177.0607 Income, interest, or gain while in the administrator’s custody. (1) If property other than money is delivered to the administrator, the owner is entitled to receive income or gain realized or accrued on the property on or before the date the property is sold. (2) Except as provided in subs. (3) and (4), when the administrator pays to a claimant property in the form of money, including property described in sub. (1) that is converted to money, the administrator shall pay simple interest on that money for the period that it was in the custody of the administrator or this state at an annual rate equal to the applicable annual federal long-term rate determined under section 1274 (d) of the Internal Revenue Code in effect on December 31 of the year prior to the year in which the claim is paid. (3) Interest shall not accrue: (a) On property in the form of money that is less than $100. (b) On property recovered by a holder under s. 177.0605. (c) Before January 2, 2019, except as provided in sub. (4). (d) On property paid to another state under s. 177.0901 or 177.0902. (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. History: 2021 a. 87; 2021 a. 240 s. 30; 2023 a. 138.
177.0608 Administrator’s options as to custody. The administrator may decline to take custody of property reported under s. 177.0401 if the administrator determines that any of the following applies: (1) The property has a value less than the estimated expenses of notice and sale of the property. (2) Taking custody of the property would be unlawful. (3) The property is not subject to custody or escheatment under this chapter. History: 2021 a. 87.
177.0609 Disposition of property having no substantial value; immunity from liability. (1) If the administrator takes custody of property delivered under this chapter and later determines that the property has no substantial commercial value
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or that the cost of disposing of the property exceeds the value of the property, the administrator may return the property to the holder or destroy or otherwise dispose of the property. (2) An action or proceeding may not be commenced against the state, an agency of the state, the administrator, another officer, employee, or agent of the state, or a holder for or because of an act of the administrator under this section. History: 2021 a. 87.
177.0610 Periods of limitation and repose. (1) Expiration, before, on, or after November 7, 2021, of a period of limitation on an owner’s right to receive or recover property, whether specified by contract or court order, and notwithstanding any law to the contrary, does not prevent the property from being presumed abandoned or affect the duty of a holder under this chapter to file a report or pay or deliver property to the administrator. (2) The administrator may not commence an action or proceeding to enforce this chapter with respect to the reporting, payment, or delivery of property reported to the administrator more than 5 years after the holder filed a nonfraudulent report and reported the property under s. 177.0401 to the administrator. (3) If a holder is required to file a report under s. 177.0401 and fails to do so, or if a holder files a report but does not report property required to be included with the report under s. 177.0401, the administrator may not commence an action, proceeding, or examination with respect to the reporting, payment, or delivery of the unreported property more than 7 years after the holder’s duty to report arose. (4) Subsections (1) to (3) do not apply in the case of the filing of a fraudulent report or to any collection action or proceeding under s. 177.1201 or 177.1206. (5) For purposes of this section, the administrator and holder may extend any period of limitation by written agreement. History: 2021 a. 87.
SUBCHAPTER VII SALE OF PROPERTY BY ADMINISTRATOR 177.0701 Public sale of property. (1) Except as provided in ss. 177.0702 and 177.1504, the administrator shall sell abandoned property within 3 years after receiving the property. (2) Before selling property under sub. (1), the administrator shall give notice to the public of the date of the sale and include with the notice a reasonable description of the property. (3) Except as provided under sub. (4), a sale under sub. (1) shall be to the highest bidder by any of the following means: (a) At a public sale at a location in this state that the administrator determines to be the most favorable market for the property. (b) On the Internet. (c) On another forum that the administrator determines is likely to yield the highest net proceeds. (4) The administrator may decline the highest bid at a sale under this section and re-offer the property for sale if the administrator determines the highest bid is insufficient. (5) If a sale held under this section is to be conducted other than on the Internet, the administrator shall publish at least one notice of the sale, at least 3 weeks but not more than 5 weeks before the sale, in a newspaper of general circulation in the county in which the property is sold. History: 2021 a. 87; 2021 a. 240 s. 30.
177.0702 Disposal of securities. (1) Unless the administrator determines that it is in the best interest of this state to do
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otherwise, the administrator shall hold all securities for at least one year before selling them. (2) The administrator may not sell a security listed on an established stock exchange for less than the price prevailing on the exchange at the time of sale. The administrator may sell a security not listed on an established exchange by any commercially-reasonable method. History: 2021 a. 87.
