FAQ Unclaimed Property: Why Does Wisconsin Have An UP Law?
WHY DOES WISCONSIN HAVE AN UNCLAIMED PROPERTY LAW?
The law was enacted in 1970 to enable Wisconsin residents to search in one place for missing funds. After 1 to 5 years of inactivity Wisconsin businesses are mandated to turn over all unclaimed money, stock, and safe deposit box contents to the State Treasurer’s Office. This process relieves businesses from the expense and liability associated with carrying unclaimed property on their financial records. Most importantly, the process benefits Wisconsin residents because the State Treasurer’s Office makes an active effort to reunite all rightful owners with their unclaimed property.