AB830: Bill Text

AB830,24,7 (c) Judicial review. Orders of the department division are subject to review as provided in ch. 227.

AB830, s. 61 Section 61. 224.77 (3m) of the statutes is created to read:

AB830,24,13 224.77 (3m) Hearing rights for registration denial, revocation or suspension. A person whose certificate of registration has been denied, revoked or suspended under this section may request a hearing under s. 227.44 within 30 days after the date of denial, revocation or suspension of the certificate of registration. The division may appoint a hearing examiner under s. 227.46 to conduct the hearing.

AB830, s. 62 Section 62. 224.77 (4) of the statutes is amended to read:

AB830,24,18 224.77 (4) Period of disciplinary action; ineligibility for registration. (a) Period. Except as provided in par. (b), the department division shall determine in each case the period that a revocation, suspension or limitation of a certificate of registration is effective.

AB830,24,23 (b) Ineligibility. 1. Except as provided in subd. 2., if the department division denies or revokes a certificate of registration under sub. (1), the person is not eligible for a certificate of registration until the expiration of a period which may not exceed 2 years after the effective date of the revocation determined in each case by the division.

AB830,25,3 2. If the department division revokes a certificate of registration under sub. (1) (p) or (q), the person is not eligible for a certificate of registration until 5 years after the effective date of the revocation.

AB830, s. 63 Section 63. 224.77 (5) (a) of the statutes is amended to read:

AB830,25,8 224.77 (5) (a) Mandatory revocation or suspension. Notwithstanding sub. (1) (intro.) and (4), if the department division finds that a mortgage banker, loan originator or loan solicitor mortgage broker has violated sub. (1) (p) or (q), the department division shall:

AB830,25,10 1. For the first offense, suspend the registration of the mortgage banker, loan originator or loan solicitor mortgage broker for not less than 90 days.

AB830,25,12 2. For the 2nd offense, revoke the registration of the mortgage banker, loan originator or loan solicitor mortgage broker.

AB830, s. 64 Section 64. 224.77 (6) of the statutes is created to read:

AB830,25,19 224.77 (6) Voluntary surrender. A mortgage banker, loan originator or mortgage broker may voluntarily surrender a registration to the division, but the division may refuse to accept the surrender if the division has received allegations of unprofessional conduct against the mortgage banker, loan originator or mortgage broker. The division may negotiate stipulations in consideration for accepting the surrender of registration.

AB830, s. 65 Section 65. 224.78 of the statutes is amended to read:

AB830,25,24 224.78 Fee splitting. A mortgage banker, loan originator or loan solicitor mortgage broker may not pay a person who is not registered under this subchapter a commission, money or other thing of value for performing an act as a mortgage banker, loan originator or loan solicitor mortgage broker.

AB830, s. 66 Section 66. 224.80 (2) (intro.) of the statutes is amended to read:

AB830,26,4 224.80 (2) Private cause of action. (intro.) A person who is aggrieved by an act which is committed by a mortgage banker, loan originator or loan solicitor mortgage broker and which is described in s. 224.77 (1) may recover all of the following in a private action:

AB830, s. 67 Section 67. 224.81 of the statutes is amended to read:

AB830,26,13 224.81 Limitation on actions for commissions and other compensation. A person who is engaged in the business or acting in the capacity of a mortgage banker, loan originator or loan solicitor mortgage broker in this state may not bring or maintain an action in this state to collect a commission, money or other thing of value for performing an act as a mortgage banker, loan originator or loan solicitor mortgage broker without alleging and proving that the person was registered under this subchapter as a mortgage banker, loan originator or loan solicitor mortgage broker when the alleged cause of action arose.

AB830, s. 68 Section 68. 224.82 of the statutes is amended to read:

AB830,26,18 224.82 Compensation presumed. In a prosecution arising from a violation of this subchapter, proof that a person acted as a mortgage banker, loan originator or loan solicitor mortgage broker is sufficient, unless rebutted, to establish that compensation was received by, or promised to, that person.

AB830, s. 69 Section 69. 422.501 (2) (b) 8. of the statutes is amended to read:

AB830,26,22 422.501 (2) (b) 8. A person registered as a mortgage banker, loan originator or loan solicitor mortgage broker under s. 224.72 if the person is acting within the course and scope of that registration.

AB830, s. 70 Section 70. 708.10 (1) (c) of the statutes, as affected by 1997 Wisconsin Act 35, is amended to read:

AB830,27,5 708.10 (1) (c) "Lender" means all lenders identified under s. 706.11 (1), loan solicitors mortgage brokers, as defined under s. 224.71 (2) (4), and savings and loan associations organized under ch. 215, except that "lender" does not include any federal, state or local unit of government or any agency, political subdivision or instrumentality of such a unit of government.

AB830, s. 71 Section 71. 943.62 (2m) of the statutes is amended to read:

AB830,27,9 943.62 (2m) This section does not apply to a savings and loan association, credit union, bank, savings bank, or a mortgage banker, loan originator or loan solicitor mortgage broker registered under s. 224.72.

AB830, s. 72 Section 72. Nonstatutory provisions.

AB830,27,18 (1) Emergency rule-making authority. Using the procedure under section 227.24 of the statutes, the division of banking shall promulgate rules required under sections 224.72 (8) and 224.73 (3) of the statutes, as affected by this act, for the period before permanent rules become effective, but not to exceed the period authorized under section s. 227.24 (1) (c) and (2) of the statutes. Notwithstanding section 227.24 (1) (a) and (2) (b) of the statutes, the division need not provide evidence of the necessity of preservation of the public peace, health, safety or welfare in promulgating rules under this subsection.

AB830, s. 73 Section 73. Initial applicability.

AB830,27,22 (1) Registration of persons who engage in table funding. The treatment of section 224.71 (2) (with respect to engaging in table funding) and (5) of the statutes first applies to table funding that occurs on the effective date of this subsection.

AB830,28,9 (2) Other registration provisions. The treatment of sections 224.70, 224.71 (1b), (1c), (1r) (a) and (b), (2) (except with respect to engaging in table funding) and (3) (a) 3. and (b) 6., 224.72 (title), (1m), (2) (intro.) and (b), (3), (4) (intro.), (b), (c) and (d), (4m), (4n), (4r), (5) (a), (b) 1. and 2., (7), (8), 224.73, 224.74 (title), (1), (2) (a) and (b), 224.75 (title), (1) (title), (a), (b) (intro.), (c) (intro.) and (d), (2), (3), (4) and (5), 224.76, 224.77 (title), (1) (intro.), (a), (e), (f), (h), (i), (k), (L), (o) and (r), (1m), (2), (3), (3m), (4), (5) (a) and (6), 224.78, 224.80 (2) (intro.), 224.81, 224.82, 422.501 (2) (b) 8., 708.10 (1) (c) and 943.62 (2m) and subchapter II (title) of chapter 224 of the statutes, the renumbering and amendment of section 224.72 (4) (a) of the statutes and the creation of section 224.72 (4) (a) 1. a. to d. and 3. of the statutes first apply with respect to initial or renewal applications for a registration period after January 1, 1999.

AB830,28,10 (End)