AB752,36,17 notice to apparent owner of

AB752,36,18 property presumed abandoned

AB752,81 Section 81. 177.0501 of the statutes is created to read:

AB752,36,24 177.0501 Notice to apparent owner by holder. (1) Subject to sub. (2), the holder of property presumed abandoned shall send to the apparent owner notice by 1st class mail that complies with s. 177.0502, in a format acceptable to the administrator, not more than 120 days nor less than 60 days before filing the report under s. 177.0401, if all of the following apply:

AB752,37,3 (a) The holder has in the holder's records an address for the apparent owner that the records do not indicate to be invalid and that is sufficient to direct the delivery of 1st class mail to the apparent owner.

AB752,37,4 (b) The value of the property is $50 or more.

AB752,37,8 (2) If an apparent owner has consented to receive e-mail delivery from the holder, the holder shall send the notice described in sub. (1) both by 1st class mail to the apparent owner's last-known mailing address and by e-mail, unless the holder believes that the apparent owner's e-mail address is invalid.

AB752,82 Section 82. 177.0502 of the statutes is created to read:

AB752,37,14 177.0502 Contents of notice by holder. (1) Notice under s. 177.0501 shall contain a heading that reads substantially as follows: “Notice. The State of Wisconsin requires us to notify you that your property may be transferred to the custody of the state's unclaimed property administrator if you do not contact us before (the date that is 30 days after the date of the notice).”

AB752,37,15 (2) The notice under s. 177.0501 shall do all of the following:

AB752,37,17 (a) Identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice.

AB752,37,18 (b) State that the property will be turned over to the administrator.

AB752,37,20 (c) State that after the property is turned over to the administrator an apparent owner that seeks return of the property shall file a claim with the administrator.

AB752,37,21 (d) State that property may be sold by the administrator.

AB752,37,23 (e) Provide instructions that the apparent owner shall follow to prevent the holder from reporting and paying or delivering the property to the administrator.

AB752,83 Section 83. 177.0503 (2n) of the statutes is created to read:

AB752,38,3 177.0503 (2n) (a) The administrator may publish, on behalf of the department of children and families, the name and address of an apparent owner of uncashed child support payments.

AB752,38,6 (b) At least quarterly, the department of children and families shall reimburse the administrator, based on information provided by the administrator, for any administrative expenses incurred under par. (a).

AB752,84 Section 84. 177.0504 of the statutes is created to read:

AB752,38,15 177.0504 Cooperation among state officers and agencies to locate apparent owners. Unless otherwise prohibited by law, at the request of the administrator, each officer, agency, board, commission, division, or department of this state, any body politic or corporate created by this state for a public purpose, and each political subdivision of this state shall make its books and records available to the administrator and cooperate with the administrator to determine the current address of an apparent owner of property held by the administrator under this chapter.

AB752,85 Section 85. 177.0505 of the statutes is created to read:

AB752,38,19 177.0505 Tax return identification of apparent owners. (1) Annually, before July 1, the administrator shall determine if either of the following applies to any apparent owner of abandoned property under s. 177.0503:

AB752,38,21 (a) The apparent owner has filed a tax return in the 14 months preceding the determination.

AB752,38,22 (b) The apparent owner is a debtor under s. 71.93 or 71.935.

AB752,38,24 (2) For any person who is identified in sub. (1) and who is not a debtor under sub (1) (b), the administrator shall do the following:

AB752,39,3 (a) Deliver the property to the apparent owner, in the manner provided under s. 177.0903, without requiring the apparent owner to file a claim under s. 177.0903, if the value of the abandoned property is $2,000 or less.

AB752,39,7 (b) Send written notice to the person, informing the person that he or she is the owner of abandoned property held by the state and may file a claim with the administrator for return of the property under s. 177.0903, if the value of the abandoned property is over $2,000.

AB752,39,11 (3) For any person who is identified in sub. (1) and who is a debtor under sub. (1) (b), the administrator shall setoff the abandoned property against the person's debts under s. 71.93 or 71.935. If there is any remaining property after setoff, the administrator shall proceed under sub. (2) (a) or (b).

AB752,39,13 (4) Any property paid or delivered to a person under this section is subject to recovery by the administrator as provided in s. 177.1206 and this chapter.