409.406 Release of collateral; duties of filing officer; fees. A secured party of record may by his or her signed statement release all or a part of any collateral described in a filed financing statement. The statement of release is sufficient if it contains a description of the collateral being released, the name and address of the debtor, the name and address of the secured party, and the file number of the financing statement. A statement of release signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record and complying with s. 409.405 (2), including payment of the required fee. Upon presentation of such a statement of release to the filing officer, the officer shall mark the statement with the hour and date of filing and shall note the same upon the margin of the index of the filing of the financing statement. The fee for filing and noting such a statement of release is $5 if the statement is on the standard form prescribed by the secretary of state
department and is $10 if the statement is not on the standard form or if additional pages are attached to the standard form. A register of deeds shall forward $3 to the office of the secretary of state department for each statement of release filed with the office of the register of deeds.
409.407 (2) (c) of the statutes is created to read:
409.407 (2) (c) For providing any service under par. (a) or (b) in an expeditious manner, the secretary of state may charge and collect an expedited service fee of $25 in addition to any fee required under par. (a) or (b). Only one expedited service fee may be charged for multiple identical certificates if the certificates are requested at the same time and issued at the same time.
409.407 (2) (c) of the statutes, as created by 1995 Wisconsin Act .... (this act), is amended to read:
409.407 (2) (c) For providing any service under par. (a) or (b) in an expeditious manner, the secretary of state department may charge and collect an expedited service fee of $25 in addition to any fee required under par. (a) or (b). Only one expedited service fee may be charged for multiple identical certificates if the certificates are requested at the same time and issued at the same time.
409.409 of the statutes is amended to read:
409.409 Storage of records. Whenever in this chapter a filing officer is required to mark, index or file any financing statement, termination statement, continuation statement, statement of assignment or statement of release, the officer may destroy the original statement after a microfilm or other photographic copy or an optical disk or electronic copy has been prepared and filed for retention.
409.410 (1) of the statutes is amended to read:
409.410 (1) The office of the secretary of state department and the office of each register of deeds in this state shall establish and maintain at least one computer terminal allowing the direct entry into permanent computer storage and the direct retrieval from permanent computer storage of information under sub. (2).
409.410 (2) of the statutes is amended to read:
409.410 (2) Beginning 30 days after notification by the secretary of state department, each filing officer shall enter all information contained in all financing statements, amendments, termination statements, continuation statements, statements of assignment and statements of release submitted for filing, indexing or marking under ss. 409.401 to 409.408, including the date and time of filing these statements or amendments, into permanent computer storage by means of a computer terminal established and maintained under sub. (1).
422.501 (2) (b) 8. of the statutes is amended to read:
422.501 (2) (b) 8. A person registered as a mortgage banker, loan originator or loan solicitor under s. 440.72 224.72 if the person is acting within the course and scope of that registration.
422.505 (1) (d) of the statutes is amended to read:
422.505 (1) (d) The credit services organization's principal business address and the name and address of its agent in this state, other than the secretary of state department of financial institutions, who is authorized to receive service of process.
422.505 (1) (e) of the statutes is amended to read:
422.505 (1) (e) A conspicuous statement, in not less than 8-point boldface type, as follows: “THIS CREDIT SERVICES ORGANIZATION IS REGISTERED BY THE OFFICE OF THE COMMISSIONER OF BANKING, P.O. BOX 7876, MADISON, WISCONSIN 53707 DIVISION OF BANKING at .... (insert address)."
426.103 of the statutes is amended to read:
426.103 Administrator. “Administrator" means the commissioner division of banking
426.104 (2) (intro.) of the statutes is amended to read:
426.104 (2) (intro.) The administrator shall report annually on practices in consumer transactions, on the use of consumer credit in the state, on problems attending the collection of debts, on the problems of persons of limited means in consumer transactions, and on the operation of chs. 421 to 427. For the purpose of making the report, the administrator may conduct research and make appropriate studies. The report shall be included in the report of the commissioner division of banking under s. 220.14 and shall include:
426.104 (4) (ab) of the statutes is created to read:
426.104 (4) (ab) 1. Upon the request of any person, the administrator shall review any act, practice, procedure or form that has been submitted to the administrator in writing to determine whether the act, practice, procedure or form is consistent with chs. 421 to 427.
