AB739-ASA1,18,2018 (c) Student loan rates, repayment plans, default rates, and the actual monthly
19payment that would be required to pay the student loan debt described in par. (b)
20when the loan becomes due.
AB739-ASA1,18,23 21(3) Each institution of higher education shall create on its Internet site a link
22to that portion of the department of financial institutions' Internet site created under
23s. 224.30 (6) (c) and (d).
AB739-ASA1,36 24Section 36. 40.02 (54) (n) of the statutes is created to read:
AB739-ASA1,18,2525 40.02 (54) (n) The Wisconsin Student Loan Refinancing Authority.
AB739-ASA1,37
1Section 37. 70.11 (38v) of the statutes is created to read:
AB739-ASA1,19,52 70.11 (38v) Wisconsin Student Loan Refinancing Authority. All property
3owned by the Wisconsin Student Loan Refinancing Authority, provided that use of
4the property is primarily related to the purposes of the Wisconsin Student loan
5Refinancing Authority.
AB739-ASA1,38 6Section 38. 71.05 (6) (b) 28. (intro.), am. and h. of the statutes are amended
7to read:
AB739-ASA1,19,198 71.05 (6) (b) 28. (intro.) An amount paid by a claimant for tuition expenses,
9including any amount paid by a claimant in the year to which the claim relates on
10a loan, the proceeds of which were used by the claimant to pay the claimant's
11expenses for tuition, fees, books, room and board, and educational supplies that were
12directly related to the claimant's attendance at an eligible educational institution,
13as defined in s. 18.81 (2),
and mandatory student fees for a student who is the
14claimant or who is the claimant's child and the claimant's dependent who is claimed
15under section 151 (c) of the Internal Revenue Code, to attend any university, college,
16technical college or a school approved under s. 38.50, that is located in Wisconsin or
17to attend a public vocational school or public institution of higher education in
18Minnesota under the Minnesota-Wisconsin reciprocity agreement under s. 39.47,
19calculated as follows:
AB739-ASA1,20,1120 am. Notwithstanding subd. 28. a., for taxable years beginning after December
2131, 2008, the department of revenue and the Board of Regents of the University of
22Wisconsin System shall continue making the calculation described under subd. 28.
23a. Notwithstanding subd. 28. a., once this calculation exceeds $6,000, the deduction
24for tuition expenses, including any amount paid by a claimant in the year to which
25the claim relates on a loan, the proceeds of which were used by the claimant to pay

1the claimant's expenses for tuition, fees, books, room and board, and educational
2supplies that were directly related to the claimant's attendance at an eligible
3educational institution, as defined in s. 18.81 (2),
and mandatory student fees, as
4described in subd. 28. (intro.), shall be based on an amount equal to not more than
5twice the average amount charged by the Board of Regents of the University of
6Wisconsin System at 4-year institutions for resident undergraduate academic fees
7for the most recent fall semester, as determined by the Board of Regents by
8September 1 of that semester, per student for each year to which the claim relates,
9and the deduction that may be claimed under this subd. 28. am. first applies to
10taxable years beginning on the January 1 after the calculation of the Board of
11Regents, that must occur by September 1, exceeds $6,000.
AB739-ASA1,20,2312 h. No modification may be claimed under this subdivision for an amount paid
13for tuition expenses, including any amount paid by a claimant in the year to which
14the claim relates on a loan, the proceeds of which were used by the claimant to pay
15the claimant's expenses for tuition, fees, books, room and board, and educational
16supplies that were directly related to the claimant's attendance at an eligible
17educational institution, as defined in s. 18.81 (2),
and mandatory student fees, as
18described under this subdivision, if the source of the payment is an amount
19withdrawn from a college savings account, as described in s. 16.641 or from a college
20tuition and expenses program, as described in s. 16.64, and if the owner of the
21account or a parent, grandparent, great-grandparent, aunt, or uncle of the
22beneficiary, who contributed to the account, has claimed a deduction under subd. 32.
23or 33. that relates to such an amount.
AB739-ASA1,39 24Section 39. 71.05 (6) (b) 28. j. of the statutes is created to read:
AB739-ASA1,21,2
171.05 (6) (b) 28. j. The provisions of subd. 28. b., c., d., and g. do not apply to
2a taxable year that begins after December 31, 2015.
AB739-ASA1,40 3Section 40. 77.54 (9a) (a) of the statutes is amended to read:
AB739-ASA1,21,74 77.54 (9a) (a) This state or any agency thereof, the University of Wisconsin
5Hospitals and Clinics Authority, the Wisconsin Aerospace Authority, the Wisconsin
6Economic Development Corporation, the Wisconsin Student Loan Refinancing
7Authority,
and the Fox River Navigational System Authority.
