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Wisconsin Passes Modified Version of 2016 Uniform Act

On November 5, 2021 Wisconsin Governor Tony Evers signed Wisconsin Act 87 into law, which adopts a version of the 2016 Uniform Unclaimed Property Act.  In a departure from some versions of the 2016 uniform act, the Wisconsin legislation keeps the old law's general 5 year dormancy period for unspecified general intangible property as well as the previous law's business-to-business exemption.   Some of the changes imposed by the new legislation are as follows: the dormancy period for money orders is shortened from 7 years to 5 years; the definition of "property" subject to the Act now expressly includes "virtual currency;" the definition of "property" subject to the Act now expressly excludes 529A plan assets, game-related digital content, loyalty cards, in-store credits for returned merchandise, gift cards, and stored-value cards; the law has clarified dormancy standards for securities, tax-deferred accounts, and UGMA/UTMA assets; the Act now spe

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