Amendment CA1-ASA1-AB133

AB133-ASA1-CA1,559,12 " Section 2342xs. 218.21 (2) (intro.) of the statutes is amended to read:

AB133-ASA1-CA1,559,15 218.21 (2) (intro.) Application for a motor vehicle salvage dealer's license shall be made upon the form prescribed by the department and, except as provided in sub. (2f), shall contain:

AB133-ASA1-CA1, s. 2342xu Section 2342xu. 218.21 (2f) of the statutes is created to read:

AB133-ASA1-CA1,559,22 218.21 (2f) (a) If an applicant who is an individual does not have a social security number, the applicant, as a condition of applying for or applying to renew a motor vehicle salvage dealer's license, shall submit a statement made or subscribed under oath or affirmation to the department that the applicant does not have a social security number. The form of the statement shall be prescribed by the department of workforce development.

AB133-ASA1-CA1,559,24 (b) Any motor vehicle salvage dealer's license issued or renewed in reliance upon a false statement submitted by an applicant under par. (a) is invalid.

AB133-ASA1-CA1, s. 2342xw Section 2342xw. 218.21 (2m) (a) of the statutes is amended to read:

AB133-ASA1-CA1,560,4 218.21 (2m) (a) The department shall deny an application for the issuance or renewal of a license if the any information required under sub. (2) (ag) or (am) is not included in the application.

AB133-ASA1-CA1, s. 2342xy Section 2342xy. 218.31 (1) (intro.) of the statutes is amended to read:

AB133-ASA1-CA1,560,8 218.31 (1) (intro.) Application for a motor vehicle auction dealer's license shall be made upon the form prescribed by the department and, except as provided in sub. (1f), shall contain:

AB133-ASA1-CA1, s. 2342yc Section 2342yc. 218.31 (1f) of the statutes is created to read:

AB133-ASA1-CA1,560,15 218.31 (1f) (a) If an applicant who is an individual does not have a social security number, the applicant, as a condition of applying for or applying to renew a motor vehicle auction dealer's license, shall submit a statement made or subscribed under oath or affirmation to the department that the applicant does not have a social security number. The form of the statement shall be prescribed by the department of workforce development.

AB133-ASA1-CA1,560,17 (b) Any motor vehicle auction dealer's license issued or renewed in reliance upon a false statement submitted by an applicant under par. (a) is invalid.

AB133-ASA1-CA1, s. 2342ye Section 2342ye. 218.31 (1m) (a) of the statutes is amended to read:

AB133-ASA1-CA1,560,21 218.31 (1m) (a) The department shall deny an application for the issuance or renewal of a license if the any information required under sub. (1) (ag) or (am) is not included in the application.

AB133-ASA1-CA1, s. 2342yg Section 2342yg. 218.41 (2) (am) 1. (intro.) of the statutes is amended to read:

AB133-ASA1-CA1,560,25 218.41 (2) (am) 1. (intro.) In addition to any other information required under this subsection and except as provided in subd. 3., an application for a license under this section shall include the following:

AB133-ASA1-CA1, s. 2342yi Section 2342yi. 218.41 (2) (am) 3. of the statutes is created to read:

AB133-ASA1-CA1,561,8 218.41 (2) (am) 3. If an applicant who is an individual does not have a social security number, the applicant, as a condition of applying for or applying to renew a license under this section, shall submit a statement made or subscribed under oath or affirmation to the department that the applicant does not have a social security number. The form of the statement shall be prescribed by the department of workforce development. Any license issued or renewed in reliance upon a false statement submitted by an applicant under this subdivision is invalid.

AB133-ASA1-CA1, s. 2342yk Section 2342yk. 218.41 (3m) (b) 1. of the statutes is amended to read:

AB133-ASA1-CA1,561,11 218.41 (3m) (b) 1. A license shall be denied if the applicant fails to provide the any information required under sub. (2) (am) 1. a. or b.

