Amendment ASA-AB150

AB150-ASA,1724,23 215.77 (4) (title) Commissioner's approval Approval required before conversion becomes effective. Before any conversion under this section is final and in effect, the written approval of the commissioner division must be secured by the converting association.

AB150-ASA, s. 5794 Section 5794. 217.02 (2m) of the statutes is created to read:

AB150-ASA,1724,25 217.02 (2m) "Division" means the division of banking.

AB150-ASA, s. 5795 Section 5795. 217.02 (3) of the statutes is amended to read:

AB150-ASA,1725,3 217.02 (3) "General order" means an order of the office division other than a special order.

AB150-ASA, s. 5796 Section 5796. 217.02 (6) of the statutes is repealed.

AB150-ASA, s. 5797 Section 5797. 217.02 (10) of the statutes is amended to read:

AB150-ASA,1725,7 217.02 (10) "Special order" means an order of the office division to or affecting a person.

AB150-ASA, s. 5798 Section 5798. 217.03 (1) of the statutes is amended to read:

AB150-ASA,1725,14 217.03 (1) No person shall, as a service or for a fee or other consideration, engage in the business as a seller of checks without first securing a license from the office division to do so. Any person lawfully engaged in said business on March 18, 1968 may continue to engage therein without a license until the office has acted upon the person's application for a license, provided such application is filed within 30 days after March 18, 1968.

AB150-ASA, s. 5799 Section 5799. 217.03 (2) of the statutes is amended to read:

AB150-ASA,1725,21 217.03 (2) The licensee shall be liable on checks duly issued for it by each authorized agent and shall furnish each such agent not exempt under s. 217.04 with an authorization in the form approved by the office division in lieu of a license from the office division, to be displayed in the agent's place of business indicating that it is an authorized agent of the licensee. An agent so authorized by a licensee shall not be required to secure a license.

AB150-ASA, s. 5800 Section 5800. 217.05 (intro.) of the statutes is amended to read:

AB150-ASA,1726,2 217.05 Application and fees. (intro.) Each application for a license shall be made in writing and under oath to the office division and shall contain such information and be in such form as it the division prescribes. The application shall state the full name and business address of:

AB150-ASA, s. 5801 Section 5801. 217.05 (5) (a) of the statutes is amended to read:

AB150-ASA,1726,5 217.05 (5) (a) Financial statements. Financial statements reasonably satisfactory to the office division.

AB150-ASA, s. 5802 Section 5802. 217.05 (5) (c) of the statutes is amended to read:

AB150-ASA,1726,13 217.05 (5) (c) Investigation fee. A nonrefundable fee of $100 $300 to the office for investigating the application. If the cost of the investigation exceeds $100 $300, the applicant shall, upon demand of the office, pay the excess cost. No investigation fee shall be required for renewal of a license. Any person holding a license as a community currency exchange or a foreign exchange company on March 18, 1968, is not required to pay an investigation fee nor a license fee for a single location for the remainder of the current licensing year.

AB150-ASA, s. 5803 Section 5803 . 217.05 (5) (c) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:

AB150-ASA,1726,19 217.05 (5) (c) Investigation fee. A nonrefundable fee of $300 to the office division for investigating the application. If the cost of the investigation exceeds $300, the applicant shall, upon demand of the office division, pay the excess cost. No investigation fee shall be required for renewal of a license.

AB150-ASA, s. 5804 Section 5804. 217.05 (5) (d) of the statutes is amended to read:

AB150-ASA,1727,7 217.05 (5) (d) License fee. An annual license fee of $50 for each location not exceeding 6. If the applicant has more than 6 locations, a license fee of $50 each for the first 6 locations plus $2 for each location in excess of 6 locations up to and including a total of 100 locations and $1 for each location in excess of 100 with a maximum annual fee of $1,000. For each single location license issued between January 1 and June 30 of any year, the licensee shall pay the full annual license fee for the year ending December 31; for each license issued between July 1 and December 31 of any year, the licensee shall pay one-half of the annual license fee except for multiple office locations, for which the full annual fee shall be charged. No license fee shall be payable with respect to the location of any agent who is exempted from this chapter by s. 217.04 $500 plus $5 for each location within this state at which a licensee sells or issues checks, with a maximum annual fee of $1,500.

