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requests for reports;
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examination of records
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14Section
120. 177.1001 of the statutes is created to read:
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15177.1001 Verified report of property. If a person does not file a report
16required under s. 177.0401 or the administrator believes that a person may have
17filed an inaccurate, incomplete, or false report, the administrator may require the
18person to file a verified report in a form prescribed by the administrator. A verified
19report shall include all of the following:
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20(1) A statement as to whether the person is holding property that is reportable
21under this chapter.
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22(2) A description of the property not previously reported or about which the
23administrator has inquired.
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24(3) A specific identification of property described under sub. (2) about which
25there is a dispute whether it is reportable under this chapter.
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1(4) The amount or value of the property.
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2Section
121. 177.1002 (3) of the statutes is created to read:
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177.1002
(3) The administrator may at reasonable times and on reasonable
4notice issue an administrative subpoena requiring the person or agent of the person
5to make records available for examination. The attorney general may bring an action
6seeking judicial enforcement of a subpoena issued under this subsection.
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7Section
122. 177.1002 (4) of the statutes is created to read:
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177.1002
(4) If any person fails to file any report or refuses to deliver property
9to the administrator as required under this chapter, the administrator may bring an
10action in a court of appropriate jurisdiction to require the filing of the report and to
11enforce delivery of the property.
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12Section
123. 177.1003 of the statutes is created to read:
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13177.1003 Records obtained in examination. Records obtained and records,
14including work papers, compiled by the administrator in the course of conducting an
15examination under s. 177.1002:
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16(1) Are subject to the confidentiality and security provisions of subch. XIV and
17are not public records for purposes of subch. II of ch. 19.
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18(2) May be used by the administrator in an action to collect property or
19otherwise enforce this chapter.
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20(3) May be used in a joint examination conducted with another state, the
21federal government, a foreign country or subordinate unit of a foreign country, or any
22other governmental entity if the governmental entity conducting the examination is
23legally bound to maintain the confidentiality and security of information obtained
24from a person subject to examination in a manner substantially equivalent to that
25under subch. XIV.
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1(4) May be disclosed to the person that administers the unclaimed property law
2of another state, upon that person's request, for that state's use in circumstances
3equivalent to circumstances described in this subchapter, if the other state is
4required to maintain the confidentiality and security of information obtained in a
5manner substantially equivalent to that under subch. XIV.
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6Section
124. 177.1004 of the statutes is created to read:
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7177.1004 Failure of person examined to retain records. If a person
8subject to examination under s. 177.1002 does not retain the records required by s.
9177.0404, the administrator may determine the value of property due using a
10reasonable method of estimation based on all information available to the
11administrator, including extrapolation and use of statistical sampling when
12appropriate and necessary.
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13Section
125. 177.11 of the statutes is repealed.
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14Section 126
. Subchapter
XI (title) of chapter 177 [precedes 177.1101] of the
15statutes is created to read:
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CHAPTER 177
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SUBCHAPTER XI
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Assessments and appeals
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19Section
127. 177.1101 of the statutes is created to read:
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20177.1101 Default assessment. When any person fails, neglects, or refuses
21to file a report by the deadline prescribed by this chapter, the administrator may,
22notwithstanding ss. 177.1001 and 177.1002 and according to the administrator's
23best judgment, determine the amount of property that should have been reported
24and remitted by that person under this chapter and may assess such amount against
25the person.
AB752,128
1Section
128. 177.1102 of the statutes is created to read:
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2177.1102 Notice of assessment. The administrator shall notify a person in
3writing of any assessment under this chapter. The administrator shall serve that
4notice as provided in s. 73.03 (73m). If the person is a corporation and the
5administrator is unable to serve that corporation as provided in s. 73.03 (73m), the
6administrator may serve the notice by publishing a class 3 notice under ch. 985 in
7the official state newspaper.