400, s. 66L
452.10 (1) of the statutes is amended to read:
452.10 (1) An application shall be verified by the applicant. If made by a partnership business entity it shall be verified by at least 2 members. If made by a corporation it shall be verified by the president and secretary a business representative.
400, s. 66m
452.12 (2) (a) of the statutes is amended to read:
452.12 (2) (a) A license may be issued to a corporation business entity if the corporation business entity has at least one officer business representative licensed as a broker. The license issued to the corporation business entity entitles each officer business representative of the corporation business entity who is a licensed broker to act as a broker on behalf of the corporation business entity.
400, s. 66p
452.12 (2) (b) of the statutes is repealed.
400, s. 66q
452.12 (2) (c) of the statutes is amended to read:
452.12 (2) (c) Application for a corporate or partnership business entity license shall be made on forms prescribed by the department, listing the names and addresses of all officers and partners business representatives, and shall be accompanied by the fee specified in s. 440.05 (1). If there is a change in any of the officers or partners business representatives, the change shall be reported to the department, on the same form, within 30 days after the effective date of the change.
400, s. 66r
452.133 (3) (b) of the statutes is amended to read:
452.133 (3) (b) Act in a transaction on the broker's own behalf, on behalf of the broker's immediate family or firm, or on behalf of any organization or business entity in which the broker has an interest, unless the broker has the written consent of all parties to the transaction.
400, s. 66t
452.14 (4) of the statutes is amended to read:
452.14 (4) If a broker is a company
business entity it shall be sufficient cause for reprimand or for the limitation, suspension or revocation of a broker's license that any officer, director or trustee business representative of the company, or any member of a partnership business entity, or anyone who has a financial interest in or is in any way connected with the operation of a brokerage business, has been guilty of any act or omission which would be cause for refusing a broker's license to such person as an individual.
400, s. 66y
452.22 (2) of the statutes is amended to read:
452.22 (2) The certificate of the secretary or his or her designee to the effect that a specified individual, partnership or corporation business entity is not or was not on a specified date the holder of a broker's, salesperson's or time-share salesperson's license or registration, or that a specified license or registration was not in effect on a date specified, or as to the issuance, limitation, suspension or revocation of any license or registration or the reprimand of any holder thereof, the filing or withdrawal of any application or its existence or nonexistence, is prima facie evidence of the facts therein stated for all purposes in any action or proceedings.
400, s. 76
551.02 (13) (b) of the statutes is amended to read:
551.02 (13) (b) "Security" does not include any fixed or variable insurance or endowment policy or annuity contract under which an insurer promises to pay money either in a lump sum or periodically for life or some other specified period; any beneficial interest in any voluntary inter vivos trust not created for the purpose of carrying on any business or solely for the purpose of voting; or any beneficial interest in any testamentary trust; or any member's interest that includes all of the rights set forth in s. 183.0102 (11) in a limited liability company organized under ch. 183 if the aggregate number of members of the limited liability company, after the interest is transferred sold, does not exceed 15 and the right to manage, and the articles of organization do not vest management of the limited liability company is vested in its members
in one or more managers.
400, s. 77
551.02 (13) (c) of the statutes is amended to read:
551.02 (13) (c) "Security" Except as provided in par. (b), "security" is presumed to include an
a member's interest in a limited liability company organized under ch. 183 if the right to manage articles of organization vest management of the limited liability company is vested in, or if the operating agreement delegates the essential managerial responsibility of the limited liability company to, one or more managers who are not members, or if the aggregate number of members of the limited liability company, after the interest is sold, exceeds 35. "Security" is not presumed not to include an a member's interest in a limited liability company organized under ch. 183 if the aggregate number of members of the limited liability company, after the interest is sold, does not exceed 35 and the right to manage articles of organization do not vest management of the limited liability company is vested in, nor does the operating agreement delegate the essential managerial responsibilities of the limited liability company to its members one or more managers who are not members.
400, s. 78
628.04 (1) (b) 1. of the statutes is amended to read:
628.04 (1) (b) 1. That if a natural person, the applicant has the intent in good faith to do business as an intermediary or, if a corporation, partnership or limited liability company, has that intent and has included that purpose in the articles of incorporation, association or organization certificate of limited partnership or general partnership agreement or limited liability company operating agreement;
400, s. 80
813.02 (3) of the statutes is repealed.
400, s. 81
813.09 of the statutes is repealed.
891.20 Articles of incorporation, presumptions. Any Except as provided in s. 180.0203 (2), any charter or patent of incorporation which shall have been issued by the governor, secretary of state or department of financial institutions, or by any combination, to any corporation under any law of the state; any certificate of organization or association of any corporation or joint stock company; the articles of organization of a limited liability company; the articles of association or organization of any corporation, or a certified copy thereof, which shall have been filed or recorded in the office of the secretary of state or with the department of financial institutions, or recorded in the office of any register of deeds or filed or recorded in the office of any clerk of the circuit court under any law of the state; any certificate or resolution for the purpose of amendment, and every amendment in any form, of the charter, patent, certificate or articles of association or organization or of the name, corporate powers or purposes of any corporation or limited liability company, filed or recorded in any of the departments or offices and a certified copy of any such document so filed or recorded shall be received as conclusive evidence of the existence of the corporation, limited liability company or joint stock company mentioned therein, or of the due amendment of the charter, patent, certificate or articles of association or organization thereof in all cases where such facts are only collaterally involved; and as presumptive evidence thereof and of the facts therein stated in all other cases.
400, s. 83
972.085 of the statutes is amended to read:
972.085 Immunity; use standard. Immunity from criminal or forfeiture prosecution under ss. 13.35, 17.16 (7), 77.61 (12), 93.17, 111.07 (2) (b), 128.16, 133.15, 139.20, 139.39 (5), 195.048, 196.48, 551.56 (3), 553.55 (3), 601.62 (5), 767.47 (4), 767.65 (21), 776.23, 885.15, 885.24, 885.25 (2), 891.39 (2), 968.26, 972.08 (1) and 979.07 (1), provides immunity only from the use of the compelled testimony or evidence in subsequent criminal or forfeiture proceedings, as well as immunity from the use of evidence derived from that compelled testimony or evidence.
(1) The treatment of sections 71.07 (7) (b) and 71.21 (5) of the statutes first applies to a taxable year of a limited liability company that begins on January 1, 1996, and first applies to the appropriate taxable year of a member of a limited liability company to conform the member's treatment of the credit to the limited liability company's treatment.
(2) The renumbering and amendment of section 180.1915 of the statutes and the creation of section 180.1915 (1) and (2) of the statutes first apply to civil actions commenced on the effective date of this subsection.
(1) This act takes effect on July 1, 1996, or on the day after publication, whichever is later.