AB739-ASA1,41 8Section 41. 100.45 (1) (dm) of the statutes is amended to read:
AB739-ASA1,21,189 100.45 (1) (dm) "State agency" means any office, department, agency,
10institution of higher education, association, society, or other body in state
11government created or authorized to be created by the constitution or any law which
12is entitled to expend moneys appropriated by law, including the legislature and the
13courts, the Wisconsin Housing and Economic Development Authority, the Bradley
14Center Sports and Entertainment Corporation, the University of Wisconsin
15Hospitals and Clinics Authority, the Wisconsin Health and Educational Facilities
16Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic
17Development Corporation, the Wisconsin Student Loan Refinancing Authority, and
18the Fox River Navigational System Authority.
AB739-ASA1,42 19Section 42. 224.30 (6) of the statutes is created to read:
AB739-ASA1,21,2020 224.30 (6) Student lending transparency. (a) In this subsection:
AB739-ASA1,21,2121 1. "Higher education expenses" includes all of the following:
AB739-ASA1,21,2222 a. Tuition and fees.
AB739-ASA1,21,2323 b. Books and supplies
AB739-ASA1,21,2424 c. Room and board.
AB739-ASA1,22,2
12. "Private student loan" means a loan issued by a private lending institution
2for the purpose of paying for or financing higher education expenses.
AB739-ASA1,22,53 3. "Private lending institution" means any private entity that itself or through
4an affiliate makes available student loans to pay for or finance higher education
5expenses.
AB739-ASA1,22,76 4. "Student borrower" means any individual who borrows money from a private
7lending institution to finance higher education expenses.
AB739-ASA1,22,108 (b) The department shall compile data related to private student loans for the
9purpose of comparing private lending institutions' student loan interest rates and
10repayment plans, including all of the following:
AB739-ASA1,22,1111 1. Policies relating to deferment and forbearance.
AB739-ASA1,22,1212 2. Loan default policies and penalties.
AB739-ASA1,22,1513 3. Any other information that the department deems relevant for the purpose
14of creating a list of private lending institutions that provide the lowest rates and best
15repayment options on student loans.
AB739-ASA1,22,1816 (c) 1. Using the data compiled under par. (b), the department shall create and
17maintain a list of private lending institutions that provide the lowest rates and best
18repayment options on student loans.
AB739-ASA1,22,2419 2. In addition to the list under subd. 1., the department shall compile a list of
20the 10 best private lending institutions based on rates and policies that are most
21favorable to the student borrower. The department may also consider the private
22lending institutions' policies for allowing a student borrower to borrow more than 10
23percent over the student borrower's total cost of higher education expenses when
24determining if a private lending institution should be placed on this list.
AB739-ASA1,23,7
1(d) The department shall place the lists created and compiled under par. (c) at
2an easily accessible location on the department's Internet site. The department shall
3update its Internet site on a monthly basis to ensure that the student loan
4information in these lists is current and accurate. Information pertaining to lending
5institutions that do not make the list compiled under par. (c) 2. shall also be posted
6on the department's Internet site and those lending institutions that provide the
7worst rates and strictest repayment options shall be clearly indicated.
AB739-ASA1,23,108 (e) The department shall make any list or other data under this subsection that
9appears on the department's Internet site available to be linked as provided in ss.
1039.28 (7) and 39.54 (3).
AB739-ASA1,23,1211 (f) The department may satisfy its duties under this subsection through a
12designee or 3rd-party contractor.
AB739-ASA1,43 13Section 43. 230.03 (3) of the statutes, as affected by 2013 Wisconsin Act 20,
14is amended to read:
AB739-ASA1,23,2415 230.03 (3) "Agency" means any board, commission, committee, council, or
16department in state government or a unit thereof created by the constitution or
17statutes if such board, commission, committee, council, department, unit, or the
18head thereof, is authorized to appoint subordinate staff by the constitution or
19statute, except the Board of Regents of the University of Wisconsin System, a
20legislative or judicial board, commission, committee, council, department, or unit
21thereof or an authority created under subch. II of ch. 114 or under ch. 231, 232, 233,
22234, 237, 238, 239, or 279. "Agency" does not mean any local unit of government or
23body within one or more local units of government that is created by law or by action
24of one or more local units of government.
