752,121
2Section
121. 177.1002 (3) of the statutes is created to read:
AB752,56,63
177.1002
(3) The administrator may at reasonable times and on reasonable
4notice issue an administrative subpoena requiring the person or agent of the person
5to make records available for examination. The attorney general may bring an action
6seeking judicial enforcement of a subpoena issued under this subsection.
AB752,122
7Section
122. 177.1002 (4) of the statutes is created to read:
AB752,56,118
177.1002
(4) If any person fails to file any report or refuses to deliver property
9to the administrator as required under this chapter, the administrator may bring an
10action in a court of appropriate jurisdiction to require the filing of the report and to
11enforce delivery of the property.
AB752,123
12Section
123. 177.1003 of the statutes is created to read:
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13177.1003 Records obtained in examination. Records obtained and records,
14including work papers, compiled by the administrator in the course of conducting an
15examination under s. 177.1002:
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16(1) Are subject to the confidentiality and security provisions of subch. XIV and
17are not public records for purposes of subch. II of ch. 19.
AB752,56,19
18(2) May be used by the administrator in an action to collect property or
19otherwise enforce this chapter.
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20(3) May be used in a joint examination conducted with another state, the
21federal government, a foreign country or subordinate unit of a foreign country, or any
22other governmental entity if the governmental entity conducting the examination is
23legally bound to maintain the confidentiality and security of information obtained
24from a person subject to examination in a manner substantially equivalent to that
25under subch. XIV.
AB752,57,5
1(4) May be disclosed to the person that administers the unclaimed property law
2of another state, upon that person's request, for that state's use in circumstances
3equivalent to circumstances described in this subchapter, if the other state is
4required to maintain the confidentiality and security of information obtained in a
5manner substantially equivalent to that under subch. XIV.
AB752,124
6Section
124. 177.1004 of the statutes is created to read:
AB752,57,12
7177.1004 Failure of person examined to retain records. If a person
8subject to examination under s. 177.1002 does not retain the records required by s.
9177.0404, the administrator may determine the value of property due using a
10reasonable method of estimation based on all information available to the
11administrator, including extrapolation and use of statistical sampling when
12appropriate and necessary.
AB752,125
13Section
125. 177.11 of the statutes is repealed.
AB752,126
14Section 126
. Subchapter
XI (title) of chapter 177 [precedes 177.1101] of the
15statutes is created to read:
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CHAPTER 177
AB752,57,1717
SUBCHAPTER XI
AB752,57,1818
Assessments and appeals
AB752,127
19Section
127. 177.1101 of the statutes is created to read:
AB752,57,25
20177.1101 Default assessment. When any person fails, neglects, or refuses
21to file a report by the deadline prescribed by this chapter, the administrator may,
22notwithstanding ss. 177.1001 and 177.1002 and according to the administrator's
23best judgment, determine the amount of property that should have been reported
24and remitted by that person under this chapter and may assess such amount against
25the person.
AB752,128
1Section
128. 177.1102 of the statutes is created to read:
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2177.1102 Notice of assessment. The administrator shall notify a person in
3writing of any assessment under this chapter. The administrator shall serve that
4notice as provided in s. 73.03 (73m). If the person is a corporation and the
5administrator is unable to serve that corporation as provided in s. 73.03 (73m), the
6administrator may serve the notice by publishing a class 3 notice under ch. 985 in
7the official state newspaper.
AB752,129
8Section
129. 177.1103 of the statutes is created to read:
AB752,58,13
9177.1103 Appeal of assessment. The appeal provisions under ss. 71.88 (1)
10(a) and (2) (a), 71.89, 71.90, 73.01 (1), (2), (3), (4), and (4m), and 73.015, as they apply
11to a taxpayer and the department of revenue and consistent with this chapter, shall
12apply to the person or holder and the administrator with respect to an assessment
13under this chapter.
AB752,130
14Section
130. 177.1104 of the statutes is created to read:
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15177.1104 Penalties. The provisions of s. 177.1204 shall apply to an amount
16due as determined and assessed under this chapter.
AB752,131
17Section
131. 177.12 of the statutes is renumbered 177.0213, and 177.0213 (1),
18as renumbered, is amended to read:
AB752,58,2519
177.0213
(1) Intangible property
Property and any income or increment
20derived from it held in a fiduciary capacity for the benefit of another person is
21presumed abandoned unless the owner, within 5 years after it has become payable
22or distributable, has increased or decreased the principal, accepted payment of
23principal or income,
communicated concerning the property or otherwise indicated
24an interest as e
videnced by a memorandum or other record on file prepared by the
25fiduciary provided in s. 177.0210.
AB752,132
1Section
132. Subchapter
XII (title) of chapter 177 [precedes 177.1201] of the
2statutes is created to read: