SB176: Bill Text

SB176,140,9 409.404 (1) (b) (title) Requirement for filing termination statement with the department of financial institutions secretary of state. Except as provided in par. (c), if a financing statement is filed with the department secretary of state, then within one month or within 10 days following written demand by the debtor after there is no outstanding secured obligation and no commitment to make advances, incur obligations or otherwise give value, the secured party must file with the department secretary of state a termination statement to the effect that the secured party no longer claims a security interest under the financing statement, which shall be identified by file number. A termination statement signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record complying with s. 409.405 (2), including payment of the required fee.

SB176, s. 480 Section 480. 409.404 (1) (c) (intro.) of the statutes is amended to read:

SB176,140,14 409.404 (1) (c) (title) Exceptions to requirement for filing termination statement with the department of financial institutions secretary of state. (intro.) No termination statement needs to be filed with the department secretary of state pursuant to par. (b) if:

SB176, s. 481 Section 481. 409.404 (3) (b) of the statutes is amended to read:

SB176,140,19 409.404 (3) (b) (title) Fees for filing a termination statement with the department of financial institutions secretary of state. There is no fee for a termination statement which is filed with the department secretary of state and there is no fee for indexing any name in connection with the termination process.

SB176, s. 482 Section 482. 409.405 (1) of the statutes is amended to read:

SB176,141,12 409.405 (1) An original financing statement may disclose an assignment of a security interest in the collateral described in the financing statement by indication in the financing statement of the name and address of the assignee or by an assignment itself or a copy thereof on the face or back of the statement. On presentation to the filing officer of such a financing statement the filing officer shall mark the same as provided in s. 409.403 (4). The fee for filing, indexing and stamping a copy furnished by the secured party to show the date and place of filing for an original financing statement so indicating an assignment is $8 if the statement is on the standard form prescribed by the department secretary of state and is $16 if the statement is not on the standard form or if additional pages are attached to the standard form. The fee for filing an original financing statement indicating an assignment and subject to s. 409.402 (5) is $10 if the statement is on the standard form and is $20 if the statement is not on the standard form or if additional pages are attached to the standard form. A register of deeds shall forward $3 to the department office of the secretary of state for each original financing statement indicating an assignment of a security interest that is filed with the office of the register of deeds.

SB176, s. 483 Section 483. 409.405 (2) of the statutes is amended to read:

SB176,142,13 409.405 (2) A secured party may assign of record all or part of his or her rights under a financing statement by the filing in the place where the original financing statement was filed of a separate written statement of assignment signed by the secured party of record and setting forth the name of the secured party of record and the debtor, the file number and the date of filing of the financing statement and the name and address of the assignee and containing a description of the collateral assigned. A copy of the assignment is sufficient as a separate statement if it complies with the preceding sentence. On presentation to the filing officer of such a separate statement, the filing officer shall mark such separate statement with the date and hour of the filing. The officer shall note the assignment on the index of the financing statement, or in the case of a fixture filing, or a filing covering timber to be cut, or covering minerals or the like, including oil and gas, or accounts subject to s. 409.103 (5), the officer shall index the assignment under the name of the assignor as grantor and, to the extent that the law of this state provides for indexing the assignment of a mortgage under the name of the assignee, the officer shall index the assignment of the financing statement under the name of the assignee. The fee for filing, indexing and furnishing filing data about such a separate statement of assignment is $5 if the statement is on the standard form prescribed by the department secretary of state and is $10 if the statement is not on the standard form or if additional pages are attached to the standard form. A register of deeds shall forward $3 to the department office of the secretary of state for each statement of assignment filed with the office of the register of deeds. Notwithstanding this subsection, an assignment of record of a security interest in a fixture contained in a mortgage effective as a fixture filing under s. 409.402 (6) may be made only by an assignment of the mortgage in the manner provided by the law of this state other than chs. 401 to 411.

SB176, s. 484 Section 484. 409.406 of the statutes is amended to read:

SB176,143,6 409.406 Release of collateral; duties of filing officer; fees. A secured party of record may by his or her signed statement release all or a part of any collateral described in a filed financing statement. The statement of release is sufficient if it contains a description of the collateral being released, the name and address of the debtor, the name and address of the secured party, and the file number of the financing statement. A statement of release signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record and complying with s. 409.405 (2), including payment of the required fee. Upon presentation of such a statement of release to the filing officer, the officer shall mark the statement with the hour and date of filing and shall note the same upon the margin of the index of the filing of the financing statement. The fee for filing and noting such a statement of release is $5 if the statement is on the standard form prescribed by the department secretary of state and is $10 if the statement is not on the standard form or if additional pages are attached to the standard form. A register of deeds shall forward $3 to the department office of the secretary of state for each statement of release filed with the office of the register of deeds.

SB176, s. 485 Section 485. 409.407 (2) (c) of the statutes is amended to read:

SB176,143,12 409.407 (2) (c) For providing any service under par. (a) or (b) in an expeditious manner, the department secretary of state may charge and collect an expedited service fee of $25 in addition to any fee required under par. (a) or (b). Only one expedited service fee may be charged for multiple identical certificates if the certificates are requested at the same time and issued at the same time.

SB176, s. 486 Section 486. 409.410 of the statutes is amended to read:

SB176,143,18 409.410 Statewide lien system. (1) The department secretary of state and the office of each register of deeds in this state shall establish and maintain at least one computer terminal allowing the direct entry into permanent computer storage and the direct retrieval from permanent computer storage of information under sub. (2).

SB176,143,25 (2) Beginning 30 days after notification by the department secretary of state, each filing officer shall enter all information contained in all financing statements, amendments, termination statements, continuation statements, statements of assignment and statements of release submitted for filing, indexing or marking under ss. 409.401 to 409.408, including the date and time of filing these statements or amendments, into permanent computer storage by means of a computer terminal established and maintained under sub. (1).

SB176, s. 487 Section 487. 409.411 of the statutes is amended to read:

SB176,144,5 409.411 Uniform commercial code statewide lien system council. (1) The uniform commercial code statewide lien system council shall advise the department of financial institutions secretary of state on the uniform commercial code statewide lien system under s. 409.410.

SB176,144,10 (2) The department secretary of state shall establish and maintain, in consultation with the uniform commercial code statewide lien system council, computer and any other services necessary to support the uniform commercial code statewide lien system under s. 409.410 but may not maintain a central filing system, as defined in 7 USC 1631 (c) (2), for farm products, as defined in 7 USC 1631 (c) (5).

SB176, s. 488 Section 488. 422.505 (1) (d) of the statutes is amended to read:

SB176,144,15 422.505 (1) (d) The credit services organization's principal business address and the name and address of its agent in this state, other than the department of financial institutions secretary of state, who is authorized to receive service of process.

SB176, s. 489 Section 489. 426.110 (4) (b) of the statutes is amended to read:

SB176,144,21 426.110 (4) (b) Such notice shall be in writing and shall be sent by certified or registered mail, return receipt requested, to such person at the place where the transaction occurred, such person's principal place of business within this state, or, if neither will effect actual notice, the department of financial institutions secretary of state.

SB176, s. 490 Section 490. 440.47 (5) of the statutes is amended to read:

SB176,145,15 440.47 (5) (title) Substitute service upon department of financial institutions secretary of state. A charitable organization, fund-raising counsel, professional fund-raiser or commercial coventurer that has its principal place of business outside of this state or is organized under laws other than the laws of this state and that is subject to this subchapter shall be considered to have irrevocably appointed the department of financial institutions secretary of state as its agent for the service of process or notice directed to the charitable organization, fund-raising counsel, professional fund-raiser or commercial coventurer or to any of its partners, principal officers or directors in an action or proceeding brought under this subchapter. Service of process or notice upon the department of financial institutions secretary of state shall be made by personally delivering to and leaving with the department of financial institutions office of the secretary of state a copy of the process or notice. That service shall be sufficient service if the department of financial institutions secretary of state immediately sends notice of the service and a copy of the process or notice to the charitable organization, fund-raising counsel, professional fund-raiser, commercial coventurer or other person to whom it is directed by registered mail, with return receipt requested, at the last address known to the department of financial institutions secretary of state.

SB176, s. 491 Section 491. 443.10 (6) of the statutes is amended to read:

SB176,145,20 443.10 (6) Roster. A roster showing the names and mailing addresses of all registered surveyors shall be prepared annually by the secretary and made available for purchase at cost, and a copy shall be placed on file with the department of financial institutions secretary of state.

SB176, s. 492 Section 492. 601.72 (1) (intro.) of the statutes is amended to read:

SB176,146,3 601.72 (1) General. (intro.) Under procedures specified in s. 601.73, the commissioner is by law constituted attorney, except in cases in which the proceeding is to be brought by the state against an insurer or intermediary other than a risk retention group or risk purchasing group, in which event the department of financial institutions secretary of state is by law constituted attorney, to receive service of summons, notices, orders, pleadings and all other legal process relating to any court or administrative agency in this state for all of the following:

SB176, s. 493 Section 493. 601.72 (2) of the statutes is amended to read:

SB176,146,10 601.72 (2) Appointment of attorney. Except as provided in sub. (2m), every licensed insurer by applying for and receiving a certificate of authority, every surplus lines insurer by entering into a contract subject to the surplus lines law, and every unauthorized insurer by doing an insurance business in this state, is deemed to have irrevocably appointed the commissioner and department of financial institutions secretary of state as the insurer's attorneys in accordance with sub. (1).

SB176, s. 494 Section 494. 601.72 (3) of the statutes is amended to read:

SB176,146,15 601.72 (3) Others affected. The commissioner and department of financial institutions secretary of state shall also be attorneys for the executors, administrators or personal representatives, receivers, trustees or other successors in interest of the persons specified in sub. (1).

SB176, s. 495 Section 495. 601.73 (1) of the statutes is amended to read:

SB176,146,19 601.73 (1) Requirements for effective service. Service upon the commissioner or department of financial institutions secretary of state under s. 601.72 is service on the principal, if:

SB176,146,21 (a) Two copies of the process are left in the hands or office of the commissioner or department of financial institutions secretary of state respectively; and

SB176,146,23 (b) The commissioner or department of financial institutions secretary of state mails a copy of the process to the person served according to sub. (2) (b).

SB176, s. 496 Section 496. 601.73 (2) (a) of the statutes is amended to read:

SB176,147,3 601.73 (2) (a) Records. The commissioner and department of financial institutions secretary of state shall give receipts for and keep records of all process served through them.

SB176, s. 497 Section 497. 601.73 (2) (b) of the statutes is amended to read:

SB176,147,9 601.73 (2) (b) Process mailed. The commissioner or department of financial institutions secretary of state shall send immediately by certified mail to the person served, at the person's last-known principal place of business, residence or post-office address or at an address designated in writing by the person, one copy of any process received and shall retain the other copy.

SB176, s. 498 Section 498. 601.73 (3) of the statutes is amended to read:

SB176,147,15 601.73 (3) Proof of service. A certificate by the commissioner or the department of financial institutions secretary of state, showing service made upon the commissioner or department of financial institutions secretary of state, and attached to a copy of the process presented for that purpose is sufficient evidence of the service.

SB176, s. 499 Section 499. 610.01 (4) of the statutes is amended to read:

SB176,147,19 610.01 (4) In any provision of ch. 180 or 181 made applicable by any section of chs. 600 to 646, "department" "secretary of state" shall be read "commissioner of insurance".

SB176, s. 500 Section 500. 611.72 (1) of the statutes is amended to read:

SB176,147,25 611.72 (1) General. Subject to this section, ss. 180.1101, 180.1103 to 180.1107, 180.1706, 180.1707 and 180.1708 (5) apply to the merger of a domestic stock insurance corporation or its parent insurance holding corporation, except that papers required by those sections to be filed with the department of financial institutions secretary of state shall instead be filed with the commissioner.

SB176, s. 501 Section 501. 611.73 (1) of the statutes is amended to read:

SB176,148,5 611.73 (1) Authorization, domestic corporations. Any 2 or more domestic mutuals may merge or consolidate under the procedures of ss. 181.42 to 181.47, except that papers required by those sections to be filed with the department of financial institutions secretary of state shall instead be filed with the commissioner.

SB176, s. 502 Section 502. 611.74 (1) of the statutes is amended to read:

SB176,148,21 611.74 (1) Plan of dissolution. At least 60 days prior to the submission to shareholders or policyholders of any proposed voluntary dissolution of an insurance corporation under s. 180.1402 or 181.50 the plan shall be filed with the commissioner. The commissioner may require the submission of additional information to establish the financial condition of the corporation or other facts relevant to the proposed dissolution. If the shareholders or policyholders adopt the resolution to dissolve, the commissioner shall, within 30 days after the adoption of the resolution, begin to examine the corporation. The commissioner shall approve the dissolution unless, after a hearing, the commissioner finds that it is insolvent or may become insolvent in the process of dissolution. Upon approval, the corporation may dissolve under ss. 180.1402 to 180.1408 and 180.1706, or ss. 181.51 to 181.555, except that the last sentence of s. 181.555 does not apply and papers required by those sections to be filed with the department of financial institutions secretary of state shall instead be filed with the commissioner. Upon disapproval, the commissioner shall petition the court for liquidation or for rehabilitation under ch. 645.

SB176, s. 503 Section 503. 613.01 (8) of the statutes is amended to read:

SB176,148,25 613.01 (8) (title) Department of financial institutions Secretary of state. In any provision of ch. 180 or 181 made applicable to service insurance corporations in this chapter, "department" "secretary of state" means commissioner of insurance.

SB176, s. 504 Section 504. 614.09 of the statutes is amended to read:

SB176,149,4 614.09 Reservation of corporate name. Section 181.07 applies to fraternals, except that "department" "secretary of state" shall be read "commissioner".

SB176, s. 505 Section 505. 616.09 (1) (c) 2. of the statutes is amended to read:

SB176,149,10 616.09 (1) (c) 2. In all actions commenced after May 11, 1980, in those provisions of ch. 185 which apply under subd. 1. to plans authorized under s. 616.06, "department" "secretary of state" shall be deemed to read "department of financial institutions "secretary of state and commissioner", except in s. 185.48, where "department" "secretary of state" shall be deemed to read "commissioner".

SB176, s. 506 Section 506. 616.74 (1) (c) of the statutes is amended to read:

SB176,149,16 616.74 (1) (c) A certificate from the department of financial institutions secretary of state, if it is a nonprofit corporation, that it has complied with the corporation laws of this state; if it is a corporation the stock of which has been or is being sold to the general public, a certificate from the division of securities that it has complied with the requirements of the securities law of this state.

SB176, s. 507 Section 507. 703.23 (1) of the statutes is amended to read:

SB176,150,3 703.23 (1) Appointment of resident agent; change in name or address. When any property is submitted to a condominium declaration, the declarant shall appoint a resident agent for the condominium who shall be a citizen and actual resident of the state or corporation duly registered or qualified to do business in the state. The declarant shall file the name and address of the resident agent with the department of financial institutions secretary of state. The name or address of the resident agent may be changed by the association or other proper authority of the condominium in the same manner and to the same extent that names and addresses of registered agents may be changed by corporations. If the association is incorporated, the registered agent for the association shall be the registered agent for the condominium.

SB176, s. 508 Section 508. 703.23 (2) of the statutes is amended to read:

SB176,150,8 703.23 (2) Index of names and address of resident agents. The department of financial institutions secretary of state shall keep an index of the names and addresses of resident agents and shall make the information available to the public on request.

SB176, s. 509 Section 509. 704.22 (2) of the statutes is amended to read:

SB176,150,11 704.22 (2) Designation of an agent under sub. (1) shall be in writing and filed with the department of financial institutions secretary of state.

SB176, s. 510 Section 510. 779.87 (3) (b) of the statutes is amended to read:

SB176,150,15 779.87 (3) (b) Amount; filed. The principal sum of the bond shall be $25,000 at all times. A copy of the bond shall be filed with the department of financial institutions secretary of state.

SB176, s. 511 Section 511. 779.97 (2) (c) 1. of the statutes is amended to read:

SB176,150,20 779.97 (2) (c) 1. If the person against whose interest the lien applies is a partnership or a corporation, as defined in 26 USC 7701 (a) (2) and (3), whose principal executive office is in this state, with the department of financial institutions in the office of the secretary of state.

SB176, s. 512 Section 512. 779.97 (2) (c) 2. of the statutes is amended to read:

SB176,150,24 779.97 (2) (c) 2. If the person against whose interest the lien applies is a trust not covered under subd. 1., with the department of financial institutions in the office of the secretary of state.

SB176, s. 513 Section 513. 779.97 (2) (c) 3. of the statutes is amended to read:

SB176,151,3 779.97 (2) (c) 3. If the person against whose interest the lien applies is the estate of a decedent, with the department of financial institutions in the office of the secretary of state.

SB176, s. 514 Section 514. 779.97 (4) (a) 1. of the statutes is amended to read:

SB176,151,8 779.97 (4) (a) 1. With the department of financial institutions secretary of state, the filing officer secretary of state shall cause the notice to be marked, held and indexed in accordance with s. 409.403 (4) as if the notice were a financing statement within the meaning of chs. 401 to 411; or

SB176, s. 515 Section 515. 779.97 (4) (b) 1. of the statutes is amended to read:

SB176,151,15 779.97 (4) (b) 1. If a refiling of a notice of lien is presented to the department of financial institutions secretary of state for filing, the filing officer secretary of state shall cause the refiled notice of federal lien to be marked, held and indexed in accordance with s. 409.403 as if the refiling were a continuation statement within the meaning of chs. 401 to 411, except that the time period in par. (d) shall apply instead of the time period in s. 409.403 (2) and (3).

