SB436: Bill Text

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:

SB436,184,21 (a) commit Commit a breach of the peace, or.

SB436,184,23 (b) enter Enter a dwelling used by the customer as a residence except at the voluntary request of a customer.

Note: Subdivides provision for greater conformity with current style.

SB436, s. 462 Section 462. 426.110 (10) of the statutes is amended to read:

SB436,185,5 426.110 (10) When appropriate, a) an action may be brought or maintained as a class action with respect to particular issues, or b) a class may be divided into subclasses and each subclass treated as a class, and this section shall then be construed and applied accordingly.

Note: Deletes improper subdivision designations for greater conformity with current style.

SB436, s. 463 Section 463. 426.110 (12) of the statutes is renumbered 426.110 (12) (intro.) and amended to read:

SB436,185,10 426.110 (12) (intro.) In the conduct of actions to which this section applies, the court may make appropriate orders, which may be altered or amended as may be desirable from time to time, for any of the following purposes:

SB436,185,13 (a) determining Determining the course of proceedings or prescribing measures to prevent undue repetition or complication in the presentation of evidence or argument;.

SB436,185,19 (b) requiring Requiring, for the protection of the members of the class or otherwise for the fair conduct of the action, that notice be given in such manner as the court may direct to some or all of the members of any step in the action, or of the proposed extent of the judgment, or of the opportunity of members to signify whether they consider the representation fair and adequate, to intervene and present claims or defenses, or otherwise to come into the action;.

SB436,185,21 (c) imposing Imposing conditions on the representative parties or on intervenors;.

SB436,186,3 (d) requiring Requiring that the pleadings be amended to eliminate therefrom allegations as to representation of absent persons, and that the action proceed accordingly;.

SB436,186,6 (e) dealing Dealing with similar procedural matters. The orders may be altered or amended as may be desirable from time to time similar to those under pars. (a) to (d).

Note: Subdivides provision for greater conformity with current style.

SB436, s. 464 Section 464. 448.08 (1) of the statutes is renumbered 448.08 (1m).

Note: See the next section of this bill.

SB436, s. 465 Section 465. 448.08 (6) of the statutes is renumbered 448.08 (1).

Note: Repositions definitions to beginning of provision consistent with current style.

SB436, s. 466 Section 466. 455.02 (3) (a) (intro.) of the statutes is amended to read:

SB436,186,18 455.02 (3) (a) (intro.) Nothing in this chapter restricts or prevents activities of a psychological nature and the use of the official title of the position for which they were employed on the part of the following persons, if such persons are performing those activities as part of the duties for which they were employed, are performing such activities solely with within the confines of or under the jurisdictions of the organization in which they are employed and do not offer to render psychological services to the public for a fee, monetary or otherwise, over and above the salary they receive for the performance of the official duties with the organization with which they are employed:

Note: Inserts proper term.

SB436, s. 467 Section 467. 480.08 (2m) of the statutes is amended by replacing "29.134, 95.70, 402.328" with "29.134, 402.328".

Note: Section 95.70 was repealed effective July 1, 1994, by 1993 Wis. Act 16.

SB436, s. 468 Section 468. 565.30 (5m) of the statutes is amended by replacing ", 767.65 (24) or 948.22 (7)" with "or 948.22 (7) or ch. 769".

Note: 1993 Wis. Act 326 repealed s. 767.65 and replaced it with ch. 769.

SB436, s. 469 Section 469. 600.03 (24) (b) of the statutes is amended to read:

SB436,187,12 600.03 (24) (b) For any other insurer, that it is unable to pay its debts or meet its obligations as they mature or that its assets do not exceed its liabilities plus the greater of: 1) any capital and surplus required by law to be constantly maintained; or 2) its authorized and issued capital stock. For purposes of this paragraph "assets" includes one-half of the maximum total assessment liability of the policyholders of the insurer, and "liabilities" includes reserves required by law. For policies issued on the basis of unlimited assessment liability, the maximum total liability, for purposes of determining solvency only, is the amount that could be obtained if there were 100% collection of an assessment at the rate of 10 mills.