224.40(1)(1)Definitions. In this section:
224.40(1)(a) (a) “County child support agency" means a county child support agency under s. 59.53 (5).
224.40(1)(b) (b) “Financial institution" has the meaning given in s. 49.853 (1) (c).
224.40(1)(c) (c) “Financial record" has the meaning given in 12 USC 3401.
224.40(2) (2)Financial record matching agreements. A financial institution is required to enter into an agreement with the department of children and families in accordance with rules promulgated under s. 49.853 (2).
224.40(3) (3)Limited liability. A financial institution is not liable for any of the following:
224.40(3)(a) (a) Disclosing a financial record of an individual to the county child support agency attempting to establish, modify or enforce a child support obligation of the individual.
224.40(3)(b) (b) Disclosing information to the department of children and families or a county child support agency pursuant to the financial record matching program under s. 49.853.
224.40(3)(c) (c) Encumbering or surrendering any assets held by the financial institution in response to instructions provided by the department of children and families or a county child support agency for the purpose of enforcing a child support obligation.
224.40(3)(d) (d) Any other action taken in good faith to comply with s. 49.853 or 49.854.
224.40 History History: 1997 a. 191; 2007 a. 20.
224.42 224.42 Disclosure of financial records for Medical Assistance eligibility.
224.42(1) (1)Definitions. In this section:
224.42(1)(a) (a) “Financial institution" has the meaning given in s. 49.45 (4m) (a) 3.
224.42(1)(b) (b) “Financial record" has the meaning given in 12 USC 3401 (2).
224.42(2) (2)Financial record matching agreements. A financial institution is required to enter into an agreement with the department of health services under s. 49.45 (4m).
224.42(3) (3)Limited liability. A financial institution is not liable for any of the following:
224.42(3)(a) (a) Disclosing a financial record of an individual or other information to the department of health services in accordance with an agreement, and its participation in the program, under s. 49.45 (4m).
224.42(3)(b) (b) Any other action taken in good faith to comply with s. 49.45 (4m).
224.42 History History: 2011 a. 192; 2013 a. 20.
224.44 224.44 Disclosure of financial records for collection of unemployment insurance debt.
224.44(1) (1)Definitions. In this section:
224.44(1)(a) (a) “Financial institution" has the meaning given in 12 USC 3401 (1).
224.44(1)(b) (b) “Financial record" has the meaning given in 12 USC 3401 (2).
224.44(2) (2)Financial record matching agreements. A financial institution is required to enter into an agreement with the department of workforce development under s. 108.223.
224.44(3) (3)Limited liability. A financial institution is not liable for any of the following:
224.44(3)(a) (a) Disclosing a financial record of an individual or other information to the department of workforce development in accordance with an agreement, and its participation in the program, under s. 108.223.
224.44(3)(b) (b) Any other action taken in good faith to comply with s. 108.223.
224.44 History History: 2013 a. 36.
subch. III of ch. 224 SUBCHAPTER III
MORTGAGE BANKERS, LOAN ORIGINATORS
AND MORTGAGE BROKERS
224.71 224.71 Definitions. In this subchapter:
224.71(1bm) (1bm) “Another state" means any state of the United States other than Wisconsin; the District of Columbia; any territory of the United States; Puerto Rico; Guam; American Samoa; the Trust Territory of the Pacific Islands; the Virgin Islands; or the Northern Mariana Islands.
224.71(1br) (1br) “Bona fide nonprofit organization" means an organization that is described in section 501 (c) (3) of the Internal Revenue Code and exempt from federal income tax under section 501 (a) of the Internal Revenue Code, that is certified by the federal department of housing and urban development or the Wisconsin Housing and Economic Development Authority, and that does all of the following:
224.71(1br)(a) (a) Promotes affordable housing or provides home ownership education or similar services.
224.71(1br)(b) (b) Conducts its activities in a manner that serves public or charitable purposes.
224.71(1br)(c) (c) Receives funding and revenue and charges fees in a manner that does not create an incentive for itself or its employees to act other than in the best interests of its clients.
