2019 - 2020 LEGISLATURE
ASSEMBLY AMENDMENT 1,
TO ASSEMBLY BILL 752
January 28, 2020 - Offered by Representative August.
32. Page 17, line 17
: delete “maturity of the deposit" and substitute “earlier of 4
maturity or the date of the last indication of interest in the property by the apparent 5
“177.0202 When tax-deferred retirement account presumed
Subject to s. 177.0210, property held in a pension account or 10
retirement account that qualifies for federal income tax deferral under the U.S. 11
income tax laws is presumed abandoned if it is unclaimed by the apparent owner 3 12
(a) The later of the following:
1. The date on which a 2nd consecutive communication sent by the holder by 2
1st class mail to the apparent owner is returned to the holder by the U.S. postal 3
service as undeliverable.
2. If the 2nd communication is sent later than 30 days after the date on which 5
the first communication is returned to the holder by the U.S. postal service as 6
undeliverable, the date on which the first communication was returned as 7
(b) The earlier of the following:
1. The date on which the apparent owner reaches the minimum distribution 10
age, as specified under the Internal Revenue Code or by federal regulation, if that 11
can be determined by the holder.
2. If distribution to avoid a tax penalty is required under the Internal Revenue 13
Code, 2 years after the following:
a. The date on which the holder receives confirmation of the death of the 15
apparent owner in the ordinary course of the holder's business.
b. The date on which the holder confirms the death of the apparent owner under 17
If a holder in the ordinary course of its business receives notice or an 19
indication of the death of an apparent owner and sub. (1) (b) applies, the holder shall 20
attempt not later than 90 days after receipt of the notice or indication to confirm 21
whether the apparent owner is deceased.
If the holder does not send communications to the apparent owner of an 23
account described in sub. (1) by 1st class mail, the holder shall attempt to confirm 24
the apparent owner's interest in the property by sending the apparent owner e-mail 25
not later than 2 years after the apparent owner's last indication of interest in the
property, except that the holder shall promptly attempt to contact the apparent 2
owner by 1st class mail if any of the following applies:
(a) The holder does not have information needed to send the apparent owner 4
e-mail or the holder believes that the apparent owner's e-mail address in the 5
holder's records is not valid.
(b) The holder receives notification that the e-mail was not received.
(c) The apparent owner does not respond to the e-mail within 30 days from the 8
date on which the e-mail was sent.
If 1st class mail sent under sub. (3) is returned to the holder by the U.S. 10
postal service as undeliverable, the property is presumed abandoned on the date 11
determined under sub. (1).”.
135. Page 21, line 15
: delete “The date" and substitute “If the date on which the 14
minor's custodian is required to transfer the property to the minor has passed, the 15
166. Page 21, line 18
: after “If" insert “the date on which the minor's custodian 17
is required to transfer the property to the minor has passed and if".
187. Page 22, line 14
: delete the material beginning with “3" and ending with 19
“returned" on line 15 and substitute “on the date determined under sub. (1)”.
177.0503 (1b) of the statutes is created to read:
A notice under sub. (1) shall contain all of the following:
(a) The names in alphabetical order and the last-known addresses, if any, of 2
persons listed in the report and entitled to notice within the county, as specified in 3
(b) A statement that information concerning the property and the name and 5
last-known address of the holder may be obtained by any person possessing an 6
interest in the property by addressing an inquiry to the administrator.
177.0503 (1d) of the statutes is created to read:
The administrator is not required to publish notice of any item 9
with a value of less than $50 unless the administrator determines the publication to 10
be in the public interest.”.
“(a) Reports and records of a claimant that are in the possession of the 17
administrator or the administrator's agent.”.