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.

AB752,136 Section 136. 177.1204 of the statutes is created to read:

AB752,61,10 177.1204 Penalties. (1) Failure to file a report. (a) Any person who fails to timely file a report under this chapter shall pay a penalty equal to $150.

AB752,61,13 (b) In addition to the penalty imposed under par. (a), any person who fails to file a report by the time prescribed in a written request by the administrator may be subject to a penalty of $100 for each day the report is not filed.

AB752,61,20 (c) Any person who files a false or fraudulent report with intent to defeat or evade the laws imposed under this chapter, is subject to the penalties under pars. (a) and (b) and a fine of $1,000 for each day from the date the report was made until corrected or imprisonment for not more than 6 months, or both. The fine imposed under this paragraph may not exceed the lesser of $25,000 or an amount equal to 25 percent of the amount or value of any property that was required to be included in the report that was not included or was underreported.

AB752,61,23 (2) Failure to pay or deliver property. (a) Any person who fails to timely pay or deliver abandoned property to the administrator as required under this chapter shall pay a penalty equal to 15 percent of the value of the property.

AB752,62,2 (b) In addition to the penalty imposed under par. (a), any person who fails to pay or delivery abandoned property by the time prescribed in a written request from the administrator may be subject to a penalty of $100 for each day the property is not paid or delivered.

AB752,62,6 (3) Failure to perform other duty. Any person who fails to perform any other duty required under this chapter, other than the duties for which a penalty is imposed under sub. (1) or (2), may be subject to a penalty of up to a $500 for each day the duty is not performed, not to exceed $10,000 in a calendar year.

AB752,62,9 (4) Assessment and collection. The administrator shall assess and collect any penalties under this section as it assesses and collects amounts or property due for payment or delivery under this chapter.