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SUBCHAPTER iV
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report by holder
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9Section
75. 177.0401 of the statutes is created to read:
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10177.0401 Report required by holder. (1) (a) A holder of property presumed
11abandoned and subject to the custody of the administrator shall report in a record
12to the administrator concerning the property.
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(b) A holder shall report electronically in a format approved by the
14administrator, unless the administrator approves another method.
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15(2) A holder may contract with a 3rd party to make the report required under
16sub. (1).
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17(3) Regardless of whether a holder enters into a contract under sub. (2), the
18holder is responsible to the administrator for the complete, accurate, and timely
19reporting of property presumed abandoned and for paying or delivering the property
20described in the report to the administrator.
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21Section
76. 177.0402 of the statutes is created to read:
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22177.0402 Content of report. (1) The report required under s. 177.0401 shall
23be signed by or on behalf of the holder and verified as to its completeness and
24accuracy and be in a secure format, as approved by the administrator, that protects
25the apparent owner's confidential information in the same manner as is required of
1the administrator and administrator's agent under subch. XIV. The report shall
2contain the following information:
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(a) A description of the property.
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(b) Unless the property is a travelers check, money order, or similar
5instrument, the name, last-known address, social security number or taxpayer
6identification number, and date of birth of the property's apparent owner, if such
7information is known or readily ascertainable.
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(c) For an amount held or owing under a life or endowment insurance policy or
9annuity contract, the name, social security number or taxpayer identification
10number, if known, date of birth, if known, and last-known address of the insured,
11annuitant, or other apparent owner of the policy or contract and of each beneficiary.
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(d) For property held in or removed from a safe deposit box or other safekeeping
13repository or for other tangible personal property, an itemized inventory and
14description of the property, including the location of the property where it may be
15inspected by the administrator and any amounts owed to the holder.
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(e) The commencement date for determining abandonment under subch. II.
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(f) A statement that the holder has complied with the notice requirements of
18s. 177.0501.
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(g) Any other information prescribed by the administrator.
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20(2) A report under s. 177.0401 may include in the aggregate items valued under
21$5 each only if the apparent owner is unknown.
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22(3) A report under s. 177.0401 may include personal information, as defined
23in s. 177.1401 (1), about the apparent owner or the apparent owner's property to the
24extent not otherwise prohibited by federal law.
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1(4) If a holder has changed the holder's name while holding property presumed
2abandoned or is a successor to another person that previously held the property for
3the apparent owner, the holder shall include in the report under s. 177.0401 the
4holder's former name or the name of the previous holder, if any, and the known name
5and address of each previous holder of the property.
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6Section
77. 177.0403 of the statutes is created to read:
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7177.0403 When report to be filed. (1) Subject to sub. (2), the report under
8s. 177.0401 shall be filed on or before November 1 of each year and cover the 12
9months preceding July 1 of that year.
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10(2) Before the due date for filing the report under s. 177.0401, the holder of
11property presumed abandoned may request the administrator to extend the time for
12filing. The administrator may grant an extension of 60 days or other period agreed
13to by the administrator.
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14Section
78. 177.0404 of the statutes is created to read:
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15177.0404 Retention of records by holder. (1) A holder required to file a
16report under s. 177.0401 shall retain records for 10 years after the later of the date
17on which the report was filed or the last date on which a timely report was due to be
18filed, unless a shorter period is prescribed by rule by the administrator.
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19(2) The holder may satisfy the requirement to retain records under this section
20through an agent.
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21(3) The records retained under this section shall include the following:
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(a) The information required to be included in the report under s. 177.0401.
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(b) The date, place, and nature of the circumstances that gave rise to the
24property right.
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(c) The amount or value of the property.