Leawood, KS – June 9, 2021: The State of Wisconsin has introduced its version of the Revised Uniform Unclaimed Property Act (RUUPA). Wisconsin Assembly Bill 325 (AB 325) was introduced on May 13, 2021, by Representative August and co-sponsored by Senator Petrowski, and was referred to the Committee on State Affairs.
RUUPA is the latest revision to the Uniform Unclaimed Property Act first promulgated in 1954 and most recently updated in 1995. It makes several updates to earlier versions of the uniform act to keep up with technological changes and new forms of property serving as a comprehensive set of rules for the escheat of unclaimed property.
The new Wisconsin legislation establishes three priority rules to determine which state may take custody of property presumed abandoned. It adopts the uniform RUUPA exemption to escheat for loyalty, awards and promotional cards and gift cards. A gift card is defined in the proposed Bill as a record evidencing a promise for consideration by the seller or issuer for merchandise, goods or services, that does not expire and may not be redeemed for cash unless required by law. AB 325, Section 24, subsection 7(d) (2021 Sess.). AB 325 defines a loyalty card as a record given “without direct monetary consideration” under an award, loyalty, or promotional program that may be used to obtained goods or services or a discount on goods or services. AB 325, Section 29, subsection 11(d) (2021 Sess.). Currently Wisconsin exempts gift cards from escheat.
More information regarding RUUPA can be found here: RUUPA.
To read Wisconsin AB 325 click here: Wisconsin AB 325.
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