224.71(1br)(d) (d) Compensates its employees in a manner that does not create an incentive for its employees to act other than in the best interests of its clients.
224.71(1br)(e) (e) Provides to, or identifies for, the borrower residential mortgage loans with terms favorable to the borrower and comparable to residential mortgage loans and housing assistance provided under government housing assistance programs.
224.71(1c) (1c) “Branch office" means an office or place of business, other than the principal office, located in this state or another state, where a mortgage loan originator, mortgage banker, or mortgage broker engages in the mortgage loan business subject to this subchapter.
224.71(1dm) (1dm) “Depository institution" has the meaning given in 12 USC 1813 (c) (1), but also includes any state or federal credit union.
224.71(1e) (1e) “Division" means the division of banking.
224.71(1f) (1f) “Dwelling" has the meaning given in 15 USC 1602 (w).
224.71(1g) (1g) “Employee" means an individual whose manner and means of performance of work are subject to the right of control of, or are controlled by, a person, and whose compensation for federal income tax purposes is reported, or required to be reported, on a W-2 form issued by the controlling person.
224.71(1gh) (1gh)
224.71(1gh)(a)(a) Except as provided in par. (b), “expungement" means to have stricken or obliterated from a record of criminal conviction all references to the defendant's name and identity.
224.71(1gh)(b) (b) For a criminal conviction entered in another state, “expungement" has the meaning given under the laws of the state where the criminal conviction is entered.
224.71(1h) (1h) “Federal banking agency" means the board of governors of the federal reserve system, the U.S. office of the comptroller of the currency, the national credit union administration, or the federal deposit insurance corporation.
224.71(1m) (1m) “Finds," with respect to a residential mortgage loan, means to assist a residential mortgage loan applicant in locating a lender for the purpose of obtaining a residential mortgage loan and to make arrangements for a residential mortgage loan applicant to obtain a residential mortgage loan, including collecting information on behalf of an applicant and preparing a loan package.
224.71(1r) (1r) “Housing finance agency" means any authority that is all of the following:
224.71(1r)(a) (a) Chartered by a state to help meet the affordable housing needs of the residents of the state.
224.71(1r)(b) (b) Supervised directly or indirectly by the state government.
224.71(1r)(c) (c) Subject to audit and review by the state in which it operates.
224.71(2) (2) “Loan processor or underwriter" means an individual who, as an employee, performs clerical or support duties at the direction of and subject to the supervision and instruction of a mortgage loan originator licensed under s. 224.725 or exempt from licensing under s. 224.725 (1m), which clerical or support duties may include any of the following occurring subsequent to the receipt of a residential mortgage loan application:
224.71(2)(a) (a) The receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan.
224.71(2)(b) (b) Communicating with a residential mortgage loan applicant to obtain the information necessary for the processing or underwriting of a residential mortgage loan, to the extent that the communication does not include offering or negotiating loan rates or terms or providing counseling related to loan rates or terms.
224.71(3) (3) “Mortgage banker" means a person who does any of the following:
224.71(3)(c) (c) Originates residential mortgage loans for itself, as payee on the note evidencing the residential mortgage loan, or for another person.
224.71(3)(d) (d) Sells residential mortgage loans or interests in residential mortgage loans to another person.
224.71(3)(e) (e) Services residential mortgage loans or provides escrow services.
224.71(4) (4) “Mortgage broker" means a person who, for compensation or gain or in the expectation of compensation or gain, does any of the following but does not make an underwriting decision or close a residential mortgage loan:
224.71(4)(a) (a) Assists a person in obtaining or applying to obtain a residential mortgage loan.
224.71(4)(b) (b) Holds himself, herself, or itself out as being able to assist a person in obtaining or applying to obtain a residential mortgage loan.
224.71(4)(c) (c) Engages in table funding.
224.71(6) (6) “Mortgage loan originator" means an individual who, for compensation or gain or in the expectation of compensation or gain, does any of the following:
224.71(6)(c) (c) Takes a residential mortgage loan application.
