AB752,157 5Section 157. 177.20 of the statutes is repealed.
AB752,158 6Section 158. 177.21 of the statutes is repealed.
AB752,159 7Section 159. 177.22 of the statutes is repealed.
AB752,160 8Section 160. 177.225 of the statutes is renumbered 177.1504, and 177.1504
9(1) (a) to (c) and (2), as renumbered, are amended to read:
AB752,73,1110 177.1504 (1) (a) The U.S. savings bond has been presumed abandoned under
11s. 177.135 177.0206 for at least one year.
AB752,73,1312 (b) The U.S. savings bond is subject to the custody of this state as unclaimed
13property under s. 177.03 subch. III.
AB752,73,1514 (c) At least one year has elapsed since the administrator published the notice
15required under s. 177.18 (1g) 177.0503.
AB752,73,24 16(2) An action under sub. (1) may be commenced in the circuit court for Dane
17County or in any county that would be a proper place of trial under s. 801.50. Subject
18to sub. (3), service may be made under s. 801.11 (1) (c) by publication of a notice
19published as a class 3 notice under ch. 985. In determining which newspaper is likely
20to give notice as required under s. 985.02 (1), the administrator shall consider the
21conditions under s. 177.03 177.0503 that made the U.S. savings bond subject to the
22custody of this state as unclaimed property. The administrator may postpone
23commencing an action under this subsection until sufficient U.S. savings bonds meet
24the conditions under sub. (1) to justify the expense of the action.
AB752,161 25Section 161. 177.23 of the statutes is repealed.
AB752,162
1Section 162. 177.24 of the statutes is repealed.
AB752,163 2Section 163. 177.25 of the statutes is repealed.
AB752,164 3Section 164. 177.255 of the statutes is renumbered 177.0907 and amended to
4read:
AB752,74,19 5177.0907 Claim to recover abandoned U.S. savings bond.
6Notwithstanding s. 177.225 177.1504, any person who could have claimed an
7interest in a U.S. savings bond immediately before this state became the owner of the
8U.S. savings bond pursuant to a judgment entered under s. 177.225 177.1504 (4) may
9file a claim under s. 177.24 177.0903, and another state may file a claim under s.
10177.25 177.0901. Notwithstanding s. 177.24 (3) 177.0607 or 177.25 (2) 177.0902, if
11the claim is allowed, the administrator shall pay the claimant the amount the
12administrator received from redeeming the U.S. savings bond under s. 177.225 (5)
13177.1504, minus any amounts that were deposited in the general fund to pay
14administrative expenses under s. 177.23 (2) 177.0803 that are attributable to the
15U.S. savings bond, or, if the U.S. savings bond has not been redeemed, the amount
16the administrator estimates the administrator will receive from redeeming the U.S.
17savings bond under s. 177.225 (5) 177.1504, minus any amounts the administrator
18estimates will be deposited in the general fund to pay administrative expenses under
19s. 177.23 (2) 177.0803 that are attributable to the U.S. savings bond.
AB752,165 20Section 165. 177.26 of the statutes is repealed.
AB752,166 21Section 166. 177.265 of the statutes is repealed.
AB752,167 22Section 167. 177.27 of the statutes is repealed.
AB752,168 23Section 168. 177.28 of the statutes is repealed.
AB752,169 24Section 169. 177.29 of the statutes is repealed.
AB752,170
1Section 170. 177.30 (2) of the statutes is renumbered 177.1002 (1) and
2amended to read:
AB752,75,113 177.1002 (1) The administrator, at reasonable times and upon reasonable
4notice, may examine the records of any person to determine whether the person has
5complied with this chapter. The administrator may authorize an agent, under
6written contract with the administrator, to conduct any such examination. In
7addition, the administrator
may designate the division of banking or other
8appropriate regulatory authority to examine the records of regulated institutions to
9determine if the institutions have complied with this chapter. The administrator
10may conduct the examination even if the person believes it is not in possession of any
11property reportable or deliverable under this chapter.
AB752,171 12Section 171. 177.30 (3) of the statutes is renumbered 177.1002 (5) and
13amended to read:
AB752,75,1814 177.1002 (5) If a person is treated under s. 177.12 177.0213 as the holder of the
15property only insofar as the interest of the business association in the property is
16concerned, the administrator may examine the records of the person as provided
17under sub. (2) (1) if the administrator has given the required notice to both the person
18and the business association at least 90 days before the examination.
AB752,172 19Section 172. 177.30 (4) of the statutes is renumbered 177.1002 (2) and
20amended to read:
AB752,76,221 177.1002 (2) If an examination of the records of a person results in the
22disclosure discovery of property reportable and deliverable under this chapter, the
23administrator shall assess the total value of the property against the person and may
24assess the cost of the examination against the holder at the rate of $150 a day for each
25examiner, but the charges may not exceed the value of the property found to be

1reportable and deliverable. The cost of examination under sub. (3) (5) may be
2imposed only against the business association.
AB752,173 3Section 173. 177.30 (5) of the statutes is repealed.
AB752,174 4Section 174. 177.30 (6) of the statutes is renumbered 177.1005 and amended
5to read:
AB752,76,11 6177.1005 Administrator's contract with another to conduct
7examination.
(1) Except as provided in pars. (b) and (c) subs. (2) and (3), the
8administrator may not enter into a contract or other agreement to allow any person
9to engage in an audit on a contingent fee basis of another person's documents or
10records as part of an effort to administer this chapter or to purchase information or
11documents arising from the audit.
AB752,76,16 12(2) If a person whose documents or records are audited is not domiciled in this
13state, the administrator may enter into a contract or agreement described under par.
14(a)
sub. (1) related to the person if the amount of the contingent fee under the contract
15or agreement does not exceed 12 percent of the total amount of property reportable
16and deliverable under this chapter that is disclosed by the audit.
AB752,76,18 17(3) This subsection section does not apply to information received from the
18federal government.
AB752,175 19Section 175. 177.30 (7) of the statutes is renumbered 177.1005 (4) and
20amended to read:
AB752,76,2521 177.1005 (4) The Except as provided in s. 177.1004, the administrator may not
22enter into a contract or other agreement as part of an effort to administer this chapter
23that allows a person that is engaging in an audit of another person's documents or
24records to use statistical sampling to estimate the other person's liability unless the
25other person consents to the use of an estimate.
AB752,176
1Section 176. 177.31 of the statutes is repealed.
AB752,177 2Section 177. 177.32 of the statutes is repealed.
AB752,178 3Section 178. 177.33 of the statutes is repealed.
AB752,179 4Section 179. 177.34 of the statutes is repealed.
AB752,180 5Section 180. 177.35 of the statutes is repealed.
AB752,181 6Section 181. 177.36 of the statutes is repealed.
AB752,182 7Section 182. 177.37 of the statutes is renumbered 177.1502 and amended to
8read:
AB752,77,17 9177.1502 Effect of new provisions; clarification of application. (1) This
10chapter does not relieve a holder of a duty that arose before December 31, 1984 the
11effective date of this subsection .... [LRB inserts date],
to report, pay, or deliver
12property. A Subject to ss. 177.0610 (2) and (3), a holder who did not comply with the
13law governing unclaimed property in effect before December 31, 1984 the effective
14date of this subsection .... [LRB inserts date],
is subject to the applicable enforcement
15and penalty provisions that then existed and they are continued in effect for the
16purpose of this subsection, except as provided in s. 177.29 (2)
before the effective date
17of this subsection .... [LRB inserts date]
.
AB752,77,24 18(2) The initial report filed under this chapter for property that was not required
19to be reported before December 31, 1984 the effective date of this subsection .... [LRB
20inserts date]
, but which is subject to that is required to be reported under this
21chapter, shall include all items of property that would have been presumed
22abandoned during the 10-year period preceding December 31, 1984 the effective
23date of this subsection .... [LRB inserts date],
as if this chapter had been in effect
24during that period.
AB752,183 25Section 183. 177.38 of the statutes is renumbered 177.016.
AB752,184
1Section 184. 177.40 of the statutes is renumbered 177.1501.
AB752,185 2Section 185. 177.41 of the statutes is renumbered 177.1503.
AB752,186 3Section 186. 193.735 (1) (intro.) of the statutes is amended to read:
AB752,78,94 193.735 (1) Alternate procedure to distribute property. (intro.)
