AB150-engrossed,1922,87
218.04
(5) (a) 1. The licensee has violated any of the provisions of this section
8or any lawful order of the
commissioner division made thereunder;
AB150-engrossed,1922,1210
218.04
(5) (a) 2. Any fact or condition exists which, if it had existed at the time
11of the original application for such license, would have warranted the
commissioner 12division in refusing to issue such license;
AB150-engrossed,1922,1914
218.04
(5) (c) In the event of the death of a licensee, if the licensee is an
15individual, or of the partners, if the licensee is a partnership, the license of the agency
16shall terminate as of the date of death of said licensee, except the
commissioner 17division may reinstate a license if the estate of the former licensee signifies to the
18commissioner division within 45 days its intention to continue the business of the
19agency.
AB150-engrossed,1923,221
218.04
(6) (a) Whenever a collection agency shall contemplate a change of its
22place of business to another location within the same city or village, it shall give
23written notice thereof to the
commissioner, who division, which shall attach to the
24license the
commissioner's division's authorization of such removal, specifying the
25date thereof and the new location. Such authorization shall be authority for the
1operation of such business under the same license at the specified new location. All
2collection agency licenses shall be conspicuously posted in the office of the licensee.
AB150-engrossed,1923,64
218.04
(6) (b) Every licensee applying for a renewal of a license shall, on or
5before the first day of June, pay in advance to the
commissioner division the annual
6license fee.
AB150-engrossed,1923,118
218.04
(6) (c) (intro.) Before discontinuing operating as a collection agency
9under the provisions of this section, every licensee shall furnish the
commissioner 10division with proof in a form to be determined by the
commissioner division and
11approved by the advisory committee that:
AB150-engrossed,1923,1713
218.04
(7) (title)
Powers of commissioner division; advisory committees. 14(intro.) It shall be the duty of the
commissioner
division and the
commissioner 15division shall have power, jurisdiction and authority to investigate the conditions
16and ascertain the facts with reference to the collection of accounts and upon the basis
17thereof:
AB150-engrossed,1924,1319
218.04
(7) (b) For the purpose of discovering violations of this section the
20commissioner division may cause an investigation to be made of the business of the
21licensee transacted under the provisions of this section, and shall cause an
22investigation to be made of convictions reported to the
commissioner division by any
23district attorney for violation by a licensee of any of the provisions of this section.
24The place of business, books of accounts, papers, records, safes and vaults of said
25licensee shall be open to inspection and examination by the
commissioner or the
1commissioner's representative division for the purpose of such investigation and the
2commissioner division shall have authority to examine under oath all persons whose
3testimony is required relative to said investigation. The cost of the first investigation
4or examination during any licensing year shall be paid by the licensee, but the cost
5of additional investigation or examination during such year shall be paid by the
6licensee only if such examination discloses violation of sub. (5) (a) 4. The
7commissioner division shall determine the cost of an investigation or examination.
8The licensee shall pay the cost of any hearing including witness fees, unless it be
9found by the
commissioner division, board of review or court that licensee has not
10violated any provision of this section. All said costs shall be paid by the licensee
11within 30 days after demand therefor by the
commissioner division. The state may
12maintain an action for the recovery of such costs and expenses in any court of
13competent jurisdiction.
AB150-engrossed,1924,2215
218.04
(7) (c) To appoint advisers from the individuals engaged in the collection
16business in the state and in any locality, which advisers shall be consulted by and
17shall assist the
commissioner division in the execution of the
commissioner's 18division's duties under the provisions of this section.
The commissioner may appoint
19such advisers as deputies. Such persons
, either as advisers or deputies, shall receive
20no compensation for their services but may be reimbursed for their actual and
21necessary traveling expenses. Such expenses shall be audited and paid and charged
22to the
commissioner division for the administration of this chapter.