AB739-ASA1,44 25Section 44. Chapter 239 of the statutes is created to read:
AB739-ASA1,24,1
1Chapter 239
AB739-ASA1,24,3 2Wisconsin Student Loan
3 REFINANCING Authority
AB739-ASA1,24,4 4239.01 Definitions. In this chapter:
AB739-ASA1,24,5 5(1) "Authority" means the Wisconsin Student Loan Refinancing Authority.
AB739-ASA1,24,6 6(2) "Board" means the governing board of the authority.
AB739-ASA1,24,7 7(3) "Qualified education loan" has the meaning given in 26 USC 221 (d).
AB739-ASA1,24,11 8239.02 Creation and organization of authority. (1) (a) There is created an
9authority, which is a public body corporate and politic, to be known as the "Wisconsin
10Student Loan Refinancing Authority." The members of the board shall consist of all
11of the following:
AB739-ASA1,24,1212 1. One member of the majority party in each house of the legislature.
AB739-ASA1,24,1313 2. One member of the minority party in each house of the legislature.
AB739-ASA1,24,1614 3. One undergraduate student enrolled at least half-time and in good academic
15standing at an institution within the University of Wisconsin System who is at least
1618 years old and a resident of this state.
AB739-ASA1,24,1817 4. One student enrolled at least half-time and in good academic standing at a
18technical college who is at least 18 years old and a resident of this state.
AB739-ASA1,24,2119 5. One undergraduate student enrolled at least half-time and in good academic
20standing at a private, nonprofit institution of higher education located in this state
21who is at least 18 years old and a resident of this state.
AB739-ASA1,25,222 6. Two members who have at least 10 years experience in making qualified
23education loans or loan refinancing, but any person having a financial interest in or
24whose employer is primarily engaged in the business of making qualified education
25loans is not eligible for appointment under this subdivision, and any member

1appointed under this subdivision who acquires such an interest while serving as a
2member shall resign from the board.
AB739-ASA1,25,43 (b) 1. The members specified in par. (a) 1. and 2. shall be appointed as are the
4members of standing committees in their respective houses.
AB739-ASA1,25,65 2. The members specified in par. (a) 3. to 5. shall be nominated by the governor,
6and with the advice and consent of the senate appointed, for 2-year terms.
AB739-ASA1,25,87 3. The members specified in par. (a) 6. shall be nominated by the governor, and
8with the advice and consent of the senate appointed, for 3-year terms.
AB739-ASA1,25,14 9(2) If a student member of the board appointed under sub. (1) (a) 3. to 5. loses
10his or her student status upon which the appointment was based, he or she ceases
11to be a member of the board upon the appointment of a qualified successor to the
12board. A student member who loses his or her student status solely because he or
13she graduates from an institution of higher education may complete his or her
14current term on the board.
AB739-ASA1,25,20 15(3) The members of the board shall annually elect a chairperson and may elect
16other officers as they consider appropriate. A majority of the members of the board
17constitutes a quorum for the purpose of conducting its business and exercising its
18powers and for all other purposes, notwithstanding the existence of any vacancies.
19Action may be taken by the board upon a vote of a majority of the voting members
20present.
AB739-ASA1,25,23 21(4) A member of the board may not be compensated for his or her services but
22shall be reimbursed for actual and necessary expenses, including travel expenses,
23incurred in the performance of his or her duties.
AB739-ASA1,26,2 24(5) No cause of action of any nature may arise against and no civil liability may
25be imposed upon a member of the board for any act or omission in the performance

1of his or her powers and duties under this chapter, unless the person asserting
2liability proves that the act or omission constitutes willful misconduct.
AB739-ASA1,26,13 3(6) The board shall appoint a chief executive officer who shall not be a member
4of the board and who shall serve at the pleasure of the board. The chief executive
5officer shall receive such compensation as the board fixes. The chief executive officer
6or other person designated by resolution of the board shall keep a record of the
7proceedings of the authority and shall be custodian of all books, documents, and
8papers filed with the authority, the minute book or journal of the authority, and its
9official seal. The chief executive officer or other person may cause copies to be made
10of all minutes and other records and documents of the authority and may give
11certificates under the official seal of the authority to the effect that such copies are
12true copies, and all persons dealing with the authority may rely upon such
13certificates.
AB739-ASA1,26,16 14239.03 Powers of board. The board shall have all the powers necessary or
15convenient to carry out the purposes and provisions of this chapter. In addition to
16all other powers granted the board under this chapter, the board may specifically:
AB739-ASA1,26,18 17(1) Adopt, amend, and repeal any bylaws, policies, and procedures for the
18regulation of its affairs and the conduct of its business.
AB739-ASA1,26,19 19(2) Have a seal and alter the seal at pleasure.
