AB325,47,2 (2) Except as provided in subs. (3) and (4), when the administrator pays to a claimant property in the form of money, including property described in sub. (1) that is converted to money, the administrator shall pay simple interest on that money for the period that it was in the custody of the administrator or this state at an annual rate equal to the applicable annual federal long-term rate determined under section 1274 (d) of the Internal Revenue Code in effect on December 31 of the year prior to the year in which the claim is paid.

AB325,47,3 (3) Interest shall not accrue:

AB325,47,4 (a) On property in the form of money that is less than $100.

AB325,47,5 (b) On property recovered by a holder under s. 177.0605.

AB325,47,6 (c) Before January 2, 2019, except as provided in sub. (4).

AB325,47,16 (4) Property received by the administrator before January 2, 2019, that was interest-bearing to the holder at the time of receipt by the administrator or this state shall accrue interest while in possession of the administrator or this state at a rate of 6 percent per year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the property is delivered to the administrator and ceases on the earlier of the date on which payment is made to the owner or January 1, 2019. If the property is still in the possession of the administrator or this state on January 2, 2019, interest shall accrue as described in sub (2). No interest on interest-bearing property is payable for any period before December 31, 1984.

AB325,99 Section 99. 177.0608 of the statutes is created to read:

AB325,47,20 177.0608 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:

AB325,47,22 (1) The property has a value less than the estimated expenses of notice and sale of the property.

AB325,47,23 (2) Taking custody of the property would be unlawful.

AB325,47,24 (3) The property is not subject to custody or escheatment under this chapter.

AB325,100 Section 100. 177.0609 of the statutes is created to read:

AB325,48,6 177.0609 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.

AB325,48,9 (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.

AB325,101 Section 101. 177.0610 of the statutes is created to read:

AB325,48,16 177.0610 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.

AB325,48,20 (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.

AB325,48,25 (3) If a holder is required to file a report under s. 177.0401 and fails to do so, or if a holder files a report but does not report property required to be included with the report under s. 177.0401, the administrator may not commence an action, proceeding, or examination with respect to the reporting, payment, or delivery of the unreported property more than 10 years after the holder's duty to report arose.

AB325,49,2 (4) Subsections (1) to (3) do not apply in the case of the filing of a fraudulent report or to any collection action or proceeding under s. 177.1201 or 177.1206.

AB325,49,4 (5) For purposes of this section, the administrator and holder may extend any period of limitation by written agreement.

AB325,102 Section 102. 177.07 of the statutes is repealed.

AB325,103 Section 103 . Subchapter VII (title) of chapter 177 [precedes 177.0701] of the statutes is created to read:

AB325,49,8 CHAPTER 177

AB325,49,9 SUBCHAPTER VII

AB325,49,10 Sale of property by administrator

AB325,104 Section 104. 177.0701 of the statutes is created to read:

AB325,49,14 177.0701 Public sale of property. (1) Except as provided in ss. 177.0702 and 177.1504, the administrator shall sell abandoned property within 3 years after receiving the property.

AB325,49,17 (2) Before selling property under sub. (1), the administrator shall give notice to the public of the date of the sale and include with the notice a reasonable description of the property.

AB325,49,19 (3) Except as provided under sub. (4), a sale under sub. (1) shall be to the highest bidder by any of the following means: