AB150-engrossed,1879,2120
217.02
(10) "Special order" means an order of the
office division to or affecting
21a person.
AB150-engrossed,1880,323
217.03
(1) No person shall, as a service or for a fee or other consideration,
24engage in the business as a seller of checks without first securing a license from the
25office division to do so.
Any person lawfully engaged in said business on March 18,
11968 may continue to engage therein without a license until the office has acted upon
2the person's application for a license, provided such application is filed within 30
3days after March 18, 1968.
AB150-engrossed,1880,105
217.03
(2) The licensee shall be liable on checks duly issued for it by each
6authorized agent and shall furnish each such agent not exempt under s. 217.04 with
7an authorization in the form approved by the
office
division in lieu of a license from
8the
office division, to be displayed in the agent's place of business indicating that it
9is an authorized agent of the licensee. An agent so authorized by a licensee shall not
10be required to secure a license.
AB150-engrossed,1880,15
12217.05 Application and fees. (intro.) Each application for a license shall be
13made in writing and under oath to the
office division and shall contain such
14information and be in such form as
it the division prescribes. The application shall
15state the full name and business address of:
AB150-engrossed,1880,1817
217.05
(5) (a)
Financial statements. Financial statements reasonably
18satisfactory to the
office division.
AB150-engrossed,1881,220
217.05
(5) (c)
Investigation fee. A
nonrefundable fee of
$100 $300 to the office
21for investigating the application. If the cost of the investigation exceeds
$100 $300,
22the applicant shall, upon demand of the office, pay the excess cost. No investigation
23fee shall be required for renewal of a license.
Any person holding a license as a
24community currency exchange or a foreign exchange company on March 18, 1968, is
1not required to pay an investigation fee nor a license fee for a single location for the
2remainder of the current licensing year.
AB150-engrossed, s. 5803
3Section
5803
. 217.05 (5) (c) of the statutes, as affected by 1995 Wisconsin Act
4.... (this act), is amended to read:
AB150-engrossed,1881,85
217.05
(5) (c)
Investigation fee. A nonrefundable fee of $300 to the
office 6division for investigating the application. If the cost of the investigation exceeds
7$300, the applicant shall, upon demand of the
office
division, pay the excess cost. No
8investigation fee shall be required for renewal of a license.
AB150-engrossed,1881,2110
217.05
(5) (d)
License fee. An annual license fee of
$50 for each location not
11exceeding 6. If the applicant has more than 6 locations, a license fee of $50 each for
12the first 6 locations plus $2 for each location in excess of 6 locations up to and
13including a total of 100 locations and $1 for each location in excess of 100 with a
14maximum annual fee of $1,000. For each single location license issued between
15January 1 and June 30 of any year, the licensee shall pay the full annual license fee
16for the year ending December 31; for each license issued between July 1 and
17December 31 of any year, the licensee shall pay one-half of the annual license fee
18except for multiple office locations, for which the full annual fee shall be charged.
19No license fee shall be payable with respect to the location of any agent who is
20exempted from this chapter by s. 217.04 $500 plus $5 for each location within this
21state at which a licensee sells or issues checks, with a maximum annual fee of $1,500.
AB150-engrossed,1881,25
23217.06 Licenses, how granted; conditions. (intro.) Every license issued
24shall be in the form prescribed by the
office division and shall be issued to the
25applicant if:
AB150-engrossed,1882,82
217.06
(2) The financial responsibility, financial condition, business
3experience, character and general fitness of the applicant are such, in the opinion of
4the
office division, as to command the confidence of the public and to warrant belief
5that the business will be conducted honestly and efficiently. The
office division may
6investigate and consider the qualifications, character and general fitness of officers
7and directors or others associated with the applicant in determining whether this
8qualification has been met.
AB150-engrossed,1883,310
217.06
(3) (a) A surety bond issued by a bonding company or insurance
11company authorized to do business in this state has been filed in the minimum
12principal sum of $10,000 for the first location and an additional sum of $5,000 for
13each additional location unless the
office division determines that a bond in such
14amount is insufficient in which event it may require a bond in a larger sum, but in
15no event shall the bond exceed $300,000. The bond shall be in a form satisfactory to
16the
office division and shall run to the state for the benefit of any claimants against
17the applicant or the applicant's agents to secure the faithful performance of the
18obligations of the applicant and the applicant's agents with respect to the receipt,
19handling, transmission and payment of money in connection with the sale of checks
20and to reimburse the
office division for any examination or liquidation expense. The
21aggregate liability of the surety in no event shall exceed the principal sum of the
22bond. The surety shall have the right to cancel such bond upon giving not less than
2360 days' written notice to the
office division, but such cancellation shall not release
24the surety from any liability that may arise with respect to obligations of the licensee
25outstanding on or prior to the effective day that such bond is canceled. Such
1claimants against the applicant or the applicant's agents may themselves bring suit
2directly on the bond, or the attorney general may bring suit thereon in behalf of such
3claimants, either in one action or successive actions.
