AB325,6,25 73.03 (75) To submit a report to the joint committee on finance no later than 6 months after the end of each fiscal year, beginning with the 2021-22 fiscal year and ending with the 2025-26 fiscal year, that contains information on the use of contract auditors in the unclaimed property program under ch. 177, including auditor performance results and comments and concerns from those audited regarding the contract auditors. The department shall survey those audited by contract auditors to receive comments and concerns. Before allowing any person to engage in an audit of another person's documents or records, the administrator shall post the contract or other agreement with the person on the department's Internet site. The contract or other agreement shall remain posted on the department's Internet site until the contract or other agreement is no longer in effect, is no longer valid, or is superseded or otherwise rescinded. The person may take no action to engage in the audit until the administrator certifies that the person will proceed, even if domiciled in another state, in accordance with Wisconsin statutes and department rules and guidance documents and the administrator concludes there is a reasonable justification for using the person to engage in the audit. The administrator shall actively monitor the person to ensure that the person, even if domiciled in another state, is acting in accordance with such statutes, rules, and guidance documents and shall immediately take corrective action, including rescinding the contract, if the administrator reasonably concludes the person is not acting in accordance with such statutes, rules, and guidance documents.

AB325,9 Section 9. Subchapter I (title) of chapter 177 [precedes 177.001] of the statutes is created to read:

AB325,7,3 CHAPTER 177

AB325,7,4 SUBCHAPTER i

AB325,7,5 general provisions

AB325,10 Section 10. 177.001 of the statutes is created to read:

AB325,7,8 177.001 Short title. This chapter may be cited as the “Revised Uniform Unclaimed Property Act.”

AB325,11 Section 11. 177.01 (1) of the statutes is amended to read:

AB325,7,10 177.01 (1) “Administrator" means the secretary department of revenue.

AB325,12 Section 12. 177.01 (1d) of the statutes is created to read:

AB325,7,15 177.01 (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.

AB325,13 Section 13. 177.01 (2) of the statutes is amended to read:

AB325,7,19 177.01 (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.

AB325,14 Section 14. 177.01 (3) and (4) of the statutes are repealed.

AB325,15 Section 15. 177.01 (5) of the statutes is amended to read:

AB325,8,5 177.01 (5) “Business association" means a nonpublic corporation,; joint stock company,; investment company, not including an investment company registered under the Investment Company Act of 1940, as amended, 15 USC 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.

AB325,16 Section 16. 177.01 (5d) of the statutes is created to read:

AB325,8,8 177.01 (5d) “Confidential information” means records, reports, and information that are confidential under s. 177.1402.

AB325,17 Section 17. 177.01 (6) of the statutes is renumbered 177.01 (6) (intro.) and amended to read:

AB325,8,13 177.01 (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:

AB325,18 Section 18. 177.01 (6) (a) to (d) of the statutes are created to read:

AB325,8,15 177.01 (6) (a) For a corporation, the state of its incorporation.

AB325,8,17 (b) For a business association, other than a corporation, that requires a filing with a state for its formation, the state of its filing.

AB325,8,20 (c) For a federally chartered entity or an investment company registered under the Investment Company Act of 1940, as amended, 15 USC sections 80a-1 to 80a-64, the state of its home office.

AB325,8,21 (d) For any other holder, the state of its principal place of business.

AB325,19 Section 19. 177.01 (6d) of the statutes is created to read:

AB325,8,25 177.01 (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.

AB325,20 Section 20. 177.01 (6f) of the statutes is created to read:

AB325,9,3 177.01 (6f) “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.