2021 Wisconsin Act 87

87,35 Section 35. 177.01 (12) (d) of the statutes is created to read:

177.01 (12) (d) The lawful bearer of a record that may be used to obtain money, a reward, or a thing of value.

87,36 Section 36. 177.01 (12d) of the statutes is created to read:

177.01 (12d) “Payroll card” means a record that evidences a payroll-card account as defined in Regulation E, 12 CFR Part 1005, as amended.

87,37 Section 37. 177.01 (13) of the statutes is amended to read:

177.01 (13) “Person" means an individual, business association, state or other government, governmental subdivision, instrumentality, or agency, public corporation, public authority, estate, trust, 2 or more persons having a joint or common interest, or any other legal or commercial entity.

87,38 Section 38. 177.01 (13b) of the statutes is created to read:

177.01 (13b) (a) “Property” means tangible property described in s. 177.0205 or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality.

(b) “Property” includes all of the following:

1. All income from or increments to the property.

2. Property referred to as or evidenced by:

a. Money, virtual currency, or interest.

b. A dividend, check, draft, deposit, or payroll card.

c. A credit balance, customer overpayment, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance.

d. A security, except for a worthless security or a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security.

e. A bond, debenture, note, or other evidence of indebtedness.

f. Money deposited to redeem a security, make a distribution, or pay a dividend.

g. An amount due and payable under an annuity contract or insurance policy.

h. An amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit.

(c) “Property” does not include the following:

1. Property held in a plan described in section 529A of the Internal Revenue Code.

2. Game-related digital content.

3. A loyalty card.

4. An in-store credit for returned merchandise.

5. A gift card.

6. A stored-value card.

7. Property described under s. 177.015 (2).

87,39 Section 39. 177.01 (13d) of the statutes is created to read:

177.01 (13d) “Putative holder” means a person believed by the administrator to be a holder, until the person pays or delivers to the administrator property subject to this chapter or the administrator or a court makes a final determination that the person is or is not a holder.

87,40 Section 40. 177.01 (13f) of the statutes is created to read:

177.01 (13f) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

87,41 Section 41. 177.01 (13h) of the statutes is created to read:

177.01 (13h) “Security” means all of the following:

(a) A security, as defined in s. 408.102 (1) (o).

(b) A security entitlement, as defined in s. 408.102 (1) (q), including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not any of the following:

1. Registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets.

2. Payable to the order of the person.

3. Specifically endorsed to the person.

(c) An equity interest in a business association that is not a security under par. (a) or a security entitlement under par. (b).

87,42 Section 42. 177.01 (13j) of the statutes is created to read:

177.01 (13j) “Sign” means any of the following done with the intent to authenticate or adopt a record:

(a) To execute or adopt a tangible symbol.

(b) To attach to or logically associate with the record an electronic symbol, sound, or process.

87,43 Section 43. 177.01 (14d) of the statutes is created to read:

177.01 (14d) (a) “Stored-value card” means a record evidencing a promise for consideration by the seller or issuer of the record that merchandise, goods, services, or money will be provided to the owner of the record equal to the value or amount shown in the record, if all of the following apply:

1. The value or amount does not expire.

2. The value or amount may be decreased only by redemption for merchandise, goods, services, or money.

3. The value or amount may be redeemed for or converted into money or otherwise monetized by the issuer.

(b) “Stored-value card” includes the following:

1. A record that contains or consists of a microprocessor chip, magnetic strip, or other means for the storage of information, that is prefunded and the value or amount of which is decreased on each use and increased by payment of additional consideration.

2. A prepaid commercial mobile radio service, as defined in 47 CFR 20.3, as amended.

(c) “Stored-value card” does not include the following:

1. A payroll card.

2. A loyalty card.

3. A gift card.

4. Game-related digital content.

87,44 Section 44. 177.01 (15) of the statutes is amended to read:

177.01 (15) “Utility" means a person who that owns or operates for public use any plant, equipment, real property, franchise, or license for the transmission of communications or; the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas; the provision of sewage or septic services; or the disposal or recycling of trash or garbage.

87,45 Section 45. 177.01 (16) of the statutes is created to read:

177.01 (16) “Virtual currency” means a digital representation of value used as a medium of exchange, unit of account, or store of value that does not have legal tender status recognized by the United States. “Virtual currency" does not include:

(a) The software or protocols governing the transfer of the digital representation of value.

(b) Game-related digital content.

(c) A loyalty card.

(d) A gift card.

87,46 Section 46. 177.01 (17) of the statutes is created to read:

177.01 (17) “Worthless security” means a security for which the cost of liquidation and delivery to the administrator exceeds the value of the security on the date on which a report is due under this chapter.

87,47 Section 47. 177.015 (title) of the statutes is amended to read:

177.015 (title) Exemption Inapplicability to foreign transactions and other exemptions.

87,48 Section 48. 177.015 of the statutes is renumbered 177.015 (1).

87,49 Section 49. 177.015 (2) of the statutes is created to read:

177.015 (2) This chapter does not apply to any of the following:

(a) Property held, due, and owing in a foreign country if the transaction out of which the property arose was a foreign transaction.

(b) Any payment or credit shown on the books and records of a business association owed to another business association in the ordinary course of business.

(c) Property described in s. 20.912 (1).

87,50 Section 50. 177.02 of the statutes is repealed.

87,51 Section 51 . Subchapter II (title) of chapter 177 [precedes 177.0201] of the statutes is created to read:

CHAPTER 177

SUBCHAPTER ii

presumption of abandonment

87,52 Section 52. 177.0201 of the statutes is created to read:

177.0201 When property presumed abandoned. Subject to s. 177.0210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below:

(1) A traveler's check, 15 years after issuance.

(2) A money order or similar instrument, 5 years after issuance.

(3) A state or municipal bond, bearer bond, or original-issue-discount bond, 3 years after the earliest of the date the bond matures or is called or the obligation to pay the principal of the bond arises.

(4) A debt of a business association owed to an individual, 3 years after the obligation to pay arises.

(5) A payroll card or demand, savings, or time deposit, including a deposit that is automatically renewable, 5 years after the later of maturity or the date of the last indication of interest in the property by the apparent owner, except a deposit that is automatically renewable is deemed matured on its initial date of maturity unless the apparent owner consented in a record on file with the holder to renewal at or about the time of the renewal.

(6) Money or a credit owed to a customer as a result of a retail business transaction, other than in-store credit for returned merchandise, 5 years after the obligation arises.

(7) An amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, 3 years after the obligation to pay arises under the terms of the policy or contract or, if a policy or contract for which an amount is owed on proof of death has not matured by proof of the death of the insured or annuitant, as follows:

(a) With respect to an amount owed on a life or endowment insurance policy, 3 years after the earliest of the date on which the insurance company has knowledge of the death of the insured or the date on which the insured attained, or would have attained if living, the limiting age under the mortality table that forms the basis of the reserve for the policy.