AB150-ASA, s. 5805 Section 5805. 217.06 (intro.) of the statutes is amended to read:

AB150-ASA,1727,11 217.06 Licenses, how granted; conditions. (intro.) Every license issued shall be in the form prescribed by the office division and shall be issued to the applicant if:

AB150-ASA, s. 5806 Section 5806. 217.06 (2) of the statutes is amended to read:

AB150-ASA,1727,19 217.06 (2) The financial responsibility, financial condition, business experience, character and general fitness of the applicant are such, in the opinion of the office division, as to command the confidence of the public and to warrant belief that the business will be conducted honestly and efficiently. The office division may investigate and consider the qualifications, character and general fitness of officers and directors or others associated with the applicant in determining whether this qualification has been met.

AB150-ASA, s. 5807 Section 5807. 217.06 (3) (a) of the statutes is amended to read:

AB150-ASA,1728,14 217.06 (3) (a) A surety bond issued by a bonding company or insurance company authorized to do business in this state has been filed in the minimum principal sum of $10,000 for the first location and an additional sum of $5,000 for each additional location unless the office division determines that a bond in such amount is insufficient in which event it may require a bond in a larger sum, but in no event shall the bond exceed $300,000. The bond shall be in a form satisfactory to the office division and shall run to the state for the benefit of any claimants against the applicant or the applicant's agents to secure the faithful performance of the obligations of the applicant and the applicant's agents with respect to the receipt, handling, transmission and payment of money in connection with the sale of checks and to reimburse the office division for any examination or liquidation expense. The aggregate liability of the surety in no event shall exceed the principal sum of the bond. The surety shall have the right to cancel such bond upon giving not less than 60 days' written notice to the office division, but such cancellation shall not release the surety from any liability that may arise with respect to obligations of the licensee outstanding on or prior to the effective day that such bond is canceled. Such claimants against the applicant or the applicant's agents may themselves bring suit directly on the bond, or the attorney general may bring suit thereon in behalf of such claimants, either in one action or successive actions.

AB150-ASA, s. 5808 Section 5808. 217.06 (3) (b) of the statutes is amended to read:

AB150-ASA,1729,4 217.06 (3) (b) In lieu of such corporate surety bond, or of any portion of the principal thereof as required by this section, the applicant may deposit with such banks or trust companies in this state as the applicant designates and the office division approves, interest-bearing obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States, or of this state, or of a city, county, town, village, school district or instrumentality of this state, or guaranteed by this state, to an aggregate amount, based upon principal amount or market value, whichever is lower, of not less than the amount of the required corporate surety bond or portion thereof. The securities shall be held to secure the same obligations as would the surety bond but the depositor shall be entitled to receive all interest thereon, shall have the right with the approval of the office division to substitute other securities for those deposited, and shall be required to do so on written order of the office division. The licensee shall pay all expenses of maintaining the deposit of obligations deposited in lieu of a corporate surety bond.

AB150-ASA, s. 5809 Section 5809. 217.07 of the statutes is amended to read:

AB150-ASA,1729,10 217.07 Order denying application. If the office division is not satisfied as to all matters specified in s. 217.06, it shall enter a special order denying the application for a license and shall return the license fee to the applicant and retain the investigation fee. The office division shall make findings of fact as part of and in support of its orders denying any application for a license.

AB150-ASA, s. 5810 Section 5810. 217.08 (2) of the statutes is amended to read:

AB150-ASA,1730,6 217.08 (2) Annual license fee; additions and deletions of locations. Each licensee shall file with the office division on or before December 1 of each year a statement listing the locations of the offices of the licensee and the names and locations of the agents authorized by the licensee. Every licensee shall also on or before December 1 of each year file a financial statement of its assets and liabilities as of a date not earlier than the preceding August 31 or, if the licensee is audited annually by an independent public accountant at the end of each fiscal year, the licensee may submit financial statements certified by said accountant for the licensee's latest fiscal year. Such statement shall be accompanied by the annual licensee fee for the calendar year beginning the following January 1 in an amount determined under s. 217.05. The amount of the surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect the number of such locations. Licensees which do not pay the maximum license fee under s. 217.05 and which do not maintain a bond or deposit of securities in the maximum sum of $300,000 as provided in s. 217.06 shall also file a supplemental statement setting forth any changes in the list of offices and agents with the office division on or before April 1, July 1 and October 1 of each year, and the principal sum of the corporate surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect any increase or decrease in the number of such locations. Any additional license fees which may become due under s. 217.05 shall be paid to the office division.

AB150-ASA, s. 5811 Section 5811. 217.08 (3) of the statutes is amended to read:

AB150-ASA,1730,10 217.08 (3) Removal consent. Whenever a licensee changes its single or principal office location to another location it shall give written notice thereof to the office division, which shall amend the license accordingly without charge.