AB150-engrossed,1883,185
217.06
(3) (b) In lieu of such corporate surety bond, or of any portion of the
6principal thereof as required by this section, the applicant may deposit with such
7banks or trust companies in this state as the applicant designates and the
office 8division approves, interest-bearing obligations of the United States or any agency
9or instrumentality thereof, or guaranteed by the United States, or of this state, or of
10a city, county, town, village, school district or instrumentality of this state, or
11guaranteed by this state, to an aggregate amount, based upon principal amount or
12market value, whichever is lower, of not less than the amount of the required
13corporate surety bond or portion thereof. The securities shall be held to secure the
14same obligations as would the surety bond but the depositor shall be entitled to
15receive all interest thereon, shall have the right with the approval of the
office 16division to substitute other securities for those deposited, and shall be required to do
17so on written order of the
office division. The licensee shall pay all expenses of
18maintaining the deposit of obligations deposited in lieu of a corporate surety bond.
AB150-engrossed,1883,24
20217.07 Order denying application. If the
office division is not satisfied as
21to all matters specified in s. 217.06, it shall enter a special order denying the
22application for a license and shall return the license fee to the applicant and retain
23the investigation fee. The
office division shall make findings of fact as part of and
24in support of its orders denying any application for a license.
AB150-engrossed,1884,20
1217.08
(2) Annual license fee; additions and deletions of locations. Each
2licensee shall file with the
office division on or before December 1 of each year a
3statement listing the locations of the offices of the licensee and the names and
4locations of the agents authorized by the licensee. Every licensee shall also on or
5before December 1 of each year file a financial statement of its assets and liabilities
6as of a date not earlier than the preceding August 31 or, if the licensee is audited
7annually by an independent public accountant at the end of each fiscal year, the
8licensee may submit financial statements certified by said accountant for the
9licensee's latest fiscal year. Such statement shall be accompanied by the annual
10licensee fee for the calendar year beginning the following January 1 in an amount
11determined under s. 217.05. The amount of the surety bond or deposit of securities
12required by s. 217.06 shall be adjusted to reflect the number of such locations.
13Licensees which do not pay the maximum license fee under s. 217.05 and which do
14not maintain a bond or deposit of securities in the maximum sum of $300,000 as
15provided in s. 217.06 shall also file a supplemental statement setting forth any
16changes in the list of offices and agents with the
office division on or before April 1,
17July 1 and October 1 of each year, and the principal sum of the corporate surety bond
18or deposit of securities required by s. 217.06 shall be adjusted to reflect any increase
19or decrease in the number of such locations. Any additional license fees which may
20become due under s. 217.05 shall be paid to the
office
division.
AB150-engrossed,1884,2422
217.08
(3) Removal consent. Whenever a licensee changes its single or
23principal office location to another location it shall give written notice thereof to the
24office division, which shall amend the license accordingly without charge.
AB150-engrossed,1885,3
1217.09
(1) (intro.) The
office division shall, after complaint, notice and hearing,
2following the procedure in s. 217.19 so far as applicable, revoke any license in the
3following cases:
AB150-engrossed,1885,75
217.09
(1) (c) If any fact or condition exists which, if it had existed at the time
6of the original application for such license, clearly would have warranted the
office 7division to refuse to issue such license.
AB150-engrossed,1885,119
217.09
(2) If the
office division finds cause for revocation of a license, it shall
10issue a special order revoking the license, which includes its findings of fact upon
11which such order is based.
AB150-engrossed,1885,1613
217.09
(3) The
office division may, for reasonable cause and after a hearing on
145 days' notice, suspend any license for a period not exceeding 30 days, pending
15further investigation, and in so doing shall issue a special order including its findings
16of fact upon which such order is based.
AB150-engrossed,1885,2318
217.09
(4) The
office division shall revoke or suspend only the authorization
19to operate at the location with respect to which grounds for revocation or suspension
20apply, but if the
office division finds that such grounds for revocation or suspension
21apply to more than one location operated by such licensee, then the
office division 22shall revoke or suspend all of the authorizations of the licensee to which such
23grounds apply.
AB150-engrossed,1886,3
1217.09
(5) Any licensee may surrender any license by giving written notice to
2the
office division that the licensee surrenders such license and returns the license
3therewith.
AB150-engrossed,1886,65
217.09
(6) The
office division may on its own motion issue a new license when
6a license has been revoked.
AB150-engrossed,1886,8
8217.10 (title)
Powers of office division. (intro.) The
office division may:
AB150-engrossed,1886,1410
217.10
(2) Investigate, at any time, the business and examine the books,
11accounts, records and files used therein of every licensee or agent thereof. The cost
12of each such examination shall be paid by every licensee so examined within 30 days
13after demand therefor by the
office division, and the state may maintain an action
14for recovery of such costs in any court of competent jurisdiction;
AB150-engrossed,1886,1816
217.12
(4) Name, forbidden use. No company shall use a name which indicates
17that it is a branch
, unit or agency of the state or federal government
or of any
18department or branch thereof.
AB150-engrossed,1886,22
20217.15 Delinquent seller of checks. The
commissioner of banking division 21may take possession of any insolvent seller of checks under the circumstances and
22utilizing the procedure prescribed in s. 218.04 (9m), so far as applicable.
