AB325,78
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.
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1(d) The last address of the apparent owner, if known to the holder.
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(e) If the holder sells, issues, or provides to others for sale or issue in this state
3travelers checks, money orders, or similar instruments, other than 3rd-party bank
4checks, on which the holder is directly liable, a record of the instruments while they
5remain outstanding, indicating the state and date of issue.
AB325,79
6Section
79. 177.0405 of the statutes is created to read:
AB325,37,10
7177.0405 Property reportable and payable or deliverable absent
8owner demand. Property is reportable and payable or deliverable under this
9chapter even if the owner fails to make demand or present an instrument or
10document otherwise required to obtain payment.
AB325,80
11Section
80. 177.0406 of the statutes is created to read:
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12177.0406 Negative reporting. (1) The administrator may require any
13person or persons to file a report as otherwise prescribed in this section, except that
14the administrator may specify a deadline after the deadline specified in s. 177.0403.
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15(2) The administrator may require any person to file a report even if the person
16believes the person is not in possession of any property reportable or deliverable
17under this chapter.
AB325,81
18Section
81. 177.05 of the statutes is repealed.
AB325,82
19Section 82
. Subchapter V (title) of chapter 177 [precedes 177.0501] of the
20statutes is created to read:
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CHAPTER 177
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SUBCHAPTER V
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notice to apparent owner of
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property presumed abandoned
AB325,83
25Section
83. 177.0501 of the statutes is created to read:
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1177.0501 Notice to apparent owner by holder. (1) Subject to sub. (2), the
2holder of property presumed abandoned shall send to the apparent owner notice by
31st class mail that complies with s. 177.0502, in a format acceptable to the
4administrator, not more than 120 days nor less than 60 days before filing the report
5under s. 177.0401, if all of the following apply:
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(a) The holder has in the holder's records an address for the apparent owner
7that the records do not indicate to be invalid and that is sufficient to direct the
8delivery of 1st class mail to the apparent owner.
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(b) The value of the property is $50 or more.
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10(2) If an apparent owner has consented to receive e-mail delivery from the
11holder, the holder shall send the notice described in sub. (1) both by 1st class mail to
12the apparent owner's last-known mailing address and by e-mail, unless the holder
13believes that the apparent owner's e-mail address is invalid.
AB325,84
14Section
84. 177.0502 of the statutes is created to read:
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15177.0502 Contents of notice by holder. (1) Notice under s. 177.0501 shall
16contain a heading that reads substantially as follows: “Notice. The State of
17Wisconsin requires us to notify you that your property may be transferred to the
18custody of the state's unclaimed property administrator if you do not contact us
19before (the date that is 30 days after the date of the notice).”
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20(2) The notice under s. 177.0501 shall do all of the following:
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(a) Identify the nature and, except for property that does not have a fixed value,
22the value of the property that is the subject of the notice.