(1)    Expiration, before, on, or after November 7, 2021, of a period of limitation on an owner’s right to receive or recover property, whether specified by contract or court order, and notwithstanding any law to the contrary, does not prevent the property from being presumed abandoned or affect the duty of a holder under this chapter to file a report or pay or deliver property to the administrator.

   (2)   The administrator may not commence an action or proceeding to enforce this chapter with respect to the reporting, payment, or delivery of property reported to the administrator more than 5 years after the holder filed a nonfraudulent report and reported the property under s. 177.0401 to the administrator.

   (3)   If a holder is required to file a report under s. 177.0401 and fails to do so, or if a holder files a report but does not report property required to be included with the report under s. 177.0401, the administrator may not commence an action, proceeding, or examination with respect to the reporting, payment, or delivery of the unreported property more than 7 years after the holder’s duty to report arose.

   (4)   Subsections (1) to (3) do not apply in the case of the filing of a fraudulent report or to any collection action or proceeding under s. 177.1201 or 177.1206.

   (5)   For purposes of this section, the administrator and holder may extend any period of limitation by written agreement.