AB150-engrossed,1886,2524
217.17
(1) The
office division may, in relation to any matter within the
office's 25division's powers, issue subpoenas and take testimony.
AB150-engrossed,1887,72
217.17
(2) Witnesses shall be entitled to the same fees as are allowed to
3witnesses in courts of record. Such fees shall be audited and paid by the state in the
4same manner as other expenses of the
office division are audited and paid. No
5witness subpoenaed at the instance of any party other than the
office division shall
6be entitled to payment of fees by the state, unless the
office division certifies that the
7testimony of such witness was material to the hearing or proceeding.
AB150-engrossed,1887,139
217.18
(1) The
office division may, by general or special order require licensees
10to file with the
office division at such time and in such manner as it may direct, sworn
11or unsworn reports, or sworn or unsworn answers in writing to specific questions as
12to any matter upon which the
office division may demand information under this
13chapter.
AB150-engrossed,1887,1915
217.18
(2) The
office division or any official, employe or agent authorized by it
16may, for purposes within the
office's division's powers, have access during business
17hours to the offices and places of business, books, accounts, papers, records, files,
18safes and vaults of persons engaged in business as a seller of checks, whether
19licensees or not.
AB150-engrossed,1887,2521
217.18
(3) No person shall refuse, neglect or fail to render any reports or answer
22required under this section at such time and in such manner as the
office division 23may prescribe. No person shall wilfully make any false entry or statement in any
24report or answer, nor shall wilfully fail to make full and true entries and statements
25in any report or answer required under authority of this chapter.
AB150-engrossed,1888,2
2217.19 (title)
Office Division orders; rules of procedure.
AB150-engrossed,1888,54
217.19
(1) The
office division, prior to the issuance of any general order under
5this chapter, shall hold a public hearing.
AB150-engrossed,1888,137
217.19
(2) The
office division, prior to the issuance of any special order, shall
8serve a complaint, prepared in the name of the
office
division, upon the person
9against whom the complaint is made and shall accompany such complaint by notice
10of a public hearing to be held in the matter not sooner than 10 days after such service.
11The person against whom the complaint is made shall be entitled to be heard in
12person, or by agent or attorney, and shall have the benefit of subpoena process to
13compel the attendance of witnesses.
AB150-engrossed,1888,1715
217.19
(4) The
office division shall serve a copy of any special order upon the
16person against whom the order is issued and such an order shall be effective upon
17such service, unless otherwise indicated in the order.
AB150-engrossed,1888,2119
217.19
(5) A complaint, notice of hearing, subpoena, special order or any other
20process issued by the
office division may be served in the same manner that process
21in a civil action is served.
AB150-engrossed,1889,223
217.19
(6) The
office division shall make its own rules of practice and procedure
24for the conduct of hearings and other proceedings before it, not inconsistent with any
1provision of this chapter or with any other provision of law governing such practice
2or procedure.
AB150-engrossed,1889,5
4217.20 Court review. Orders of the
office division under this chapter shall
5be subject to review in the manner provided in ch. 227.
AB150-engrossed,1889,107
217.21
(1) The licensee shall keep and use in the licensee's business such books,
8accounts and records as the
office division, by general or special order, may find to
9be necessary and require to enable it to determine whether such licensee is
10complying with this chapter and with the lawful orders issued hereunder.
AB150-engrossed,1889,1812
217.21
(2) Each licensee shall annually, on or before March 15, file a report with
13the
office division giving such reasonable and relevant information as the
office 14division may, by general or special order, require concerning the business and
15operations conducted by such licensee within the state. Such report shall be made
16under oath and shall be in the form prescribed by the
office division and shall be
17subject to public inspection in the discretion of the
office division. The
office division 18shall make and publish annually an analysis and recapitulation of such reports.
AB150-engrossed,1889,2422
218.01
(1) (jm) "License period" means the period during which a particular
23type of license described in sub. (2) (d) is effective, as established by the department
24of transportation or
commissioner
division of banking under sub. (2) (cm) 2
. or 4.
AB150-engrossed,1890,2
1218.01
(1) (k) "Licensor" means the body, either the
commissioner division of
2banking or the department
of transportation or both, issuing a license hereunder.
AB150-engrossed,1890,184
218.01
(1a) (title)
Authority of department and commissioner licensors. The
5department
of transportation shall issue the licenses provided for in sub. (2) (d) 1.
6to 6. and have supervision over the licensees thereunder in respect to all the
7provisions of this section, except only as to such matters as relate to the sale of motor
8vehicles on retail instalment contracts and the financing and servicing of such
9contracts, over which matter the
commissioner division of banking shall have
10jurisdiction and control, and the
commissioner division of banking shall issue the
11licenses to sales finance companies. Either licensor hereunder shall, upon request,
12furnish the other licensor with any information it may have in respect to any licensee
13or applicant for license or any transaction in which such licensee or applicant may
14be a party or be interested. No license shall be issued under sub. (2) (d) 1. and 8. until
15both licensors have approved the application. The suspension or revocation of either
16of such licenses shall automatically likewise suspend or revoke the other license; and
17such suspension or revocation shall be certified by the licensor ordering it to the other
18licensor.