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1. The date on which a 2nd consecutive communication sent by the holder by
201st class mail to the apparent owner is returned to the holder by the U.S. postal
21service as undeliverable.
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2. If the 2nd communication is sent later than 30 days after the date on which
23the first communication is returned to the holder by the U.S. postal service as
24undeliverable, the date on which the first communication was returned as
25undeliverable.
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1(b) The earlier of the following dates:
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1. The date on which the apparent owner reaches the minimum required
3distribution age, as specified under the Internal Revenue Code or by federal
4regulation, if that can be determined by the holder.
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2. If distribution to avoid a tax penalty is required under the Internal Revenue
6Code, 2 years after the following:
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a. The date on which the holder receives confirmation of the death of the
8apparent owner in the ordinary course of the holder's business.
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b. The date on which the holder confirms the death of the apparent owner under
10sub. (2).
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11(2) If a holder in the ordinary course of its business receives notice or an
12indication of the death of an apparent owner and sub. (1) (b) applies, the holder shall
13attempt not later than 90 days after receipt of the notice or indication to confirm
14whether the apparent owner is deceased.
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15(3) If the holder does not send communications to the apparent owner of an
16account described in sub. (1) by 1st class mail, the holder shall attempt to confirm
17the apparent owner's interest in the property by sending the apparent owner e-mail
18not later than 2 years after the apparent owner's last indication of interest in the
19property, except that the holder shall promptly attempt to contact the apparent
20owner by 1st class mail if any of the following applies:
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(a) The holder does not have information needed to send the apparent owner
22e-mail or the holder believes that the apparent owner's e-mail address in the
23holder's records is not valid.
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(b) The holder receives notification that the e-mail was not received.
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1(c) The apparent owner does not respond to the e-mail within 30 days from the
2date on which the e-mail was sent.
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3(4) If 1st class mail sent under sub. (3) is returned to the holder by the U.S.
4postal service as undeliverable, the property is presumed abandoned on the date
5determined under sub. (1).
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6Section
54. 177.0203 of the statutes is created to read:
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7177.0203 When other tax-deferred account presumed abandoned.
8Subject to s. 177.0210,
and except for property described under s. 177.0202 and
9property held in a plan described in section
529A of the Internal Revenue Code,
10property held in an account or plan, including a health savings account, that
11qualifies for federal income tax deferral under the Internal Revenue Code is
12presumed abandoned if it is unclaimed by the apparent owner 3 years after the
13earliest of the following:
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14(1) The date specified under the Internal Revenue Code or by federal regulation
15by which the distribution of property must begin in order to avoid a penalty, if no such
16distribution has been made.
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17(2) Thirty years after the date on which the account was opened.
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18Section
55. 177.0204 of the statutes is created to read:
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19177.0204 When custodial account for a minor presumed abandoned.
20(1) Subject to s. 177.0210,
property held in an account established under any state's
21uniform gifts to minors act or uniform transfers to minors act is presumed abandoned
22if it is unclaimed by or on behalf of the minor on whose behalf the account was opened
233 years after the later of the following:
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(a) If the date on which the minor's custodian is required to transfer the
25property to the minor has passed, the date on which a 2nd consecutive
1communication sent by the holder by 1st class mail to the minor's custodian is
2returned to the holder by the U.S. postal service as undeliverable.
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(b) If the date on which the minor's custodian is required to transfer the
4property to the minor has passed and if the 2nd communication is sent by the holder
5to the minor's custodian later than 30 days after the date on which the first
6communication is returned to the holder by the U.S. postal service as undeliverable,
7the date on which the first communication was returned as undeliverable.
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(c) The date on which the minor's custodian is required to transfer the property
9to the minor or the minor's estate in accordance with the uniform gifts to minors act
10or uniform transfers to minors act of the state in which the account was opened.
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11(2) If the holder does not send communications to the custodian by 1st class
12mail, as described in sub. (1), the holder shall attempt to confirm the custodian's
13interest in the property by sending the custodian e-mail not later than 2 years after
14the custodian's last indication of interest in the property, except that the holder shall
15promptly attempt to contact the custodian by 1st class mail if any of the following
16applies:
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(a) The holder does not have information needed to send the custodian e-mail
18or the holder believes that the custodian's e-mail address in the holder's records is
19not valid.
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(b) The holder receives notification that the e-mail was not received.
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(c) The custodian does not respond to the e-mail within 30 days from the date
22on which the e-mail was sent.
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23(3) If 1st class mail sent under sub. (2) is returned to the holder by the U.S.
24postal service as undeliverable, the property is presumed abandoned on the date
25determined under sub. (1).
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1(4) The property in the account described under sub. (1) is not subject to this
2section after the property is transferred to the minor or the minor's estate.
AB325,56
3Section
56. 177.0205 of the statutes is created to read: