SB370: Bill Text

SB370,70,23 (a) The holder failed to file a report required under this chapter or the holder filed a report under this chapter and failed to include on the report all property subject to reporting.

SB370,70,25 (b) The administrator is not conducting an examination or investigation of the holder, as provided under s. 177.1002.

SB370,71,2 (c) The holder has not received a notification from the administrator of an impending examination under s. 177.1002.

SB370,71,3 (d) The holder has not been notified of an assessment under subch. X or XI.

SB370,71,5 (e) The holder is not currently the subject of a civil or a criminal prosecution involving compliance with this chapter.

SB370,71,9 (f) The holder agrees to report and deliver any property that was abandoned during any year to which the agreement applies within 60 days of execution of the agreement. The holder must make a reasonable effort in good faith to calculate, report, and deliver such property.

SB370,71,11 (g) The holder agrees to perform duties described in s. 177.0501 within 30 days of execution of the agreement, unless the agreement provides otherwise.

SB370,71,12 (h) The holder agrees to prospective compliance with this chapter.

SB370,71,14 (i) The holder agrees to waive appeal rights under this chapter for periods under the agreement.

SB370,71,15 (2) For purposes of this section:

SB370,71,17 (a) The filing date is the date that the holder's application for voluntary compliance is received by the administrator.

SB370,71,19 (b) The agreement is executed when signed by the holder and the administrator.

SB370,71,21 (c) The administrator may extend the time during which the holder is to comply with sub. (1) (f).

SB370,71,24 (d) A holder who enters into an agreement with the administrator and upon compliance with the terms in the agreement shall be relieved of any further liability with respect to the property reported by the holder under the agreement.

SB370,72,3 (e) A holder who enters into an agreement with the administrator shall maintain records with regard to property covered under the agreement in accordance with s. 177.0404.

SB370,72,5 (f) The agreement shall apply to the 5 reporting periods immediately preceding the filing date of the holder's application.

SB370,72,12 (g) The administrator shall waive rights to an examination of records under s. 177.1001 with respect to the reporting periods in par. (f), and all earlier periods, except for the purpose of the administrator making determinations with respect to sub. (3) (a) and (b). Unless an agreement is null and void as provided in sub. (3), the administrator shall not have any cause of action against the holder resulting from failure of the holder to report any property abandoned during the reporting periods to which par. (f) applies or to any earlier periods.

SB370,72,16 (3) The administrator may declare an executed agreement null and void. In the case of an agreement that is null and void, the holder remains subject to all other provisions of this chapter. The administrator may declare an executed agreement null and void if at least one of the following applies:

SB370,72,19 (a) Fraud or intentional misrepresentation by the holder or those acting on the holder's behalf with respect to the property required to be reported for the period covered by the agreement.

SB370,72,22 (b) It is determined by the administrator that the property reported by the holder for the period covered by the agreement is less than 75 percent of the value of all property reportable by the holder for the period.

SB370,72,24 (c) The holder fails to remain in compliance with this chapter for no less than the 4 reporting periods following the final reporting period covered by the agreement.

SB370,73,11 (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 the first day of the 3rd month and the last day of the 15th month after the effective date of this subsection .... [LRB inserts date], 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.

SB370,154 Section 154. 177.16 of the statutes is repealed.

SB370,155 Section 155. 177.165 of the statutes is renumbered 177.0209 and amended to read:

SB370,73,20 177.0209 Proceeds from sale of property in self-service storage facility. Notwithstanding s. 177.02 (1) any other provision under this chapter, the proceeds of a sale under s. 704.90 (6) of personal property stored in a leased facility located within a self-service storage facility after satisfaction of the operator's lien under s. 704.90 (3) (a) is presumed abandoned immediately after satisfaction of the operator's lien under s. 704.90 (3) (a).

SB370,156 Section 156. 177.17 of the statutes is repealed.

