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Bills · 2015-2016 Regular Session

AB 721

Became law Official bill text Atom feed

Relating to: escheat of abandoned U.S. savings bonds. (FE)

Bonds Personal property Revenue, department of

  1. Introduced, completed
  2. Passes Assembly, completed
  3. Passes Senate, completed
  4. Governor signs, completed
  5. Law, completed

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

This bill provides that a U.S. savings bond that remains unredeemed for five

years after final maturity is presumed abandoned and subject to the custody of this

state under this state's version of the Uniform Unclaimed Property Act. The bill also

provides that, if all of the following conditions apply, the Secretary of Revenue may

commence an action for a determination that the bond is abandoned and for an order

transferring ownership of the abandoned bond to this state:

1. The bond has been presumed abandoned for at least one year.

2. The bond is subject to the custody of this state as unclaimed property.

3. At least one year has elapsed since the secretary published notice of the name

of the person appearing to be the owner of the bond.

The secretary must redeem the bond within three years after entry of the order

transferring ownership of the bond. The proceeds from the redemption are deposited

in the school fund.

At any time before the order is entered, the rightful owner may file a claim with

the secretary for the bond's return. After the order is entered, the previous owner

may file a claim with the secretary for return of the bond or payment of the amount

for which the bond was redeemed, less administrative costs incurred by the

secretary.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: A. Ott (R) , Ballweg (R) , Brandtjen (R) , Czaja (R) , E. Brooks (R) , Horlacher (R) , Katsma (R) , Kremer (R) , Krug (R) , Macco (R) , Murphy (R) , Quinn (R)

2 cosponsors

Marklein (R) , Miller (D)

Votes

Assembly: Report Assembly Substitute Amendment 1 adoption recommended by Committee on State Affairs and Government Operations, Ayes 13, Noes 0

Passed 13–0 Feb 11, 2016 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Assembly: Report passage as amended recommended by Committee on State Affairs and Government Operations, Ayes 13, Noes 0

Passed 13–0 Feb 11, 2016 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Senate: Public hearing requirement waived by committee on Senate Organization, pursuant to Senate Rule 18 (1m), Ayes 3, Noes 2

Passed 3–2 Mar 14, 2016 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Full history

  1. Jan 15, 2016 · Assembly

    Introduced by Representatives Katsma, Macco, Ballweg, Brandtjen, E. Brooks, Czaja, Horlacher, Kremer, Krug, Murphy, Quinn and A. Ott; cosponsored by Senators Marklein and Miller

  2. Jan 15, 2016 · Assembly

    Read first time and referred to Committee on State Affairs and Government Operations

  3. Jan 27, 2016 · Assembly

    Public hearing held

  4. Feb 4, 2016 · Assembly

    Assembly Substitute Amendment 1 offered by Representative Katsma

  5. Feb 8, 2016 · Assembly

    Fiscal estimate received

  6. Feb 10, 2016 · Assembly

    Executive action taken

  7. Feb 11, 2016 · Assembly

    Report Assembly Substitute Amendment 1 adoption recommended by Committee on State Affairs and Government Operations, Ayes 13, Noes 0

  8. Feb 11, 2016 · Assembly

    Report passage as amended recommended by Committee on State Affairs and Government Operations, Ayes 13, Noes 0

  9. Feb 11, 2016 · Assembly

    Referred to committee on Rules

  10. Feb 11, 2016 · Assembly

    Placed on calendar 2-16-2016 by Committee on Rules

  11. Feb 16, 2016 · Assembly

    Rules suspended to withdraw from calendar and take up

  12. Feb 16, 2016 · Assembly

    Read a second time

  13. Feb 16, 2016 · Assembly

    Assembly Substitute Amendment 1 adopted

  14. Feb 16, 2016 · Assembly

    Ordered to a third reading

  15. Feb 16, 2016 · Assembly

    Rules suspended

  16. Feb 16, 2016 · Assembly

    Read a third time and passed

  17. Feb 16, 2016 · Assembly

    Ordered immediately messaged

  18. Feb 17, 2016 · Senate

    Received from Assembly

  19. Feb 17, 2016 · Senate

    Read first time and referred to committee on Senate Organization

  20. Feb 17, 2016 · Senate

    Available for scheduling

  21. Mar 14, 2016 · Senate

    Public hearing requirement waived by committee on Senate Organization, pursuant to Senate Rule 18 (1m), Ayes 3, Noes 2

  22. Mar 14, 2016 · Senate

    Placed on calendar 3-15-2016 pursuant to Senate Rule 18(1)

  23. Mar 15, 2016 · Senate

    Read a second time

  24. Mar 15, 2016 · Senate

    Ordered to a third reading

  25. Mar 15, 2016 · Senate

    Rules suspended

  26. Mar 15, 2016 · Senate

    Read a third time and concurred in

  27. Mar 15, 2016 · Senate

    Ordered immediately messaged

  28. Mar 16, 2016 · Assembly

    Received from Senate concurred in

  29. Mar 23, 2016 · Assembly

    Report correctly enrolled on 3-23-2016

  30. Mar 29, 2016 · Assembly

    Presented to the Governor on 3-29-2016

  31. Mar 31, 2016 · Assembly

    Report approved by the Governor on 3-30-2016. 2015 Wisconsin Act 309

  32. Mar 31, 2016 · Assembly

    Published 3-31-2016