Currently, there are three bills (and their companions) before the Wisconsin state legislature to modify the Wisconsin Unclaimed Property statutes. These bills were introduced at the request of and with the full support of the State Treasurer Kurt Schuller. Schuller is expecting to see movement on these bills in the next few weeks.
In particular, companies reporting unclaimed property should be interested in SB 296 (AB 419) which would change the mandated interest of 18% to 12% at the option of the Treasurer for late reporting.
Wisconsin SB 294 would provide for judicial review for claimants that are not satisfied with decisions relating to their claim and provides exception to mandatory award of attorneys fees and costs.
Full Text of SB 294 | Companion Bill: AB 417
Wisconsin SB 295 would require finders (those assisting claimants during the process of finding and collecting properties) to submit copies of their finder agreements.
Full Text of SB 295 | Companion Bill: AB 418
Wisconsin SB 296 would change the interest rate for holders reporting late property from 18% to 12% and provide discretion to the Treasurer in assessing interest.
Full Text of SB 296 | Companion Bill: AB 419
Other Coverage: Wisconsin Deputy Treasurer to Testify on Bills to Modify Wisconsin's Unclaimed Property Statute