177.0703 Purchaser owns property after sale. A purchaser of property at a sale conducted by the administrator under this chapter takes the property free of all claims of the owner, a previous holder, a creditor, or a person claiming an interest through the owner or holder. The administrator shall execute documents necessary to complete the transfer of ownership to the purchaser. History: 2021 a. 87.
177.0704 Military medal or decoration. (1) The administrator may not sell a medal or decoration awarded for service in the U.S. armed forces. (2) The administrator may deliver a medal or decoration as described under sub. (1) to any of the following entities, with the entity’s consent, to hold in custody for the owner: (a) An entity organized under section 501 (c) (19) of the Internal Revenue Code. (b) The agency that awarded the medal or decoration. (c) A governmental entity. (3) The administrator is not responsible for the safekeeping of a medal or decoration after it is delivered to an entity under sub. (2). History: 2021 a. 87.
SUBCHAPTER VIII ADMINISTRATION OF PROPERTY 177.0801 Deposit of funds by administrator. (1) Except as provided in sub. (2), the administrator shall deposit in the common school fund all funds received under this chapter, including proceeds from the sale of property under subch. VII and amounts received from the redemption of U.S. savings bonds under s. 177.1504. (2) The administrator shall deposit in the general fund an amount that the administrator reasonably estimates is sufficient to pay claims allowed under this chapter and administrative expenses. For purposes of this subsection, “administrative expenses” means any of the following: (a) Expenses for the disposition of property delivered to the administrator. (b) Costs of mailing and publication in connection with property delivered to the administrator. (c) Reasonable service charges. (d) Expenses incurred in examining records of or collecting property from a putative holder or holder. (e) Any costs in connection with the sale of abandoned property. (f) Any costs in connection with the action under s. 177.1504 (1) and the redemption of a U.S. savings bond under s. 177.1504 (5). (g) Salaries of the employees of the office of the state treasurer and the administrator that are attributable to the administration of this chapter.
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(h) Any costs in connection with the payment of interest under s. 177.0607. History: 2021 a. 87, 240.
177.0802 Administrator to retain records of property. The administrator shall do all of the following: (1) Record the name, last-known address, social security number or taxpayer identification number, and date of birth of each person shown on a report filed under s. 177.0401 to be the apparent owner of property delivered to the administrator. (2) Record the name, last-known address, social security number or taxpayer identification number, and date of birth of each insured or annuitant and beneficiary shown on the report. (3) For each policy of insurance or annuity contract listed in the report of an insurance company, record the policy or account number, the name of the company, and the amount due or paid. (4) For each apparent owner listed in the report, record the name of the holder that filed the report and the amount due or paid. (5) For each U.S. savings bond, record the name and lastknown address of each owner of the U.S. savings bond and the issue date, face amount, and serial number of the U.S. savings bond. History: 2021 a. 87.
SUBCHAPTER IX CLAIM TO RECOVER PROPERTY FROM ADMINISTRATOR 177.0901 Claim of another state to recover property. (1) If the administrator knows that property held by the administrator under this chapter is subject to a superior claim of another state, the administrator shall report and pay or deliver the property to the other state or return the property to the holder so that the holder may pay or deliver the property to the other state. (2) The administrator may enter into an agreement to transfer property to the other state under sub. (1). History: 2021 a. 87.
177.0902 When property subject to recovery by another state. (1) Property held under this chapter by the administrator is subject to the right of another state to take custody of the property if any of the following applies: (a) The property was paid or delivered to the administrator because the records of the holder did not reflect a last-known address in the other state of the apparent owner and the other state establishes that the last-known address of the apparent owner or other person entitled to the property was in the other state or, under the law of the other state, the property has become subject to a claim by the other state of abandonment. (b) The records of the holder did not accurately identify the owner of the property, the last-known address of the owner was in another state, and, under the law of the other state, the property has become subject to a claim by the other state of abandonment. (c) The property was subject to the custody of the administrator of this state under s. 177.0305 and, under the law of the state of domicile of the holder, the property has become subject to a claim by the state of domicile of the holder of abandonment. (d) The property is a sum payable on a traveler’s check, money order, or similar instrument that was purchased in the other state and delivered to the administrator under s. 177.0306 and, under the law of the other state, has become subject to a claim by the other state of abandonment. (2) A claim by another state to recover property under this
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177.0902
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section must be presented in a form prescribed by the administrator, unless the administrator waives presentation of the form. (3) The administrator shall make a decision regarding each claim under this section no later than 90 days after the claim is presented to the administrator. If the administrator determines that the other state is entitled under sub. (1) to custody of the property, the administrator shall allow the claim and pay or deliver the property to the other state. (4) The administrator may require another state, before recovering property under this section, to agree to indemnify this state and its agents, officers, and employees against any liability on a claim to the property. History: 2021 a. 87.
177.0903 Claim for property by person claiming to be owner. (1) A person claiming to be the owner of property held under this chapter by the administrator may file a claim for the property on a form prescribed by the administrator. The claimant shall verify the claim as to its completeness and accuracy. (2) The administrator may waive the requirement under sub. (1) and may pay or deliver property directly to a person if the person receiving the property or payment is shown to be the apparent owner included on a report filed under s. 177.0401 and the administrator reasonably believes the person is entitled to receive the property or payment. (3) If a claim is submitted by a locator service that enters into an agreement under subch. XIII, a copy of the agreement shall be filed with the claim, otherwise the administrator shall deny the claim. (4) The administrator may use state tax information to assist in identifying the owner of property that has been abandoned as provided under this chapter or in verifying a claim filed under this subchapter. History: 2021 a. 87.
177.0904 When administrator must honor claim for property. (1) (a) The administrator shall pay or deliver property to a claimant under s. 177.0903 (1) if the administrator receives evidence sufficient to establish to the satisfaction of the administrator that the claimant is the owner of the property. (b) If a claim is made and allowed under subch. XIII, the administrator shall pay or deliver property to the apparent owner of the property. (2) Not later than 90 days after a claim is filed under s. 177.0903 (1), the administrator shall allow or deny the claim and give the claimant notice in a record of the decision. The administrator may refer any claim to the attorney general for an opinion. For each claim referred, the attorney general shall advise the administrator either to allow it or to deny it in whole or in part. (3) If the administrator denies a claim under sub. (2), the administrator shall inform the claimant of the reason for the denial and specify what additional evidence, if any, is required for the claim to be allowed. The claimant may file an amended claim with the administrator or commence an action under s. 177.0906. The administrator shall consider an amended claim filed under this subsection as an initial claim. (4) If the administrator does not take action on a claim during the 90-day period following the filing of a claim under s. 177.0903 (1), the claim is denied. History: 2021 a. 87; 2021 a. 240 s. 30.
177.0905 Allowance of claim for property. (1) Not later than 30 days after a claim is allowed under s. 177.0904 (2), the administrator shall pay or deliver the property to the owner or pay to the owner the net proceeds of a sale of the property, together with interest, income, or gain to which the owner is entitled under
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s. 177.0607. Upon request of the owner, the administrator may sell or liquidate a security and pay the net proceeds to the owner, even if the security has been held by the administrator for less than one year or the administrator has not complied with the notice requirements under s. 177.0503. (2) If the owner is a debtor under s. 71.93 or 71.935, before delivery or payment of property to an owner under sub. (1) or payment to the owner of net proceeds of a sale of the property, the administrator shall first set off against the owner’s debt under s. 71.93 or 71.935. (3) Any property paid or delivered to a person under this subchapter is subject to recovery by the administrator as provided in s. 177.1206. History: 2021 a. 87; 2021 a. 240 s. 30.
177.0906 Action by person whose claim is denied. (1) A person aggrieved by a claim denial of the administrator or whose claim has not been acted upon within 90 days after its filing may petition for judicial review of the decision or of the claim under s. 227.52, notwithstanding s. 227.52 (1), except that petitions for review shall be served and filed within 90 days after the claim denial or within 180 days after the filing of the claim if the administrator has failed to act on it. (2) If the person aggrieved establishes a claim under sub. (1) and is a debtor under s. 71.93 or 71.935, the administrator shall first set off against the person’s debt under s. 71.93 or 71.935 before delivery or payment of the property to the owner. History: 2021 a. 87; 2021 a. 240 s. 30.
177.0907 Claim to recover abandoned U.S. savings bond. Notwithstanding s. 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. 177.1504 (4) may file a claim under s. 177.0903, and another state may file a claim under s. 177.0901. Notwithstanding s. 177.0607 or 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. 177.1504, minus any amounts that were deposited in the general fund to pay administrative expenses under s. 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. 177.1504, minus any amounts the administrator estimates will be deposited in the general fund to pay administrative expenses under s. 177.0801 that are attributable to the U.S. savings bond. History: 2015 a. 309; 2021 a. 87 s. 166; Stats. 2021 s. 177.0907.
SUBCHAPTER X REQUESTS FOR REPORTS; EXAMINATION OF RECORDS 177.1001 Verified report of property. If a person does not file a report required under s. 177.0401 or the administrator believes that a person may have filed an inaccurate, incomplete, or false report, the administrator may require the person to file a verified report in a form prescribed by the administrator. A verified report shall include all of the following: (1) A statement as to whether the person is holding property that is reportable under this chapter. (2) A description of the property not previously reported or about which the administrator has inquired. (3) A specific identification of property described under sub.
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(2) about which there is a dispute whether it is reportable under this chapter. (4) The amount or value of the property. History: 2021 a. 87.
177.1002 Requests for reports and examination of records. (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. (2) If an examination of the records of a person results in the discovery of property reportable and deliverable under this chapter, the 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. (3) The administrator may at reasonable times and on reasonable notice issue an administrative subpoena requiring the person or agent of the person to make records available for examination. The attorney general may bring an action seeking judicial enforcement of a subpoena issued under this subsection. (4) If any person fails to file any report or refuses to deliver property to the administrator as required under this chapter, the administrator may bring an action in a court of appropriate jurisdiction to require the filing of the report and to enforce delivery of the property. (5) If a person is treated under s. 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. (1) if the administrator has given the required notice to both the person and the business association at least 90 days before the examination. History: 1983 a. 408; 1995 a. 27; 2017 a. 235; 2021 a. 87 ss. 124, 125, 172 to 175; Stats. 2021 s. 177.1002.
177.1003 Records obtained in examination. Records obtained and records, including work papers, compiled by the administrator in the course of conducting an examination under s. 177.1002: (1) Are subject to the confidentiality and security provisions of subch. XIV and are not public records for purposes of subch. II of ch. 19. (2) May be used by the administrator in an action to collect property or otherwise enforce this chapter. (3) May be used in a joint examination conducted with another state, the federal government, a foreign country or subordinate unit of a foreign country, or any other governmental entity if the governmental entity conducting the examination is legally bound to maintain the confidentiality and security of information obtained from a person subject to examination in a manner substantially equivalent to that under subch. XIV. (4) May be disclosed to the person that administers the unclaimed property law of another state, upon that person’s request, for that state’s use in circumstances equivalent to circumstances described in this subchapter, if the other state is required to maintain the confidentiality and security of information obtained in a manner substantially equivalent to that under subch. XIV. History: 2021 a. 87.
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177.1004 Failure of person to maintain records. If a holder fails to maintain the records required under s. 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. History: 2021 a. 87 s. 176; Stats. 2021 s. 177.1004.
177.1005 Administrator’s contract with another to conduct examination. (1) Except as provided in 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. (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 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. (3) This section does not apply to information received from the federal government. (4) The administrator may not enter into a contract or other agreement as part of an effort to administer this chapter that allows a person that is engaging in an audit of another person’s documents or records to use statistical sampling to estimate the other person’s liability unless the other person consents to the use of an estimate. History: 2021 a. 87 ss. 177, 178; Stats. 2021 s. 177.1005.
SUBCHAPTER XI ASSESSMENTS AND APPEALS 177.1101 Default assessment. When any person fails, neglects, or refuses to file a report by the deadline prescribed by this chapter, the administrator may, notwithstanding ss. 177.1001 and 177.1002, petition a court to determine the liability of such holder based on the court’s findings as to a reasonable estimate of the amount due. History: 2021 a. 87.
177.1102 Notice of assessment. The administrator shall notify a person in writing of any assessment under this chapter. The administrator shall serve that notice as provided in s. 73.03 (73m). If the person is a corporation and the administrator is unable to serve that corporation as provided in s. 73.03 (73m), the administrator may serve the notice by publishing a class 3 notice under ch. 985 in the official state newspaper. History: 2021 a. 87.