AB739-ASA1,26,20 20(3) Maintain an office.
AB739-ASA1,26,21 21(4) Sue and be sued.
AB739-ASA1,26,23 22(5) Accept gifts, grants, loans, or other contributions from private or public
23sources.
AB739-ASA1,26,25 24(6) Establish the authority's annual budget and monitor the fiscal
25management of the authority.
AB739-ASA1,27,2
1(7) Execute contracts and other instruments required for the operation of the
2authority.
AB739-ASA1,27,4 3(8) Employ any officers, agents, and employees that it may require and
4determine their qualifications, duties, and compensation.
AB739-ASA1,27,5 5(9) Issue notes, bonds, and any other obligations.
AB739-ASA1,27,6 6(10) Make loans and provide grants.
AB739-ASA1,27,7 7(11) Incur debt.
AB739-ASA1,27,8 8(12) Procure liability insurance.
AB739-ASA1,27,11 9239.04 Duties of board. The board shall develop and implement a program
10under which state residents may refinance qualified education loans. The board
11shall develop the program to include all of the following:
AB739-ASA1,27,13 12(1) The authority shall provide a loan to an eligible individual to pay all or part
13of the individual's qualified education loans.
AB739-ASA1,27,15 14(2) The authority may only issue loans under the program that satisfy the
15exception to discharge under 11 USC 523 (8).
AB739-ASA1,27,19 16(3) The authority shall establish eligibility criteria to participate in the
17program that is substantially similar to the criteria used by private lenders in the
18state to evaluate whether an individual qualifies for an unsecured personal loan at
19market rates.
AB739-ASA1,27,22 20(4) The board shall set the interest rate on loans made under the program to
21be as low as possible but still sufficient to fully pay all expenses of the program and
22to provide necessary reserves, as determined by the board.
AB739-ASA1,27,25 23239.05 Issuance of bonds. (1) The authority may issue bonds for any
24corporate purpose. All bonds are negotiable for all purposes, notwithstanding their
25payment from a limited source.
AB739-ASA1,28,4
1(2) Except as otherwise expressly provided by the authority, every issue of its
2notes or bonds shall be general obligations of the authority payable out of any
3revenues or moneys of the authority, subject only to any agreements with the holders
4of particular notes or bonds pledging any particular receipts or revenues.
AB739-ASA1,28,6 5(3) All bonds issued by the authority are negotiable investment securities
6under ch. 408.
AB739-ASA1,28,17 7(4) The authority may not issue bonds unless the issuance is first authorized
8by a bond resolution. Bonds shall bear the dates, mature at the times not exceeding
950 years from their dates of issue, bear interest at the rates, be payable at the times,
10be in the denominations, be in the form, carry the registration and conversion
11privileges, be executed in the manner, be payable in lawful money of the United
12States at the places, and be subject to the terms of redemption, that the bond
13resolution provides. The bonds shall be executed by the manual or facsimile
14signatures of the officers of the authority designated by the board. The bonds may
15be sold at public or private sale at the price, in the manner, and at the time
16determined by the board. Pending preparation of definitive bonds, the authority may
17issue interim receipts or certificates that shall be exchanged for the definitive bonds.
AB739-ASA1,28,20 18(5) The board may include in bond resolution provisions, which shall be a part
19of the contract with the holders of the bonds that are authorized by the bond
20resolution, regarding any of the following:
AB739-ASA1,28,2121 (a) Pledging or assigning specified assets or revenues of the authority.
AB739-ASA1,28,2322 (b) Setting aside reserves or sinking funds, and the regulation, investment, and
23disposition of these funds.
AB739-ASA1,28,2524 (c) Limitations on the purpose to which or the investments in which the
25proceeds of the sale of any issue of bonds may be applied.
AB739-ASA1,29,3
1(d) Limitations on the issuance of additional bonds, the terms upon which
2additional bonds may be issued and secured, and the terms upon which additional
3bonds may rank on a parity with, or be subordinate or superior to, other bonds.
AB739-ASA1,29,44 (e) Funding, refunding, advance refunding, or purchasing outstanding bonds.
AB739-ASA1,29,75 (f) Procedures, if any, by which the terms of any contract with bondholders may
6be amended, the amount of bonds the holders of which must consent to the
7amendment, and the manner in which this consent may be given.
AB739-ASA1,29,108 (g) Defining the acts or omissions to act that constitute a default in the duties
9of the authority to the bondholders, and providing the rights and remedies of the
10bondholders in the event of a default.
AB739-ASA1,29,1111 (h) Other matters relating to the bonds that the board considers desirable.
Loading...
Loading...