SB756,73 Section 73. 177.0401 of the statutes is created to read:

SB756,33,6 177.0401 Report required by holder. (1) (a) A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property.

SB756,33,8 (b) A holder shall report electronically in a format approved by the administrator, unless the administrator approves another method.

SB756,33,10 (2) A holder may contract with a 3rd party to make the report required under sub. (1).

SB756,33,14 (3) Regardless of whether a holder enters into a contract under sub. (2), the holder is responsible to the administrator for the complete, accurate, and timely reporting of property presumed abandoned and for paying or delivering the property described in the report to the administrator.

SB756,74 Section 74. 177.0402 of the statutes is created to read:

SB756,33,21 177.0402 Content of report. (1) The report required under s. 177.0401 shall be signed by or on behalf of the holder and verified as to its completeness and accuracy and be in a secure format, as approved by the administrator, that protects the apparent owner's confidential information in the same manner as is required of the administrator and administrator's agent under subch. IX. The report shall contain the following information:

SB756,33,22 (a) A description of the property.

SB756,34,2 (b) Unless the property is a travelers check, money order, or similar instrument, the name, last-known address, social security number or taxpayer identification number, and date of birth of the property's apparent owner, if such information is known or readily ascertainable.

SB756,34,6 (c) For an amount held or owing under a life or endowment insurance policy or annuity contract, the name, social security number or taxpayer identification number, if known, date of birth, if known, and last-known address of the insured, annuitant, or other apparent owner of the policy or contract and of each beneficiary.

SB756,34,10 (d) For property held in or removed from a safe deposit box or other safekeeping repository or for other tangible personal property, an itemized inventory and description of the property, including the location of the property where it may be inspected by the administrator and any amounts owed to the holder.

SB756,34,11 (e) The commencement date for determining abandonment under subch. II.

SB756,34,13 (f) A statement that the holder has complied with the notice requirements of s. 177.0501.

SB756,34,14 (g) Any other information prescribed by the administrator.

SB756,34,16 (2) A report under s. 177.0401 may include in the aggregate items valued under $5 each only if the apparent owner is unknown.

SB756,34,19 (3) A report under s. 177.0401 may include personal information, as defined in s. 177.1401 (1), about the apparent owner or the apparent owner's property to the extent not otherwise prohibited by federal law.

SB756,34,24 (4) If a holder has changed the holder's name while holding property presumed abandoned or is a successor to another person that previously held the property for the apparent owner, the holder shall include in the report under s. 177.0401 the holder's former name or the name of the previous holder, if any, and the known name and address of each previous holder of the property.

SB756,75 Section 75. 177.0403 of the statutes is created to read:

SB756,35,3 177.0403 When report to be filed. (1) Subject to sub. (2), the report under s. 177.0401 shall be filed on or before November 1 of each year and cover the 12 months preceding July 1 of that year.

SB756,35,7 (2) Before the due date for filing the report under s. 177.0401, the holder of property presumed abandoned may request the administrator to extend the time for filing. The administrator may grant an extension of 60 days or other period agreed to by the administrator.

SB756,76 Section 76. 177.0404 of the statutes is created to read:

SB756,35,12 177.0404 Retention of records by holder. (1) A holder required to file a report under s. 177.0401 shall retain records for 10 years after the later of the date on which the report was filed or the last date on which a timely report was due to be filed, unless a shorter period is prescribed by rule by the administrator.

SB756,35,14 (2) The holder may satisfy the requirement to retain records under this section through an agent.

SB756,35,15 (3) The records retained under this section shall include the following:

SB756,35,16 (a) The information required to be included in the report under s. 177.0401.

SB756,35,18 (b) The date, place, and nature of the circumstances that gave rise to the property right.

SB756,35,19 (c) The amount or value of the property.

SB756,35,20 (d) The last address of the apparent owner, if known to the holder.

SB756,35,24 (e) If the holder sells, issues, or provides to others for sale or issue in this state travelers checks, money orders, or similar instruments, other than 3rd-party bank checks, on which the holder is directly liable, a record of the instruments while they remain outstanding, indicating the state and date of issue.