177.1103 Appeal of assessment. The appeal provisions under ss. 71.88 (1) (a) and (2) (a), 71.89, 71.90, 73.01 (1), (2), (3), (4), and (4m), and 73.015, as they apply to a taxpayer and the department of revenue and consistent with this chapter, shall apply to the person or holder and the administrator with respect to an assessment under this chapter. History: 2021 a. 87.
177.1104 Penalties. The provisions of ss. 177.1204 and 177.12045 (1) shall apply to an amount due as determined and assessed under this chapter. History: 2021 a. 87; 2025 a. 112.
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UNCLAIMED PROPERTY ACT SUBCHAPTER XII ENFORCEMENT
177.1201 Enforcement. (1) An assessment under this chapter that becomes final and is not subject to administrative or judicial review is subject to action and collection by the administrator under ss. 71.91, 71.92, and 73.03 (9), (20), (27), (28), (33m), and (33p) consistent with action taken by the department of revenue with respect to delinquent taxes under the same provisions. (2) If no court in this state has jurisdiction over the assessed holder or the assessed holder is not subject to the jurisdiction of this state, the attorney general may commence an action in any court having jurisdiction over the assessed holder. (3) Subject to sub. (2), the attorney general may bring an action in circuit court or in federal court to enforce this chapter. (4) The attorney general is authorized, upon request from the administrator, to represent the state or to assist the district attorney in the prosecution of any case arising under s. 177.12045. History: 2021 a. 87; 2025 a. 112.
177.1202 Interstate and international agreement; cooperation. (1) Subject to sub. (2), the administrator may do all of the following: (a) Exchange information with another state or foreign country relating to property presumed abandoned or relating to the possible existence of property presumed abandoned. (b) Authorize another state or foreign country or a person acting on behalf of the other state or country to examine its records of a putative holder as provided in subch. X. The administrator shall make the authorization under this paragraph in a record. (2) An exchange or examination under sub. (1) may be done only if the state or foreign country has confidentiality and security requirements substantially equivalent to those in subch. XIV or agrees in a record to be bound by this state’s confidentiality and security requirements. History: 2021 a. 87.
177.1203 Action involving another state or foreign country. (1) The administrator may join another state or foreign country to examine the records of a putative holder and seek enforcement of this chapter against a putative holder. (2) At the request of another state or a foreign country, the attorney general may commence an action on behalf of the other state or country to enforce, in this state, the law of the other state or country against a putative holder subject to a claim by the other state or country, if the other state or country agrees to pay costs incurred by the attorney general in the action. (3) The administrator may request the official authorized to enforce the unclaimed property law of another state or a foreign country to commence an action to recover property in the other state or country on behalf of the administrator. This state shall pay the costs, including reasonable attorney’s fees and expenses, incurred by the other state or foreign country in an action under this section. (4) The administrator may pursue an action on behalf of this state to recover property subject to this chapter, but delivered to the custody of another state, if the administrator believes the property is subject to the custody of the administrator. (5) The administrator may retain an attorney in this state, another state, or a foreign country to commence an action to recover property on behalf of the administrator and may agree to pay attorney’s fees based in whole or in part on a fixed fee, hourly fee, or a percentage of the amount or value of property recovered in the action.
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(6) Expenses incurred by this state in an action under this section may be paid from property received under this chapter or the net proceeds from the sale of the property. Expenses paid to recover property may not be deducted from the amount that is subject to a claim under this chapter by the owner. History: 2021 a. 87.
177.1204 Holder penalties. (1) FAILURE TO FILE A REPORT. (a) Any person who fails to timely file a report under this chapter shall pay a penalty equal to $150. (b) In addition to the penalty imposed under par. (a), any person who fails to file a report by the time prescribed in a written request by the administrator may be subject to a penalty of $100 for each day the report is not filed. (c) Any person who files a false or fraudulent report with intent to defeat or evade the laws imposed under this chapter is subject to the penalties under pars. (a) and (b) and a fine of $1,000 for each day from the date the report was made until corrected or imprisonment for not more than 6 months, or both. The fine imposed under this paragraph may not exceed the lesser of $25,000 or an amount equal to 25 percent of the amount or value of any property that was required to be included in the report that was not included or was underreported. (2) FAILURE TO PAY OR DELIVER PROPERTY. (a) Any person who fails to timely pay or deliver abandoned property to the administrator as required under this chapter shall pay a penalty equal to 15 percent of the value of the property. (b) In addition to the penalty imposed under par. (a), any person who fails to pay or deliver abandoned property by the time prescribed in a written request from the administrator may be subject to a penalty of $100 for each day the property is not paid or delivered. (3) FAILURE TO PERFORM OTHER DUTY. Any person who fails to perform any other duty required under this chapter, other than the duties for which a penalty is imposed under sub. (1) or (2), may be subject to a penalty of up to $500 for each day the duty is not performed, not to exceed $10,000 in a calendar year. (4) ASSESSMENT AND COLLECTION. The administrator shall assess and collect any penalties under this section as it assesses and collects amounts or property due for payment or delivery under this chapter. History: 2021 a. 87; 2021 a. 240 s. 30; 2025 a. 112.
