Amendment CA1-SSA1-SB55

SB55-SSA1-CA1,882,21 452.13 (2) (c) A broker or closing agent shall deposit all client funds or closing funds in the interest-bearing common trust account.

SB55-SSA1-CA1, s. 3608fm Section 3608fm. 452.13 (2) (e) (intro.) of the statutes is amended to read:

SB55-SSA1-CA1,882,25 452.13 (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:

SB55-SSA1-CA1, s. 3608fr Section 3608fr. 452.13 (2) (e) 2. of the statutes is amended to read:

SB55-SSA1-CA1,883,7 452.13 (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.

SB55-SSA1-CA1, s. 3608gg Section 3608gg. 452.13 (2) (f) 1. of the statutes is amended to read:

SB55-SSA1-CA1,883,12 452.13 (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.

SB55-SSA1-CA1, s. 3608gm Section 3608gm. 452.13 (3) of the statutes is amended to read:

SB55-SSA1-CA1,883,22 452.13 (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.

SB55-SSA1-CA1, s. 3608gr Section 3608gr. 452.13 (4) of the statutes is amended to read:

SB55-SSA1-CA1,884,3 452.13 (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.

SB55-SSA1-CA1, s. 3608hg Section 3608hg. 452.14 (1) of the statutes is amended to read:

SB55-SSA1-CA1,884,9 452.14 (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.

SB55-SSA1-CA1, s. 3608hm Section 3608hm. 452.14 (3) (intro.) of the statutes is amended to read:

SB55-SSA1-CA1,884,15 452.14 (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:

SB55-SSA1-CA1, s. 3608hr Section 3608hr. 452.14 (3) (b) of the statutes is amended to read:

SB55-SSA1-CA1,884,19 452.14 (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;

SB55-SSA1-CA1, s. 3608ig Section 3608ig. 452.14 (3) (h) of the statutes is amended to read:

SB55-SSA1-CA1,884,23 452.14 (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;

SB55-SSA1-CA1, s. 3608im Section 3608im. 452.14 (3) (i) of the statutes is amended to read:

SB55-SSA1-CA1,885,3 452.14 (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;

SB55-SSA1-CA1, s. 3608ir Section 3608ir. 452.14 (3) (jm) of the statutes is amended to read:

SB55-SSA1-CA1,885,9 452.14 (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);

SB55-SSA1-CA1, s. 3608jg Section 3608jg. 452.17 (2) of the statutes is amended to read:

SB55-SSA1-CA1,885,16 452.17 (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.

SB55-SSA1-CA1, s. 3608jm Section 3608jm. 452.17 (4) (a) (intro.) of the statutes is amended to read:

SB55-SSA1-CA1,885,19 452.17 (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:

SB55-SSA1-CA1, s. 3608jr Section 3608jr. 452.17 (4) (a) 1. of the statutes is amended to read:

SB55-SSA1-CA1,885,23 452.17 (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.

SB55-SSA1-CA1, s. 3608kg Section 3608kg. 452.17 (4) (a) 2. of the statutes is amended to read:

SB55-SSA1-CA1,886,2 452.17 (4) (a) 2. Shall, for the 2nd offense, revoke the license or registration of the broker, salesperson or, time-share salesperson, closing agent.

SB55-SSA1-CA1, s. 3608km Section 3608km. 452.20 of the statutes is amended to read:

SB55-SSA1-CA1,886,10 452.20 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.

SB55-SSA1-CA1, s. 3608kr Section 3608kr. 452.21 of the statutes is amended to read:

SB55-SSA1-CA1,886,15 452.21 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.

SB55-SSA1-CA1, s. 3608Lg Section 3608Lg. 452.22 (2) of the statutes is amended to read:

SB55-SSA1-CA1,886,24 452.22 (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.".

SB55-SSA1-CA1,887,1 1437. Page 1156, line 6: after that line insert:

SB55-SSA1-CA1,887,2 " Section 3605gb. 440.90 (1) of the statutes is renumbered 440.90 (1d).

SB55-SSA1-CA1, s. 3605gf Section 3605gf. 440.90 (1c) of the statutes is created to read:

SB55-SSA1-CA1,887,4 440.90 (1c) "Burial space" has the meaning given in s. 157.061 (1d).

SB55-SSA1-CA1, s. 3605gL Section 3605gL. 440.90 (3g) of the statutes is created to read:

SB55-SSA1-CA1,887,6 440.90 (3g) "Columbarium" has the meaning given in s. 157.061 (3g).

SB55-SSA1-CA1, s. 3605gn Section 3605gn. 440.90 (3r) of the statutes is created to read:

SB55-SSA1-CA1,887,8 440.90 (3r) "Columbarium space" has the meaning given in s. 157.061 (3r).

SB55-SSA1-CA1, s. 3605gp Section 3605gp. 440.90 (4e) of the statutes is created to read:

SB55-SSA1-CA1,887,10 440.90 (4e) "Lawn crypt" has the meaning given in s. 157.061 (8g).

SB55-SSA1-CA1, s. 3605gx Section 3605gx. 440.90 (10r) of the statutes is created to read:

SB55-SSA1-CA1,887,13 440.90 (10r) "Religious cemetery authority" has the meaning given in s. 157.061 (15m).

SB55-SSA1-CA1, s. 3605ic Section 3605ic. 440.91 (1) of the statutes is amended to read:

SB55-SSA1-CA1,887,20 440.91 (1) Except as provided in sub. (6m), every cemetery authority that sells or solicits the sale of a total of 10 or more cemetery lots or mausoleum burial spaces during a calendar year and that pays any commission or other compensation to any person for selling or soliciting the sale of its cemetery lots or mausoleum burial spaces shall register with the department. The registration shall be in writing and shall include the names of the officers of the cemetery authority.

SB55-SSA1-CA1, s. 3605ih Section 3605ih. 440.91 (2) (intro.) of the statutes is amended to read:

SB55-SSA1-CA1,888,7 440.91 (2) (intro.) Except as provided in subs. (7) and (10), every individual who sells or solicits the sale of, or who expects to sell or solicit the sale of, a total of 10 or more cemetery lots or mausoleum burial spaces during a calendar year shall register with the department. An individual may not be registered as a cemetery salesperson except upon the written request of a cemetery authority and the payment of the fee specified in s. 440.05 (1). The cemetery authority shall certify in writing to the department that the individual is competent to act as a cemetery salesperson. Within 10 days after the certification of any cemetery salesperson, the cemetery salesperson shall verify and furnish to the department, in such form as the department prescribes, all of the following information:

SB55-SSA1-CA1, s. 3605in Section 3605in. 440.91 (6m) of the statutes is repealed and recreated to read:

SB55-SSA1-CA1,888,10 440.91 (6m) The registration requirement under sub. (1) does not apply to any of the following:

SB55-SSA1-CA1,888,11 1. A religious cemetery authority.

SB55-SSA1-CA1,888,13 2. A town, village, or city or fraternal or benevolent society that does not operate a cemetery in a county with a population that is greater than 600,000.

SB55-SSA1-CA1, s. 3605iq Section 3605iq. 440.91 (7) of the statutes is renumbered 440.91 (7) (intro.) and amended to read:

SB55-SSA1-CA1,888,18 440.91 (7) (intro.) An individual who solicits the sale of cemetery lots or mausoleum burial spaces in a cemetery organized, maintained, and operated by a any of the following is not required to be registered under sub. (2):

SB55-SSA1-CA1,888,22 (b) A town, village, or city, church, synagogue or mosque, religious, or fraternal or benevolent society or incorporated college of a religious order is not required to be registered under sub. (2), if the cemetery is not in a county with a population that is greater than 600,000.

SB55-SSA1-CA1, s. 3605is Section 3605is. 440.91 (7) (a) of the statutes is created to read:

SB55-SSA1-CA1,888,24 440.91 (7) (a) A religious cemetery authority.

SB55-SSA1-CA1, s. 3605iv Section 3605iv. 440.91 (9) of the statutes is amended to read:

SB55-SSA1-CA1,889,7 440.91 (9) No cemetery authority or cemetery salesperson registered under sub. (1) or (2) may pay a fee or commission as compensation for a referral or as a finder's fee relating to the sale of a cemetery lot, cemetery merchandise or mausoleum a burial space to any person who is not registered under sub. (1) or (2) or who is not regularly and lawfully engaged in the sale of cemetery lots, cemetery merchandise or mausoleum burial spaces in another state or territory of the United States or a foreign country.

SB55-SSA1-CA1, s. 3605kd Section 3605kd. 440.92 (1) (a) of the statutes is amended to read:

SB55-SSA1-CA1,889,15 440.92 (1) (a) Except as provided in subs. (4), (9) (a) and (10), every individual who sells or solicits the sale of cemetery merchandise or an undeveloped space under a preneed sales contract and, if the is required to be registered under this subsection and, if applicable, comply with the requirements under s. 445.125. If such an individual is employed by or acting as an agent for a cemetery authority or any other person, that cemetery authority or other person is also required to be registered under this subsection.

SB55-SSA1-CA1, s. 3605kL Section 3605kL. 440.92 (2) (title) of the statutes is renumbered 440.922 (title).

SB55-SSA1-CA1, s. 3605km Section 3605km. 440.92 (2) (a) of the statutes is renumbered 440.922 (1) (a), and 440.922 (1) (a) 2., 3., 3g. and 4. (intro.), as renumbered, are amended to read:

SB55-SSA1-CA1,889,20 440.922 (1) (a) 2. By affixing the cemetery merchandise to the cemetery lot or mausoleum burial space.

SB55-SSA1-CA1,889,25 3. By storing the cemetery merchandise in a warehouse that is located on the property of the preneed seller if the preneed seller insures the cemetery merchandise and the preneed sales contract requires the preneed seller to ultimately affix the cemetery merchandise to the cemetery lot or mausoleum burial space without additional charge.

SB55-SSA1-CA1,890,6 3g. By storing the cemetery merchandise anywhere on the property of the preneed seller if the property of the preneed seller is located in this state, the preneed seller insures the cemetery merchandise and the preneed sales contract requires the preneed seller to ultimately affix the cemetery merchandise to a cemetery lot burial space, to the outside of or the grounds surrounding a mausoleum or columbarium or to any other outdoor location without additional charge.

SB55-SSA1-CA1,890,13 4. (intro.) By having the cemetery merchandise stored in a warehouse that is not located on the property of the preneed seller if the warehouse has agreed to ship the cemetery merchandise to the preneed seller, purchaser, or beneficiary named in the preneed sales contract without additional charge to the purchaser and the preneed sales contract requires that the cemetery merchandise ultimately be affixed to the cemetery lot or mausoleum burial space without additional charge. If the cemetery merchandise is delivered under this subdivision, all of the following apply:

SB55-SSA1-CA1, s. 3605kn Section 3605kn. 440.92 (2) (am) of the statutes is renumbered 440.922 (2) and amended to read:

SB55-SSA1-CA1,890,25 440.922 (2) Affixture of cemetery merchandise. If a preneed sales contract for the sale of cemetery merchandise requires the preneed seller to ultimately affix the cemetery merchandise to a cemetery lot, mausoleum burial space or other location but the purchaser has not informed the preneed seller of the location where the cemetery merchandise is to be affixed and the location where the cemetery merchandise is to be affixed is not specified in the preneed sales contract, the preneed sales contract may provide that the preneed seller may charge the purchaser an additional fee at the time that the cemetery merchandise is affixed not to exceed the additional costs to the preneed seller that are necessitated by the purchaser's choice of location.

SB55-SSA1-CA1, s. 3605kp Section 3605kp. 440.92 (2) (b) of the statutes is renumbered 440.922 (1) (b).

SB55-SSA1-CA1, s. 3605kr Section 3605kr. 440.92 (2) (c) of the statutes is renumbered 440.922 (3) and amended to read:

SB55-SSA1-CA1,891,9 440.922 (3) Voiding of contracts. Except as provided in par. (cm) sub. (4), a preneed sales contract shall provide that if the purchaser voids the preneed sales contract at any time within 10 days after the date of the initial payment the preneed seller shall, within 30 days after the date on which the preneed sales contract is voided, refund all money paid by the purchaser for cemetery merchandise that has not been supplied or delivered and for the mausoleum space.

SB55-SSA1-CA1, s. 3605kt Section 3605kt. 440.92 (2) (cm) of the statutes is renumbered 440.922 (4).

SB55-SSA1-CA1, s. 3605kv Section 3605kv. 440.92 (2) (d) of the statutes is renumbered 440.922 (5) (a).

SB55-SSA1-CA1, s. 3605kx Section 3605kx. 440.92 (2) (e) of the statutes is renumbered 440.922 (5) (b).

SB55-SSA1-CA1, s. 3605kz Section 3605kz. 440.92 (2) (f) of the statutes is renumbered 440.922 (5) (c) and amended to read:

SB55-SSA1-CA1,891,18 440.922 (5) (c) If a preneed sales contract is voided under par. (e) (b), the preneed seller shall, within 30 days after the date on which the preneed sales contract is voided, refund all money paid by the purchaser, together with interest calculated at the legal rate of interest as provided under s. 138.04.

SB55-SSA1-CA1, s. 3605mb Section 3605mb. 440.92 (2) (g) and (h) of the statutes are renumbered 440.922 (6) and (10).

SB55-SSA1-CA1, s. 3605md Section 3605md. 440.92 (2) (i) of the statutes is renumbered 440.922 (7) and amended to read:

SB55-SSA1-CA1,892,5 440.922 (7) Trusting requirements. If a preneed sales contract includes provisions for the sale of cemetery merchandise or an undeveloped space that is subject to the trusting requirements under sub. s. 440.92 (3) (a) and (b) and for the sale of other goods or services that are not subject to the trusting requirements under sub. s. 440.92 (3) (a) and (b), the sale price of the goods or services that are not subject to the trusting requirements may not be inflated for the purpose of allocating a lower sale price to the cemetery merchandise or undeveloped space that is subject to the trusting requirements.

SB55-SSA1-CA1, s. 3605mf Section 3605mf. 440.92 (2) (j) of the statutes is renumbered 440.922 (8).

SB55-SSA1-CA1, s. 3605mh Section 3605mh. 440.92 (2) (k) of the statutes is renumbered 440.922 (9) and amended to read:

SB55-SSA1-CA1,892,15 440.922 (9) Notice of rights. A preneed sales contract shall include the following language in not less than 10-point boldface type: "SECTION 440.92 (2) 440.922 OF THE WISCONSIN STATUTES SPECIFIES THE RIGHTS OF THE PURCHASER UNDER THIS CONTRACT. DEPENDING ON THE CIRCUMSTANCES, THESE MAY INCLUDE THE RIGHT TO VOID THE CONTRACT AND RECEIVE A REFUND OR THE RIGHT TO ASSIGN AN INTEREST IN THE CONTRACT TO ANOTHER PERSON."

SB55-SSA1-CA1, s. 3605mj Section 3605mj. 440.92 (3) (a) (intro.) of the statutes is amended to read: