Statutes Interpreted: ss 560.30 through 560.38
Pursuant to ss. 560.30 through 560.38, Stats., the Department of Commerce (Commerce) is responsible for certifying capital companies. The certified capital companies are eligible for receiving premium tax credits from insurance companies to use to provide capital to new and growing certain small businesses in this state. Under the law, a person must apply to Commerce and submit a nonrefundable fee to become a certified capital company. These rules delineate the process that applicants must use as well as the process Commerce will use to evaluate and certify a capital company. The law limits a certified capital company from providing capital to certain businesses and to qualified investments. A certified capital company may request Commerce to determine whether an investment is a qualified investment and these rules specify the requirements to follow in making such requests. A certified capital company is also required to report specific information to Commerce on the investment capital, on violations of agreements by a qualified business receiving investment capital, and submit fiscal year financial statements to Commerce for audit. The law requires Commerce to conduct annual compliance reviews of certified capital companies and allows for decertification by the department, as well as voluntary decertification by the certified capital company.
Contact Person
Troy Brown, Director, 608-266-7099
Interested persons are invited to appear at the hearings and present comments on the proposed rules. Persons making oral presentations are requested to submit their comments in writing. Persons submitting comments will not receive individual responses. The hearing record on this proposed rulemaking will remain open until June 27, 1999, to permit submittal of written comments from persons who are unable to attend a hearing or who wish to supplement testimony offered at a hearing.
This hearing is held in an accessible facility. If you have special needs or circumstances that may make communication or accessibility difficult at the hearing, please call (608) 266-8741 or TTY at (608) 264-8777 at least 10 days prior to the hearing date. Accommodations such as interpreters, English translators, or materials in audio tape format will, to the fullest extent possible, be made available upon request by a person with a disability.
Written Comments
A copy of the proposed rules may be obtained without cost from Richard Meyer, Department of Commerce, Program Development Bureau, P.O. Box 2689, Madison, Wisconsin 53701, telephone (608) 266-3080 or (608) 264-8777 (TTY). Copies will also be available at the public hearing.
Initial Regulatory Flexibility Analysis
1. Types of small businesses that will be affected by the rules.
Certified Capital Companies (CAPCOs) could be small businesses. Also, small businesses, other than businesses that predominantly provide professional services such as accountants, lawyers, physicians or real estate development businesses, could be created or helped by investments from a CAPCO, subject to conditions.
2. Reporting, bookkeeping and other procedures required for compliance with the rules.
CAPCOs and other small businesses affected must know and understand general business principles, bookkeeping skills. In addition, CAPCOs, within 90 days of their fiscal year, must provide an annual audited financial statement to Commerce, showing compliance with the law and rules to maintain certification. Information needs to be provided to Commerce about the certified investors, amount of capital investments, the date on which the investment capital was received by the CAPCO, and the investment.
3. Types of professional skills necessary for compliance with the rules.
The statutes require that persons that have at least two years in the venture capital industry may be certified as a capital company. In addition to general business principles and knowledge, it will be necessary for persons to have knowledge of securities and their transactions, as well as capital investments to operate effectively. As a condition of maintaining eligibility, the certified capital company must ensure that qualified investments are made in terms of specific criteria outlined in the law.
Fiscal Estimate
The 1997 Wisconsin Act 215, authorizes the creation of a certified capital company program and provides tax credits to persons who make certain types of investments in certified capital companies (CAPCOs). The act authorizes the Department of Commerce (Commerce) to administer the program and creates a program revenue appropriation in which fees and other monies collected for administering the program are deposited. As required by the law and rules Commerce will: (1) certify capital companies; (2), certify qualified businesses; (3) review annual reports and financial statements; (4) make written determinations regarding certified capital company distributions; 95) conduct annual compliance reviews of certified capital companies; and (6) determine and issue written notices of investment pool disqualification's.
Based on limited data, Commerce estimates it will certify approximately 16 CAPCO's and the program will generate approximately $120,000 in program revenue from; (1) a $7,500 application fee from a capital certified company seeking certification and (2) an annual $5,000 certification fee.
Commerce estimates 2.0 PR positions at an annual cost of $100,700 are required to administer the program. The costs are broken down as follows:
1.0 Financial Examiner
(Salary and Fringe Benefits) $ 45,000
1.0 Financial Specialist
(Salary and Fringe Benefits) $ 33,000
Supplies and Services $ 1,800
Rent $ 4,200
Department Overhead Charges $ 16,200
Total $100,700
No costs are anticipated by this program on local government.
Notice of Proposed Rule
State Elections Board
Notice is hereby given that pursuant to ss.5.05(1)(f) and 227.11(2)(a), Stats., and interpreting ss.11.21(2), 11.21(9), 11.21(16), 11.31(6) and 20.510(1)(i), Stats., and according to the procedure set forth in s.227.16(2)(e), Stats., the State of Wisconsin Elections Board will adopt the following rule as proposed in this notice without public hearing unless within 30 days after publication of this notice, on June 1, 1999, the Elections Board is petitioned for a public hearing by 25 persons who will be affected by the rule; by a municipality which will be affected by the rule; or by an association which is representative of a farm, labor, business, or professional group which will be affected by the rule.
Analysis Prepared by State Elections Board
Statutory authority: ss.5.05(1)(f) and 227.11(2)(a)
Statutes interpreted: ss.11.21(2), 11.21(9), 11.21(16), 11.31(6) and 20.510(1)(i)
This amended rule interprets ss.11. 21(2), 11.21(9), 11.21(16), 11.31(6) and 20.510(1)(i), Stats. The rule provides standards for those registrants who are required to file campaign finance reports in electronic format and those registrants who may elect to file campaign finance reports in electronic format. The rule requires the registrant to use the Elections Board's software or use software that is compatible with the Board's campaign finance data base. The rule further requires registrants who file electronically to also file a hard copy of their reports. The amendment to the rule eliminates optional electronic filing between January 1, 1999 and July 1, 1999 and requires registrants who file a report electronically to file electronically thereafter.
