SB756,6,3 general provisions

SB756,8 Section 8. 177.001 of the statutes is created to read:

SB756,6,6 177.001 Short title. This chapter may be cited as the “Revised Uniform Unclaimed Property Act.”

SB756,9 Section 9. 177.01 (1) of the statutes is amended to read:

SB756,6,8 177.01 (1) “Administrator" means the secretary department of revenue.

SB756,10 Section 10. 177.01 (1d) of the statutes is created to read:

SB756,6,13 177.01 (1d) “Administrator's agent” means a person that the administrator contracts with to conduct an examination under subch. X on the administrator's behalf, including an independent contractor of such person and each individual participating in the examination on behalf of the person or contractor.

SB756,11 Section 11. 177.01 (2) of the statutes is amended to read:

SB756,6,17 177.01 (2) “Apparent owner" means the a person whose name appears on the records of the holder as the person entitled to owner of property held, issued, or owing by the holder.

SB756,12 Section 12. 177.01 (3) and (4) of the statutes are repealed.

SB756,13 Section 13. 177.01 (5) of the statutes is amended to read:

SB756,7,3 177.01 (5) “Business association" means a nonpublic corporation,; joint stock company,; investment company, not including an investment company registered under the investment company act of 140, as amended, 15 U.S.C. sections 80a-1 to 80a-64; business trust,; partnership,; unincorporated association; joint venture; limited liability company or association for business purposes,; trust company; land bank; safe deposit company; safekeeping depository; financial organization; insurance company; federally chartered entity; utility; sole proprietorship; or other business entity; regardless of whether or not any such entity is for profit, including a banking organization, financial organization, insurance company or utility.

SB756,14 Section 14. 177.01 (5d) of the statutes is created to read:

SB756,7,6 177.01 (5d) “Confidential information” means records, reports, and information that are confidential under s. 177.1402.

SB756,15 Section 15. 177.01 (6) of the statutes is renumbered 177.01 (6) (intro.) and amended to read:

SB756,7,11 177.01 (6) (intro.) “Domicile" means the state of incorporation of a corporation, the state of organization of a limited liability company and the state of the principal place of business of an unincorporated person. the following:

SB756,16 Section 16. 177.01 (6) (a) to (d) of the statutes are created to read:

SB756,7,13 177.01 (6) (a) For a corporation, the state of its incorporation.

SB756,7,15 (b) For a business association, other than a corporation, that requires a filing with a state for its formation, the state of its filing.

SB756,7,18 (c) For a federally chartered entity or an investment company registered under the investment company act of 1940, as amended, 15 U.S.C. sections 80a-1 to 80a-64, the state of its home office.

SB756,7,19 (d) For any other holder, the state of its principal place of business.

SB756,17 Section 17. 177.01 (6d) of the statutes is created to read:

SB756,7,23 177.01 (6d) “Dormancy period” means the period of time, as specified for each property type in this chapter, that must pass before the property is presumed abandoned.

SB756,18 Section 18. 177.01 (6f) of the statutes is created to read:

SB756,8,2 177.01 (6f) “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

SB756,19 Section 19. 177.01 (6g) of the statutes is created to read:

SB756,8,5 177.01 (6g) “E-mail” means a communication by electronic means which is automatically retained and stored and may be readily accessed or retrieved.

SB756,20 Section 20. 177.01 (7) of the statutes is amended to read:

SB756,8,11 177.01 (7) “Financial organization" means a savings and loan association, savings bank, cooperative bank, building and loan association or, credit union, industrial bank, bank, banking organization, trust company, land bank, safe deposit company, private banker, or any other organization defined by other law as a bank, banking organization, or financial institution.