2. The administrator may charge the person making a request under subd. 1. for necessary expenses incurred in conducting the review, except the administrator may not charge any of the following persons:
a. A person registered under s. 426.201.
b. A trade organization, if a majority of the members of the trade organization are registered under s. 426.201.
3. Any charge assessed under subd. 2. shall be paid within 30 days after the date on which the administrator assesses the charge.
426.110 (4) (b) of the statutes is amended to read:
426.110 (4) (b) Such notice shall be in writing and shall be sent by certified or registered mail, return receipt requested, to such person at the place where the transaction occurred, such person's principal place of business within this state, or, if neither will effect actual notice, the office of the secretary of state of this state
department of financial institutions.
Subchapter II (title) of chapter 426 [precedes 426.201] of the statutes is amended to read:
426.201 (title) of the statutes is repealed and recreated to read:
426.201 (title) Registration.
426.201 (1) (intro.) of the statutes is amended to read:
426.201 (1) (intro.) This subchapter applies The registration requirements of this section apply to persons who do any of the following in this state:
426.201 (1) (a) of the statutes is amended to read:
426.201 (1) (a) Make or solicit consumer credit transactions in which a finance charge at a rate in excess of that permitted under s. 138.05, 1977 stats., is imposed as part of the initial transaction, or modifications thereof, except a person who engages in consumer credit transactions solely through honoring credit cards issued by 3rd parties not related to such person; or.
426.201 (2) of the statutes is amended to read:
426.201 (2) Each person subject to this subchapter the registration requirements under sub. (1) shall file notification a registration statement with the administrator within 30 days after commencing business in this state, and thereafter, on or before December 1 February 28 of each year. The notification registration statement shall state include all of the following information:
(a) Name The name of the person
(b) Name in The name under which the person transacts business is transacted if different from par. (a);.
(c) Address of The address of the person's principal office, which may be outside this state;.
(d) Address The addresses of all of the person's offices or retail stores, if any, in this state;.
(e) If consumer transactions or other business subject to this chapter are made otherwise than at an office or retail store in this state, a brief description of the manner in which they are made;.
(f) Address The address of
the person's designated agent upon whom service of process may be made in this state; and.
(g) Such other similar information as the administrator may from time to time require to effectuate the purposes and policies of chs. 421 to 427.
426.201 (2) (fm) of the statutes is created to read:
426.201 (2) (fm) The average monthly outstanding balance of all consumer credit transactions held by the person for the reporting period for which the registration statement is filed. In this paragraph, “average monthly outstanding balance" and “reporting period" have the meanings given under s. 426.202 (1m) (a).
426.201 (3) of the statutes is amended to read:
426.201 (3) The administrator shall adopt rules governing the filing of changes, additions or modifications of the notification registration statement required by this section, and shall adopt rules pertaining to form, verification and similar matters pertaining to the notification registration.
426.202 (1) of the statutes is repealed.
426.202 (1m) of the statutes is created to read:
426.202 (1m) Amount of registration fee. (a) Definitions. In this subsection:
1. “Average outstanding monthly balance" means, for any person during any reporting period, the amount calculated as follows:
a. Determining the outstanding balance of all consumer credit transactions that the person has entered into and that originated in this state, as of the last day of each month during the reporting period.
b. Adding the outstanding balance for each month in the reporting period.
c. Dividing the sum determined under subd. 1. b. by the number of months in the reporting period during which the person had outstanding consumer credit transactions.
2. “Reporting period" means, for any registration statement, the last full calendar year preceding the date on which the registration statement is due.
(b) Registration fee requirement. Any person required to register under s. 426.201 shall pay a registration fee to the administrator when the person files the registration statement required under s. 426.201, except that a person is not required to pay a registration fee under this section if the person's average outstanding monthly balance for that reporting period does not exceed $250,000.
(c) Amount of registration fee. The amount of the registration fee shall be determined in accordance with rates set by the administrator, subject to the maximum and minimum fees under pars. (d) and (e). In setting these rates, the administrator shall consider the costs of administering chs. 421 to 427, including the costs of enforcement, education and seeking voluntary compliance with chs. 421 to 427. Subject to pars. (d) and (e), the registration fee for a person shall be based on the person's average monthly outstanding balance during the reporting period.
(d) Minimum fee. Any person required to pay a registration fee under par. (b) shall pay a registration fee of at least $25 per reporting period.
(e) Maximum fees. Any person required to pay a registration statement under this section may not be required to pay a registration fee that exceeds any of the following:
1. Per reporting period, $1,500.
2. For the reporting period, 0.005% of the average monthly outstanding balance.
426.202 (2) of the statutes is repealed.
426.202 (3) of the statutes is repealed.
426.202 (4) of the statutes is amended to read:
426.202 (4) (title) Submission of data for calculating the amount of fee. A person required to file notification register under s. 426.201 shall submit such financial and other data as the administrator may require which will support the computation of the amount of the fee.
426.202 (5) (title) of the statutes is created to read:
426.202 (5) (title) Recovery of fees.
426.203 of the statutes is created to read:
426.203 Penalties. Whoever fails to comply with the registration requirements under s. 426.201 or fails to pay a fee required under s. 426.202 may be required to forfeit not more than $50. Each day that this failure continues constitutes a separate offense. Forfeitures received by the administrator under this section shall be credited to the appropriation account under s. 20.124 (1) (h) and may be expended from the account only for consumer or merchant education programs.
426.203 of the statutes, as created by 1995 Wisconsin Act .... (this act), is amended to read:
426.203 Penalties. Whoever fails to comply with the registration requirements under s. 426.201 or fails to pay a fee required under s. 426.202 may be required to forfeit not more than $50. Each day that this failure continues constitutes a separate offense. Forfeitures received by the administrator under this section shall be credited to the appropriation account under s. 20.124 20.144 (1) (h) and may be expended from the account only for consumer or merchant education programs.
440.03 (7) of the statutes is amended to read:
440.03 (7) The department shall establish the style, content and format of all credentials and of all forms for applying to the department for renewal of any credential issued under chs. 440 to 480. When establishing the format of credential renewal application forms, the department shall provide a place on the form for the information required under s. 440.08 (2g) (b). Upon request of any person who holds a credential and payment of a $10 fee, the department may issue a wall certificate signed by the governor.
440.03 (12) of the statutes is created to read:
440.03 (12) The department shall establish a procedure for making the determination under s. 440.08 (2r) concerning the liability of credential holders for delinquent taxes.
440.05 (intro.) of the statutes is amended to read:
440.05 Standard fees. (intro.) The following standard fees apply to all initial credentials, except as provided in ss. 440.41 440.42, 440.43, 440.44, 440.51, 442.06, 444.03, 444.05, 444.11, 449.17, 449.18 and 459.46:
440.05 (1) (a) of the statutes is amended to read:
440.05 (1) (a) Initial credential: $34 $39. Each applicant for an initial credential shall pay the initial credential fee to the department when the application materials for the initial credential are submitted to the department.
440.05 (2) of the statutes is amended to read:
440.05 (2) Reciprocal credential: $50, including any credential described in s. 440.01 (2) (d) and any credential that permits temporary practice in this state in whole or in part because the person holds a credential in another jurisdiction: The applicable credential renewal fee under s. 440.08 (2) (a) and, if an examination is required, an examination fee under sub. (1).
440.05 (6) of the statutes is amended to read:
440.05 (6) Apprentice, journeyman, student or
other temporary credential or limited permit, granted pending completion of education, apprenticeship or examination requirements: $10.
440.05 (7) of the statutes is amended to read:
440.05 (7) Replacement of lost credential, name or address change on credential, issuance of duplicate credential or transfer of credential: $5 $10.