16,3608cg
Section 3608cg. 452.01 (3p) of the statutes is created to read:
452.01 (3p) "Closing agent" means any person who coordinates the closing of a conveyance of real estate by ensuring that title to the real estate is transferred to the buyer and that the purchase price is transferred to the seller, except that "closing agent" does not include any of the following:
(a) A receiver, trustee, administrator, executor, guardian, or other person appointed by or acting under the judgment or order of any court.
(b) A public officer while performing his or her official duties.
(c) A depository institution.
(d) An employee of a person specified in pars. (a) to (c) when the employee is engaged in the specific performance as such an employee.
(e) An attorney licensed to practice in this state while acting within the scope of his or her attorney's license.
16,3608cm
Section 3608cm. 452.035 of the statutes is created to read:
452.035 Closing agents. No person, including an escrow agent, as defined in s. 138.052 (5m) (a) or 707.49 (1) (d), may engage in the business or occupation of, or advertise or hold himself or herself out as, a closing agent unless the person is registered as a closing agent by the department. The department shall issue a certificate of registration as a closing agent to a person who submits an application to the department on a form provided by the department, pays the fee specified in s. 440.05 (1), and submits evidence satisfactory to the department that he or she is competent to act as a closing agent. Renewal applications shall be submitted to the department on a form provided by the department on or before the applicable renewal date specified under s. 440.08 (2) (a) and shall include the applicable renewal fee specified under s. 440.08 (2) (a).
16,3608cr
Section 3608cr. 452.05 (1) (a) of the statutes is amended to read:
452.05 (1) (a) Grant and issue licenses to brokers and salespersons and registrations to time-share salespersons and closing agents.
16,3608cs
Section 3608cs. 452.07 (1m) of the statutes is created to read:
452.07 (1m) The department shall promulgate rules that specify the supervisory duties of brokers under s. 452.12 (3).
16,3608dg
Section 3608dg. 452.11 (1) of the statutes is amended to read:
452.11 (1) A nonresident may become a broker, salesperson or, time-share salesperson
, or closing agent by conforming to all the provisions of this chapter.
16,3608dm
Section 3608dm. 452.12 (3) (a) of the statutes is renumbered 452.12 (3) and amended to read:
452.12 (3) Broker's liability for acts of employees. Each broker shall supervise, and is responsible for the acts of, any broker, salesperson, or time-share salesperson employed by the broker.
16,3608dp
Section 3608dp. 452.12 (3) (b) of the statutes is repealed.
16,3608dq
Section 3608dq. 452.12 (6) (a) of the statutes is amended to read:
452.12 (6) (a) Any licensee, except a time-share salesperson registered under s. 452.025 or a closing agent registered under s. 452.035, may apply for registration as an inactive licensee on or before the license renewal date. This paragraph does not apply after October 31, 1995.
16,3608dr
Section 3608dr. 452.13 (1) (b) of the statutes is renumbered 452.01 (3w).
16,3608eg
Section 3608eg. 452.13 (1) (c) of the statutes is created to read:
452.13 (1) (c) "Closing funds" means any money related to the closing of real estate conveyance that is received by a closing agent. "Closing funds" does not include client funds, unless the client funds are transferred to a closing agent.
16,3608em
Section 3608em. 452.13 (2) (a) of the statutes is amended to read:
452.13 (2) (a) A broker who holds client funds or a closing agent who holds closing funds shall establish an interest-bearing common trust account in a depository institution. The interest-bearing common trust account shall earn interest at a rate not less than that applicable to individual accounts of the same type, size, and duration and for which withdrawals or transfers can be made without delay, subject to any notice period that the depository institution is required to observe by law or regulation.
16,3608er
Section 3608er. 452.13 (2) (b) (intro.) of the statutes is amended to read:
452.13 (2) (b) (intro.) Any broker or closing agent who maintains an interest-bearing common trust account shall do all of the following:
16,3608fg
Section 3608fg. 452.13 (2) (c) of the statutes is amended to read:
452.13 (2) (c) A broker or closing agent shall deposit all client funds or closing funds in the interest-bearing common trust account.
16,3608fm
Section 3608fm. 452.13 (2) (e) (intro.) of the statutes is amended to read:
452.13 (2) (e) (intro.) For each interest-bearing common trust account, the broker or closing agent shall direct the depository institution to do all of the following:
16,3608fr
Section 3608fr. 452.13 (2) (e) 2. of the statutes is amended to read:
452.13 (2) (e) 2. When the interest remittance is sent, furnish to the department of administration and to the broker or closing agent maintaining the interest-bearing common trust account a statement that includes the name of the broker or closing agent for whose account the remittance is made, the rate of interest applied, the amount of service charges or fees deducted, if any, and the account balance for the period that the statement covers.
16,3608gg
Section 3608gg. 452.13 (2) (f) 1. of the statutes is amended to read:
452.13 (2) (f) 1. May not assess a service charge or fee that is due on an interest-bearing common trust account against any broker or closing agent or, except as provided in subd. 3., against any other account, regardless of whether the same broker or closing agent maintains the other account.
