Testimonies on SB 294, 295, and 296 from Yesterday
Testimony of Wisconsin State Treasurer Kurt Schuller to the Wisconsin State Senate Committee on Judiciary, Utilities, Commerce, and Government Operations Regarding SB 294
January 25, 2012
Delivered on Behalf of the State Treasurer by Deputy State Treasurer Scott Feldt
From time to time it is important to make small alterations to existing statutes in order to improve the efficiency of government as well as the services that government provides. I am grateful to Chairman Zipperer and this committee for giving me the opportunity to strongly advocate the passage of SB 294 here today.
SB 294 establishes an administrative review process for an unclaimed property claimant whose claim is denied or not acted upon in a timely manner. Current law only provides for a claimant to bring an action in circuit court, which requires the claimant to pay for court costs even before a decision can be made. An administrative review process would establish a uniform procedure for handling complaints, would proceed in a much timelier manner, and would not result in mandatory costs or fees, thus making the process more amenable to both the Unclaimed Property Program and to the claimant.
The Department of Justice recommended this process to the Treasurer’s Office, and I believe that the time has come to institute this reform.
Testimony of Wisconsin State Treasurer Kurt Schuller to the Wisconsin State Senate Committee on Judiciary, Utilities, Commerce, and Government Operations Regarding SB 295
January 25, 2012
Delivered on Behalf of the State Treasurer by Deputy State Treasurer Scott Feldt
I would like to thank Chairman Zipperer and the members of the Judiciary, Utilities, Commerce, and Government Operations for accepting my testimony on behalf of SB 295.
The passage of SB 295 would provide an extra layer of protection for unclaimed property owners who enter into agreements with “search firms” or unclaimed property “locators”. The bill would require that the afforementioned firms provide the Unclaimed Property Program with a copy of the fee agreement that they entered into with the unclaimed property owner at the time of the claim submission. With this information in hand, the Unclaimed Property Program can proceed to process the claim with every assurance that the property owner and the search firm have entered into a legal agreement.
SB 295 will protect our state’s unclaimed property claimants without causing search firms undue difficulty, and I encourage the members of this committee to pass this bill in order to ensure full compliance with statutory requirements.
Testimony of Wisconsin State Treasurer Kurt Schuller to the Wisconsin State Senate Committee on Judiciary, Utilities, Commerce, and Government Operations Regarding SB 296
January 25, 2012
Delivered on Behalf of the State Treasurer by Deputy State Treasurer Scott Feldt
Once again, I am pleased to present testimony before Chairman Zipperer and the Committee on Judicary, Utilities, Commerce, and Government Operations regarding the amendment of the Unclaimed Property Act.
I am here to register my complete support to SB 296, which would grant the Unclaimed Property Administrator discretion when determing whether or not to assess penalties and interest against businesses not in compliance with current statutory requirements. Our office does not want to be forced to assess penalties on businesses who fail to report due only to innocent oversight.
As a small agency, my office has never had sufficient staff to enforce the statute as currently written. However, due to technological advances, we are now able to make a major push to increase compliance – which we have long wished to do. By allowing the Unclaimed Property Administrator the discretion prescribed by SB 296, my office can focus on bringing Wisconsin businesses into compliance with our unclaimed property laws without causing those businesses undue economic hardship. SB 296 is a win for both the Unclaimed Property Program and Wisconsin businesses, and I encourage its passage.
Changes to Statute 177 Getting Closer to Being a Reality
Background:
Last week I updated you on legislation that would tweak Statute 177, the Unclaimed Property Statute. Today, I would like to update you on what’s been going on with these bills “under the dome”.
Click here to read about the detail of the legislation.
Click here to read about where the legislation stood last week.
Remember, the bills were introduced in both the Assembly and the Senate in order to speed up the process of passage, hence:
SB 294=AB 417, SB 295=AB 418, and SB 296=AB 419
Legislative Status
AB 417 – Waiting for a hearing in the Assembly Committee on Judiciary and Ethics – could happen in the next 2 weeks.
AB 418 – Had hearing in the Assembly Committee on Homeland Security and State Affairs on 1/18/12 (see Treasurer’s testimony). Waiting to be voted on in executive session, which may be scheduled soon.
AB 419 – Had hearing in the Assembly Committee on Homeland Security and State Affairs on 1/18/12 (see Treasurer’s testimony). Waiting to be voted on in executive session, which may be scheduled soon. SBs 294, 295, and 296 – Will have a hearing tomorrow in the Senate Committee on
SBs 294, 295, and 296 – Will have a hearing in the Senate Committee on Judiciary, Utilities, Commerce, and Government Operations tomorrow at 1 P.M. Deputy State Treasurer Scott Feldt will be delivering my testimony before the committee.
Wisconsin State Treasury 