AB325,45,55 (b) The apparent owner has claimed the property from the holder.
AB325,45,7 6(6) The administrator may only grant and pay a holder's claim under sub. (5)
7if the property being claimed is in the administrator's possession.
AB325,45,10 8(7) A holder that files a claim under sub. (5) shall include with the claim
9evidence sufficient to establish that the apparent owner claimed the property from
10the holder or that the holder delivered the property to the administrator in error.
AB325,45,13 11(8) The administrator may determine that an affidavit submitted by a holder
12is evidence sufficient to establish that the holder is entitled to reimbursement or to
13recover property under this section.
AB325,45,15 14(9) A holder is not required to pay a fee or other charge for reimbursement or
15return of property under this section.
AB325,45,19 16(10) Not later than 120 days after a claim is filed under sub. (1) or (4), the
17administrator shall allow or deny the claim and give the claimant notice of the
18decision in a record. If the administrator does not take action on a claim during the
19120-day period, the claim is deemed denied.
AB325,46,2 20(11) If a holder's claim is denied under this section, the holder may petition for
21judicial review of the claim under s. 227.52, notwithstanding s. 227.52 (1), except
22that petitions for review shall be served and filed no later than 90 days after the
23decision of the administrator or no later than 180 days after the filing of the claim
24if the administrator has failed to act on it. If the holder establishes the claim in an

1action against the administrator, the hearing examiner or court may award costs and
2reasonable attorney fees as permitted by s. 227.483, 227.485, or 814.245.
AB325,46,6 3(12) If a holder receives reimbursement under this section, or for any other
4reason under this chapter, and the holder is a debtor under s. 71.93 or 71.935, the
5administrator shall setoff the reimbursement against the holder's debts under s.
671.93 or 71.935.
AB325,97 7Section 97. 177.0606 of the statutes is created to read:
AB325,46,14 8177.0606 Property removed from safe deposit box. Property removed
9from a safe deposit box and delivered to the administrator is subject to the holder's
10right to reimbursement for the cost of opening the box and a lien or contract providing
11reimbursement to the holder for unpaid rent charges for the box. The administrator
12shall reimburse the holder from payment made by the apparent owner in the process
13of claiming the safe deposit box or the proceeds remaining after deducting the
14expense incurred by the administrator in selling the property.
AB325,98 15Section 98. 177.0607 of the statutes is created to read:
AB325,46,19 16177.0607 Income, interest, or gain while in the administrator's
17custody. (1)
If property other than money is delivered to the administrator, the
18owner is entitled to receive income or gain realized or accrued on the property on or
19before the date the property is sold.
AB325,47,2 20(2) Except as provided in subs. (3) and (4), when the administrator pays to a
21claimant property in the form of money, including property described in sub. (1) that
22is converted to money, the administrator shall pay simple interest on that money for
23the period that it was in the custody of the administrator or this state at an annual
24rate equal to the applicable annual federal long-term rate determined under section

11274 (d) of the Internal Revenue Code in effect on December 31 of the year prior to
2the year in which the claim is paid.
AB325,47,3 3(3) Interest shall not accrue:
AB325,47,44 (a) On property in the form of money that is less than $100.
AB325,47,55 (b) On property recovered by a holder under s. 177.0605.
AB325,47,66 (c) Before January 2, 2019, except as provided in sub. (4).
AB325,47,16 7(4) Property received by the administrator before January 2, 2019, that was
8interest-bearing to the holder at the time of receipt by the administrator or this state
9shall accrue interest while in possession of the administrator or this state at a rate
10of 6 percent per year or any lesser rate the property earned while in the possession
11of the holder. Interest begins to accrue when the property is delivered to the
12administrator and ceases on the earlier of the date on which payment is made to the
13owner or January 1, 2019. If the property is still in the possession of the
14administrator or this state on January 2, 2019, interest shall accrue as described in
15sub (2). No interest on interest-bearing property is payable for any period before
16December 31, 1984.
AB325,99 17Section 99. 177.0608 of the statutes is created to read:
AB325,47,20 18177.0608 Administrator's options as to custody. The administrator may
19decline to take custody of property reported under s. 177.0401 if the administrator
20determines that any of the following applies:
AB325,47,22 21(1) The property has a value less than the estimated expenses of notice and sale
22of the property.
AB325,47,23 23(2) Taking custody of the property would be unlawful.
AB325,47,24 24(3) The property is not subject to custody or escheatment under this chapter.
AB325,100 25Section 100. 177.0609 of the statutes is created to read:
AB325,48,6
1177.0609 Disposition of property having no substantial value;
2immunity from liability. (1)
If the administrator takes custody of property
3delivered under this chapter and later determines that the property has no
4substantial commercial value or that the cost of disposing of the property exceeds the
5value of the property, the administrator may return the property to the holder or
6destroy or otherwise dispose of the property.
AB325,48,9 7(2) An action or proceeding may not be commenced against the state, an agency
8of the state, the administrator, another officer, employee, or agent of the state, or a
9holder for or because of an act of the administrator under this section.
AB325,101 10Section 101. 177.0610 of the statutes is created to read:
AB325,48,16 11177.0610 Periods of limitation and repose. (1) Expiration, before, on, or
12after the effective date of this subsection .... [LRB inserts date], of a period of
13limitation on an owner's right to receive or recover property, whether specified by
14contract or court order, and notwithstanding any law to the contrary, does not
15prevent the property from being presumed abandoned or affect the duty of a holder
16under this chapter to file a report or pay or deliver property to the administrator.
AB325,48,20 17(2) The administrator may not commence an action or proceeding to enforce
18this chapter with respect to the reporting, payment, or delivery of property reported
19to the administrator more than 5 years after the holder filed a nonfraudulent report
20and reported the property under s. 177.0401 to the administrator.