SB370,157 Section 157. 177.18 of the statutes is renumbered 177.0503, and 177.0503 (title), (1), (1g), (1m), (2m) and (4), as renumbered, are amended to read:

SB370,74,13 177.0503 (title) Notice and publication of lists of abandoned or escheated property by administrator. (1) Before July 1 of each year, the administrator shall publish on an Internet site maintained by the administrator a notice of the names of persons appearing to be apparent owners of abandoned property reported and remitted to the administrator. Except as provided in sub. (1m), the notice shall include the name and last-known address of each person identified in a report filed under s. 177.17 177.0401 since the publication of the previous notice. The administrator shall also publish the in a newspaper the names of apparent owners of abandoned property reported and remitted to the administrator in the previous reporting year. The notice as shall be a class 1 notice under ch. 985, and published in a newspaper of general circulation in the county in which is located the last-known address of the person to be named in the notice. If no address is listed or the address is outside this state, the notice shall be published in the county in which the holder of the property has its principal place of business within this state official state newspaper.

SB370,74,17 (1g) In addition to any notice required under sub. (1), the administrator shall also publish, in the notice described under sub. (1), the name and last-known address of each owner of a U.S. savings bond that has been presumed abandoned under s. 177.135 177.0206 since the publication of the previous notice.

SB370,74,22 (1m) If the address of a person to be named in a notice under sub. (1) is outside this state, and if the administrator has entered into an agreement under s. 177.33 (1) 177.1202 with the state in which the address is located, the administrator may omit the information specified in sub. (2) with respect to that person from the notice published under sub. (1).

SB370,75,5 (2m) For money or other property received under s. 852.01 (3), 863.37 (2) or 863.39 (1), a notice shall be published at least annually in the official state newspaper and shall include the name of the decedent, the time and place of the decedent's death, the amount paid to the administrator, the name of the decedent's personal representative, the county in which the estate is probated and a statement that the money will be paid to the heirs or legatees without interest, on proof of ownership, if claimed within 10 years from the date of publication as provided in s. 863.39 (3).

SB370,75,8 (4) This section does not apply to sums payable on travelers checks, money orders and other written instruments presumed abandoned under s. 177.04 177.0201.

SB370,158 Section 158. 177.19 of the statutes is repealed.

SB370,159 Section 159. 177.20 of the statutes is repealed.

SB370,160 Section 160. 177.21 of the statutes is repealed.

SB370,161 Section 161. 177.22 of the statutes is repealed.

SB370,162 Section 162. 177.225 of the statutes is renumbered 177.1504, and 177.1504 (1) (a) to (c) and (2), as renumbered, are amended to read:

SB370,75,16 177.1504 (1) (a) The U.S. savings bond has been presumed abandoned under s. 177.135 177.0206 for at least one year.

SB370,75,18 (b) The U.S. savings bond is subject to the custody of this state as unclaimed property under s. 177.03 subch. III.

SB370,75,20 (c) At least one year has elapsed since the administrator published the notice required under s. 177.18 (1g) 177.0503.

SB370,76,4 (2) An action under sub. (1) may be commenced in the circuit court for Dane County or in any county that would be a proper place of trial under s. 801.50. Subject to sub. (3), service may be made under s. 801.11 (1) (c) by publication of a notice published as a class 3 notice under ch. 985. In determining which newspaper is likely to give notice as required under s. 985.02 (1), the administrator shall consider the conditions under s. 177.03 177.0503 that made the U.S. savings bond subject to the custody of this state as unclaimed property. The administrator may postpone commencing an action under this subsection until sufficient U.S. savings bonds meet the conditions under sub. (1) to justify the expense of the action.

SB370,163 Section 163. 177.23 of the statutes is repealed.

SB370,164 Section 164. 177.24 of the statutes is repealed.

SB370,165 Section 165. 177.25 of the statutes is repealed.

SB370,166 Section 166. 177.255 of the statutes is renumbered 177.0907 and amended to read:

SB370,76,24 177.0907 Claim to recover abandoned U.S. savings bond. Notwithstanding s. 177.225 177.1504, any person who could have claimed an interest in a U.S. savings bond immediately before this state became the owner of the U.S. savings bond pursuant to a judgment entered under s. 177.225 177.1504 (4) may file a claim under s. 177.24 177.0903, and another state may file a claim under s. 177.25 177.0901. Notwithstanding s. 177.24 (3) 177.0607 or 177.25 (2) 177.0902, if the claim is allowed, the administrator shall pay the claimant the amount the administrator received from redeeming the U.S. savings bond under s. 177.225 (5) 177.1504, minus any amounts that were deposited in the general fund to pay administrative expenses under s. 177.23 (2) 177.0801 that are attributable to the U.S. savings bond, or, if the U.S. savings bond has not been redeemed, the amount the administrator estimates the administrator will receive from redeeming the U.S. savings bond under s. 177.225 (5) 177.1504, minus any amounts the administrator estimates will be deposited in the general fund to pay administrative expenses under s. 177.23 (2) 177.0801 that are attributable to the U.S. savings bond.

SB370,167 Section 167. 177.26 of the statutes is repealed.

SB370,168 Section 168. 177.265 of the statutes is repealed.

SB370,169 Section 169. 177.27 of the statutes is repealed.

SB370,170 Section 170. 177.28 of the statutes is repealed.

SB370,171 Section 171. 177.29 of the statutes is repealed.

SB370,172 Section 172. 177.30 (title) of the statutes is renumbered 177.1002 (title).

SB370,173 Section 173. 177.30 (2) of the statutes is renumbered 177.1002 (1) and amended to read:

SB370,77,16 177.1002 (1) The administrator, at reasonable times and upon reasonable notice, may examine the records of any person to determine whether the person has complied with this chapter. The administrator may authorize an agent, under written contract with the administrator, to conduct any such examination. In addition, the administrator may designate the division of banking or other appropriate regulatory authority to examine the records of regulated institutions to determine if the institutions have complied with this chapter. The administrator may conduct the examination even if the person believes it is not in possession of any property reportable or deliverable under this chapter.

SB370,174 Section 174. 177.30 (3) of the statutes is renumbered 177.1002 (5) and amended to read:

SB370,77,23 177.1002 (5) If a person is treated under s. 177.12 177.0213 as the holder of the property only insofar as the interest of the business association in the property is concerned, the administrator may examine the records of the person as provided under sub. (2) (1) if the administrator has given the required notice to both the person and the business association at least 90 days before the examination.

SB370,175 Section 175. 177.30 (4) of the statutes is renumbered 177.1002 (2) and amended to read:

SB370,78,8 177.1002 (2) If an examination of the records of a person results in the disclosure discovery of property reportable and deliverable under this chapter, the administrator may assess the cost of the examination against the holder at the rate of $150 a day for each examiner, but the charges may not exceed the value of the property found to be reportable and deliverable. The cost of examination under sub. (3) may be imposed only against the business association person shall file a report and deliver the property to the administrator. If the property is not reported and delivered, the administrator shall assess the person for the value of the property.

SB370,176 Section 176. 177.30 (5) of the statutes is renumbered 177.1004 and amended to read:

SB370,78,16 177.1004 Failure of person to maintain records. If a holder, after December 31, 1984, fails to maintain the records required under s. 177.31 177.0404, and the records of the holder available for the periods subject to this chapter are insufficient to permit the preparation of a report, a court may determine the liability of such holder based on the court's findings as to a reasonable estimate of the amount due.

SB370,177 Section 177. 177.30 (6) of the statutes is renumbered 177.1005 and amended to read:

SB370,78,24 177.1005 Administrator's contract with another to conduct examination. (1) Except as provided in pars. (b) and (c) subs. (2) and (3), the administrator may not enter into a contract or other agreement to allow any person to engage in an audit on a contingent fee basis of another person's documents or records as part of an effort to administer this chapter or to purchase information or documents arising from the audit.

SB370,79,5 (2) If a person whose documents or records are audited is not domiciled in this state, the administrator may enter into a contract or agreement described under par. (a) sub. (1) related to the person if the amount of the contingent fee under the contract or agreement does not exceed 12 percent of the total amount of property reportable and deliverable under this chapter that is disclosed by the audit.

SB370,79,7 (3) This subsection section does not apply to information received from the federal government.

SB370,178 Section 178. 177.30 (7) of the statutes is renumbered 177.1005 (4).

SB370,179 Section 179. 177.31 of the statutes is repealed.

SB370,180 Section 180. 177.32 of the statutes is repealed.

SB370,181 Section 181. 177.33 of the statutes is repealed.

SB370,182 Section 182. 177.34 of the statutes is repealed.

SB370,183 Section 183. 177.35 of the statutes is repealed.

SB370,184 Section 184. 177.36 of the statutes is repealed.

SB370,185 Section 185. 177.37 of the statutes is renumbered 177.1502 and amended to read:

SB370,79,25 177.1502 Effect of new provisions; clarification of application. (1) This chapter does not relieve a holder of a duty that arose before December 31, 1984 the effective date of this subsection .... [LRB inserts date], to report, pay, or deliver property. A Subject to s. 177.0610 (2) and (3), a holder who did not comply with the law governing unclaimed property in effect before December 31, 1984 the effective date of this subsection .... [LRB inserts date], is subject to the applicable enforcement and penalty provisions that then existed and they are continued in effect for the purpose of this subsection, except as provided in s. 177.29 (2) before the effective date of this subsection .... [LRB inserts date].

SB370,80,7 (2) The initial report filed under this chapter for property that was not required to be reported before December 31, 1984 the effective date of this subsection .... [LRB inserts date], but which is subject to that is required to be reported under this chapter, shall include all items of property that would have been presumed abandoned during the 10-year period preceding December 31, 1984 the effective date of this subsection .... [LRB inserts date], as if this chapter had been in effect during that period.

SB370,186 Section 186. 177.38 of the statutes is renumbered 177.016.

SB370,187 Section 187. 177.40 of the statutes is renumbered 177.1501.

SB370,188 Section 188. 177.41 of the statutes is renumbered 177.1503.

SB370,189 Section 189. 193.735 (1) (intro.) of the statutes is amended to read:

SB370,80,17 193.735 (1) Alternate procedure to distribute property. (intro.) Notwithstanding s. 177.17 (4) (a) 2. and (b) ch. 177, a cooperative may distribute any property required to be reported under s. 177.17 (1) subch. IV of ch. 177 to an entity that is exempt from taxation under section 501 (a) of the Internal Revenue Code. A cooperative making a distribution under this subsection shall file all of the following with the secretary of revenue before making the distribution:

SB370,190 Section 190. 193.735 (2) of the statutes is amended to read:

SB370,80,21 193.735 (2) Reporting procedure not affected. Subsection (1) does not affect the requirement that a cooperative report property under s. 177.17 (1) subch. IV of ch. 177.

SB370,191 Section 191. 610.61 of the statutes is amended to read:

SB370,80,25 610.61 Duty of life insurers to report abandoned property. An insurer doing a life insurance business shall report under s. 177.17 subch. IV of ch. 177 any property presumed abandoned under s. 177.07 subch. II of ch. 177.

SB370,192 Section 192. 632.63 (4) of the statutes is amended to read:

SB370,81,7 632.63 (4) Payment of benefits. The benefits from a policy, contract, or a retained asset account, plus any applicable accrued contractual interest, shall first be payable to the designated beneficiaries or owners and, in the event said beneficiaries or owners cannot be found, shall escheat to the state as unclaimed property under ch. 177. Interest payable under s. 628.46 shall not be payable as unclaimed property under s. 177.07 subch. II of ch. 177.

SB370,193 Section 193. 863.37 (2) (a) of the statutes is amended to read:

SB370,81,17 863.37 (2) (a) Whenever payment of a legacy or a distributive share cannot be made to the person entitled to payment or it appears that the person may not receive or have the opportunity to obtain payment, the court may, on petition of a person interested or on its own motion, order that the funds be paid or delivered to the secretary of revenue for deposit as provided under s. 177.23 subch. VIII of ch. 177. Claims on the funds may be made under s. 863.39 within 10 years after the date of publication under s. 177.18 177.0503. When a claimant to the funds resides outside the United States or its territories the court may require the personal appearance of the claimant before the court.

SB370,194 Section 194. 863.39 (1) of the statutes is amended to read:

SB370,81,24 863.39 (1) Generally. If any legacy or intestate property is not claimed by the distributee within 120 days after entry of final judgment, or within the time designated in the judgment, it shall be converted into money as close to the inventory value as possible and paid to the secretary of revenue administrator for deposit as provided under s. 177.23 177.0801. Claims for the money shall be made under sub. (3).