SB473: Bill Text

SB473,36,15 (6) Liability for multiple violations. Multiple violations of this subchapter in connection with the same rent-to-own agreement shall entitle the lessee to only a single recovery under sub. (1), except that a violation of s. 218.66 that occurs after recovery has been granted with respect to that rent-to-own agreement may entitle the lessee to an additional recovery under sub. (1).

SB473,36,19 (7) Necessary parties. If more than one lessee is a party to the same rent-to-own agreement, all of the lessees that are parties to the rent-to-own agreement shall be joined as plaintiffs in any action under sub. (1), and the lessees are entitled to only a single recovery under sub. (1).

SB473,36,24 218.686 Limitation on actions. An action brought by a lessee under this subchapter shall be commenced within one year after the date on which the alleged violation occurred, 2 years after the date on which the rent-to-own agreement was entered into, or one year after the date on which the last payment was made under the rent-to-own agreement, whichever is later.

SB473,37,2 218.688 Venue. (1) Generally. The venue for a claim arising out of a rent-to-own agreement is any of the following counties:

SB473,37,3 (a) Where the lessee resides or is personally served.

SB473,37,4 (b) Where the rental property is located.

SB473,37,7 (c) Where the lessee sought or acquired the rental property or signed the document evidencing his or her obligation under the terms of the rent-to-own agreement.

SB473,37,12 (2) Change in venue. When it appears from the return of service of a summons or otherwise that the county in which an action is pending under sub. (1) is not a proper place of trial for the action, unless the defendant appears and waives the improper venue, the court shall transfer the action to any county that is a proper place of trial.

SB473,37,15 (3) Multiple defendants. If there are several defendants in an action arising out of a rent-to-own agreement, and if venue is based on residence, venue may be in the county of residence of any of the defendants.

SB473, s. 3 Section 3. 220.02 (2) (b) of the statutes is amended to read:

SB473,37,20 220.02 (2) (b) The lending of money under s. 138.09 or those relating to finance companies, motor vehicle dealers, adjustment service companies, community currency exchanges, rental-purchase companies, and collection agencies under ch. 218.

SB473, s. 4 Section 4. 220.02 (3) of the statutes is amended to read:

SB473,38,4 220.02 (3) It is the intent of sub. (2) to give the division jurisdiction to enforce and carry out all laws relating to banks or banking in this state, including those relating to state banks, trust company banks, and also all laws relating to small loan companies or other loan companies or agencies, finance companies, motor vehicle dealers, adjustment service companies, community currency exchanges, rental-purchase companies, and collection agencies, and those relating to sellers of checks under ch. 217, whether doing business as corporations, individuals, or otherwise, but to exclude laws relating to credit unions.

SB473, s. 5 Section 5. 409.104 (12m) of the statutes is created to read:

SB473,38,7 409.104 (12m) To a transfer of an interest under a rent-to-own agreement under subch. XI of ch. 218; or

SB473, s. 6 Section 6. 421.202 (7m) of the statutes is created to read:

SB473,38,9 421.202 (7m) A rent-to-own agreement under subch. XI of ch. 218;

SB473, s. 7 Section 7. Nonstatutory provisions.

SB473,38,22 (1) Emergency rules governing licensing fees for rental-purchase companies. Using the procedure under section 227.24 of the statutes, the division of banking may promulgate rules authorized under section 218.63 (3) of the statutes, as created by this act, prescribing the fees under sections 218.618 (2), 218.622 (4), and 218.626 (1) of the statutes, as created by this act, for the period before the date on which permanent rules take effect, but not to exceed the period authorized under section 227.24 (1) (c) and (2) of the statutes. Notwithstanding section 227.24 (1) (a), (2) (b), and (3) of the statutes, the division of banking is not required to provide evidence that promulgating a rule under this subsection as an emergency rule is necessary for the preservation of the public peace, health, safety, or welfare and is not required to provide a finding of emergency for a rule promulgated under this subsection.

SB473, s. 8 Section 8 . Initial applicability.

SB473,39,2 (1) Rent-to-own agreements. The treatment of sections 218.632 to 218.636, 218.64, 218.65 to 218.658, 218.682 (3), 218.688, 409.104 (12m), and 421.202 (7m) of the statutes first applies to rent-to-own agreements entered into on the effective date of this subsection.

SB473,39,4 (2) Liability waivers. The treatment of section 218.638 of the statutes first applies to liability waivers entered into on the effective date of this subsection.

SB473,39,8 (3) Regulation of rental-purchase companies. The treatment of sections 218.617 to 218.628, 218.682 (1) and (2), and 220.02 (2) (b) and (3) and chapter 218 (title) of the statutes first applies to any person engaging in business as a rental-purchase company on the effective date of this subsection.

SB473,39,11 (4) Price cards. The treatment of section 218.644 of the statutes first applies to a rental-purchase company that displays property on the effective date of this subsection.

SB473,39,14 (5) Advertising. The treatment of section 218.646 of the statutes first applies to a rental-purchase company that advertises a rent-to-own agreement on the effective date of this subsection.

SB473,39,17 (6) Referral transactions. The treatment of section 218.648 of the statutes first applies to a rental-purchase company giving or offering to give a rebate or discount to an individual on the effective date of this subsection.

SB473,39,20 (7) Assignment of earnings. The treatment of section 218.68 of the statutes first applies to a rental-purchase company taking or arranging for an assignment of earnings on the effective date of this subsection.

SB473, s. 9 Section 9. Effective dates. This act takes effect on the day after publication, except as follows:

SB473,40,2 (1) Rent-to-own agreements. The treatment of sections 220.02 (2) (b) and (3), 409.104 (12m), and 421.202 (7m), subchapter XI of chapter 218, and chapter 218 (title) of the statutes and Section 8 (1 ) to (7) of this act take effect on the first day of the 6th month beginning after publication.

SB473,40,3 (End)