AB752,42,19 (b) After paying the money to the administrator, the holder paid money to a person the holder reasonably believed was entitled to the money.

AB752,43,2 (2) If a claim for reimbursement under sub. (1) is made for a payment made on a negotiable instrument, including a travelers check, money order, or similar instrument, the holder shall submit proof that the instrument was presented and payment was made to a person the holder reasonably believed was entitled to payment. The holder may claim reimbursement even if the payment was made to a person whose claim was made after expiration of a period of limitation on the owner's right to receive or recover property, whether specified by contract or court order and notwithstanding any law to the contrary.

AB752,43,4 (3) The administrator may only grant and pay a holder's claim under sub. (1) if the money being claimed is in the administrator's possession.

AB752,43,8 (4) If a holder is reimbursed by the administrator under sub. (1) (b), the holder may also recover from the administrator income or gain under s. 177.0607 that would have been paid to the owner if the money had been claimed from the administrator by the owner, to the extent the income or gain was paid by the holder to the owner.

AB752,43,11 (5) A holder that delivers property other than money to the administrator may file a claim for return of the property from the administrator if any of the following applies:

AB752,43,12 (a) The holder delivered the property in error.

AB752,43,13 (b) The apparent owner has claimed the property from the holder.

AB752,43,15 (6) The administrator may only grant and pay a holder's claim under sub. (5) if the property being claimed is in the administrator's possession.

AB752,43,18 (7) A holder that files a claim under sub. (5) shall include with the claim evidence sufficient to establish that the apparent owner claimed the property from the holder or that the holder delivered the property to the administrator in error.

AB752,43,21 (8) The administrator may determine that an affidavit submitted by a holder is evidence sufficient to establish that the holder is entitled to reimbursement or to recover property under this section.

AB752,43,23 (9) A holder is not required to pay a fee or other charge for reimbursement or return of property under this section.

AB752,44,2 (10) Not later than 120 days after a claim is filed under sub. (1) or (4), the administrator shall allow or deny the claim and give the claimant notice of the decision in a record. If the administrator does not take action on a claim during the 120-day period, the claim is deemed denied.

AB752,44,9 (11) If a holder's claim is denied under this section, the holder may petition for judicial review of the claim under s. 227.52, notwithstanding s. 227.52 (1), except that petitions for review shall be served and filed no later than 90 days after the decision of the administrator or no later than 180 days after the filing of the claim if the administrator has failed to act on it. If the holder establishes the claim in an action against the administrator, the hearing examiner or court may award costs and reasonable attorney fees as permitted by s. 227.483, 227.485, or 814.245.

AB752,44,13 (12) If a holder receives reimbursement under this section, or for any other reason under this chapter, and the holder is a debtor under s. 71.93 or 71.935, the administrator shall setoff the reimbursement against the holder's debts under s. 71.93 or 71.935.

AB752,93 Section 93. 177.0606 of the statutes is created to read:

AB752,44,21 177.0606 Property removed from safe deposit box. Property removed from a safe deposit box and delivered to the administrator is subject to the holder's right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box. The administrator shall reimburse the holder from payment made by the apparent owner in the process of claiming the safe deposit box or the proceeds remaining after deducting the expense incurred by the administrator in selling the property.

AB752,94 Section 94. 177.0607 of the statutes is created to read:

AB752,45,5 177.0607 Income, interest, or gain while in the administrator's custody. If property is delivered to the administrator and income, interest, or gain is realized or accrued while in the custody of the administrator, upon a valid and allowed claim to the administrator, the owner is entitled to receive from the administrator income, interest, or gain realized or accrued on the property while in the custody of the administrator. Interest begins to accrue when the property is delivered to the administrator and shall be at the rate earned while in custody of the administrator.

AB752,95 Section 95. 177.0608 of the statutes is created to read:

AB752,45,9 177.0608 Administrator's options as to custody. The administrator may decline to take custody of property reported under s. 177.0401 if the administrator determines that any of the following applies:

AB752,45,11 (1) The property has a value less than the estimated expenses of notice and sale of the property.

AB752,45,12 (2) Taking custody of the property would be unlawful.

AB752,45,13 (3) The property is not subject to custody or escheatment under this chapter.

AB752,96 Section 96. 177.0609 of the statutes is created to read:

AB752,45,20 177.0609 Disposition of property having no substantial value; immunity from liability. (1) If the administrator takes custody of property delivered under this chapter and later determines that the property has no substantial commercial value or that the cost of disposing of the property exceeds the value of the property, the administrator may return the property to the holder or destroy or otherwise dispose of the property.

AB752,45,23 (2) An action or proceeding may not be commenced against the state, an agency of the state, the administrator, another officer, employee, or agent of the state, or a holder for or because of an act of the administrator under this section.

AB752,97 Section 97. 177.0610 of the statutes is created to read:

AB752,46,6 177.0610 Periods of limitation and repose. (1) Expiration, before, on, or after the effective date of this subsection .... [LRB inserts date], of a period of limitation on an owner's right to receive or recover property, whether specified by contract or court order, and notwithstanding any law to the contrary, does not prevent the property from being presumed abandoned or affect the duty of a holder under this chapter to file a report or pay or deliver property to the administrator.

AB752,46,10 (2) The administrator may not commence an action or proceeding to enforce this chapter with respect to the reporting, payment, or delivery of property reported to the administrator more than 5 years after the holder filed a nonfraudulent report and reported the property under s. 177.0401 to the administrator.