LRB-0482/2
MJL:jld:rs
2003 - 2004 LEGISLATURE
March 25, 2003 - Introduced by Representatives Gunderson, Bies, Gronemus,
Hahn, J. Lehman, Miller, Musser, Ott, Owens, Petrowski, Seratti and Van
Roy, cosponsored by Senators Stepp and
Schultz. Referred to Committee on
Financial Institutions.
AB188,1,2
1An Act to create 706.025 of the statutes;
relating to: prohibiting certain real
2estate closing fees.
Analysis by the Legislative Reference Bureau
This bill prohibits an individual or business from charging a fee for a
duplicative real estate closing service or for a real estate closing service that the
individual or business did not actually perform.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB188, s. 1
3Section
1. 706.025 of the statutes is created to read:
AB188,1,8
4706.025 Real estate closing fees. A person may not charge or receive a fee
5in connection with a transaction under s. 706.001 (1) for a duplicative service or for
6a service that the person did not actually perform. This section does not apply to a
7person who accepts payment of a fee in connection with a transaction under s.
8706.001 (1) on behalf of another person and does not retain any portion of the fee.
AB188,2,2
1(1) This act first applies to transactions that closed on the effective date of this
2subsection.
