AB325,139 Section 139. 177.1205 of the statutes is created to read:

AB325,64,17 177.1205 Waiver of penalties. The administrator may waive, in whole or in part, the penalties imposed under s. 177.1204.

AB325,140 Section 140. 177.1206 of the statutes is created to read:

AB325,64,25 177.1206 Recovery of property paid to incorrect claimant. (1) If the administrator pays or delivers property under this chapter in error to any person, the administrator may assess the value of such property against the person. The assessment is subject to interest at the rate for delinquent taxes under s. 71.82 (2) from the date of assessment and to action and collection by the administrator under ss. 71.91, 71.92, and 73.03 (9), (20), (27), (28), (33m), and (33p), consistent with action taken by the department of revenue with respect to delinquent taxes.

AB325,65,4 (2) The administrator may accept property from a person that receives the property in error prior to assessment under sub. (1), if the person acknowledges in writing that the property was paid or delivered in error and waives any further interest in the property.

AB325,65,8 (3) The appeal provisions of ss. 71.88 (1) (a) and (2) (a), 71.89, 71.90, 73.01 (1), (2), (3), (4), and (4m), and 73.015, as they apply to a taxpayer and the department of revenue and consistent with this chapter, shall apply to the person and the administrator with respect to an assessment under this chapter.

AB325,141 Section 141. 177.13 of the statutes is repealed.

AB325,142 Section 142 . Subchapter XIII (title) of chapter 177 [precedes 177.1301] of the statutes is created to read:

AB325,65,12 CHAPTER 177

AB325,65,13 SUBCHAPTER XIII

AB325,65,14 Agreement to locate

AB325,65,15 property OF apparent owner

AB325,65,16 held by administrator

AB325,143 Section 143. 177.1301 of the statutes is created to read:

AB325,65,20 177.1301 When agreement to locate property enforceable. (1) In this subchapter, “locator service” means a person who locates, delivers, recovers, or assists in the location, delivery, and recovery of property held by the administrator.

AB325,65,22 (2) An agreement by an apparent owner and locator service is enforceable under this chapter only if the agreement complies with all of the following:

AB325,65,24 (a) It is in a written, valid contract that clearly states the nature of the property and the services to be provided.

AB325,65,25 (b) It is signed by the apparent owner or by an agent of the apparent owner.

AB325,66,3 (c) It states the amount or value of the property reasonably expected to be recovered, computed before and after a deduction for any fee or other compensation paid to the locator service.

AB325,66,6 (d) It includes a clear and prominent statement of the fee or other compensation to be paid to the locator service, which may not exceed 10 percent of the actual amount or value of the property recovered.

AB325,66,9 (e) It includes a clear and prominent statement disclosing the name and address of the holder and whether the property has been paid or delivered to the administrator.

AB325,66,11 (f) It includes a clear and prominent statement that the owner may file a claim with the administrator without the assistance of a locator service.

AB325,144 Section 144. 177.1302 of the statutes is created to read:

AB325,66,16 177.1302 When agreement to locate property void. (1) Subject to sub. (2), an agreement under s. 177.1301 is void if it is entered into during the period beginning on the date the property is paid or delivered by a holder to the administrator and ending 24 months after the payment or delivery.

AB325,66,21 (2) If any provision of an agreement under s. 177.1301 applies to mineral proceeds for which compensation is to be paid to the locator service based in whole or in part on a portion of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void regardless of when the parties entered into the agreement.

AB325,66,23 (3) This section does not apply to an apparent owner's agreement with an attorney to contest the administrator's denial of a claim for recovery of the property.

AB325,145 Section 145. 177.135 of the statutes is renumbered 177.0206 and amended to read:

AB325,67,6 177.0206 When U.S. savings bonds presumed abandoned. Except as provided in ss. 177.12 (1), 177.13, and 177.16 s. 177.0205, a U.S. savings bond that remains unredeemed by the owner for more than 5 years after the date of final maturity is presumed abandoned. In this section, “final maturity" means the date a U.S. savings bond stops earning interest upon reaching its final extended maturity date.

AB325,146 Section 146. 177.14 of the statutes is repealed.