Leawood, KS – February 28, 2021: The State of Wisconsin has enacted 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 enacted on November 6, 2021.
After enactment, the Wisconsin Department of Revenue (DOR) was notified of a scrivener’s error in AB 325 regarding the calculation of dormancy under the state’s unclaimed property statute. As enacted, the statute describes indication of an owner’s interest in property with the term “from the earliest of” rather than “from the later of”, which is the language found in RUUPA, and which AB 325 was modeled after. As originally written, the language of AB 325 would render an owner’s last indication of interest obsolete if the contact was made after the presumption of abandonment was met. This would result in the dormancy period not being reset. The use of ‘the earliest of’ language is inconsistent with RUUPA.
After being informed of the error, the DOR has identified that they will work with legislators to address this issue and make necessary corrections. Visit the Regulatory Watch Center for updates to this CARD Alert and AB 325.
To read the original Compliance Libraries CARD Alert regarding Wisconsin AB 325 click here: Wisconsin Introduces a Version of its Revised Uniform Unclaimed Property Act (RUUPA).
To read Wisconsin AB 325 click here: Wisconsin AB 325.
About the Compliance Libraries:
The Compliance Libraries provide a one stop location for comprehensive information on the laws, rules and standards regulating gift cards. Its range includes federal and state laws, GAAP accounting standards and tax rules along with other helpful items.
For more information visit www.compliancelibraries.com.
The Compliance Libraries are a service of Card Issuance & Management, Inc., a subsidiary of Card Compliant, LLC.