AB752,57,25 177.1101 Default assessment. When any person fails, neglects, or refuses to file a report by the deadline prescribed by this chapter, the administrator may, notwithstanding ss. 177.1001 and 177.1002 and according to the administrator's best judgment, determine the amount of property that should have been reported and remitted by that person under this chapter and may assess such amount against the person.

AB752,128 Section 128. 177.1102 of the statutes is created to read:

AB752,58,7 177.1102 Notice of assessment. The administrator shall notify a person in writing of any assessment under this chapter. The administrator shall serve that notice as provided in s. 73.03 (73m). If the person is a corporation and the administrator is unable to serve that corporation as provided in s. 73.03 (73m), the administrator may serve the notice by publishing a class 3 notice under ch. 985 in the official state newspaper.

AB752,129 Section 129. 177.1103 of the statutes is created to read:

AB752,58,13 177.1103 Appeal of assessment. The appeal provisions under ss. 71.88 (1) (a) and (2) (a), 71.89, 71.90, 73.01 (1), (2), (3), (4), and (4m), and 73.015, as they apply to a taxpayer and the department of revenue and consistent with this chapter, shall apply to the person or holder and the administrator with respect to an assessment under this chapter.

AB752,130 Section 130. 177.1104 of the statutes is created to read:

AB752,58,16 177.1104 Penalties. The provisions of s. 177.1204 shall apply to an amount due as determined and assessed under this chapter.

AB752,131 Section 131. 177.12 of the statutes is renumbered 177.0213, and 177.0213 (1), as renumbered, is amended to read:

AB752,58,25 177.0213 (1) Intangible property Property and any income or increment derived from it held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within 5 years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, communicated concerning the property or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by the fiduciary provided in s. 177.0210.

AB752,132 Section 132. Subchapter XII (title) of chapter 177 [precedes 177.1201] of the statutes is created to read:

AB752,59,3 CHAPTER 177

AB752,59,4 SUBCHAPTER XII

AB752,59,5 enforcement

AB752,133 Section 133. 177.1201 of the statutes is created to read:

AB752,59,11 177.1201 Enforcement. (1) An assessment under this chapter that becomes final and is not subject to administrative or judicial review is subject to action and collection by the administrator under ss. 71.91, 71.92, and 73.03 (9), (20), (27), (28), (33m), and (33p) consistent with action taken by the department of revenue with respect to delinquent taxes under the same provisions.

AB752,59,14 (2) If no court in this state has jurisdiction over the assessed holder or the assessed holder is not subject to the jurisdiction of this state, the attorney general may commence an action in any court having jurisdiction over the assessed holder.

AB752,59,16 (3) Subject to sub. (2), the attorney general may bring an action in circuit court or in federal court to enforce this chapter.

AB752,134 Section 134. 177.1202 of the statutes is created to read:

AB752,59,19 177.1202 Interstate and international agreement; cooperation. (1) Subject to sub. (2), the administrator may do all of the following:

AB752,59,22 (a) Exchange information with another state or foreign country relating to property presumed abandoned or relating to the possible existence of property presumed abandoned.

AB752,60,2 (b) Authorize another state or foreign country or a person acting on behalf of the other state or country to examine its records of a putative holder as provided in subch. X. The administrator shall make the authorization under this paragraph in a record.

AB752,60,6 (2) An exchange or examination under sub. (1) may be done only if the state or foreign country has confidentiality and security requirements substantially equivalent to those in subch. XIV or agrees in a record to be bound by this state's confidentiality and security requirements.

AB752,135 Section 135. 177.1203 of the statutes is created to read:

AB752,60,10 177.1203 Action involving another state or foreign country. (1) The administrator may join another state or foreign country to examine the records of a putative holder and seek enforcement of this chapter against a putative holder.

AB752,60,15 (2) At the request of another state or a foreign country, the attorney general may commence an action on behalf of the other state or country to enforce, in this state, the law of the other state or country against a putative holder subject to a claim by the other state or country, if the other state or country agrees to pay costs incurred by the attorney general in the action.

AB752,60,20 (3) The administrator may request the official authorized to enforce the unclaimed property law of another state or a foreign country to commence an action to recover property in the other state or country on behalf of the administrator. This state shall pay the costs, including reasonable attorney's fees and expenses, incurred by the other state or foreign country in an action under this section.

AB752,60,23 (4) The administrator may pursue an action on behalf of this state to recover property subject to this chapter, but delivered to the custody of another state, if the administrator believes the property is subject to the custody of the administrator.

AB752,61,3 (5) The administrator may retain an attorney in this state, another state, or a foreign country to commence an action to recover property on behalf of the administrator and may agree to pay attorney's fees based in whole or in part on a fixed fee, hourly fee, or a percentage of the amount or value of property recovered in the action.

AB752,61,7 (6) Expenses incurred by this state in an action under this section may be paid from property received under this chapter or the net proceeds from the sale of the property. Expenses paid to recover property may not be deducted from the amount that is subject to a claim under this chapter by the owner.