AB617: Bill Text

LRB-3141/1

RPN:jld:nwn

2007 - 2008 LEGISLATURE

2007 Assembly BILL 617

December 6, 2007 - Introduced by Law Revision Committee. Referred to Committee on Financial Institutions.

AB617,1,5 An Act to amend 177.06 (3) (b) and 177.17 (4) (a) 1. of the statutes; relating to: adding the definition of fiscal year to abandoned property reporting requirements law and assessment of a service charge after June 30 regarding abandoned property (suggested as remedial legislation by the Office of the State Treasurer).

Analysis by the Legislative Reference Bureau

This bill adds the definition of "fiscal year" as the period beginning on July 1 and ending the following June 30 to the law relating to reporting by persons holding property presumed to be abandoned. Additionally, this bill prohibits the assessment of a service charge on abandoned property after June 30, instead of after December 31, to be consistent with the previous change from calendar years to fiscal years in the reporting and delivery to the state treasurer of presumed abandoned property.

For further information, see the Notes provided by the Law Revision Committee of the Joint Legislative Council.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

Law Revision Committee prefatory note: This bill is a remedial legislation proposal, requested by the Office of the State Treasurer and introduced by the Law Revision Committee under s. 13.83 (1) (c) 4., stats. After careful consideration of the various provisions of the bill, the Law Revision Committee has determined that this bill makes minor substantive changes in the statutes, and that these changes are desirable as a matter of public policy.

AB617, s. 1 Section 1. 177.06 (3) (b) of the statutes is amended to read:

AB617,2,3 177.06 (3) (b) Assess a service charge after December 31 June 30 of the calendar fiscal year covered in the report filed under s. 177.17 concerning that property.

AB617, s. 2 Section 2. 177.17 (4) (a) 1. of the statutes is amended to read:

AB617,2,9 177.17 (4) (a) 1. Before November 1 of each year, each holder shall file a report covering the previous fiscal year. In this paragraph, "fiscal year" means the period beginning on July 1 and ending on the following June 30. On written request by any person required to file a report, the administrator may extend the deadline established in this paragraph.

AB617,2,10 (End)