CR 16-042 Rule Text

Section 21 repeals the definitions which are no longer necessary. It also repeals the section which states for the purposes of this chapter a business representative is not an employee of the business entity because it no longer applies with the new business structure.

Sections 22, 23, 24, 25, and 26 update terminology in provisions for persons associated with a firm and change the references from code references to statutory references.

Section 27 repeals the obsolete sections relating to notice of employment requirements and unlicensed personal assistants.

Section 28 repeals the obsolete definition of “cooperating broker”.

Section 38 repeals the “agency agreement” definition.

Section 41 updates terminology and clarifies family member language in order to be clear the code means a member of the family and not family as a unit.

Section 44 updates terminology and clarifies a pending written proposal or offer is one being negotiated.

Summary of, and comparison with, existing or proposed federal regulation: None

Comparison with rules in adjacent states:

Illinois: Illinois does not have a predetermination process regarding criminal convictions. Illinois also does not use terminology relating to firm.

Iowa: Iowa does not have a predetermination process regarding criminal convictions. Iowa also does not use terminology relating to firm.

Michigan: Michigan does not have a predetermination process regarding criminal convictions. Michigan also does not use terminology relating to firm.

Minnesota: Minnesota does not have a predetermination process regarding criminal convictions. Minnesota also does not use terminology relating to firm.

Summary of factual data and analytical methodologies:

The Board reviewed all of the REEB chapters to implement the 2015 Act 258 changes.

Analysis and supporting documents used to determine effect on small business or in preparation of economic impact analysis:

This rule was posted for economic comments for 14 days and none were received.

Fiscal Estimate and Economic Impact Analysis:

The Fiscal Estimate and Economic Impact Analysis is attached.

Effect on small business:

These proposed rules do not have an economic impact on small businesses, as defined in s. 227.114 (1), Stats. The Department’s Regulatory Review Coordinator may be contacted by email at [e-mail], or by calling [phone].

Agency contact person:

Sharon Henes, Administrative Rules Coordinator, Department of Safety and Professional Services, Division of Board Services, 1400 East Washington Avenue, Room 151, P.O. Box 8366, Madison, Wisconsin 53708; telephone [phone]; email at [e-mail].

Place where comments are to be submitted and deadline for submission:

Comments may be submitted to Sharon Henes, Administrative Rules Coordinator, Department of Safety and Professional Services, Division of Board Services, 1400 East Washington Avenue, Room 151, P.O. Box 8366, Madison, WI 53708-8366, or by email to [e-mail]. Comments must be received at or before the hearing to be held on August 18, 2016 to be included in the record of rule-making proceedings.

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TEXT OF RULE

Section 1. REEB 11.02 (1) is renumbered to 11.02 (1t)

Section 2. REEB 11.02 (1d), (1h), and (1p) are created to read:

REEB 11.02 (1d) “Agency agreement” has the meaning given in s. 452.01 (1m), Stats.

(1h) “Associated with a firm” has the meaning given in s. 452.01 (1o), Stats.

(1p) “Associated with a subagent” has the meaning given in s. 452.01 (1p), Stats.

Section 3. REEB 11.02 (2) and (3) are amended to read:

REEB 11.02 (2) “Business entity” has the meaning under given in s. 452.01 (3j), Stats.

(3) “Business representative” has the meaning under given in s. 452.01 (3k), Stats.

Section 4. REEB 24.02 (6) and (9) are renumbered REEB 11.02 (3m) and (4m), and amended to read:

REEB 11.02 (3m) “Client” means a party to a transaction who has an agency agreement with a broker firm for brokerage services.

(4m) “Customer” means a party to a transaction who is provided brokerage services by a broker firm but who is not a client.

Section 5. REEB 11.02 (5g) is created to read:

(5g) “Firm” has the meaning given in s. 452.01 (4w), Stats.

Section 6. REEB 11.02 (6) is amended to read:

REEB 11.02 (6) “Licensee” has the meaning under given in s. 452.01 (5), Stats.

Section 7. REEB 11.02 (6m) is created to read:

REEB 11.02 (6m) “Member of the licensee’s immediate family” means any of the following:

    (a) A parent, stepparent, grandparent, foster parent, child, stepchild, grandchild, foster child, brother, sister, aunt, or uncle of the licensee.

  (b) The spouse or domestic partner of the licensee or of any person listed in par. (a).

 

Section 8. REEB 12.011 (1) is amended to read:

(1) An individual who does not possess a broker’s or salesperson’s license or a time-share salesperson’s certificate may apply to the board, without submitting a full application and payment of application fee, for a determination of whether the individual would be disqualified from obtaining a license or certificate based upon a criminal conviction by submitting all of the following:.