SB176, s. 516 Section 516. 779.97 (4) (b) 2. of the statutes is amended to read:

SB176,152,3 779.97 (4) (b) 2. If a certificate of release is presented to the department of financial institutions secretary of state for filing, the filing officer secretary of state shall cause the certificate to be marked, held and indexed in accordance with s. 409.404 as if the certificate were a termination statement within the meaning of chs. 401 to 411, and the filing officer secretary of state may remove the notice of federal lien and any related refiling of a notice of lien, certificate of nonattachment, discharge or subordination from the files at any time after receipt of the certificate of release, but the department of financial institutions secretary of state shall keep the certificate of release or a microfilm or other photographic record or optical disk or electronic record of the certificate of release in a file, separate from those containing currently effective notices of liens, for a period of 30 years after the date of filing of the certificate of release.

SB176, s. 517 Section 517. 779.97 (4) (b) 3. of the statutes is amended to read:

SB176,152,8 779.97 (4) (b) 3. If a certificate of discharge is presented to the department of financial institutions secretary of state for filing, the filing officer secretary of state shall cause the certificate to be marked, held and indexed as if the certificate were a release of collateral within the meaning of chs. 401 to 411.

SB176, s. 518 Section 518. 779.97 (4) (b) 4. of the statutes is amended to read:

SB176,152,14 779.97 (4) (b) 4. If a certificate of nonattachment or subordination of any lien is presented to the department of financial institutions secretary of state for filing, the filing officer secretary of state shall cause the certificate to be marked, held and indexed as if the certificate were an amendment within the meaning of chs. 401 to 411.

SB176, s. 519 Section 519. 779.97 (4) (c) 2. of the statutes is amended to read:

SB176,153,2 779.97 (4) (c) 2. If a certificate of release is presented for filing with any other filing officer specified in sub. (2), the officer shall enter the certificate with the date of filing in any alphabetical federal lien index on the line where the original notice of lien is entered and may then remove the notice of federal lien and any related refiling of a notice of lien, certificate of nonattachment, discharge or subordination from the files, provided that the officer shall keep the certificate of release or a microfilm or other photographic record, or in the case of the department of financial institutions secretary of state, or a register of deeds if authorized under s. 59.43 (4), a microfilm or other photographic record or optical disk or electronic record, of the certificate of release in a file, separate from those containing currently effective notices of federal liens, for a period of 30 years after the date of filing of the certificate of release.

SB176, s. 520 Section 520. 891.20 of the statutes is amended to read:

SB176,153,22 891.20 Articles of incorporation, presumptions. Except as provided in s. 180.0203 (2), any charter or patent of incorporation which shall have been issued by the governor, or secretary of state or department of financial institutions, or by any combination, to any corporation under any law of the state; any certificate of organization or association of any corporation or joint stock company; the articles of organization of a limited liability company; the articles of association or organization of any corporation, or a certified copy thereof, which shall have been filed or recorded in the office of the secretary of state or with the department of financial institutions, or recorded in the office of any register of deeds or filed or recorded in the office of any clerk of the circuit court under any law of the state; any certificate or resolution for the purpose of amendment, and every amendment in any form, of the charter, patent, certificate or articles of association or organization or of the name, corporate powers or purposes of any corporation or limited liability company, filed or recorded in any of the departments or either of the offices and a certified copy of any such document so filed or recorded shall be received as conclusive evidence of the existence of the corporation, limited liability company or joint stock company mentioned therein, or of the due amendment of the charter, patent, certificate or articles of association or organization thereof in all cases where such facts are only collaterally involved; and as presumptive evidence thereof and of the facts therein stated in all other cases.

SB176, s. 521 Section 521. 893.19 (1) of the statutes is amended to read:

SB176,154,16 893.19 (1) If a person is out of this state when the cause of action accrues against the person an action may be commenced within the terms of this chapter respectively limited after the person returns or removes to this state. But the foregoing provision shall not apply to any case where, at the time the cause of action accrues, neither the party against nor the party in favor of whom the same accrues is a resident of this state; and if, after a cause of action accrues against any person, he or she departs from and resides out of this state the time of absence is not any part of the time limited for the commencement of an action; provided, that no foreign corporation which files with the department of financial institutions secretary of state, or any other state official or body, pursuant to the requirements of any applicable statute of this state, an instrument appointing a registered agent as provided in ch. 180, a resident or any state official or body of this state, its attorney or agent, on whom, pursuant to such instrument or any applicable statute, service of process may be made in connection with such cause of action, is deemed a person out of this state within the meaning of this section for the period during which such appointment is effective, excluding from such period the time of absence from this state of any registered agent, resident agent or attorney so appointed who departs from and resides outside of this state.