Pursuant to the authority vested in the State of Wisconsin Elections Board by ss.5.05(1)(f) and 227.(11)(2)(a), Stats., the Elections Board hereby creates Rule ElBd 6.05 interpreting ss.11. 21(2), 11.21(9), 11.21(16), 11.31(6) and 20.510(1)(i), Stats., as follows:
Text of Rule
SECTION 1. ElBd 6.05 is amended to read:
ELBD 6.05 FILING CAMPAIGN FINANCE REPORTS IN ELECTRONIC FORMAT
(1) Definitions: As used in this rule:
(a) "Campaign period" for a candidate, personal campaign committee or support committee has the same meaning as provided in s.11.26(17), Stats., and for any other registrant begins on January 1 of an odd-numbered year and ends on December 31 of the following year.
(b) “Contribution" has the same meaning as provided in s.11.01(6), Stats.
(c) “Electronic format" means computer diskette, modem, or other means of electronic transfer, using either software designated by the board or software that meets the board's specifications for a standard file format.
(d) “Filing officer" means the state elections board.
(e) “Registrant" has the same meaning as provided in s.11.01(18m), Stats.
(f) “Report" means any filing required by ss.11.05, 11.06, 11.12(5) and (6), 11.20, and 11.23, Stats.
(2) Beginning with any campaign finance report filed on or after July January 1,
1999, covering activity on or after January 1, 1999, any registrant who files with the state elections board and who accepts contributions or makes disbursements in a total amount or value of $20,000 or more during a campaign period shall file each campaign finance report that is required to be filed by Chapter 11, Stats., in an electronic format.
(3) Beginning with the Fall 1998 preprimary report, covering activity from July 1, 1998, through the close of the reporting period, Any registrant not required to file reports electronically may elect to file any campaign finance report in an electronic format.
(4) Any campaign finance report filed in an electronic format shall be transmitted in time to be received by the filing officer no later than the time provided by law for filing the report. Any registrant who files a campaign finance report electronically shall, thereafter, file electronically all campaign finance reports required to be filed by the registrant.
(5) If a registrant uses its own software to file electronically, it must submit a trial report to the board before the end of the report period to determine if the software can generate a report in a format that is compatible with the board's campaign finance data base.
(6) Each registrant who files a report in an electronic format shall file, with the filing officer, a paper copy of the report that complies with the format set forth in Forms EB-2, EB-2a, EB-3, EB-4, EB-7, EB-10, EB-10a, EB-12 or EB-24. The paper copy of the report shall be signed by an individual authorized by the registrant to file and filed no later than the time prescribed by law for filing the report.
Initial Regulatory Flexibility Analysis
The creation of this rule does not affect business.
Fiscal Estimate
The creation of this rule has no fiscal effect.
Contact Person
George A. Dunst
Legal Counsel
State Elections Board
132 E. Wilson Street
P.O. Box 2973
Madison, Wisconsin 53701-2973
Phone 266-0136
Notice of Hearing
Professional Geologists, Hydrologists and Soil Scientists Examining Board
Notice is hereby given that pursuant to authority vested in the Examining Board of Professional Geologists, Hydrologists and Soil Scientists by ss. 15.08 (5) (b) and 227.11 (2), Stats., and interpreting ch. 470, Stats., the Examining Board of Professional Geologists, Hydrologists and Soil Scientists will hold a public hearing at the time and place indicated below to consider an emergency rule order and a permanent rule order to create chs. GHSS 1 to 5, relating to the registration and regulation of professional geologists, hydrologists and soil scientists.
Hearing Information
Date & Time: Location:
June 23, 1999 Room 180
Wednesday 1400 E. Washington Ave.
10:00 A.M. MADISON, WI
Written Comments
Interested persons are invited to present information at the hearing. Persons appearing may make an oral presentation but are urged to submit facts, opinions and argument in writing as well. Facts, opinions and argument may also be submitted in writing without a personal appearance by mail addressed to the Department of Regulation and Licensing, Office of Administrative Rules, P.O. Box 8935, Madison, Wisconsin 53708. Written comments must be received by July 2, 1999 to be included in the record of rule-making proceedings.
Analysis Prepared by the Dept. of Regulation & Licensing
Statutes authorizing promulgation: ss. 15.08 (5) (b), 227.11 (2), 470.03 and 470.04
Statutes interpreted: ch. 470
This proposed rule-making order of the Examining Board of Geologists, Hydrologists and Soil Scientists creates rules as authorized by 1997 Wis. Act 300.
The purpose of the rules is to specify requirements and procedures which apply to all three sections of the Board. Chapter GHSS 1 identifies the requirements for the dimensions and use of licensure seals to verify how and when to use a licensure seal to verify that the professional has done the drawings or had direct supervision of the person. All firms holding themselves out to practice professional geology, hydrology and soil science must be registered. The firm must have a licensed professional who has responsible charge for each project. Chapter GHSS 1 also include definitions, the responsibilities for professional geologist, hydrologists and soil scientists branch offices, for changing an address, and failure to renew a license.
Chapters GHSS 2, 3 and 4 specify the licensure requirements for professional geologists, hydrologists and soil scientists. And Chapter GHSS 5 defines unprofessional conduct.
Text of Rule
SECTION 1. Chapters GHSS 1 to 5 are created to read:
Chapter GHSS 1
GENERAL REQUIREMENTS AND PROCEDURES
