Amendment AA2-AB752

LRBa1027/1

JK:ahe/cjs/klm

2019 - 2020 LEGISLATURE

ASSEMBLY AMENDMENT 2, TO ASSEMBLY BILL 752

February 19, 2020 - Offered by Representative August.

AB752-AA2,1,1 At the locations indicated, amend the bill as follows:

AB752-AA2,1,2 1. Page 5, line 23: after that line insert:

AB752-AA2,1,3 “ Section 6m. 73.03 (75) of the statutes is created to read:

AB752-AA2,2,11 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 2019-20 fiscal year and ending with the 2023-24 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or other agreement shall remain posted on the department's Internet site until the contract or other agreement is no longer in effect, is no longer valid, or is superseded or otherwise rescinded.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.".

AB752-AA2,2,12 2. Page 17, line 15: after “association" insert “owed to an individual".

AB752-AA2,2,13 3. Page 57, line 6: delete lines 6 to 12.

AB752-AA2,2,17 4. Page 57, line 22: delete the material beginning with “177.1002" and ending with “person" on line 25 and substitute “177.1002, petition a court to determine the liability of such holder based on the court's findings as to a reasonable estimate of the amount due”.

AB752-AA2,2,18 5. Page 70, line 25: delete “12th" and substitute “15th".

AB752-AA2,2,21 6. Page 71, line 5: after “extension." insert “The administrator shall make efforts to provide information to interested parties regarding the voluntary disclosure period provided under this subsection.".

AB752-AA2,2,23 7. Page 75, line 21: delete the material beginning with that line and ending with page 76, line 2, and substitute:

AB752-AA2,3,8 “177.1002 (2) If an examination of the records of a person results in the disclosure discovery of property reportable and deliverable under this chapter, the administrator may assess the cost of the examination against the holder at the rate of $150 a day for each examiner, but the charges may not exceed the value of the property found to be reportable and deliverable. The cost of examination under sub. (3) may be imposed only against the business association person shall file a report and deliver the property to the administrator. If the property is not reported and delivered, the administrator shall assess the person for the value of the property.”.

AB752-AA2,3,9 8. Page 76, line 3: delete that line and substitute:

AB752-AA2,3,11 “ Section 173d. 177.30 (5) of the statutes is renumbered 177.1004 and amended to read:

AB752-AA2,3,17 177.1004 Failure of person to maintain records. If a holder, after December 31, 1984, fails to maintain the records required under s. 177.31 177.0404, and the records of the holder available for the periods subject to this chapter are insufficient to permit the preparation of a report, a court may determine the liability of such holder based on the court's findings as to a reasonable estimate of the amount due.”.

AB752-AA2,3,18 9. Page 76, line 19: delete lines 19 to 25 and substitute:

AB752-AA2,3,19 “ Section 175d. 177.30 (7) of the statutes is renumbered 177.1005 (4).”.

AB752-AA2,3,20 (End)