Wisconsin Statutes 177.1505 – Voluntary disclosure
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Terms Used In Wisconsin Statutes 177.1505
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Fraud: Intentional deception resulting in injury to another.
- Preceding: when used by way of reference to any statute section, means the section next preceding that in which the reference is made. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Year: means a calendar year, unless otherwise expressed; "year" alone means "year of our Lord". See Wisconsin Statutes 990.01
(1) The administrator may enter into voluntary disclosure agreements with holders if the following conditions are met:
(a) The holder failed to file a report required under this chapter or the holder filed a report under this chapter and failed to include on the report all property subject to reporting.
(b) The administrator is not conducting an examination or investigation of the holder, as provided under s. 177.1002.
(c) The holder has not received a notification from the administrator of an impending examination under s. 177.1002.
(e) The holder is not currently the subject of a civil or a criminal prosecution involving compliance with this chapter.
(f) The holder agrees to report and deliver any property that was abandoned during any year to which the agreement applies within 60 days of execution of the agreement. The holder must make a reasonable effort in good faith to calculate, report, and deliver such property.
(g) The holder agrees to perform duties described in s. 177.0501 within 30 days of execution of the agreement, unless the agreement provides otherwise.
(h) The holder agrees to prospective compliance with this chapter.
(i) The holder agrees to waive appeal rights under this chapter for periods under the agreement.
(2) For purposes of this section:
(a) The filing date is the date that the holder’s application for voluntary compliance is received by the administrator.
(b) The agreement is executed when signed by the holder and the administrator.
(c) The administrator may extend the time during which the holder is to comply with sub. (1) (f).
(d) A holder who enters into an agreement with the administrator and upon compliance with the terms in the agreement shall be relieved of any further liability with respect to the property reported by the holder under the agreement.
(e) A holder who enters into an agreement with the administrator shall maintain records with regard to property covered under the agreement in accordance with s. 177.0404.
(f) The agreement shall apply to the 5 reporting periods immediately preceding the filing date of the holder’s application.
(g) The administrator shall waive rights to an examination of records under s. 177.1001 with respect to the reporting periods in par. (f), and all earlier periods, except for the purpose of the administrator making determinations with respect to sub. (3) (a) and (b). Unless an agreement is null and void as provided in sub. (3), the administrator shall not have any cause of action against the holder resulting from failure of the holder to report any property abandoned during the reporting periods to which par. (f) applies or to any earlier periods.
(3) The administrator may declare an executed agreement null and void. In the case of an agreement that is null and void, the holder remains subject to all other provisions of this chapter. The administrator may declare an executed agreement null and void if at least one of the following applies:
(a) Fraud or intentional misrepresentation by the holder or those acting on the holder’s behalf with respect to the property required to be reported for the period covered by the agreement.
(b) It is determined by the administrator that the property reported by the holder for the period covered by the agreement is less than 75 percent of the value of all property reportable by the holder for the period.
(c) The holder fails to remain in compliance with this chapter for no less than the 4 reporting periods following the final reporting period covered by the agreement.
(4) The administrator shall waive the provisions of s. 177.1204 with respect to reporting periods covered by the agreement if an application for voluntary disclosure is received by the administrator between February 1, 2022, and February 28, 2023, and a voluntary disclosure agreement is executed within 180 days of receipt of the application by the administrator. The administrator may enter into an agreement with a holder to extend the date upon which the agreement must be executed and shall waive the provisions of s. 177.1204 with respect to reporting periods covered by an agreement executed under such extension. The administrator shall make efforts to provide information to interested parties regarding the voluntary disclosure period provided under this subsection.