AB133-ASA1-CA1, s. 2342yL Section 2342yL. 218.51 (3) (am) 1. (intro.) of the statutes is amended to read:

AB133-ASA1-CA1,561,15 218.51 (3) (am) 1. (intro.) In addition to any other information required under par. (a) and except as provided in subd. 3., an application for a buyer identification card shall include the following:

AB133-ASA1-CA1, s. 2342ym Section 2342ym. 218.51 (3) (am) 3. of the statutes is created to read:

AB133-ASA1-CA1,561,24 218.51 (3) (am) 3. If an applicant for the issuance or renewal of a buyer identification card is an individual who does not have a social security number, the applicant, as a condition of applying for or applying to renew the buyer identification card, shall submit a statement made or subscribed under oath or affirmation to the department that the applicant does not have a social security number. The form of the statement shall be prescribed by the department of workforce development. Any buyer identification card issued or renewed in reliance upon a false statement submitted by an applicant under this subdivision is invalid.

AB133-ASA1-CA1, s. 2342yp Section 2342yp. 218.51 (4m) (b) 1. of the statutes is amended to read:

AB133-ASA1-CA1,562,2 218.51 (4m) (b) 1. A buyer identification card shall be denied if the applicant fails to provide the any information required under sub. (3) (am) 1. a. or b.".

AB133-ASA1-CA1,562,3 1333. Page 1193, line 3: after that line insert:

AB133-ASA1-CA1,562,4 " Section 2343d. 220.06 (1) of the statutes is amended to read:

AB133-ASA1-CA1,562,6 220.06 (1) In this section, "licensee" means a person licensed by the division under ch. 138, 217 or 218 or under s. 224.92.".

AB133-ASA1-CA1,562,8 1334. Page 1193, line 10: delete that line and substitute "The department may by rule establish fees to be".

AB133-ASA1-CA1,562,9 1335. Page 1193, line 17: delete lines 17 to 19.

AB133-ASA1-CA1,562,10 1336. Page 1193, line 19: after that line insert:

AB133-ASA1-CA1,562,11 " Section 2353c. 224.72 (2) (c) 1. (intro.) of the statutes is amended to read:

AB133-ASA1-CA1,562,13 224.72 (2) (c) 1. (intro.) An Except as provided in par. (d), an application shall include the following:

AB133-ASA1-CA1, s. 2353e Section 2353e. 224.72 (2) (d) of the statutes is created to read:

AB133-ASA1-CA1,562,20 224.72 (2) (d) Social security number exceptions. 1. If an applicant who is an individual does not have a social security number, the applicant, as a condition of applying for or applying to renew a registration under this section, shall submit a statement made or subscribed under oath or affirmation to the division that the applicant does not have a social security number. The form of the statement shall be prescribed by the department of workforce development.

AB133-ASA1-CA1,562,22 2. Any certificate of registration issued or renewed in reliance upon a false statement submitted by an applicant under subd. 1. is invalid.

AB133-ASA1-CA1, s. 2353g Section 2353g. 224.72 (7m) (a) of the statutes is amended to read:

AB133-ASA1-CA1,563,2 224.72 (7m) (a) The applicant for the issuance or renewal has failed to provide the any information required under sub. (2) (c) 1.".

AB133-ASA1-CA1,563,3 1337. Page 1193, line 19: after that line insert:

AB133-ASA1-CA1,563,5 " Section 2353d. Subchapter IV of Chapter 224 [precedes 224.90] of the statutes is created to read:

AB133-ASA1-CA1,563,6 Chapter 224

AB133-ASA1-CA1,563,9 Subchapter IV Nondepository small business lenders

AB133-ASA1-CA1,563,10 224.90 Definitions. In this subchapter:

AB133-ASA1-CA1,563,11 (1) "Division" means the division of banking.

AB133-ASA1-CA1,563,12 (2) "In control" means any of the following:

AB133-ASA1-CA1,563,14 (a) Owning 10% or more of the outstanding voting stock of a nondepository lender.

AB133-ASA1-CA1,563,18 (b) Possessing, directly or indirectly, alone or in concert with others, the power to control or vote 10% or more of the outstanding voting stock of a nondepository lender or to elect or control the election of a majority of the board of directors of a nondepository lender.

AB133-ASA1-CA1,563,19 (3) "Licensee" means a lender licensed under this subchapter.

AB133-ASA1-CA1,564,2 (4) "Nondepository lender" means a commercial small business lender that participates in the loan guarantee program of the U.S. small business administration described in 13 CFR 120.2 (a) and that provides financial assistance to small businesses that qualify for financial assistance pursuant to 15 USC 636 (a). "Nondepository lender" does not include a bank, credit union, savings and loan association or savings bank.

AB133-ASA1-CA1,564,4 224.92 License required. No person may engage in business as a nondepository lender in this state without a license issued under this subchapter.

AB133-ASA1-CA1,564,12 224.923 License application. An application for a license under this subchapter shall be made to the division in writing on a form to be prescribed by the division. An application for a license under this subchapter shall state the full name and business address of the applicant and each officer, director and person in control of the applicant. The application also shall contain the applicant's federal employer identification number. In addition, the application shall contain the applicant's business plan, 3 years of detailed financial projections and other relevant information, all as prescribed by the division.

AB133-ASA1-CA1,564,15 224.927 Disclosure of certain application information. The division may not disclose an applicant's federal employer identification number received under s. 224.923, except as follows:

AB133-ASA1-CA1,564,17 (1) The division may disclose the information to the department of revenue for the sole purpose of requesting certification under s. 73.0301.

AB133-ASA1-CA1,564,19 (2) The division may disclose the information to the department of workforce development in accordance with a memorandum of understanding under s. 49.857.

AB133-ASA1-CA1,564,25 224.93 License approval. After a review of information regarding the directors, officers and controlling persons of the applicant for a license, a review of the applicant's business plan, including at least three years of detailed financial projections and other information considered relevant by the division, the division may approve an application for a license if the division determines that all of the following conditions are met:

AB133-ASA1-CA1,565,2 (1) The applicant has at least $500,000 in capital and the amount of capital is adequate for the applicant to transact business as a nondepository lender.

AB133-ASA1-CA1,565,7 (2) Each director, officer and person in control of the applicant is of good character and sound financial standing; the directors and officers of the applicant are competent to perform their functions with respect to the applicant and the directors and officers of the applicant are collectively adequate to manage the business of the applicant as a nondepository lender.

AB133-ASA1-CA1,565,9 (3) The business plan of the applicant will be honestly and efficiently conducted in accordance with the intent and purpose of this subchapter.

AB133-ASA1-CA1,565,11 (4) The proposed activity of the applicant possesses a reasonable prospect for success.

AB133-ASA1-CA1,565,14 (5) The applicant has paid to the division the application fee prescribed by the division, together with the actual cost incurred by the division in investigating the application.

AB133-ASA1-CA1,565,17 224.935 Expiration of license. (1) Generally. Except as provided under sub. (2), a license issued under this subchapter expires on the June 30 following the date on which the license was issued.

AB133-ASA1-CA1,565,21 (2) Change in control of licensee. A change in the identity or number of individuals that are in control of a licensee terminates the licensee's license under this subchapter, unless the licensee applies to the division for and receives a renewal of the license no later than 15 days after the change in control.

AB133-ASA1-CA1,566,2 224.94 Renewal of license. Except as provided under s. 224.935 (2), a licensee shall renew its license by submitting to the division a renewal application and the renewal fee as prescribed by the division not less than 60 days before the date on which the license expires. A renewal application is subject to the same criteria as the criteria for approval of an original license.

AB133-ASA1-CA1,566,5 224.95 Denial of or disciplinary action relating to license. (1) Mandatory denial. The division shall deny an application for issuance or renewal of a license under this subchapter if any of the following applies:

AB133-ASA1-CA1,566,7 (a) The applicant has failed to provide its federal employer identification number under s. 224.923.

AB133-ASA1-CA1,566,12 (b) The department of revenue has certified under s. 73.0301 that the applicant is liable for delinquent taxes. An applicant whose application for issuance or renewal of a license is denied under this paragraph is entitled to a notice under s. 73.0301 (2) (b) 1. b. and a hearing under s. 73.0301 (5) (a) but is not entitled to a notice or hearing under sub. (4).

AB133-ASA1-CA1,566,22 (c) The applicant is an individual who has failed to comply, after appropriate notice, with a subpoena or warrant issued by the department of workforce development or a county child support agency under s. 59.53 (5) and related to paternity or child support proceedings or who is delinquent in making court-ordered payments of child or family support, maintenance, birth expenses, medical expenses or other expenses related to the support of a child or former spouse, as provided in a memorandum of understanding entered into under s. 49.857. An applicant whose application for issuance or renewal of a license is denied under this paragraph is entitled to a notice and a hearing under s. 49.857 but is not entitled to a notice or hearing under sub. (4).

