AB742: Bill Text

AB742,62 Section 62. 177.01 (7a) of the statutes is created to read:

AB742,19,8 177.01 (7a) “Financial organization loyalty card” means a card or electronic record that is given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program established by a financial organization for purposes of rewarding a relationship with the sponsoring entity and that may be redeemed for money or otherwise monetized by the issuer or used to obtain goods or services or a discount on goods or services. An annual fee or periodic membership fee charged to the cardholder for joining or maintaining membership in any such award, reward, benefit, loyalty, incentive, rebate, or promotional program shall not be considered direct monetary consideration paid for the financial organization loyalty card.

AB742,63 Section 63. 177.01 (7d) (c) 5. of the statutes is created to read:

AB742,19,10 177.01 (7d) (c) 5. A financial organization loyalty card.

AB742,64 Section 64. 177.01 (13b) (c) 8. of the statutes is created to read:

AB742,19,12 177.01 (13b) (c) 8. A financial organization loyalty card.

AB742,65 Section 65. 177.01 (14d) (c) 5. of the statutes is created to read:

AB742,19,14 177.01 (14d) (c) 5. A financial organization loyalty card.

AB742,66 Section 66. 177.01 (16) (e) of the statutes is created to read:

AB742,19,16 177.01 (16) (e) A financial organization loyalty card.

AB742,67 Section 67. 177.0202 (title) of the statutes is amended to read:

AB742,19,19 177.0202 (title) When tax-deferred and tax-exempt retirement account accounts presumed abandoned.

AB742,68 Section 68. 177.0202 (1) (intro.) of the statutes is amended to read:

AB742,19,24 177.0202 (1) (intro.) Subject to s. 177.0210, property held in a pension account or retirement account that qualifies for federal income tax deferral or tax exemption under the U.S. income tax laws is presumed abandoned if it is unclaimed by the apparent owner 3 years after the later of:

AB742,69 Section 69. 177.0210 (1) (intro.) of the statutes is amended to read:

AB742,20,2 177.0210 (1) (intro.) Property is presumed abandoned from the earliest later of the following:

AB742,70 Section 70. 177.0607 (3) (d) of the statutes is created to read:

AB742,20,5 177.0607 (3) (d) On property paid to another state under s. 177.0901 or 177.0902.

AB742,71 Section 71. 177.0607 (4) of the statutes is amended to read:

AB742,20,16 177.0607 (4) Property received by the administrator before January 2, 2019, that was interest-bearing to the owner, as reported by the holder, at the time of receipt by the administrator or this state shall accrue interest while in possession of the administrator or this state at a rate of 6 percent per year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the property is delivered to the administrator and ceases on the earlier of the date on which payment is made to the owner or January 1, 2019. If the property is still in the possession of the administrator or this state on January 2, 2019, interest shall accrue as described in sub. (2). No interest on interest-bearing property is payable for any period before December 31, 1984.

AB742,72 Section 72. 177.1505 (4) of the statutes is amended to read:

AB742,21,2 177.1505 (4) The administrator shall waive the provisions of s. 177.1204 with respect to reporting periods covered by the agreement if an application for voluntary disclosure is received by the administrator between February 1, 2022, and February 28, 2023, and a voluntary disclosure agreement is executed within 180 days of receipt of the application by the administrator. The administrator may enter into an agreement with a holder to extend the date upon which the agreement must be executed and shall waive the provisions of s. 177.1204 with respect to reporting periods covered by an agreement executed under such extension. The administrator shall make efforts to provide information to interested parties regarding the voluntary disclosure period provided under this subsection.

AB742,73 Section 73. 565.27 (2) (b) 3. of the statutes is amended to read:

AB742,21,5 565.27 (2) (b) 3. The drawings shall be recorded on both videotape and audiotape documented with a video and audio recording.

AB742,74 Section 74. 565.28 (1) of the statutes is renumbered 565.28, and 565.28 (2) and (3), as renumbered, are amended to read:

AB742,21,10 565.28 (2) A person who chooses to make an election under par. (a) sub. (1) shall make the election no later than 60 days after becoming entitled to the lottery prize. An election made under par. (a) sub. (1) is final and may not be revoked.

AB742,21,13 (3) If a person eligible to make an election under par. (a) sub. (1) does not make an election within 60 days after becoming entitled to a lottery prize, the administrator shall make payment in the form of an annuity.

AB742,75 Section 75. 565.28 (2) of the statutes is repealed.

AB742,76 Section 76. Initial applicability.

AB742,21,19 (1) Unclaimed property; general provisions. The treatment of ss. 177.01 (7a), (7d) (c) 5., (13b) (c) 8., (14d) (c) 5., and (16) (e), 177.0202 (title) and (1) (intro.), 177.0210 (1) (intro.), and 177.0607 (3) (d) and (4) first applies to property reportable on November 7, 2021.

AB742,21,22 (2) Unclaimed property; waiver. The treatment of s. 177.1505 (4) first applies to applications received on the first day of the 3rd month beginning after publication, regardless of the years in which the property became abandoned and reportable.

AB742,77 Section 77. Effective dates. This act takes effect on the day after publication, except as follows:

AB742,22,5 (1) Tax incremental financing. The treatment of ss. 60.85 (2) (b) 7. and (c), (3) (h) 4. and 5. a. and c., and (5) (e) and 66.1105 (2) (f) 1. (intro.), m., and n. and (j), (4) (a), (e), and (h) 1., 2., and 4., (4e) (b) 1., (5) (bf), (bj), (c) 1., and (ce) 1., (6) (a) 5. and 9., (am) 2. c., d., e., and f., (d) 1m., (dm), and (e) 1. b. and e., (7) (ak) 2. and 3., (ar), and (at), (18) (c) 2., and (19) takes effect on the January 1 after publication.

AB742,22,6 (End)