AB1037: Bill Text

AB1037, s. 11 Section 11. 180.1919 (1) (b) 2. of the statutes is created to read:

AB1037,6,5 180.1919 (1) (b) 2. If not more than 50 percent of the shareholders in a service corporation described in s. 180.1903 (1m) at any one time are not certified public accountants, the service corporation is converted into and shall operate solely as a business corporation under applicable provisions of this chapter, exclusive of ss. 180.1901 to 180.1921.

AB1037, s. 12 Section 12. 220.02 (2) (g) of the statutes is created to read:

AB1037,6,7 220.02 (2) (g) Insurance premium finance companies under s. 138.12.

AB1037, s. 13 Section 13. 220.02 (2) (h) of the statutes is created to read:

AB1037,6,10 220.02 (2) (h) Mortgage bankers, loan originators, and mortgage brokers under subch. III of ch. 224.

AB1037, s. 14 Section 14. 220.02 (3) of the statutes is amended to read:

AB1037,6,21 220.02 (3) It is the intent of sub. (2) to give the division jurisdiction to enforce and carry out all laws relating to banks or banking in this state, including those relating to state banks, savings banks, savings and loan associations, and trust company banks, and also all laws relating to small loan companies or other loan companies or agencies, finance companies, insurance premium finance companies, motor vehicle dealers, adjustment service companies, community currency exchanges, mortgage bankers, loan originators, mortgage brokers, and collection agencies and those relating to sellers of checks under ch. 217, whether doing business as corporations, individuals, or otherwise, but to exclude laws relating to credit unions.

AB1037, s. 15 Section 15. 220.04 (10) of the statutes is amended to read:

AB1037,7,10 220.04 (10) If it appears to the division that a person has engaged or is about to engage in an act or practice constituting a violation of the laws of this state relating to banks and banking, including this chapter, chs. 217, 218 and 221 to 224 and s. ss. 138.09 and 138.12, or a rule promulgated or order issued under those laws, the division may bring an action in the name of the state in the circuit court of the appropriate county to enjoin the acts or practices and to enforce compliance with the laws, rules or orders, or the division may refer the matter to the district attorney of the appropriate county or, if the alleged violation may be enforced by the attorney general under sub. (12) or s. 220.12, 221.1005 or 224.06 (7) or is statewide in nature, to the attorney general. Upon a proper showing, the court may grant a permanent or temporary injunction or restraining order, appoint a receiver for the defendant or the defendant's assets or order rescission of any acts determined to be unlawful. The court may not require the division to post a bond.

AB1037, s. 16 Section 16. 220.06 (1) of the statutes is amended to read:

AB1037,7,14 220.06 (1) In this section, "licensee" means a person licensed by the division under ch. 138, 217 or 218 or under s. 224.92 or registered by the division under s. 224.72.

AB1037, s. 17 Section 17. 220.285 (1) of the statutes is amended to read:

AB1037,8,2 220.285 (1) Any state bank, trust company bank, licensee under ss. 138.09, 138.12, 218.0101 to 218.0163, 218.02, 218.04 or 218.05 or ch. 217, or person registered under s. 224.72 may cause any or all records kept by such bank or, licensee, or registered person to be recorded, copied or reproduced by any photostatic, photographic or miniature photographic process or by optical imaging if the process employed correctly, accurately and permanently copies, reproduces or forms a medium for copying, reproducing or recording the original record on a film or other durable material. A bank or, licensee , or registered person may thereafter dispose of the original record after first obtaining the written consent of the division. This section, excepting that part of it which requires written consent of the division, is applicable to national banking associations insofar as it does not contravene federal law.

AB1037, s. 18 Section 18. 220.285 (2) of the statutes is amended to read:

AB1037,8,12 220.285 (2) Any photographic, photostatic or miniature photographic copy or reproduction or copy reproduced from a film record or any copy of a record generated from optical disk storage of a bank record or record of a licensee or registered person is considered to be an original record for all purposes and shall be treated as an original record in all courts or administrative agencies for the purpose of its admissibility in evidence. A facsimile, exemplification or certified copy of any such photographic copy or reproduction, copy reproduced from a film record or copy generated from optical disk storage of a record shall, for all purposes, be considered a facsimile, exemplification or certified copy of the original record.

AB1037, s. 19 Section 19. 421.202 (intro.), (1), (2), (3), (4), (5), (6), (7) and (8) of the statutes are amended to read:

AB1037,8,16 421.202 Exclusions. (intro.) Chapters 421 to 427 do not apply to any of the following:

AB1037,8,17 (1) Extensions of credit to organizations (s. 421.301 (28));.

AB1037,8,18 (2) Transactions in which all parties are organizations (s. 421.301 (28));.

AB1037,8,24 (3) Charges for delayed payment and any discount allowed for early payment in transactions under public utility or common carrier tariffs if a subdivision or agency of this state or of the United States regulates such charges or discounts, or if such charges or discounts are made in connection with the furnishing of electric service by an electric cooperative organized and operating on a nonprofit basis under ch. 185;.

AB1037,9,2 (4) The ceilings on rates and charges of a licensed pawnbroker if these ceilings are established by statute or ordinance;.

AB1037,9,3 (5) The sale of insurance by an insurer, except as otherwise provided in ch. 424;.

AB1037,9,6 (6) Consumer credit transactions in which the amount financed exceeds $25,000, motor vehicle consumer leases in which the total lease obligation exceeds $25,000 or other consumer transactions in which the cash price exceeds $25,000;.

AB1037,9,8 (7) Transactions subject to ch. 428; secured by a first lien real estate mortgage or equivalent security interest.

AB1037,9,10 (8) Transactions in securities accounts or securities transactions by or with a broker-dealer, as defined in s. 551.02 (3), licensed under ch. 551 ; or.

AB1037, s. 20 Section 20. 428.101 (3) of the statutes, as affected by 2003 Wisconsin Act 257, is amended to read:

AB1037,9,16 428.101 (3) Loans made on or after November 1, 1981, by a creditor to a customer and which are secured by a first lien real estate mortgage or equivalent security interest if the amount financed is $25,000 or less and if the loan is not subject to subch. II.

AB1037, s. 21 Section 21. Initial applicability.

AB1037,9,19 (1) The treatment of section 138.056 (4) (a) 1. and 2. and (c) of the statutes first applies to changes in interest rates that occur on the effective date of this subsection.

AB1037,9,22 (2) The treatment of section 138.09 (4) (a) (intro.), 1., and 2. of the statutes first applies to notices made by the division of banking on the effective date of this subsection.

AB1037,9,24 (3) The treatment of section 138.09 (4) (d) of the statutes first applies to costs incurred on the effective date of this subsection.

AB1037,10,2 (4) The treatment of section 138.12 (5m) of the statutes first applies to actions occurring on the effective date of this subsection.

AB1037,10,4 (5) The treatment of section 220.04 (10) of the statutes first applies to acts or practices occurring on the effective date of this subsection.

AB1037,10,6 (6) The treatment of section 421.202 (7) of the statutes first applies to transactions entered into on the effective date of this subsection.

AB1037,10,8 (7) The treatment of section 428.101 (3) of the statutes first applies to transactions made on the effective date of this subsection.

AB1037,10,9 (End)