AB133-ASA1-CA1,567,2 (2) Discretionary denial or disciplinary action. The division may deny an application for issuance or renewal of a license under this subchapter or may revoke, suspend or limit a license issued under this subchapter if the division finds that the applicant or nondepository lender did any of the following:

AB133-ASA1-CA1,567,4 (a) Made a material misstatement in an application for issuance or renewal of a license issued under this subchapter or in information provided to the division.

AB133-ASA1-CA1,567,5 (b) Demonstrated a lack of competency to act as a nondepository lender.

AB133-ASA1-CA1,567,6 (c) Violated any provision of this subchapter or any rule of the division.

AB133-ASA1-CA1,567,9 (3) Disciplinary orders. The division may issue general or special orders necessary to prevent or correct actions by a nondepository lender that constitute cause under this section for revoking, suspending or limiting a license.

AB133-ASA1-CA1,567,16 (4) Appeal of denial or disciplinary action. A person whose application for issuance or renewal of a license under this subchapter has been denied or whose license has been revoked, suspended or limited under this section may request a hearing under s. 227.42 within 30 days after the date of denial, revocation, suspension or limitation. Failure of a person to request a hearing within the time provided under this subsection is a waiver of the person's right to a hearing on the denial, revocation, suspension or limitation.

AB133-ASA1-CA1,567,19 224.96 Required loan loss reserve. Each licensee shall provide for a loan loss reserve sufficient to cover projected loan losses that are not guaranteed by the U.S. government or any agency of the U.S. government.

AB133-ASA1-CA1,568,6 224.97 Division review of nondepository lender operations. The division may, at any reasonable time, examine the books of account, records, condition and affairs of a nondepository lender licensed under this subchapter. The division shall examine the books of account, records, condition and affairs of every nondepository lender licensed under this subchapter at least once during every 12 month period. The division shall prepare a report of each examination conducted under this section. As part of an examination under this section or as part of the preparation of an examination report, the division may examine under oath any person in control, officer, director, agent, employe or customer of the nondepository lender. The division may require a nondepository lender that is examined under this section to pay to the division a reasonable fee for the costs of conducting the examination.

AB133-ASA1-CA1,568,7 224.98 Powers of licensee. A licensee may do any of the following:

AB133-ASA1-CA1,568,8 (1) Participate in the loan guaranty program under 15 USC 636 (a).

AB133-ASA1-CA1,568,11 (2) Participate in any other government program for which the licensee is eligible and which has as its function the provision or facilitation of financing or management assistance to business firms.

AB133-ASA1-CA1,568,15 224.985 Required records and reports. (1) Record keeping. A licensee shall keep books, accounts, and other records in such a form and manner as required by rule of the division. These records shall be kept at a location and shall be preserved for a length of time as prescribed by rule of the division.

AB133-ASA1-CA1,568,18 (2) Annual report. Not more than 90 days after the close of a licensee's fiscal year or upon request of the division, every licensee shall file with the division a report containing all of the following:

AB133-ASA1-CA1,568,23 (a) Financial statements, including the balance sheet, the statement of income or loss, the statement of changes in capital accounts and the statement of changes in financial position of the licensee. The licensee shall ensure that the financial statements have been audited by an independent certified public account and prepared in accordance with generally accepted account principles.

AB133-ASA1-CA1,568,24 (b) Other relevant information requested by the division.

AB133-ASA1-CA1,569,2 224.99 Rule making. The division may promulgate rules for the efficient administration of this subchapter.".

AB133-ASA1-CA1,569,3 1338. Page 1194, line 6: delete "(i) 3. or".

AB133-ASA1-CA1,569,4 1339. Page 1194, line 8: delete "(i) 3. or".

AB133-ASA1-CA1,569,5 1340. Page 1194, line 9: after that line insert:

AB133-ASA1-CA1,569,6 " Section 2353sm. 227.01 (13) (zu) of the statutes is created to read:

AB133-ASA1-CA1,569,7 227.01 (13) (zu) Establishes standards under subch. IX of ch. 254.".