177.12045 Fraudulent claim penalties. (1) CIVIL PENALTIES. (a) Any person who files a claim with the administrator for the property of another without the other’s consent and with the intent to deprive the owner of such property shall pay a penalty equal to the total value of the property. (b) If a person files a claim described under s. 177.0903 (3), and the copy of the agreement under subch. XIII filed with the claim does not comply with the requirements under s. 177.1301 (2), the person shall pay a penalty equal to the total value of the property plus $1,000 for property valued at no more than $15,000 or plus $2,500 for property valued at more than $15,000. (2) CRIMINAL PENALTIES. Any person who files a claim with the administrator for the property of another without the other’s consent and with the intent to deprive the owner of such property is guilty of a Class I felony and may be assessed the cost of prosecution. (3) REPORTING. The administrator shall post on the website maintained by the administrator the name and address of each person who has been assessed a penalty under sub. (1) (b), along with the amount of the penalty and the date on which the administrator posted the information, no later than 90 days after the person’s right to appeal the assessment has expired. The information provided under this subsection shall remain on the website main-
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tained by the administrator for at least 12 months following the date of the initial posting. History: 2025 a. 112.
177.1205 Waiver of penalties. The administrator may waive, in whole or in part, the penalties imposed under ss. 177.1204 and 177.12045 (1). History: 2021 a. 87; 2025 a. 112.
177.1206 Recovery of property paid to incorrect claimant. (1) If the administrator pays or delivers property under this chapter in error to any person, the administrator may assess the value of such property against the person. The assessment is subject to interest at the rate for delinquent taxes under s. 71.82 (2) from the date of assessment and to action and collection by the administrator under ss. 71.91, 71.92, and 73.03 (9), (20), (27), (28), (33m), and (33p), consistent with action taken by the department of revenue with respect to delinquent taxes. (2) The administrator may accept property from a person that receives the property in error prior to assessment under sub. (1), if the person acknowledges in writing that the property was paid or delivered in error and waives any further interest in the property. (3) The appeal provisions of ss. 71.88 (1) (a) and (2) (a), 71.89, 71.90, 73.01 (1), (2), (3), (4), and (4m), and 73.015, as they apply to a taxpayer and the department of revenue and consistent with this chapter, shall apply to the person and the administrator with respect to an assessment under this chapter. History: 2021 a. 87.
SUBCHAPTER XIII AGREEMENT TO LOCATE PROPERTY OF APPARENT OWNER HELD BY ADMINISTRATOR 177.1301 When agreement to locate property enforceable. (1) In this subchapter, “locator service” means a person who locates, delivers, recovers, or assists in the location, delivery, and recovery of property held by the administrator. (2) An agreement by an apparent owner and locator service is enforceable under this chapter only if the agreement complies with all of the following: (a) It is in a written, valid contract that clearly states the nature of the property and the services to be provided. (b) It is signed by the apparent owner or by an agent of the apparent owner. (c) It states the amount or value of the property reasonably expected to be recovered, computed before and after a deduction for any fee or other compensation paid to the locator service. (d) It includes a clear and prominent statement of the fee or other compensation to be paid to the locator service, which may not exceed 10 percent of the actual amount or value of the property recovered. (e) It includes a clear and prominent statement disclosing the name and address of the holder and whether the property has been paid or delivered to the administrator. (f) It includes a clear and prominent statement that the owner may file a claim with the administrator without the assistance of a locator service. History: 2021 a. 87.
