LRB-5490/1
JK:kjf
2019 - 2020 LEGISLATURE
January 29, 2020 - Introduced by Senators Petrowski and Smith, cosponsored by
Representatives August and Tusler. Referred to Committee on Agriculture,
Revenue and Financial Institutions.
SB756,3,2
1An Act to repeal 177.01 (3) and (4), 177.01 (8) (a) to (c), 177.01 (10) and (11),
2177.02, 177.03, 177.04, 177.05, 177.06, 177.07, 177.075, 177.08, 177.10, 177.11,
3177.13, 177.14, 177.15, 177.16, 177.17, 177.19, 177.20, 177.21, 177.22, 177.23,
4177.24, 177.25, 177.26, 177.265, 177.27, 177.28, 177.29, 177.30 (5), 177.31,
5177.32, 177.33, 177.34, 177.35 and 177.36;
to renumber 177.015, 177.09,
6177.38, 177.40 and 177.41;
to renumber and amend 177.01 (6), 177.01 (8)
7(intro.), 177.01 (12), 177.12, 177.135, 177.165, 177.18, 177.225, 177.255, 177.30
8(2), 177.30 (3), 177.30 (4), 177.30 (6), 177.30 (7) and 177.37;
to amend 20.437
9(2) (qm), 20.566 (4) (j), 62.63 (5), 71.93 (1) (d) 2., 71.93 (3) (a) (intro.), 73.01 (4)
10(a), 177.01 (1), 177.01 (2), 177.01 (5), 177.01 (7), 177.01 (9), 177.01 (13), 177.01
11(15), 177.015 (title), 193.735 (1) (intro.), 193.735 (2), 610.61, 632.63 (4), 863.37
12(2) (a), 863.39 (1), 863.39 (3) (a) and 893.95; and
to create subchapter I (title)
13of chapter 177 [precedes 177.001], 177.001, 177.01 (1d), 177.01 (5d), 177.01 (6)
14(a) to (d), 177.01 (6d), 177.01 (6f), 177.01 (6g), 177.01 (7b), 177.01 (7d), 177.01
1(11d), 177.01 (11f), 177.01 (11g), 177.01 (11j), 177.01 (11m), 177.01 (12) (d),
2177.01 (12d), 177.01 (13b), 177.01 (13d), 177.01 (13f), 177.01 (13h), 177.01 (13j),
3177.01 (14d), 177.01 (16), 177.01 (17), 177.015 (2), subchapter II (title) of
4chapter 177 [precedes 177.0201], 177.0201, 177.0202, 177.0203, 177.0204,
5177.0205, 177.0207, 177.0208, 177.0210, 177.0211, 177.0212, 177.0214,
6subchapter III (title) of chapter 177 [precedes 177.0301], 177.0301, 177.0302,
7177.0303, 177.0304, 177.0305, 177.0306, 177.0307, 177.0308, subchapter IV
8(title) of chapter 177 [precedes 177.0401], 177.0401, 177.0402, 177.0403,
9177.0404, 177.0405, 177.0406, subchapter V (title) of chapter 177 [precedes
10177.0501], 177.0501, 177.0502, 177.0503 (2n), 177.0504, 177.0505, subchapter
11VI (title) of chapter 177 [precedes 177.0601], 177.0601, 177.0602, 177.0603,
12177.0604, 177.0605, 177.0606, 177.0607, 177.0608, 177.0609, 177.0610,
13subchapter VII (title) of chapter 177 [precedes 177.0701], 177.0701, 177.0702,
14177.0703, 177.0704, subchapter VIII (title) of chapter 177 [precedes 177.0801],
15177.0801, 177.0802, 177.0803, subchapter IX (title) of chapter 177 [precedes
16177.0901], 177.0901, 177.0902, 177.0903, 177.0904, 177.0905, 177.0906,
17subchapter X (title) of chapter 177 [precedes 177.1001], 177.1001, 177.1002 (3),
18177.1002 (4), 177.1003, 177.1004, subchapter XI (title) of chapter 177 [precedes
19177.1101], 177.1101, 177.1102, 177.1103, 177.1104, subchapter XII (title) of
20chapter 177 [precedes 177.1201], 177.1201, 177.1202, 177.1203, 177.1204,
21177.1205, 177.1206, subchapter XIII (title) of chapter 177 [precedes 177.1301],
22177.1301, 177.1302, subchapter XIV (title) of chapter 177 [precedes 177.1401],
23177.1401, 177.1402, 177.1403, subchapter XV (title) of chapter 177 [precedes
1177.1501] and 177.1505 of the statutes;
relating to: the revised uniform
2unclaimed property act.
