SB756,75 25Section 75. 177.0403 of the statutes is created to read:
SB756,35,3
1177.0403 When report to be filed. (1) Subject to sub. (2), the report under
2s. 177.0401 shall be filed on or before November 1 of each year and cover the 12
3months preceding July 1 of that year.
SB756,35,7 4(2) Before the due date for filing the report under s. 177.0401, the holder of
5property presumed abandoned may request the administrator to extend the time for
6filing. The administrator may grant an extension of 60 days or other period agreed
7to by the administrator.
SB756,76 8Section 76. 177.0404 of the statutes is created to read:
SB756,35,12 9177.0404 Retention of records by holder. (1) A holder required to file a
10report under s. 177.0401 shall retain records for 10 years after the later of the date
11on which the report was filed or the last date on which a timely report was due to be
12filed, unless a shorter period is prescribed by rule by the administrator.
SB756,35,14 13(2) The holder may satisfy the requirement to retain records under this section
14through an agent.
SB756,35,15 15(3) The records retained under this section shall include the following:
SB756,35,1616 (a) The information required to be included in the report under s. 177.0401.
SB756,35,1817 (b) The date, place, and nature of the circumstances that gave rise to the
18property right.
SB756,35,1919 (c) The amount or value of the property.
SB756,35,2020 (d) The last address of the apparent owner, if known to the holder.
SB756,35,2421 (e) If the holder sells, issues, or provides to others for sale or issue in this state
22travelers checks, money orders, or similar instruments, other than 3rd-party bank
23checks, on which the holder is directly liable, a record of the instruments while they
24remain outstanding, indicating the state and date of issue.
SB756,77 25Section 77. 177.0405 of the statutes is created to read:
SB756,36,4
1177.0405 Property reportable and payable or deliverable absent
2owner demand.
Property is reportable and payable or deliverable under this
3chapter even if the owner fails to make demand or present an instrument or
4document otherwise required to obtain payment.
SB756,78 5Section 78. 177.0406 of the statutes is created to read:
SB756,36,8 6177.0406 Negative reporting. (1) The administrator may require any
7person or persons to file a report as otherwise prescribed in this section, except that
8the administrator may specify a deadline after the deadline specified in s. 177.0403.
SB756,36,11 9(2) The administrator may require any person to file a report even if the person
10believes the person is not in possession of any property reportable or deliverable
11under this chapter.
SB756,79 12Section 79. 177.05 of the statutes is repealed.
SB756,80 13Section 80 . Subchapter V (title) of chapter 177 [precedes 177.0501] of the
14statutes is created to read:
SB756,36,1515 CHAPTER 177
SB756,36,1616 SUBCHAPTER V
SB756,36,1717 notice to apparent owner of
SB756,36,1818 property presumed abandoned
SB756,81 19Section 81. 177.0501 of the statutes is created to read:
SB756,36,24 20177.0501 Notice to apparent owner by holder. (1) Subject to sub. (2), the
21holder of property presumed abandoned shall send to the apparent owner notice by
221st class mail that complies with s. 177.0502, in a format acceptable to the
23administrator, not more than 120 days nor less than 60 days before filing the report
24under s. 177.0401, if all of the following apply:
SB756,37,3
1(a) The holder has in the holder's records an address for the apparent owner
2that the records do not indicate to be invalid and that is sufficient to direct the
3delivery of 1st class mail to the apparent owner.
SB756,37,44 (b) The value of the property is $50 or more.
SB756,37,8 5(2) If an apparent owner has consented to receive e-mail delivery from the
6holder, the holder shall send the notice described in sub. (1) both by 1st class mail to
7the apparent owner's last-known mailing address and by e-mail, unless the holder
8believes that the apparent owner's e-mail address is invalid.
SB756,82 9Section 82. 177.0502 of the statutes is created to read:
SB756,37,14 10177.0502 Contents of notice by holder. (1) Notice under s. 177.0501 shall
11contain a heading that reads substantially as follows: “Notice. The State of
12Wisconsin requires us to notify you that your property may be transferred to the
13custody of the state's unclaimed property administrator if you do not contact us
14before (the date that is 30 days after the date of the notice).”
SB756,37,15 15(2) The notice under s. 177.0501 shall do all of the following:
SB756,37,1716 (a) Identify the nature and, except for property that does not have a fixed value,
17the value of the property that is the subject of the notice.
SB756,37,1818 (b) State that the property will be turned over to the administrator.
SB756,37,2019 (c) State that after the property is turned over to the administrator an apparent
20owner that seeks return of the property shall file a claim with the administrator.
SB756,37,2121 (d) State that property may be sold by the administrator.
SB756,37,2322 (e) Provide instructions that the apparent owner shall follow to prevent the
23holder from reporting and paying or delivering the property to the administrator.
SB756,83 24Section 83. 177.0503 (2n) of the statutes is created to read:
SB756,38,3
1177.0503 (2n) (a) The administrator may publish, on behalf of the department
2of children and families, the name and address of an apparent owner of uncashed
3child support payments.
SB756,38,64 (b) At least quarterly, the department of children and families shall reimburse
5the administrator, based on information provided by the administrator, for any
6administrative expenses incurred under par. (a).
SB756,84 7Section 84. 177.0504 of the statutes is created to read:
SB756,38,15 8177.0504 Cooperation among state officers and agencies to locate
9apparent owners.
Unless otherwise prohibited by law, at the request of the
10administrator, each officer, agency, board, commission, division, or department of
11this state, any body politic or corporate created by this state for a public purpose, and
12each political subdivision of this state shall make its books and records available to
13the administrator and cooperate with the administrator to determine the current
14address of an apparent owner of property held by the administrator under this
15chapter.
SB756,85 16Section 85. 177.0505 of the statutes is created to read:
SB756,38,19 17177.0505 Tax return identification of apparent owners. (1) Annually,
18before July 1, the administrator shall determine if either of the following applies to
19any apparent owner of abandoned property under s. 177.0503:
SB756,38,2120 (a) The apparent owner has filed a tax return in the 14 months preceding the
21determination.
SB756,38,2222 (b) The apparent owner is a debtor under s. 71.93 or 71.935.
SB756,38,24 23(2) For any person who is identified in sub. (1) and who is not a debtor under
24sub (1) (b), the administrator shall do the following:
SB756,39,3
1(a) Deliver the property to the apparent owner, in the manner provided under
2s. 177.0903, without requiring the apparent owner to file a claim under s. 177.0903,
3if the value of the abandoned property is $2,000 or less.
SB756,39,74 (b) Send written notice to the person, informing the person that he or she is the
5owner of abandoned property held by the state and may file a claim with the
6administrator for return of the property under s. 177.0903, if the value of the
7abandoned property is over $2,000.
SB756,39,11 8(3) For any person who is identified in sub. (1) and who is a debtor under sub.
9(1) (b), the administrator shall setoff the abandoned property against the person's
10debts under s. 71.93 or 71.935. If there is any remaining property after setoff, the
11administrator shall proceed under sub. (2) (a) or (b).
SB756,39,13 12(4) Any property paid or delivered to a person under this section is subject to
13recovery by the administrator as provided in s. 177.1206 and this chapter.
SB756,86 14Section 86. 177.06 of the statutes is repealed.
SB756,87 15Section 87 . Subchapter VI (title) of chapter 177 [precedes 177.0601] of the
16statutes is created to read:
SB756,39,1717 CHAPTER 177
SB756,39,1818 SUBCHAPTER VI
SB756,39,1919 taking custody of property
SB756,39,2020 by administrator
SB756,88 21Section 88. 177.0601 of the statutes is created to read:
SB756,39,23 22177.0601 Definition of good faith. In this subchapter, payment or delivery
23of property is made in good faith if any of the following applies:
SB756,40,3
1(1) The holder had a reasonable basis for believing, based on the facts then
2known, that the property was required or permitted to be paid or delivered to the
3administrator under this chapter.
SB756,40,7 4(2) The holder made payment or delivery in response to a demand by the
5administrator or administrator's agent or under guidance or a ruling issued by the
6administrator that the holder reasonably believed required or permitted the
7property to be paid or delivered.
SB756,89 8Section 89. 177.0602 of the statutes is created to read:
SB756,40,11 9177.0602 Dormancy charge. (1) A holder may deduct a dormancy charge
10from property required to be paid or delivered to the administrator if all of the
11following apply:
SB756,40,1412 (a) A valid written contract between the holder and the apparent owner
13authorizes imposition of the charge for the apparent owner's failure to claim the
14property within a specified time.
SB756,40,1615 (b) The holder regularly imposes the charge and regularly does not reverse or
16otherwise cancel or not collect the charge.
SB756,40,20 17(2) The amount of the deduction under sub. (1) is limited to an amount that is
18not unconscionable considering all relevant factors, including the marginal
19transactional costs incurred by the holder in maintaining the apparent owner's
20property and any services received by the apparent owner.
SB756,90 21Section 90. 177.0603 of the statutes is created to read:
SB756,40,24 22177.0603 Payment or delivery of property to administrator. (1) Except
23as otherwise provided in this section, upon filing a report under s. 177.0401, the
24holder shall pay or deliver to the administrator the property described in the report.
SB756,41,6
1(2) If property in a report under s. 177.0401 is an automatically renewable
2deposit and a penalty or forfeiture in the payment of interest would result from
3paying the deposit to the administrator at the time of the report, the date for payment
4of the property to the administrator is extended until a penalty or forfeiture no longer
5would result from payment, if the holder informs the administrator of the extended
6date.
SB756,41,8 7(3) After filing the report under s. 177.0401, property in a safe deposit box shall
8be delivered to the administrator no later than December 1.
SB756,41,10 9(4) If property reported to the administrator under s. 177.0401 is a security, the
10administrator may do any of the following:
SB756,41,1311 (a) Make an endorsement, instruction, or entitlement order on behalf of the
12apparent owner to invoke the duty of the issuer, its transfer agent, or the securities
13intermediary to transfer the security.
SB756,41,1414 (b) Dispose of the security under s. 177.0702.
SB756,41,18 15(5) If the holder of property reported to the administrator under s. 177.0401
16is the issuer of a certificated security, the administrator may obtain a replacement
17certificate in physical or book-entry form under s. 408.405. An indemnity bond is
18not required for purposes of this subsection.
SB756,41,21 19(6) The administrator shall establish procedures for the registration, issuance,
20method of delivery, transfer, and maintenance of securities delivered to the
21administrator by a holder.
SB756,41,25 22(7) An issuer, holder, or transfer agent, or other person acting under this
23section under instructions of and on behalf of the issuer or holder, is not liable to the
24apparent owner for, and shall be indemnified by the state against, a claim arising
25with respect to property after the property has been delivered to the administrator.
SB756,91
1Section 91. 177.0604 of the statutes is created to read:
SB756,42,8 2177.0604 Effect of payment or delivery of property to administrator.
3(1)
On payment or delivery of property to the administrator under this chapter, the
4administrator, as agent for the state, assumes custody and responsibility for
5safekeeping the property. A holder that pays or delivers property to the
6administrator in good faith and substantially complies with ss. 177.0501 and
7177.0502 is relieved of liability arising thereafter with respect to payment or delivery
8of the property to the administrator.
SB756,42,12 9(2) This state shall defend and indemnify a holder against liability on a claim
10against the holder resulting from the payment or delivery of property to the
11administrator made in good faith and after the holder substantially complied with
12ss. 177.0501 and 177.0502.
SB756,92 13Section 92. 177.0605 of the statutes is created to read:
SB756,42,16 14177.0605 Recovery of property by holder from administrator. (1) A
15holder that pays money to the administrator may file a claim for reimbursement from
16the administrator of the amount paid if any of the following applies:
SB756,42,1717 (a) The holder paid the money in error.
SB756,42,1918 (b) After paying the money to the administrator, the holder paid money to a
19person the holder reasonably believed was entitled to the money.
SB756,43,2 20(2) If a claim for reimbursement under sub. (1) is made for a payment made on
21a negotiable instrument, including a travelers check, money order, or similar
22instrument, the holder shall submit proof that the instrument was presented and
23payment was made to a person the holder reasonably believed was entitled to
24payment. The holder may claim reimbursement even if the payment was made to
25a person whose claim was made after expiration of a period of limitation on the

1owner's right to receive or recover property, whether specified by contract or court
2order and notwithstanding any law to the contrary.
SB756,43,4 3(3) The administrator may only grant and pay a holder's claim under sub. (1)
4if the money being claimed is in the administrator's possession.
SB756,43,8 5(4) If a holder is reimbursed by the administrator under sub. (1) (b), the holder
6may also recover from the administrator income or gain under s. 177.0607 that would
7have been paid to the owner if the money had been claimed from the administrator
8by the owner, to the extent the income or gain was paid by the holder to the owner.
SB756,43,11 9(5) A holder that delivers property other than money to the administrator may
10file a claim for return of the property from the administrator if any of the following
11applies:
SB756,43,1212 (a) The holder delivered the property in error.
SB756,43,1313 (b) The apparent owner has claimed the property from the holder.
SB756,43,15 14(6) The administrator may only grant and pay a holder's claim under sub. (5)
15if the property being claimed is in the administrator's possession.
Loading...
Loading...