16,3608gm
Section 3608gm. 452.13 (3) of the statutes is amended to read:
452.13 (3) Deposit provisions. A broker or closing agent who deposits client funds or closing funds in an interest-bearing common trust account in compliance with this section may not be held liable to the owner or beneficial owner of the client funds or closing funds for damages due to compliance with this section. A broker, salesperson, or time-share salesperson who deposits client funds, or a closing agent who deposits closing funds, in an interest-bearing common trust account in compliance with this section is not required to disclose alternative depository arrangements that could be made by the parties or to disclose that a deposit will be made under this section.
16,3608gr
Section 3608gr. 452.13 (4) of the statutes is amended to read:
452.13 (4) Trust account optional. This section does not require a broker or closing agent to hold client funds or closing funds or require a person to transfer client funds to a broker or transfer closing funds to a closing agent.
16,3608h
Section 3608h. 452.139 (2) (c) of the statutes is amended to read:
452.139 (2) (c) Nothing in this subsection limits the liability of a broker under s. 452.12 (3) (a) for misrepresentations made by an employee who is a broker. Nothing in this subsection limits the liability of a client for a misrepresentation that the client makes in connection with brokerage services.
16,3608hg
Section 3608hg. 452.14 (1) of the statutes is amended to read:
452.14 (1) The department shall, upon motion of the board or upon its own determination, conduct investigations and, as appropriate, may hold hearings and make findings, if the department receives credible information that a broker, salesperson or, time-share salesperson, or closing agent has violated this chapter or any rule promulgated under this chapter.
16,3608hm
Section 3608hm. 452.14 (3) (intro.) of the statutes is amended to read:
452.14 (3) (intro.) Disciplinary proceedings shall be conducted by the board according to rules adopted under s. 440.03 (1). The board may revoke, suspend, or limit any broker's, salesperson's or, time-share salesperson's, or closing agent's license or registration, or reprimand the holder of the license or registration, if it finds that the holder of the license or registration has:
16,3608hr
Section 3608hr. 452.14 (3) (b) of the statutes is amended to read:
452.14 (3) (b) Made any substantial misrepresentation with reference to a transaction injurious to a seller or purchaser in which the broker, salesperson or, time-share salesperson
, or closing agent acts as agent;
16,3608ig
Section 3608ig. 452.14 (3) (h) of the statutes is amended to read:
452.14 (3) (h) Failed, within a reasonable time, to account for or remit any moneys coming into the broker's, salesperson's or, time-share salesperson's, or closing agent's possession which belong to another person;
16,3608im
Section 3608im. 452.14 (3) (i) of the statutes is amended to read:
452.14 (3) (i) Demonstrated incompetency to act as a broker, salesperson or, time-share salesperson, or closing agent in a manner which safeguards the interests of the public;
16,3608ir
Section 3608ir. 452.14 (3) (jm) of the statutes is amended to read:
452.14 (3) (jm) Intentionally encouraged or discouraged any person from purchasing or renting real estate in a particular area on the basis of race. If the board finds that any broker, salesperson or, time-share salesperson, or closing agent has violated this paragraph, the board shall, in addition to any temporary penalty imposed under this subsection, apply the penalty provided in s. 452.17 (4);
16,3608jg
Section 3608jg. 452.17 (2) of the statutes is amended to read:
452.17 (2) Any person who engages in or follows the business or occupation of, or advertises or holds himself or herself out as or acts temporarily or otherwise as, a time-share salesperson or closing agent in this state without being registered with the department shall be prosecuted by the district attorney in the county where the violation occurs and may be fined not less than $25 nor more than $200 or imprisoned not less than 10 days nor more than 6 months or both.
16,3608jm
Section 3608jm. 452.17 (4) (a) (intro.) of the statutes is amended to read:
452.17 (4) (a) (intro.) If the board finds that any broker, salesperson or, time-share salesperson, or closing agent has violated s. 452.14 (3) (jm), the board:
16,3608jr
Section 3608jr. 452.17 (4) (a) 1. of the statutes is amended to read:
452.17 (4) (a) 1. Shall, for the first offense, suspend the license or registration of the broker, salesperson or
, time-share salesperson, or closing agent for not less than 90 days.
16,3608kg
Section 3608kg. 452.17 (4) (a) 2. of the statutes is amended to read:
452.17 (4) (a) 2. Shall, for the 2nd offense, revoke the license or registration of the broker, salesperson or
, time-share salesperson or, closing agent.
16,3608km
Section 3608km. 452.20 of the statutes is amended to read:
452.20 Limitation on actions for commissions. No person engaged in the business or acting in the capacity of a broker, salesperson or, time-share salesperson, or closing agent within this state may bring or maintain an action in the courts of this state for the collection of a commission or compensation for the performance of any act mentioned in this chapter without alleging and proving that he or she was a duly licensed broker,
or salesperson or registered time-share salesperson or closing agent at the time the alleged cause of action arose.
16,3608kr
Section 3608kr. 452.21 of the statutes is amended to read:
452.21 Compensation presumed. In any prosecution for violation of this chapter, proof that a person acted as a broker, agent, salesperson or, time-share salesperson, or closing agent is prima facie proof that compensation therefor was received or promised.
16,3608Lg
Section 3608Lg. 452.22 (2) of the statutes is amended to read:
452.22 (2) The certificate of the secretary or his or her designee to the effect that a specified individual or business entity is not or was not on a specified date the holder of a broker's, salesperson's or, time-share salesperson's, or closing agent's license or registration, or that a specified license or registration was not in effect on a date specified, or as to the issuance, limitation, suspension, or revocation of any license or registration or the reprimand of any holder thereof, the filing or withdrawal of any application or its existence or nonexistence, is prima facie evidence of the facts therein stated for all purposes in any action or proceedings.
16,3619m
Section 3619m. 560.031 (3) (bc) of the statutes is created to read:
560.031 (3) (bc) In awarding grants, loans, and manufacturing rebates under this subsection, the board shall give priority to projects that involve recovered materials that constitute a relatively high volume of solid waste generated in this state or that are hazardous to human health or the environment.
16,3619n
Section 3619n. 560.031 (3) (cm) of the statutes is created to read:
560.031 (3) (cm) Annually, the board shall allocate up to $200,000 in financial assistance under this subsection for forgivable loans for projects that have exceptional potential to meet one of the qualifying considerations under par. (am) 1., 2., 3., or 4., but do not comply with the standard criteria established by the board or department for meeting its fiduciary responsibilities in managing state resources.
16,3619s
Section 3619s. 560.031 (6m) of the statutes is created to read:
560.031 (6m) Annually, in consultation with the council on recycling, the board shall establish a list of materials recovered from solid waste for which the board may award financial assistance.
16,3619sd
Section 3619sd. 560.036 (2) (a) of the statutes is amended to read:
560.036 (2) (a) For the purposes of ss. 16.75 (3m), 16.854, 16.855 (10m), 16.87 (2), 18.16, 18.64, 18.77, 25.17 (59), 25.185, 34.05 (4), 38.18, 43.17 (9) (a), 59.52 (29) (c), 59.57 (1) (b), 60.47 (7), 61.55 (3), 62.15 (1) (c), 66.0901 (6), 84.075, 84.076, 119.495 (2), 120.12 (27), 200.49, 200.57, 229.46, 229.70, 229.8273, 229.845, 231.27 and, 232.05 (2) (d), 234.01 (4n) (a) 3m. d., 234.35, 234.65 (1) (g), 252.12 (2) (c) 2., 560.038, 560.039, and 560.80 to 560.85, the department shall establish and periodically update a list of certified minority businesses, minority financial advisers, and minority investment firms. Any business, financial adviser, or investment firm may apply to the department for certification. For purposes of this paragraph, unless the context otherwise requires, a "business" includes a financial adviser or investment firm.
16,3619sg
Section 3619sg. 560.036 (3) (a) of the statutes is amended to read:
560.036 (3) (a) The department shall promulgate rules establishing procedures to implement sub. (2). Those rules shall include a rule prescribing a uniform application form for certification under sub. (2).
16,3619sj
Section 3619sj. 560.036 (3) (c) of the statutes is amended to read:
560.036 (3) (c) The department may promulgate rules establishing conditions with which a business, financial adviser, or investment firm must comply to qualify for certification, in addition to the qualifications specified under sub. (1) (e), (ep), and (fm), respectively. Those rules may not require that a business, financial adviser, or investment firm submit any income or franchise tax return to the department as a condition for qualification for certification.
16,3619sm
Section 3619sm. 560.038 (1) (ar) of the statutes is amended to read:
560.038 (1) (ar) "Minority business" has the meaning given in s. 560.036 (1) (e) means a business that is certified by the department under s. 560.036 (2).
16,3619sp
Section 3619sp. 560.039 (1) (b) of the statutes is amended to read:
560.039 (1) (b) "Minority business" has the meaning given in s. 560.036 (1) (e) means a business that is certified by the department under s. 560.036 (2).
16,3619w
Section 3619w. 560.06 (2) of the statutes is amended to read:
560.06 (2) In each fiscal year 1999-2000, the department may shall provide up to $100,000 from the appropriations under s. 20.143 (1) (c) and (ie) in assistance to a the nonprofit organization specified in sub. (1) that provides assistance to organizations and individuals in urban areas. Notwithstanding sub. (1), the department shall use the moneys authorized under this subsection in accordance with the memorandum of understanding under sub. (1) and shall ensure that the nonprofit organization provides assistance to organizations and individuals in an area that includes the city of Beloit.
16,3625
Section 3625. 560.13 (1) (b) of the statutes is amended to read:
560.13 (1) (b) "Brownfields redevelopment" means any work or undertaking by a person, municipality or local development corporation to acquire a brownfields facility or site and to raze, demolish, remove, reconstruct, renovate, or rehabilitate the facility or existing buildings, structures, or other improvements at the site for the purpose of promoting the use of the facility or site for commercial, industrial, or other purposes. "Brownfields redevelopment" does not include construction of new facilities on the site for any purpose other than environmental remediation activities.
16,3626
Section 3626. 560.13 (1) (e) of the statutes is repealed.