177.1302 When agreement to locate property void. (1) Subject to sub. (2), an agreement under s. 177.1301 is void if it is entered into during the period beginning on the date the prop-
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erty is paid or delivered by a holder to the administrator and ending 24 months after the payment or delivery. (2) If any provision of an agreement under s. 177.1301 applies to mineral proceeds for which compensation is to be paid to the locator service based in whole or in part on a portion of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void regardless of when the parties entered into the agreement. (3) This section does not apply to an apparent owner’s agreement with an attorney to contest the administrator’s denial of a claim for recovery of the property. History: 2021 a. 87.
SUBCHAPTER XIV CONFIDENTIALITY AND SECURITY OF INFORMATION 177.1401 Definitions; applicability. (1) In this subchapter, “personal information” means the following: (a) Information that identifies or reasonably can be used to identify an individual, including an individual’s first and last name in combination with any of the following information associated with the individual: 1. A social security number or other government-issued number or identifier. 2. Date of birth. 3. Residential address. 4. An e-mail address or other online contact information or Internet provider address. 5. A financial account number or credit or debit card number. 6. Biometric data, health or medical data, or insurance information. 7. Passwords or other credentials that permit access to an online or other account. (b) Personally identifiable financial or insurance information, including nonpublic personal information as defined by federal law. (c) Any combination of data that, if accessed, disclosed, modified, or destroyed without authorization of the owner of the data or if lost or misused, would require notice or reporting under state or federal law, regardless of whether the administrator or the administrator’s agent is subject to such law. (2) All provisions of this subchapter that apply to the administrator or the records of the administrator apply to the administrator’s agent and the records of the administrator’s agent. History: 2021 a. 87.
177.1402 Confidential information. (1) Except as otherwise provided in this chapter, the following are confidential and exempt from public inspection or disclosure under subch. II of ch. 19: (a) Reports and records of a claimant that are in the possession of the administrator or the administrator’s agent. (b) Reports and records of a holder that are in the possession of the administrator or the administrator’s agent. (c) Personal information and other information derived or otherwise obtained by or communicated to the administrator or the administrator’s agent from an examination under this chapter of the records of a person. (d) Tax information that is confidential under s. 71.78. (2) A record or other information that is confidential under the laws of this state, another state, or the United States continues
May 22, 2026, are designated by NOTES. (Published 5-22-26)
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to be confidential when disclosed or delivered under this chapter to the administrator or administrator’s agent. (3) The provisions of s. 71.78 (1) and (1m), as they apply to tax information, apply to the confidential information in sub. (1), except that the administrator may provide the name of a claimant or owner, along with any property claimed by or paid to that claimant or owner, to any other claimant filing a claim for the same property. History: 2021 a. 87.
177.1403 When confidential information may be disclosed. (1) When reasonably necessary to enforce or implement this chapter, the administrator may disclose confidential information concerning property held by the administrator or the administrator’s agent only to the following: (a) An apparent owner or the apparent owner’s personal representative or special administrator, attorney, guardian, other legal representative, or a person entitled to inherit from the deceased apparent owner. (b) A department or agency of this state or the United States. (c) The person that administers the unclaimed property law of another state, if the other state accords substantially reciprocal privileges to the administrator of this state and if the other state is required to maintain the confidentiality and security of information obtained in a manner substantially equivalent to that under this subchapter. (d) A person subject to an examination as required by subch. X. (2) (a) Except as otherwise provided in s. 177.1402 (1), the administrator shall include on the administrator’s Internet site or in the database required by s. 177.0503 the name of each apparent owner of property held by the administrator. (b) The administrator may include on the administrator’s Internet site or in the database additional information concerning the apparent owner’s property, if the administrator believes that the information will assist in identifying and returning property to the owner and if the information does not disclose personal information, except the apparent owner’s name and residential address. (c) The administrator may include the information described in par. (b) in published notices, printed publications, telecommunications, or other media or on the Internet. (3) The administrator and the administrator’s agent may not use confidential information provided to them or in their possession except as expressly authorized by this chapter or by other law. History: 2021 a. 87.
SUBCHAPTER XV MISCELLANEOUS PROVISIONS 177.1501 Uniformity of application and construction. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it. History: 1983 a. 408; 2021 a. 87 s. 187; Stats. 2021 s. 177.1501.