AB150-ASA, s. 5812 Section 5812. 217.09 (1) (intro.) of the statutes is amended to read:

AB150-ASA,1730,14 217.09 (1) (intro.) The office division shall, after complaint, notice and hearing, following the procedure in s. 217.19 so far as applicable, revoke any license in the following cases:

AB150-ASA, s. 5813 Section 5813. 217.09 (1) (c) of the statutes is amended to read:

AB150-ASA,1730,18 217.09 (1) (c) If any fact or condition exists which, if it had existed at the time of the original application for such license, clearly would have warranted the office division to refuse to issue such license.

AB150-ASA, s. 5814 Section 5814. 217.09 (2) of the statutes is amended to read:

AB150-ASA,1730,22 217.09 (2) If the office division finds cause for revocation of a license, it shall issue a special order revoking the license, which includes its findings of fact upon which such order is based.

AB150-ASA, s. 5815 Section 5815. 217.09 (3) of the statutes is amended to read:

AB150-ASA,1731,2 217.09 (3) The office division may, for reasonable cause and after a hearing on 5 days' notice, suspend any license for a period not exceeding 30 days, pending further investigation, and in so doing shall issue a special order including its findings of fact upon which such order is based.

AB150-ASA, s. 5816 Section 5816. 217.09 (4) of the statutes is amended to read:

AB150-ASA,1731,9 217.09 (4) The office division shall revoke or suspend only the authorization to operate at the location with respect to which grounds for revocation or suspension apply, but if the office division finds that such grounds for revocation or suspension apply to more than one location operated by such licensee, then the office division shall revoke or suspend all of the authorizations of the licensee to which such grounds apply.

AB150-ASA, s. 5817 Section 5817. 217.09 (5) of the statutes is amended to read:

AB150-ASA,1731,13 217.09 (5) Any licensee may surrender any license by giving written notice to the office division that the licensee surrenders such license and returns the license therewith.

AB150-ASA, s. 5818 Section 5818. 217.09 (6) of the statutes is amended to read:

AB150-ASA,1731,16 217.09 (6) The office division may on its own motion issue a new license when a license has been revoked.

AB150-ASA, s. 5819 Section 5819. 217.10 (intro.) of the statutes is amended to read:

AB150-ASA,1731,18 217.10 (title) Powers of office division. (intro.) The office division may:

AB150-ASA, s. 5820 Section 5820. 217.10 (2) of the statutes is amended to read:

AB150-ASA,1731,24 217.10 (2) Investigate, at any time, the business and examine the books, accounts, records and files used therein of every licensee or agent thereof. The cost of each such examination shall be paid by every licensee so examined within 30 days after demand therefor by the office division, and the state may maintain an action for recovery of such costs in any court of competent jurisdiction;

AB150-ASA, s. 5820m Section 5820m. 217.11 (5) of the statutes is amended to read:

AB150-ASA,1732,9 217.11 (5) If a licensee ceases to do business in this state, the licensee shall deposit the licensee's records and proceeds of checks and remittances relating to checks sold in this state with the state treasurer secretary of administration. On claim and submission of proof of ownership satisfactory to the treasurer secretary of administration, the treasurer secretary of administration shall pay such amount of the funds deposited as are owing to a person. Such funds as are not paid out within 20 years from date of deposit shall escheat to and become the property of the state, and shall be paid by the treasurer secretary of administration and be dealt with in the same manner as other escheated property.

AB150-ASA, s. 5821 Section 5821. 217.12 (4) of the statutes is amended to read:

AB150-ASA,1732,13 217.12 (4) Name, forbidden use. No company shall use a name which indicates that it is a branch, unit or agency of the state or federal government or of any department or branch thereof.

AB150-ASA, s. 5822 Section 5822. 217.15 of the statutes is amended to read:

AB150-ASA,1732,17 217.15 Delinquent seller of checks. The commissioner of banking division may take possession of any insolvent seller of checks under the circumstances and utilizing the procedure prescribed in s. 218.04 (9m), so far as applicable.

AB150-ASA, s. 5823 Section 5823. 217.17 (1) of the statutes is amended to read:

AB150-ASA,1732,20 217.17 (1) The office division may, in relation to any matter within the office's division's powers, issue subpoenas and take testimony.