Analysis by the Legislative Reference Bureau
This bill adopts the revised Uniform Unclaimed Property Act (the act), as
approved by the Uniform Law Commission, also known as the National Conference
of Commissioners on Uniform State Laws. The act under current law is based on
earlier versions of the act that were last updated in 1995. The act requires a holder
of unclaimed property to submit that property to the state after a certain time has
passed, a period referred to as a dormancy period. The state then attempts to return
the property to its rightful owner. Generally, if the state is unable to return the
property to its owner, the state may retain the property. Under current law, a holder
of unclaimed property submits the property to the secretary of revenue who is the
administrator of the act. The bill designates the Department of Revenue as the
administrator and makes various changes to the act in order to make the act easier
to administer. For example, the bill updates the act to address the disposition of
unclaimed gift cards, life insurance benefits, securities, and virtual currencies. The
bill also organizes the act chapter into subchapters in order to facilitate the act's
administration.
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:
SB756,1
3Section
1. 20.437 (2) (qm) of the statutes is amended to read:
SB756,3,94
20.437
(2) (qm)
Child support state operations and reimbursement for claims
5and expenses; unclaimed payments. From the support collections trust fund, a sum
6sufficient equal to the amounts credited under s. 20.912 (1) to the support collections
7trust fund and the amounts not distributable under par. (r) for administering the
8program under s. 49.22 and all other purposes specified in s. 49.22 and for
9reimbursing the
secretary department of revenue under s.
177.265 177.0503 (2n) (b).
SB756,2
10Section
2. 20.566 (4) (j) of the statutes is amended to read:
SB756,4,5
120.566
(4) (j)
Unclaimed property; claims. All moneys received under ss.
177.23
2(2) 177.0801, 852.01 (3), 863.37 (2), and 863.39 to pay claims under
ss. 177.24 to
3177.26 subch. IX of ch. 177 and 863.39 (3), to transfer the amounts appropriated
4under par. (k), and for promotional activities for the unclaimed property program
5under s. 20.585 (1) (k) as specified in s. 14.58 (4).
SB756,3
6Section
3. 62.63 (5) of the statutes is amended to read:
SB756,4,167
62.63
(5) Treatment of abandoned retirement accounts. Funds in employee
8retirement accounts of a retirement system of a 1st class city, which are presumed
9abandoned under
s. 177.13 subch. II of ch. 177, are not subject to the custody of the
10state as unclaimed property under ch. 177, but shall be retained by the retirement
11system and used to reduce employer funding obligations to the retirement system.
12The board of a retirement system of a 1st class city shall devise rules and regulations
13for determining the conditions under which employee retirement accounts are
14presumed abandoned and for determining the manner in which funds in the
15abandoned employee retirement accounts may be used to reduce employer funding
16obligations to the retirement system.
SB756,4
17Section
4. 71.93 (1) (d) 2. of the statutes is amended to read:
SB756,4,2018
71.93
(1) (d) 2. The amount owed to a debtor under s.
177.24 (3) 177.0905 for
19the return of abandoned property under
s. 177.24
subch. IX of ch. 177 which exceeds
20a debtor's Wisconsin tax liability or any other liability owed to the department.
SB756,5
21Section
5. 71.93 (3) (a) (intro.) of the statutes is amended to read:
SB756,5,322
71.93
(3) (a) (intro.) The department of revenue shall setoff any debt or other
23amount owed to the department, regardless of the origin of the debt or of the amount,
24its nature or its date. The department's setoff shall include the use of unclaimed
25property owed to the debtor under s.
177.24
177.0505, 177.0605 (12), 177.0905 (2),
1or 177.0906 (2). If after the setoff there remains a refund in excess of $10, the
2department shall set off the remaining refund against certified debts of other entities
3in the following order:
SB756,6
4Section
6. 73.01 (4) (a) of the statutes is amended to read:
SB756,5,235
73.01
(4) (a) Subject to the provisions for judicial review contained in s. 73.015,
6the commission shall be the final authority for the hearing and determination of all
7questions of law and fact arising under sub. (5) and s. 72.86 (4), 1985 stats., and ss.
870.38 (4) (a), 70.397, 70.64, and 70.995 (8), s. 76.38 (12) (a), 1993 stats., ss. 76.39 (4)
9(c), 76.48 (6), 77.26 (3), 77.59 (5m) and (6) (b), 78.01, 78.22, 78.40, 78.555, 139.02,
10139.03, 139.06, 139.31, 139.315, 139.33, 139.76, 139.78, 341.405, and 341.45, subch.