177.1502 Effect of new provisions; clarification of application. (1) This chapter does not relieve a holder of a duty that arose before November 7, 2021, to report, pay, or deliver property. Subject to s. 177.0610 (2) and (3), a holder who did not comply with the law governing unclaimed property in effect before November 7, 2021, is subject to the applicable enforcement and penalty provisions in effect before November 7, 2021.
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(2) The initial report filed under this chapter for property that was not required to be reported before November 7, 2021, but 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 November 7, 2021, as if this chapter had been in effect during that period. History: 1983 a. 408; 2021 a. 87 s. 185; Stats. 2021 s. 177.1502.
177.1503 Escheat of property to municipalities. If any statute provides for the escheat of abandoned or unclaimed property to a county, city, village or town, this chapter does not apply. History: 1983 a. 408; 2021 a. 87 s. 188; Stats. 2021 s. 177.1503.
177.1504 Escheat of U.S. savings bonds. (1) If all of the following conditions apply, the administrator may bring an action for a judgment that a U.S. savings bond, including a U.S. savings bond in the possession of the administrator or a U.S. savings bond that has been lost, stolen, or destroyed, is abandoned and for an order transferring ownership of the abandoned U.S. savings bond to this state: (a) The U.S. savings bond has been presumed abandoned under s. 177.0206 for at least one year. (b) The U.S. savings bond is subject to the custody of this state as unclaimed property under subch. III. (c) At least one year has elapsed since the administrator published the notice required under s. 177.0503. (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. 177.0503 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. (3) If service is made under sub. (2) by publication of a notice, the administrator shall, before publication of the notice, file with the court an affidavit setting forth the administrator’s efforts to locate the owners of each U.S. savings bond subject to the action, and, upon filing of the affidavit, there shall be a presumption that the owners cannot with reasonable diligence be served under s. 801.11 (1) (a) or (b). The affidavit shall include all of the following information with respect to the U.S. savings bond: (a) A description of the efforts made by the administrator to ascertain the name and last-known address of each person appearing to be an owner of the U.S. savings bond. (b) The name and last-known address of each person identified by the administrator as appearing to be an owner of the U.S. savings bond. (c) The interest of each unknown person identified by the administrator as appearing to be an owner of the U.S. savings bond. (d) A description of the efforts made by the administrator to notify each owner of the U.S. savings bond that the owner may be entitled to claim abandoned property. (e) A statement that, based on prior efforts of the administrator to locate or contact the persons appearing to be owners of the U.S. saving bond, the administrator believes that the administrator cannot, with reasonable diligence, serve the owners with notice of the action by personal or substituted service. (4) In an action under sub. (1), if the court finds that the administrator has substantially complied with the provisions of this chapter and that no other person has proven ownership of the U.S.
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savings bond, the court shall enter judgment that this state has all legal title and interest, including all rights, powers, and privileges of survivorship of any owner, co-owner, or beneficiary, of the U.S. savings bond and that this state owns the U.S. savings bond free of all claims of the owner or previous holder and of all persons claiming through or under them. (5) Within 3 years after the entry of a judgment under sub. (4), the administrator shall file an application with the U.S. department of the treasury to redeem the U.S. savings bond. History: 2015 a. 309; 2021 a. 87 s. 162; Stats. 2021 s. 177.1504.
177.1505 Voluntary disclosure. (1) The administrator may enter into voluntary disclosure agreements with holders if the following conditions are met: (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. (b) The administrator is not conducting an examination or investigation of the holder, as provided under s. 177.1002. (c) The holder has not received a notification from the administrator of an impending examination under s. 177.1002. (d) The holder has not been notified of an assessment under subch. X or XI. (e) The holder is not currently the subject of a civil or a criminal prosecution involving compliance with this chapter. (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. (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. (h) The holder agrees to prospective compliance with this chapter. (i) The holder agrees to waive appeal rights under this chapter for periods under the agreement. (2) For purposes of this section: (a) The filing date is the date that the holder’s application for voluntary compliance is received by the administrator. (b) The agreement is executed when signed by the holder and the administrator. (c) The administrator may extend the time during which the holder is to comply with sub. (1) (f). (d) A holder who enters into an agreement with the adminis-
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trator 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. (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. (f) The agreement shall apply to the 5 reporting periods immediately preceding the filing date of the holder’s application. (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. (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: (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. (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. (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. (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 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. History: 2021 a. 87; 2023 a. 138.
May 22, 2026, are designated by NOTES. (Published 5-22-26)