AB150-ASA, s. 5824 Section 5824. 217.17 (2) of the statutes is amended to read:

AB150-ASA,1733,2 217.17 (2) Witnesses shall be entitled to the same fees as are allowed to witnesses in courts of record. Such fees shall be audited and paid by the state in the same manner as other expenses of the office division are audited and paid. No witness subpoenaed at the instance of any party other than the office division shall be entitled to payment of fees by the state, unless the office division certifies that the testimony of such witness was material to the hearing or proceeding.

AB150-ASA, s. 5825 Section 5825. 217.18 (1) of the statutes is amended to read:

AB150-ASA,1733,8 217.18 (1) The office division may, by general or special order require licensees to file with the office division at such time and in such manner as it may direct, sworn or unsworn reports, or sworn or unsworn answers in writing to specific questions as to any matter upon which the office division may demand information under this chapter.

AB150-ASA, s. 5826 Section 5826. 217.18 (2) of the statutes is amended to read:

AB150-ASA,1733,14 217.18 (2) The office division or any official, employe or agent authorized by it may, for purposes within the office's division's powers, have access during business hours to the offices and places of business, books, accounts, papers, records, files, safes and vaults of persons engaged in business as a seller of checks, whether licensees or not.

AB150-ASA, s. 5827 Section 5827. 217.18 (3) of the statutes is amended to read:

AB150-ASA,1733,20 217.18 (3) No person shall refuse, neglect or fail to render any reports or answer required under this section at such time and in such manner as the office division may prescribe. No person shall wilfully make any false entry or statement in any report or answer, nor shall wilfully fail to make full and true entries and statements in any report or answer required under authority of this chapter.

AB150-ASA, s. 5828 Section 5828. 217.19 (title) of the statutes is amended to read:

AB150-ASA,1733,22 217.19 (title) Office Division orders; rules of procedure.

AB150-ASA, s. 5829 Section 5829. 217.19 (1) of the statutes is amended to read:

AB150-ASA,1733,25 217.19 (1) The office division, prior to the issuance of any general order under this chapter, shall hold a public hearing.

AB150-ASA, s. 5830 Section 5830. 217.19 (2) of the statutes is amended to read:

AB150-ASA,1734,8 217.19 (2) The office division, prior to the issuance of any special order, shall serve a complaint, prepared in the name of the office division, upon the person against whom the complaint is made and shall accompany such complaint by notice of a public hearing to be held in the matter not sooner than 10 days after such service. The person against whom the complaint is made shall be entitled to be heard in person, or by agent or attorney, and shall have the benefit of subpoena process to compel the attendance of witnesses.

AB150-ASA, s. 5831 Section 5831. 217.19 (4) of the statutes is amended to read:

AB150-ASA,1734,12 217.19 (4) The office division shall serve a copy of any special order upon the person against whom the order is issued and such an order shall be effective upon such service, unless otherwise indicated in the order.

AB150-ASA, s. 5832 Section 5832. 217.19 (5) of the statutes is amended to read:

AB150-ASA,1734,16 217.19 (5) A complaint, notice of hearing, subpoena, special order or any other process issued by the office division may be served in the same manner that process in a civil action is served.

AB150-ASA, s. 5833 Section 5833. 217.19 (6) of the statutes is amended to read:

AB150-ASA,1734,21 217.19 (6) The office division shall make its own rules of practice and procedure for the conduct of hearings and other proceedings before it, not inconsistent with any provision of this chapter or with any other provision of law governing such practice or procedure.

AB150-ASA, s. 5834 Section 5834. 217.20 of the statutes is amended to read:

AB150-ASA,1734,24 217.20 Court review. Orders of the office division under this chapter shall be subject to review in the manner provided in ch. 227.

AB150-ASA, s. 5835 Section 5835. 217.21 (1) of the statutes is amended to read:

AB150-ASA,1735,4 217.21 (1) The licensee shall keep and use in the licensee's business such books, accounts and records as the office division, by general or special order, may find to be necessary and require to enable it to determine whether such licensee is complying with this chapter and with the lawful orders issued hereunder.

AB150-ASA, s. 5836 Section 5836. 217.21 (2) of the statutes is amended to read:

AB150-ASA,1735,12 217.21 (2) Each licensee shall annually, on or before March 15, file a report with the office division giving such reasonable and relevant information as the office division may, by general or special order, require concerning the business and operations conducted by such licensee within the state. Such report shall be made under oath and shall be in the form prescribed by the office division and shall be subject to public inspection in the discretion of the office division. The office division shall make and publish annually an analysis and recapitulation of such reports.