11XIV of ch. 71,
and subch. VII of ch. 77
, and ss. 177.1103 and 177.1206 (3). Whenever
12with respect to a pending appeal there is filed with the commission a stipulation
13signed by the department of revenue and the adverse party, under s. 73.03 (25), or
14the department of transportation and the adverse party agreeing to an affirmance,
15modification, or reversal of the department of revenue's or department of
16transportation's position with respect to some or all of the issues raised in the appeal,
17the commission shall enter an order affirming or modifying in whole or in part, or
18canceling the assessment appealed from, or allowing in whole or in part or denying
19the petitioner's refund claim, as the case may be, pursuant to and in accordance with
20the stipulation filed. No responsibility shall devolve upon the commission,
21respecting the signing of an order of dismissal as to any pending appeal settled by
22the department of revenue or the department of transportation without the approval
23of the commission.
SB756,7
24Section 7
. Subchapter I (title) of chapter 177 [precedes 177.001] of the statutes
25is created to read:
SB756,6,33
general provisions
SB756,8
4Section
8. 177.001 of the statutes is created to read:
SB756,6,6
5177.001 Short title. This chapter may be cited as the “Revised Uniform
6Unclaimed Property Act.”
SB756,9
7Section
9. 177.01 (1) of the statutes is amended to read:
SB756,6,88
177.01
(1) “Administrator" means the
secretary department of revenue.
SB756,10
9Section
10. 177.01 (1d) of the statutes is created to read:
SB756,6,1310
177.01
(1d) “Administrator's agent” means a person that the administrator
11contracts with to conduct an examination under subch. X on the administrator's
12behalf, including an independent contractor of such person and each individual
13participating in the examination on behalf of the person or contractor.
SB756,11
14Section
11. 177.01 (2) of the statutes is amended to read:
SB756,6,1715
177.01
(2) “Apparent owner" means
the a person whose name appears on the
16records of the holder as the
person entitled to
owner of property held, issued
, or owing
17by the holder.
SB756,12
18Section
12. 177.01 (3) and (4) of the statutes are repealed.
SB756,13
19Section
13. 177.01 (5) of the statutes is amended to read:
SB756,7,320
177.01
(5) “Business association" means a
nonpublic corporation
,; joint stock
21company
,; investment company,
not including an investment company registered
22under the investment company act of 140, as amended, 15 U.S.C. sections 80a-1 to
2380a-64; business trust
,; partnership
,; unincorporated association; joint venture; 24limited liability company
or association for business purposes,; trust company; land
25bank; safe deposit company; safekeeping depository; financial organization;
1insurance company; federally chartered entity; utility; sole proprietorship; or other
2business entity; regardless of whether
or not
any such entity is for profit
, including
3a banking organization, financial organization, insurance company or utility.
SB756,14
4Section
14. 177.01 (5d) of the statutes is created to read:
SB756,7,65
177.01
(5d) “Confidential information” means records, reports, and
6information that are confidential under s. 177.1402.
SB756,15
7Section
15. 177.01 (6) of the statutes is renumbered 177.01 (6) (intro.) and
8amended to read:
SB756,7,119
177.01
(6) (intro.) “Domicile" means
the state of incorporation of a corporation,
10the state of organization of a limited liability company and the state of the principal
11place of business of an unincorporated person. the following:
SB756,16
12Section
16. 177.01 (6) (a) to (d) of the statutes are created to read:
SB756,7,1313
177.01
(6) (a) For a corporation, the state of its incorporation.
SB756,7,1514
(b) For a business association, other than a corporation, that requires a filing
15with a state for its formation, the state of its filing.
SB756,7,1816
(c) For a federally chartered entity or an investment company registered under
17the investment company act of 1940, as amended,
15 U.S.C. sections 80a-1 to
1880a-64, the state of its home office.
SB756,7,1919
(d) For any other holder, the state of its principal place of business.
SB756,17
20Section
17. 177.01 (6d) of the statutes is created to read:
SB756,7,2321
177.01
(6d) “Dormancy period” means the period of time, as specified for each
22property type in this chapter, that must pass before the property is presumed
23abandoned.
SB756,18
24Section
18. 177.01 (6f) of the statutes is created to read:
SB756,8,2
1177.01
(6f) “Electronic” means relating to technology having electrical, digital,
2magnetic, wireless, optical, electromagnetic, or similar capabilities.
SB756,19
3Section
19. 177.01 (6g) of the statutes is created to read:
SB756,8,54
177.01
(6g) “E-mail” means a communication by electronic means which is
5automatically retained and stored and may be readily accessed or retrieved.