5Notwithstanding s. 177.17 (4) (a) 2. and (b) ch. 177, a cooperative may distribute any
6property required to be reported under s. 177.17 (1) subch. IV of ch. 177 to an entity
7that is exempt from taxation under section 501 (a) of the Internal Revenue Code. A
8cooperative making a distribution under this subsection shall file all of the following
9with the secretary of revenue before making the distribution:
AB752,187 10Section 187. 193.735 (2) of the statutes is amended to read:
AB752,78,1311 193.735 (2) Reporting procedure not affected. Subsection (1) does not affect
12the requirement that a cooperative report property under s. 177.17 (1) subch. IV of
13ch. 177
.
AB752,188 14Section 188. 610.61 of the statutes is amended to read:
AB752,78,17 15610.61 Duty of life insurers to report abandoned property. An insurer
16doing a life insurance business shall report under s. 177.17 subch. IV of ch. 177 any
17property presumed abandoned under s. 177.07 subch. II of ch. 177.
AB752,189 18Section 189. 632.63 (4) of the statutes, as created by 2017 Wisconsin Act 192,
19is amended to read:
AB752,78,2520 632.63 (4) Payment of benefits. The benefits from a policy, contract, or a
21retained asset account, plus any applicable accrued contractual interest, shall first
22be payable to the designated beneficiaries or owners and, in the event said
23beneficiaries or owners cannot be found, shall escheat to the state as unclaimed
24property under ch. 177. Interest payable under s. 628.46 shall not be payable as
25unclaimed property under s. 177.07 subch. II of ch. 177.
AB752,190
1Section 190. 863.37 (2) (a) of the statutes is amended to read:
AB752,79,102 863.37 (2) (a) Whenever payment of a legacy or a distributive share cannot be
3made to the person entitled to payment or it appears that the person may not receive
4or have the opportunity to obtain payment, the court may, on petition of a person
5interested or on its own motion, order that the funds be paid or delivered to the
6secretary of revenue for deposit as provided under s. 177.23 subch. VIII of ch. 177.
7Claims on the funds may be made under s. 863.39 within 10 years after the date of
8publication under s. 177.18 177.0503. When a claimant to the funds resides outside
9the United States or its territories the court may require the personal appearance
10of the claimant before the court.
AB752,191 11Section 191. 863.39 (1) of the statutes is amended to read:
AB752,79,1712 863.39 (1) Generally. If any legacy or intestate property is not claimed by the
13distributee within 120 days after entry of final judgment, or within the time
14designated in the judgment, it shall be converted into money as close to the inventory
15value as possible and paid to the secretary of revenue administrator for deposit as
16provided under s. 177.23 177.0801. Claims for the money shall be made under sub.
17(3).
AB752,192 18Section 192. 863.39 (3) (a) of the statutes is amended to read:
AB752,80,819 863.39 (3) (a) Within 10 years after the date of publication under s. 177.18
20177.0503, any person claiming any amount deposited under sub. (1) may file in the
21probate court in which the estate was settled a petition alleging the basis of his or
22her claim. The court shall order a hearing upon the petition, and 20 days' notice of
23the hearing and a copy of the petition shall be given by the claimant to the
24department of revenue and to the attorney general, who may appear for the state at
25the hearing. If the claim is established it shall be allowed without interest, but

1including any increment which may have occurred on securities held, and the court
2shall so certify to the department of administration, which shall audit the claim. The
3secretary of revenue shall pay the claim out of the appropriation under s. 20.566 (4)
4(j). Before issuing the order distributing the estate, the court shall issue an order
5determining the death tax due, if any. If real property has been adjudged to escheat
6to the state under s. 852.01 (3) the probate court which made the adjudication may
7adjudge at any time before title has been transferred from the state that the title
8shall be transferred to the proper owners under this subsection.
AB752,193 9Section 193. 893.95 of the statutes is amended to read:
AB752,80,11 10893.95 Unclaimed property; civil remedies. Any civil action to enforce ch.
11177 is subject to the limitations under s. 177.29 (2) 177.0610.
AB752,80,1212 (End)
Loading...
Loading...