AB150-engrossed,1925,3
1218.04
(8) Hearings and orders. The
commissioner division shall have the
2same power to conduct hearings, take testimony and secure evidence as is provided
3in ss. 217.17, 217.18 and 217.19.
AB150-engrossed,1925,75
218.04
(9) Administrative review. Any licensee or other person in interest
6being dissatisfied with any order of the
commissioner
division made under this
7section may have a review thereof as provided in s. 220.037.
AB150-engrossed,1925,149
218.04
(9g) (b) A licensee shall establish a trust account with a financial
10institution. The licensee shall notify the
commissioner division of the name of the
11financial institution that maintains the trust account. The
commissioner division 12may prohibit a licensee from establishing or maintaining a trust account in a
13financial institution if the
commissioner division believes that the financial
14institution is operating in an unsafe or unsound manner.
AB150-engrossed,1925,1716
218.04
(9m) (title)
Delinquent collection agencies; commissioner division
17may take possession.
AB150-engrossed,1926,1019
218.04
(9m) (a) If the
commissioner
division finds that a licensee is insolvent
20or that the licensee has collected accounts but has failed to remit money due to any
21claimant or forwarder within 30 days from the end of the month in which collection
22was made, and it is necessary to protect the interest of the public or when the license
23of a collection agency has expired or has terminated for any reason whatsoever, the
24commissioner division may take possession of the assets and the books and records
25of the licensee for the purpose of liquidating its business, and for such other relief as
1the nature of the case and the interest of the claimants or forwarders may require.
2The liquidation of business shall be made by and under the supervision of the
3commissioner division either in the name of the
commissioner division or in the name
4of the licensee and the
commissioner or the commissioner's successor division shall
5be vested with title to all of the assets including the proceeds of the bond or bonds
6which have been filed with the
commissioner division as provided for under sub. (3)
7(d), and the proceeds of any and all money paid direct to the claimant or forwarder
8by the debtor prior to the date said license has terminated. Money paid to the licensee
9or to the
commissioner division after the termination of the license shall be disposed
10of by the
commissioner division with the approval of the circuit court.
AB150-engrossed,1926,1612
218.04
(9m) (b) In taking possession of the property and business of any such
13collection agency, the
commissioner division shall forthwith give notice to any and
14all banks or other financial institutions holding or in possession of any bank balances
15or assets of such agency and thereafter such assets shall be held subject to the order
16of the
commissioner division.
AB150-engrossed,1926,2418
218.04
(9m) (c) In addition to the authority conferred by par. (b), the
19commissioner division may, with the approval of the circuit court for the county
20wherein the main office is located, for the purposes of collection or liquidation, sell,
21assign, convey and transfer or approve the sale, assignment, conveyance and
22transfer of the assets of such collection agency under such terms and conditions as
23the
commissioner division may deem for the best interests of the claimants of such
24collection agency.
AB150-engrossed,1927,23
1218.04
(9m) (e) The
commissioner division shall cause notice to be given by
2publication of a class 3 notice, under ch. 985, if no action has been commenced under
3par. (f), calling on all persons who may have claims against such licensee, to present
4the same to the
commissioner division, and make legal proof thereof at a place and
5within a time, to be therein specified. The
commissioner division may mail a similar
6notice to all persons whose names appear as claimants or forwarders upon the books
7and records of the licensee or as may appear in the records of the
commissioner 8division on the sworn reports required to be furnished the
commissioner division 9according to the provisions of sub. (10). Any claimant or forwarder whose portion of
10the collection or collections has not been properly remitted shall file a claim which
11shall be considered as a preferred claim for the amount actually due the claimant or
12forwarder after deducting any commission or fee that may be due and owing the
13licensee. If the
commissioner division doubts the justice and validity of any claim,
14the
commissioner division may reject the same and serve notice of such rejection
15upon the claimant either by mail or personally. An affidavit of the service of such
16notice, which shall be prima facie evidence thereof, shall be filed with the
17commissioner division. An action upon a claim so rejected must be brought in the
18circuit court for the county wherein the licensee is located within 30 days after such
19service of such notice of rejection of claim has been filed. Claims presented after the
20expiration of the time fixed in the notice to the claimants or forwarders shall be
21entitled to receive only liquidating dividends declared after presentation, unless
22otherwise ordered by the court. The court may fix a date after which all claims shall
23be barred.
AB150-engrossed,1928,10
1218.04
(9m) (f) Whenever any agency, of whose assets and business the
2commissioner division has taken possession, as aforesaid, deems itself aggrieved
3thereby, it may, at any time within 10 days after such taking possession, apply to the
4circuit court for the county in which the main office of such agency is located to enjoin
5further proceedings; and such court, after citing the
commissioner division to show
6cause why further proceedings should not be enjoined and hearing the allegations
7and proofs of the parties and determining the facts, may, upon the merits dismiss
8such application or enjoin the
commissioner division from further proceedings, and
9direct the
commissioner division to surrender such business and property to such
10agency.
AB150-engrossed,1928,2012
218.04
(9m) (g) Whenever the
commissioner division shall have paid to each
13and every claimant or forwarder of such collection agency whose claims as such
14claimant or forwarder have been duly proved and allowed the full amount of such
15claims and shall have made proper provisions for unclaimed and unpaid collections
16and shall have paid all the expenses of the liquidation, the
commissioner division 17shall liquidate the remaining assets exclusive of the proceeds of the bond or bonds
18for the benefit of the general creditors; or if no claims have been filed by or in behalf
19of the general creditors, the
commissioner division shall turn over the remaining
20assets to the circuit court for further disposition.
AB150-engrossed,1929,222
218.04
(9m) (h) All accounts and valuable papers given to the agency by the
23claimant or forwarder in possession of the
commissioner division, pertaining to
24accounts placed with the agency for collection shall be returned to the claimant or
1forwarded by the
commissioner division within 30 days after verification of the claim
2has been made.
AB150-engrossed,1929,94
218.04
(10) (a) Each licensee shall annually, on or before the fifteenth day of
5March, file a report with the
commissioner division giving such reasonable and
6relevant information as the
commissioner division may, by general or special order,
7require concerning the business and operations conducted by such licensee within
8the state. Such report shall be made under oath and shall be in the form prescribed
9by the
commissioner division.
AB150-engrossed,1929,1711
218.04
(10) (b) The
commissioner
division shall require the licensee to keep
12such books and records in the licensee's place of business as will enable the
13commissioner division to determine whether the provisions of this section are being
14complied with. Every such licensee shall preserve the records of final entry used in
15such business for a period of at least 6 years after final remittance is made on any
16account placed with the licensee for collection or after any account has been returned
17to the claimant on which one or more payments have been paid.
AB150-engrossed,1929,2419
218.04
(13) Enforcement. The
commissioner division shall have the duty,
20power, jurisdiction and authority to investigate, ascertain and determine whether
21this section or the lawful orders issued hereunder are being violated and for such
22purposes the
commissioner division shall have all the powers conferred by subs. (4)
23and (5). The
commissioner division shall report all violations to the district attorney
24of the proper county for prosecution.
AB150-engrossed,1930,22
218.05
(1) (d) "Division" means the division of banking.
AB150-engrossed,1930,74
218.05
(2) Licenses required. After July 1, 1945, no person, firm, association,
5partnership or corporation shall engage in the business of a community currency
6exchange without first securing a license to do so from the
commissioner division as
7required by this section.
AB150-engrossed,1930,119
218.05
(3) (a) (intro.) Application for such license shall be in writing, under
10oath, on a form to be prescribed by the
commissioner
division. Each application shall
11contain the following information:
AB150-engrossed,1930,1413
218.05
(3) (a) 3. Such other information as the
commissioner division may
14require.
AB150-engrossed,1930,2216
218.05
(3) (b)
Such An application shall be accompanied by a
nonrefundable 17fee of
$100 $300 for the cost of investigating the applicant.
When the application has
18been approved by the commissioner and the applicant so advised
If the cost of an
19investigation exceeds $300, the applicant shall, upon demand of the commissioner,
20pay the excess cost. At the time of the application, the applicant shall pay an
21additional
$100 $300 as an annual license fee for a period
terminating ending on the
22last day of the current calendar year.
AB150-engrossed, s. 5950
23Section
5950
. 218.05 (3) (b) of the statutes, as affected by 1995 Wisconsin Act
24.... (this act), is amended to read:
AB150-engrossed,1931,5
1218.05
(3) (b) An application shall be accompanied by a nonrefundable fee of
2$300 for the cost of investigating the applicant. If the cost of an investigation exceeds
3$300, the applicant shall, upon demand of the
commissioner division, pay the excess
4cost. At the time of the application, the applicant shall pay an additional $300 as an
5annual license fee for a period ending on the last day of the current calendar year.
AB150-engrossed,1931,177
218.05
(3) (c) Before any license is issued to a community currency exchange
8the applicant shall file annually with and have approved by the
commissioner 9division a surety bond in the principal sum of $5,000, issued by an insurer authorized
10to do business in this state. The bond shall run to the state of Wisconsin and shall
11be for the benefit of any creditors of the community currency exchange for any
12liability incurred for any sum due to any payee of any check, draft or money order
13left with the community currency exchange for collection, and also for any penalties
14that may be imposed under this section. If the
commissioner division finds at any
15time the bond is insecure or exhausted or otherwise doubtful, an additional bond in
16like amount to be approved by the
commissioner division shall be filed by the licensee
17within 30 days after written demand by the
commissioner division.
AB150-engrossed,1932,1319
218.05
(4) Licenses; issuance; denial. If the
commissioner division shall find
20after investigation that the applicant (a) is trustworthy and reputable, (b) has
21business experience qualifying the applicant to competently conduct, operate, own,
22or become associated with a community currency exchange, and (c) has a good
23business reputation and is worthy of a license, the
commissioner division shall issue
24to the applicant qualifying hereunder, a license to operate a community currency
25exchange at the location specified in the application, which license shall remain in
1full force and effect until it is surrendered by the licensee or revoked by the
2commissioner division. If the
commissioner division shall not so find, the
3commissioner division shall not issue such license and shall notify the applicant of
4such denial, retaining the investigation fee to cover the cost of investigating the
5applicant. The
commissioner division shall approve or deny every application within
630 days from the filing thereof. No application shall be denied unless the applicant
7has had notice of a hearing on said application and an opportunity to be heard
8thereon. If the application is denied, the
commissioner division shall, within 20 days
9thereafter, prepare and keep on file
in the commissioner's office with the division a
10written order of denial which shall contain the
commissioner's division's findings
11with respect thereto and the reasons supporting the denial, and shall mail a copy
12thereof to the applicant at the address set forth in the application, within 5 days after
13the filing of such order.
AB150-engrossed,1932,2215
218.05
(6) Insurance. Every applicant for a license under this section shall,
16after the application for a license has been approved, submit a policy or policies of
17insurance to be approved by the
commissioner division, issued by an insurer
18authorized to do business in this state, which insures the applicant against loss by
19burglary, larceny, robbery, forgery or embezzlement in a principal sum determined
20by the
commissioner division. Any such policy, with respect to forgery, may carry a
21condition that the community currency exchange assumes the first $50 of each claim
22thereunder.
AB150-engrossed,1933,824
218.05
(8) Other business forbidden. A community currency exchange shall
25not be conducted as a
department unit of another business. It must be an entity,
1financed and conducted as a separate business unit. This shall not prevent a
2community currency exchange from leasing a part of the premises of another
3business for the conduct of this business on the same premises; provided, that no
4community currency exchange shall be conducted on the same premises with a
5business whose chief source of revenue is derived from the sale of alcohol beverages
6for consumption on the premises. This subsection shall not apply when such other
7business is subject to any statute which provides for supervision and examination
8by the
commissioner division.
AB150-engrossed,1933,1310
218.05
(10) (b) No more than one place of business shall be maintained under
11the same license, but the
commissioner division may issue more than one license to
12the same licensee upon the compliance with the provisions of this section governing
13an original issuance of a license, for each new license.
AB150-engrossed,1933,1915
218.05
(10) (c) Whenever a licensee shall wish to change the licensee's place
16of business to any location other than that originally set forth in the license, the
17licensee shall give written notice thereof to the
commissioner division and if the
18change is approved the
commissioner division shall attach to the license, in writing,
19a rider stating the new address or location of the community currency exchange.
AB150-engrossed,1933,2521
218.05
(11) Renewal. Every licensee shall, on or before December 20, pay to
22the commissioner the sum of
$50 $300 as an annual license fee for the next
23succeeding calendar year and
shall, at the same time
, shall file with the
24commissioner the annual bond and insurance policy or policies in the same amount
25and of the same character as required by subs. (3) (c) and (6).
AB150-engrossed, s. 5958
1Section
5958
. 218.05 (11) of the statutes, as affected by 1995 Wisconsin Act
2.... (this act), is amended to read:
AB150-engrossed,1934,73
218.05
(11) Renewal. Every licensee shall, on or before December 20, pay to
4the
commissioner division the sum of $300 as an annual license fee for the next
5succeeding calendar year and, at the same time, shall file with the
commissioner 6division the annual bond and insurance policy or policies in the same amount and
7of the same character as required by subs. (3) (c) and (6).
AB150-engrossed,1934,139
218.05
(12) (a) (intro.) The
commissioner division may, upon 10 days' notice to
10the licensee by mail directed to the licensee at the address set forth in the license,
11stating the contemplated action and in general the grounds therefor, and upon
12reasonable opportunity to be heard prior to such action, revoke any license issued
13hereunder if the
commissioner division shall find that:
AB150-engrossed,1934,1815
218.05
(12) (a) 1. The licensee has failed to pay the annual license fee or to
16maintain in effect the required bond or insurance policy or policies or to comply with
17any order, decision or finding of the
commissioner
division made pursuant to this
18section.
AB150-engrossed,1934,2120
218.05
(12) (a) 2. The licensee has violated any provision of this section or any
21regulation or direction made by the
commissioner
division under this section.
AB150-engrossed,1934,2523
218.05
(12) (a) 3. Any fact or condition exists which, if it had existed at the time
24of the original application for such license, would have warranted the
commissioner 25division in refusing the issuance of the license.
AB150-engrossed,1935,72
218.05
(12) (b) The
commissioner
division may revoke only the particular
3license with respect to which grounds for revocation may occur or exist, or if the
4commissioner division shall find that such grounds for revocation are of general
5application to all offices or to more than one office operated by such licensee, the
6commissioner division may revoke all of the licenses issued to such licensee or such
7number of licenses to which such grounds apply.
AB150-engrossed,1935,139
218.05
(12) (c) A licensee may surrender any license by delivering to the
10commissioner division written notice that the licensee surrenders such license, but
11such surrender shall not affect such licensee's civil or criminal liability for acts
12committed prior to such surrender, or affect the licensee's bond, or entitle such
13licensee to a return of any part of the annual license fee.
AB150-engrossed,1935,2015
218.05
(12) (d) Every license issued hereunder shall remain in force until the
16same has been surrendered or revoked in accordance with this section, but the
17commissioner division may on the
commissioner's division's own motion issue new
18licenses to a licensee whose license or licenses shall have been revoked if no fact or
19condition then exists which clearly would have warranted the
commissioner division 20in refusing originally the issuance of such license under this section.