LRB-2948/1
TKK:med:rs
2011 - 2012 LEGISLATURE
November 18, 2011 - Introduced by Senator Grothman, cosponsored by
Representative Kramer. Referred to Committee on Judiciary, Utilities,
Commerce, and Government Operations.
SB296,1,3
1An Act to amend 177.34 (1) of the statutes;
relating to: interest due on property
2determined to be abandoned and due to be paid or delivered to the state
3treasurer.
Analysis by the Legislative Reference Bureau
Under current law, a person who holds property that has been determined to
be abandoned by the owner of the property must pay or deliver that property to the
state treasurer (treasurer). If the person who holds the property fails to pay or
deliver the property within the time required by law, the person must pay interest
on the property or the value of the property at the annual rate of 18 percent from the
date the property should have been paid or delivered. Under this bill, the treasurer
may only require a person to pay interest on the property if the person has willfully
neglected to pay or deliver the property in a timely manner. The bill also changes
the interest rate from 18 percent to 12 percent.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB296, s. 1
4Section
1. 177.34 (1) of the statutes is amended to read:
SB296,2,4
1177.34
(1) A The administrator may require a person who
fails
willfully
2neglects to pay or deliver property within the time prescribed by this chapter
shall 3to pay the administrator interest at the annual rate of
18% 12 percent on the property
4or value thereof from the date the property should have been paid or delivered.
