SB436: Bill Text

SB436,172,15 218.05 (4) (a) (intro.) If The division shall issue to the applicant qualifying under this section a license to operate a community currency exchange at the location specified in the application. The license shall remain in full force and effect until it is surrendered by the licensee or revoked by the division if the division shall find finds after investigation that all of the applicant (a) following conditions are met:

SB436,172,16 1. The applicant is trustworthy and reputable, (b).

SB436,172,19 2. The applicant has business experience qualifying the applicant to competently conduct, operate, own, or become associated with a community currency exchange, and (c).

SB436,172,24 3. The applicant has a good business reputation and is worthy of a license, the commissioner shall issue to the applicant qualifying hereunder, a license to operate a community currency exchange at the location specified in the application, which license shall remain in full force and effect until it is surrendered by the licensee or revoked by the division.

SB436,173,12 (b) If the division shall not so find finds that the conditions under par. (a) 1. to 3. are not met, the division shall not issue such the license and shall notify the applicant of such the denial, retaining the investigation fee to cover the cost of investigating the applicant. The division shall approve or deny every application within 30 days from the filing thereof. No application shall be denied unless the applicant has had notice of a hearing on said the application and an opportunity to be heard thereon. If the application is denied, the division shall, within 20 days thereafter, prepare and keep on file with the division a written order of denial which shall contain the division's findings with respect thereto and the reasons supporting the denial, and. The division shall mail a copy thereof of the order of denial to the applicant at the address set forth in the application, within 5 days after the filing of such the order.

Note: Subdivides provision and reorders text for greater readability and conformity with current style.

SB436, s. 439 Section 439. 221.04 (1) (n) 1. a. of the statutes is amended to read:

SB436,173,17 221.04 (1) (n) 1. a. At least 25% by area of the real property within 2 miles of the former principal office is either a blighted area, as defined in s. 66.431 (4) (2m) (b), or an area in need of rehabilitation or conservation work within the meaning of s. 66.435 (3) (2m) (b);

Note: Amends cross-reference to correspond with renumbering by this bill.

SB436, s. 440 Section 440. 230.213 of the statutes, as affected by 1995 Wisconsin Act 27, sections 6283 and 6283m, is repealed and recreated to read:

SB436,174,9 230.213 Affirmative action procedures for corrections positions. The administrator may, to meet affirmative action objectives, establish such recruitment, examination and certification procedures for positions in the department of corrections and for positions in juvenile correctional institutions within the department of health and social services as will enable the department of corrections and the department of health and social services to increase the number of employes of a specified gender or a specified racial or ethnic group in those positions. The administrator shall design the procedures to obtain a work force in the department of corrections and in juvenile correctional institutions within the department of health and social services that reflects the relevant labor pool. The administrator may determine the relevant labor pool from the population of the state or of a particular geographic area of the state, whichever is more appropriate for achieving the affirmative action objective.

Note: 1995 Wis. Act 27, ss. 6283 and 6283m both treat s. 230.213, stats., effective on the day after publication. The treatment by s. 6283m was for the purpose of transferring youth corrections functions from the department of health and social services to the department of corrections. Section 9426 (19t) of Act 27 provides for this transfer to be made effective 7-1-96. Through an error s. 230.13, stats., and not s. 230.213, stats., was included in s. 9426 (19t). This section recreates s. 230.213 in accordance with s. 6283 effective immediately. The following section of this bill recreates the repeal and recreation of s. 230.213 by s. 6283m, effective 7-1-96.

SB436, s. 441 Section 441 . 230.213 of the statutes, as affected by 1995 Wisconsin Act .... (this act), is repealed and recreated to read:

SB436,174,21 230.213 Affirmative action procedures for corrections positions. The administrator may, to meet affirmative action objectives, establish such recruitment, examination and certification procedures for positions in the department of corrections as will enable the department of corrections to increase the number of employes of a specified gender or a specified racial or ethnic group in those positions. The administrator shall design the procedures to obtain a work force in the department of corrections that reflects the relevant labor pool. The administrator may determine the relevant labor pool from the population of the state or of a particular geographic area of the state, whichever is more appropriate for achieving the affirmative action objective.

Note: See the note to the previous section of this bill.

SB436, s. 442 Section 442. 234.15 (1) of the statutes is renumbered 234.15 (1r).

Note: See the Note to the next section of this bill.

SB436, s. 443 Section 443. 234.15 (1g) of the statutes is created to read:

SB436,175,8 234.15 (1g) In this section, "capital reserve fund requirement" means, as of any particular date of computation, an amount of money, as provided in the resolutions of the authority authorizing the bonds with respect to which a capital reserve fund is established, which amount shall not exceed the maximum annual debt service on the bonds of the authority for that fiscal year or any future fiscal year of the authority secured in whole or in part by the capital reserve fund.

Note: Repositions definition from s. 234.54 (3) in conformity with current style.

SB436, s. 444 Section 444. 234.15 (3) of the statutes is renumbered 234.15 (3) (a) (intro.) and amended to read:

SB436,176,3 234.15 (3) (a) (intro.) The authority shall not at any time issue bonds, secured in whole or in part by a capital reserve fund if upon the issuance of such the bonds, the amount in such the capital reserve fund will be less than the capital reserve fund requirement of such the capital reserve fund, unless the authority, at the time of issuance of such the bonds, deposits in such the capital reserve fund from the proceeds of the bonds to be issued, or from other sources, an amount which, together with the amount then in such the capital reserve fund, will not be less than the capital reserve fund requirement for such the capital reserve fund. For purposes of this section, "capital reserve fund requirement" means, as of any particular date of computation, an amount of money, as provided in the resolutions of the authority authorizing the bonds with respect to which such fund is established, which amount shall not exceed the maximum annual debt service on the bonds of the authority for that fiscal year or any future fiscal year of the authority secured in whole or in part by such fund. The annual debt service for any fiscal year is the amount of money equal to the aggregate of a) all of the following;

SB436,176,6 1. All interest payable during such fiscal year on all bonds secured in whole or in part by such the capital reserve fund outstanding on the date of computation, plus b) the.

SB436,176,8 2. The principal amount of all such bonds described in subd. 1. outstanding on said the date of computation which mature during such the fiscal year, plus c) all

SB436,176,12 3. All amounts specified in any resolution of the authority authorizing any of such the bonds described in subd. 1. as payable during such the fiscal year as a sinking fund payment with respect to any of such the bonds which mature after such the fiscal year, all.

SB436,176,21 (b) The annual debt service calculation made under par. (a) shall be calculated on the assumption that such the bonds will after such the date of computation cease to be outstanding by reason, but only by reason, of the payment of bonds when due, and the payment when due and application in accordance with the resolution authorizing those bonds, of all of such the sinking fund payments payable at or after such the date of computation. However, in computing the annual debt service for any fiscal year, bonds deemed considered to have been paid in accordance with the defeasance provisions of the resolution of the authority authorizing the issuance thereof shall not be included in bonds outstanding on such the date of computation.

Note: Subdivides provision and replaces language for greater readability and conformity with current style.

SB436, s. 445 Section 445. 234.15 (6) of the statutes is amended to read:

SB436,177,7 234.15 (6) Notwithstanding subs. (1) (1r) to (5), the authority, subject to such agreements with noteholders or bondholders as may then exist, may elect not to secure any particular issue of its bonds with a capital reserve fund. Such election shall be made in the resolution authorizing such issue. In this event, subs. (2) and (3) shall not apply to the bonds of such issue in that they shall not be entitled to payment out of or be eligible for purchase by any such fund nor shall they be taken into account in computing or applying any capital reserve fund requirement.

Note: Amends cross-reference consistent with renumbering by this bill.

SB436, s. 446 Section 446. 234.54 (1) of the statutes is renumbered 234.54 (1r).

Note: See the note to the next section of this bill.

SB436, s. 447 Section 447. 234.54 (1g) of the statutes is created to read:

SB436,177,16 234.54 (1g) In this section, "capital reserve fund requirement" means, as of any particular date of computation, an amount of money, as provided in the resolutions of the authority authorizing the bonds with respect to which the housing rehabilitation loan program capital reserve fund is established, which amount may not exceed the maximum annual debt service on the bonds of the authority for that calendar year or any future calendar year secured in whole or in part by the housing rehabilitation loan program capital reserve fund.

Note: Repositions definition from s. 234.54 (3) for conformity with current style.

SB436, s. 448 Section 448. 234.54 (3) of the statutes is renumbered 234.54 (3) (a) (intro.) amended to read:

SB436,178,11 234.54 (3) (a) (intro.) The authority may not issue bonds, secured in whole or in part by the capital reserve fund if upon the issuance of such bonds, the amount in such the capital reserve fund will be less than the capital reserve fund requirement of such the capital reserve fund, unless the authority, forthwith upon the issuance of such the bonds, deposits in such the capital reserve fund from the proceeds of the bonds to be issued, or from other sources, an amount which, together with the amount then in such the capital reserve fund, will not be less than the capital reserve fund requirement for such the fund. For purposes of this section, "Capital reserve fund requirement" means, as of any particular date of computation, an amount of money, as provided in the resolutions of the authority authorizing the bonds with respect to which such fund is established, which amount may not exceed the maximum annual debt service on the bonds of the authority for that calendar year or any future calendar year secured in whole or in part by such fund. The annual debt service for any calendar year is the amount of money equal to the aggregate of a) all of the following:

SB436,178,14 1. All interest payable during such the calendar year on all bonds secured in whole or in part by such the capital reserve fund outstanding on the date of computation; and b) the.

SB436,178,16 2. The principal amount of all such bonds described in subd. 1. outstanding on said the date of computation which mature during such the calendar year; and c) all.

SB436,178,20 3. All amounts specified in any resolution of the authority authorizing any of such the bonds described in subd. 1. as payable during such the calendar year as a sinking fund payment with respect to any of such the bonds which mature after such the calendar year, all.

SB436,179,4 (b) The annual debt service calculation made under par. (a) shall be calculated on the assumption that such the bonds will after such the date of computation cease to be outstanding by reason, but only by reason, of the payment of bonds when due, and the payment when due and application in accordance with the resolution authorizing those bonds, of all of such the sinking fund payments payable at or after such the date of computation. However, in computing the annual debt service for any calendar year, bonds deemed considered to have been paid in accordance with the defeasance provisions of the resolution of the authority authorizing the issuance thereof shall not be included in bonds outstanding on such the date of computation.

Note: Subdivides provision and replaces language for greater readability and conformity with current style.

SB436, s. 449 Section 449. 234.54 (6) of the statutes is amended to read:

SB436,179,13 234.54 (6) Notwithstanding subs. (1) (1r) to (5), the authority, subject to such agreements with bondholders as may then exist, may elect not to secure any particular issue or series of its bonds with the capital reserve fund. Such election shall be made in the resolution authorizing such issue or series. In this event, subs. (2) and (3) shall not apply to the bonds of such issue or series in that they shall not be entitled to payment out of or be eligible for purchase by such fund nor may they be taken into account in computing or applying any capital reserve fund requirement.

Note: Amends cross-reference consistent with renumbering by this bill.

SB436, s. 450 Section 450. 301.031 (1) (a) of the statutes, as created by 1995 Wisconsin Act 27, is amended to read:

SB436,179,21 301.031 (1) (a) Each county department under s. 46.215, 46.22 or 46.23 shall submit to the department by December 31 annually its final budget for services directly provided or purchased to the department by December 31 annually. The final budget shall be submitted on a uniform budget reporting form that the department shall develop and distribute for use and that shall include all of the following:

Note: Reorders text for clarity.