224.71(6)(d) (d) Offers or negotiates terms of a residential mortgage loan.
224.71(7) (7) “Nationwide mortgage licensing system and registry" means the licensing and registration system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for licensed mortgage loan originators and mortgage loan originators exempt from licensing under s. 224.725 (1m) or, if this system is no longer maintained, any system established by the secretary of the federal department of housing and urban development under P.L. 110-289, Title V, section 1509.
224.71(8) (8) “Negotiate," with respect to a residential mortgage loan, means to discuss, explain, or present the terms and conditions, including rates, fees, and other costs, of a residential mortgage loan with or to a residential mortgage loan applicant, but does not include making an underwriting decision on a residential mortgage loan or closing a residential mortgage loan.
224.71(9) (9) “Net worth" means total tangible assets less total liabilities of a person, or, if the person is an individual, total tangible assets less total liabilities exclusive of the person's principal residence and its furnishings and personal use vehicles.
224.71(10) (10) “Nontraditional mortgage product" means any mortgage product other than a 30-year fixed rate mortgage.
224.71(11) (11) “Originate," with respect to a residential mortgage loan, means to make an underwriting decision on the residential mortgage loan and close the loan.
224.71(12) (12) “Principal office," with respect to a mortgage banker or mortgage broker, means the place of business designated by the mortgage banker or mortgage broker as its principal place of business, as identified in the records of the division.
224.71(13) (13) “Real estate brokerage activity" means any activity that involves offering or providing to the public real estate brokerage services involving residential real property in this state, including all of the following:
224.71(13)(a) (a) Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property.
224.71(13)(b) (b) Bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property.
224.71(13)(c) (c) Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property, other than in connection with providing financing for the transaction. For purposes of this paragraph, providing financing for the transaction does not include use by a licensee under s. 452.03 of forms approved under s. REEB 16.03, Wis. Adm. Code.
224.71(13)(d) (d) Engaging in any activity for which a person engaged in the activity is required to be licensed under s. 452.03.
224.71(13)(e) (e) Offering to engage in any activity, or act in any capacity, described in pars. (a) to (d).
224.71(13c) (13c) “Registered entity" means a depository institution that voluntarily registers with the division for the purpose of sponsoring licensed mortgage loan originators that are under the depository institution's direct supervision and control.
224.71(13g) (13g) “Registered mortgage loan originator" means any individual who is all of the following:
224.71(13g)(a) (a) An employee of, and acting for, a depository institution, a subsidiary owned and controlled by a depository institution and regulated by a federal banking agency, or an institution regulated by the farm credit administration.
224.71(13g)(b) (b) Registered with, and who maintains a unique identifier through, the nationwide mortgage licensing system and registry.
224.71(13m) (13m) “Regularly engage," with respect to an individual, means that any of the following applies:
224.71(13m)(a) (a) The individual engaged in the business of a mortgage loan originator on more than 5 residential mortgage loans, in this state or another state, in the previous calendar year or expects to engage in the business of a mortgage loan originator on more than 5 residential mortgage loans, in this state or another state, in the current calendar year.
224.71(13m)(b) (b) The individual is acting on behalf of a person who is, or is required to be, licensed as a mortgage lender, mortgage banker, or mortgage broker in this state or another state.
224.71(13m)(c) (c) The individual is acting on behalf of a registered entity.
224.71(14) (14) “Residential mortgage loan" means any loan primarily for personal, family, or household use that is secured by a lien or mortgage, or equivalent security interest, on a dwelling or residential real property located in this state.
224.71(15) (15) “Residential real property" means real property on which a dwelling is constructed or intended to be constructed.
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2015-16 Wisconsin Statutes updated through 2017 Wis. Act 58 and all Supreme Court and Controlled Substances Board Orders effective on or before September 20, 2017. Published and certified under s. 35.18. Changes effective after September 20, 2017 are designated by NOTES. (Published 9-20-17)