SB436: Bill Text

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.

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

SB436, s. 470 Section 470. 632.43 (4) of the statutes is renumbered 632.43 (4) (a) (intro.) and amended to read:

SB436,187,20 632.43 (4) (a) (intro.) Except as provided in sub. (5) (b), the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage of the respective premiums specified in the policy for each policy year, excluding any extra premiums charged because of impairments or special hazards, that the present value, at the date of issue of the policy, of all adjusted premiums shall be equal to the sum of (a) the all of the following:

SB436,187,22 1. The then present value of the future guaranteed benefits provided for by the policy; (b)2 per cent.

SB436,188,3 2. Two percent of the amount of insurance, if the insurance is uniform in amount, or of the equivalent uniform amount, as defined in sub. (5), if the amount of insurance varies with duration of the policy; (c) 40 per cent.

SB436,188,5 3. Forty percent of the adjusted premium for the first policy year; (d) 25 per cent.

SB436,188,9 4. Twenty-five percent of either the adjusted premium for the first policy year or the adjusted premium for a whole life policy of the same uniform or equivalent uniform amount with uniform premiums for the whole of life issued at the same age for the same amount of insurance, whichever is less; provided, that in.

SB436,188,14 (b) In applying the percentages specified in (c) par. (a) 3. and (d) 4., no adjusted premium shall be deemed considered to exceed 4 per cent % of the amount of insurance or uniform amount equivalent thereto. The date of issue of a policy for the purpose of this subsection and sub. (5) shall be the date as of which the rated age of the insured is determined.

Note: Subdivides provision and inserts the per cent symbol consistent with current style.

SB436, s. 471 Section 471. 632.43 (5) (b) of the statutes is amended to read:

SB436,189,3 632.43 (5) (b) The adjusted premiums for any policy providing term insurance benefits by rider or supplemental policy provision shall be equal to: A) the adjusted premiums for an otherwise similar policy issued at the same age without such term insurance benefits, increased, during the period for which premiums for such term insurance benefits are payable, by B) the adjusted premiums for such term insurance, the foregoing items A) and B) being calculated separately and as specified in par. (a) and sub. (4) except that, for the purposes of (b), (c) and (d) in sub. (4) (a) 2., 3. and 4., the amount of insurance or equivalent uniform amount of insurance used in the calculation of the adjusted premiums referred to in B) shall be equal to the excess of the corresponding amount determined for the entire policy over the amount used in the calculation of the adjusted premiums in A).

Note: Amends cross-references consistent with the previous section of this bill.

SB436, s. 472 Section 472. 632.895 (1) (b) 5. a. of the statutes is amended to read:

SB436,189,5 632.895 (1) (b) 5. a. A registered dietician dietitian.

Note: Corrects spelling.

SB436, s. 473 Section 473. 645.22 (1) of the statutes is renumbered 645.22 (1) (intro.) and amended to read:

SB436,189,14 645.22 (1) (intro.) Upon the filing by the commissioner in any circuit court in this state of a verified petition alleging any ground that would justify a court order for a formal delinquency proceeding against an insurer under this chapter and that the interests of policyholders, creditors or the public will be endangered by delay, and setting out the order deemed considered necessary by the commissioner, the court shall issue forthwith, ex parte and without a hearing, the requested order, which may do any of the following:

SB436,189,17 (a) direct Direct the commissioner to take possession and control of all or a part of the property, books, accounts, documents and other records of an insurer and of the premises occupied by it for the transaction of its business, and .

SB436,189,20 (b) until Until further order of the court, enjoin the insurer and its officers, managers, agents, and employes from disposition of its property and from transaction of its business except with the written consent of the commissioner.

Note: Subdivides provision for greater conformity with current style.

SB436, s. 474 Section 474. 645.47 (1) (b) of the statutes is renumbered 645.47 (1) (b) (intro.) and amended to read:

SB436,190,5 645.47 (1) (b) (intro.) Notice to agents shall inform them of their duties under s. 645.48 and inform them of what information they must communicate to insureds. Notice to policyholders shall include notice of impairment and termination of coverage under s. 645.43. When it is applicable, notice to policyholders shall include all of the following:

SB436,190,7 1) notice. Notice of withdrawal of the insurer from the defense of any case in which the insured is interested,.

SB436,190,8 2) notice. Notice of the right to file a claim under s. 645.64 (2), and.

SB436,190,10 3) information. Information about the existence of a security fund under ch. 646.

Note: Subdivides provision for greater readability and consistency with current style.

SB436, s. 475 Section 475. 645.54 (1) (b) of the statutes is renumbered 645.54 (1) (b) 1. (intro.) and amended to read:

SB436,190,14 645.54 (1) (b) 1. (intro.) Any preference may be avoided by the liquidator, if 1) any of the following conditions is met:

SB436,190,15 a. The insurer was insolvent at the time of the transfer, or 2) the.

SB436,190,17 b. The transfer was made within 4 months before the filing of the petition, or 3) the.

SB436,190,21 c. The creditor receiving it the preference or to be benefited thereby or his or her agent acting with reference thereto had reasonable cause to believe at the time when the transfer was made that the insurer was insolvent or was about to become insolvent, or 4) the.

SB436,191,4 d. The creditor receiving it the preference was an officer, employe, attorney or other person who was in fact in a position of comparable influence in the insurer to an officer whether or not he or she held such position, or any shareholder holding directly or indirectly more than 5% of any class of any equity security issued by the insurer, or any other person with whom the insurer did not deal at arm's length. Where the