SB436, s. 451 Section 451. The amendment of 302.425 (3) of the statutes by 1995 Wisconsin Act 26 is not repealed by 1995 Wisconsin Act 27. Both amendments stand.

Note: There is no conflict of substance.

SB436, s. 452 Section 452. 340.01 (11) (c) of the statutes is amended by replacing "pars. (a) or (b)" with "par. (a) or (b)".

Note: Inserts correct word form.

Note: 1993 Wis. Act 404 amended this section to read as amended here. However, the change made by Act 404 was not shown in the 1993-94 Wisconsin Statutes.

SB436, s. 453 Section 453. 348.05 (2) (k) of the statutes is amended to read:

SB436,180,13 348.05 (2) (k) Nine feet for loads of tie logs, tie slabs and veneer logs, provided that no part of the load shall extend more than 6 inches beyond the fender line on the left side of the vehicle or extend more than 10 inches beyond the fender line on the right side of the vehicle. The term "fender line" as used herein means as defined in s. 348.09. This paragraph shall not be applicable to transport on highways designated as parts of the national system of interstate and defense highways pursuant to s. 84.29. The exemptions provided by this paragraph shall apply only to single and tandem axle trucks.

Note: The above language was deleted by 1993 Wis. Act 404, but inadvertently retained in the published statutes.

SB436, s. 454 Section 454. 350.12 (2) (bm) a., b. and c. of the statutes, as created by 1993 Wisconsin Act 403, are renumbered 350.12 (2) (bm) 1., 2. and 3.

Note: Confirms renumbering by revisor under s. 13.93 (1) (b).

SB436, s. 455 Section 455. 409.312 (3) (b) of the statutes is amended to read:

SB436,181,2 409.312 (3) (b) The purchase money secured party gives notification in writing to the holder of the conflicting security interest if the holder had filed a financing statement covering the same types of inventory 1) before the date of the filing made by the purchase money secured party, or 2) before the beginning of the 21-day period where the purchase money security interest is temporarily perfected without filing or possession (s. 409.304 (5)); and

Note: Deletes subdivision designations not in conformity with current style.

SB436, s. 456 Section 456. 409.402 (6) of the statutes is renumbered 409.402 (6) (a) (intro.) and amended to read:

SB436,181,7 409.402 (6) (a) (intro.) A mortgage is effective as a financing statement filed as a fixture filing from the date of its recording if a) the all of the following conditions are met:

SB436,181,8 1. The goods are described in the mortgage by item or type, b) the.

SB436,181,10 2. The goods are or are to become fixtures related to the real estate described in the mortgage, c) the.

SB436,181,13 3. The mortgage complies with the requirements for a financing statement in this section other than a recital that it is to be filed in the real estate records, and d) the.

SB436,181,14 4. The mortgage is duly recorded.

SB436,181,16 (b) No fee with reference to the financing statement is required other than the regular recording and satisfaction fees with respect to the mortgage.

Note: Subdivides provision for greater conformity with current style.

SB436, s. 457 Section 457. 409.402 (7) of the statutes is amended to read:

SB436,182,6 409.402 (7) A financing statement sufficiently shows the name of the debtor if it gives the individual, partnership, limited liability company or corporate name of the debtor, whether or not it adds other trade names or the names of partners. Where the debtor so changes the debtor's name or in the case of an organization its name, identity or corporate structure that a filed financing statement becomes seriously misleading, the filing is not effective to perfect a security interest in collateral acquired by the debtor more than 4 months after the change, unless a new appropriate financing statement is filed before the expiration of that time. A filed financing statement remains effective with respect to collateral transferred by the debtor even though the secured party knows of or consents to the transfer. A filed financing statement remains effective with respect to collateral transferred by the debtor even though the secured party knows of or consents to the transfer.

Note: The last sentence was inadvertently repeated.

SB436, s. 458 Section 458. 422.402 (1) of the statutes is renumbered 422.402 (1) (intro.) and amended to read:

SB436,182,14 422.402 (1) (intro.) Except as provided in sub. (1m), no merchant shall enter into an agreement which requires a schedule of payments under which any one payment is not equal or substantially equal to all other payments, or under which the intervals between any consecutive payments differ substantially except as permitted in sub. (2) or (3) with respect to a consumer credit transaction other than a transaction which is one of the following:

SB436,182,15 (a) pursuant Pursuant to an open-end credit plan,.

SB436,182,20 (b) not Not precomputed and on which the annual percentage rate disclosed under subch. III is less than 16.5% for a consumer credit sale in which the seller retains a security interest in real estate which is the subject of the sale or any consumer loan, either of which is entered into on or after April 6, 1980, and prior to November 1, 1981, or 12% for any other consumer credit transaction or.

SB436,183,2 (c) a transaction primarily Primarily for an agricultural purpose, no merchant shall enter into an agreement which requires a schedule of payments under which any one payment is not equal or substantially equal to all other payments, or under which the intervals between any consecutive payments differ substantially except as permitted in sub. (2) or (3).

Note: Subdivides provision and reorders text for greater conformity with current style.

SB436, s. 459 Section 459. 422.402 (1m) of the statutes is renumbered 422.402 (1m) (intro.) and amended to read:

SB436,183,10 422.402 (1m) (intro.) With No merchant shall enter into an agreement which requires a schedule of payments under which any one payment is not equal or substantially equal to all other payments, or under which the intervals between any consecutive payments differ substantially except as permitted in sub. (2) or (3) with respect to a consumer credit transaction other than a transaction which is one of the following:

SB436,183,11 (a) pursuant Pursuant to an open-end credit plan,.

SB436,183,16 (b) not Not precomputed and on which the annual percentage rate disclosed under subch. III is not more than 18% for a consumer credit sale in which the seller retains a security interest in real estate which is the subject of the sale or any consumer loan, either of which is entered into on or after November 1, 1981. and before November 1, 1984, or.

SB436,183,21 (c) a A transaction primarily for an agricultural purpose, no merchant shall enter into an agreement which requires a schedule of payments under which any one payment is not equal or substantially equal to all other payments, or under which the intervals between any consecutive payments differ substantially except as permitted in sub. (2) or (3).

Note: Subdivides provision and reorders text for greater conformity with current style.

SB436, s. 460 Section 460. 425.103 (2) (a) of the statutes is amended to read:

SB436,184,16 425.103 (2) (a) With respect to a transaction other than one pursuant to an open-end plan, 1): if the interval between scheduled payments is 2 months or less, to have outstanding an amount exceeding one full payment which has remained unpaid for more than 10 days after the scheduled or deferred due dates, or the failure to pay the first payment or the last payment, within 40 days of its scheduled or deferred due date, 2); if the interval between scheduled payments is more than 2 months, to have all or any part of one scheduled payment unpaid for more than 60 days after its scheduled or deferred due date, 3); if the transaction is scheduled to be repaid in a single payment, to have all or any part of the payment unpaid for more than 40 days after its scheduled or deferred due date, ; or 4) in the case of a transaction for an agricultural purpose, the failure to pay the first or the only instalment when due or to pay any other instalment within 40 days of its original or deferred due date. For purposes of this paragraph the amount outstanding shall not include any delinquency or deferral charges and shall be computed by applying each payment first to the instalment most delinquent and then to subsequent instalments in the order they come due;

Note: Eliminates improper subdivision designations.

SB436, s. 461 Section 461. 425.206 (2) of the statutes is renumbered 425.206 (2) (intro.) and amended to read:

SB436,184,20 425.206 (2) (intro.) In taking possession of collateral or leased goods, no merchant may do any of the following: