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24(2) Assignment. A license issued under this subchapter is not assignable.
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1(3) Posting. A licensee shall post its license in a conspicuous place at the
2location specified in the license.
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3(4) Term of license; fee. Every license shall remain in force until suspended
4or revoked in accordance with this subchapter or surrendered by the licensee. Every
5licensee shall, on or before June 1 of each year, pay to the division an annual license
6fee specified by the division by rule and, if required by the division, provide a rider
7or endorsement to increase the amount of any bond required under s. 426.402 (3).
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8(5) Other business prohibited. No licensee may conduct business as a
9rental-purchase company within any office, room, or place of business in which any
10other business is solicited or engaged in, unless the licensee is authorized to do so,
11in writing, by the division. For the purpose of this subsection, the division may not
12unreasonably withhold any such authorization.
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13426.405 Revocation, suspension, and restriction of license. (1) 14Discretionary suspension or revocation. The division may issue an order
15suspending or revoking a license issued under this subchapter if the division finds
16that any of the following applies:
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(a) The licensee has violated any provision of chs. 421 to 427 relating to
18rental-purchase agreements, any rules promulgated under any such provision, or
19any lawful order of the division under s. 426.408 (1).
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(b) A fact or condition exists that, if it had existed at the time of the original
21application for the license, would have warranted the division's refusing to issue the
22license.
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(c) The licensee has made a material misstatement in an application for a
24license or in any information furnished to the division.
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1(d) The licensee has failed to pay the annual license fee required under s.
2426.404 (4) or has failed to maintain in effect any bond required under s. 426.402 (3).
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(e) The licensee has failed to provide any additional information, data, or
4records required by the division, within the time period prescribed under s. 426.406
5(2).
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(f) The licensee has failed to pay any penalties due under s. 425.401, 425.502,
7or 426.301 within 30 days after receiving notice, by certified mail, that the penalties
8are due.
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9(2) Mandatory restriction or suspension; child or family support. The
10division shall restrict or suspend a license issued under this subchapter if the
11division finds that the licensee is an individual who fails to comply, after appropriate
12notice, with a subpoena or warrant issued by the department of workforce
13development or a county child support agency under s. 59.53 (5) and related to
14paternity or child support proceedings or who is delinquent in making court-ordered
15payments of child or family support, maintenance, birth expenses, medical expenses,
16or other expenses related to the support of a child or former spouse, as provided in
17a memorandum of understanding entered into under s. 49.857. A licensee whose
18license is restricted or suspended under this subsection is entitled to a notice and
19hearing only as provided in a memorandum of understanding entered into under s.
2049.857 and is not entitled to any other notice or hearing under this section.
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21(3) Mandatory revocation; delinquent taxes. The division shall revoke a
22license issued under this subchapter if the department of revenue certifies under s.
2373.0301 that the licensee is liable for delinquent taxes. A licensee whose license is
24revoked under this subsection for delinquent taxes is entitled to a notice under s.
173.0301 (2) (b) 1. b. and a hearing under s. 73.0301 (5) (a) but is not entitled to any
2other notice or hearing under this section.
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3(4) Revocation and suspension procedure. Except as provided in subs. (2) and
4(3), no license shall be revoked or suspended except after a hearing under this
5subchapter. A complaint stating the grounds for suspension or revocation together
6with a notice of hearing shall be delivered to the licensee at least 5 days in advance
7of the hearing. In the event the licensee cannot be found, complaint and notice of
8hearing may be left at the place of business stated in the license and this shall be
9considered the equivalent of delivering the notice of hearing and complaint to the
10licensee.
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11426.406 Modification of license. (1) Change in place of business. No
12licensee may change its place of business to another location without the prior
13approval of the division, which approval shall not be unreasonably withheld. A
14licensee shall provide the division with at least 15 days' prior written notice of a
15proposed change under this section and shall pay any applicable fees specified by the
16division by rule. Upon approval by the division of the new location, the division shall
17issue an amended license, specifying the date on which the amended license is issued
18and the new location.
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19(2) Other changes. Except as provided in sub. (1), a licensee shall notify the
20division of any material change to the information provided in the licensee's original
21application for a license under this subchapter or provided in a previous notice of
22change filed by the licensee with the division under this subsection. A licensee shall
23provide the notice required under this subsection within 10 days after the change.
24The licensee shall provide any additional information, data, and records about the
25change to the division within 20 days after the division requests the information,
1data, or records. The division shall determine the cost of investigating and
2processing the change. The licensee shall pay the division's cost within 30 days after
3the division demands payment.
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4(3) Division approval of other changes. Any change that is subject to the
5notice requirement under sub. (2) is subject to the approval of the division. In
6reviewing the change, the division shall apply the same criteria as the criteria for
7approval of an original license application.
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8426.407 Annual report; records. (1) Annual report. On or before March
931 of each year, a licensee shall file a report with the division giving such reasonable
10and relevant information as the division may require concerning the business and
11operations conducted by the licensee. The licensee shall make the report in the form
12prescribed by the division.
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13(2) Books and records. A licensee shall keep such books and records in the
14licensed location as, in the opinion of the division, will enable the division to enforce
15any provision of chs. 421 to 427 relating to rental-purchase agreements. Every
16licensee shall preserve its records of a rental-purchase agreement for at least 2 years
17after making any final entry with respect to the rental-purchase agreement.
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18426.408 Powers and duties of division; administration. (1) Orders. The
19division may issue any general order or special order in execution of or
20supplementary to any provision in chs. 421 to 427 relating to rental-purchase
21agreements but any such order may not conflict with any such provision.
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22(2) Investigations and examinations. For the purpose of discovering violations
23of any provision in chs. 421 to 427 relating to rental-purchase agreements, the
24division may investigate or examine the business of a licensee transacted under any
25provision of chs. 421 to 427 relating to rental-purchase agreements. The place of
1business, books of accounts, papers, records, safes, and vaults of the licensee shall
2be open to the division for the purpose of an investigation or examination, and the
3division has authority to examine under oath all persons whose testimony is required
4for an investigation or examination. The division shall determine the cost of an
5investigation or examination. The licensee shall pay the cost of an investigation or
6examination. The licensee shall pay the cost of any hearing held for the purpose of
7this subsection, including witness fees, unless the division or a court finds that the
8licensee has not violated this subchapter. The licensee shall pay all costs owing
9under this subsection within 30 days after the division demands payment. The state
10may maintain an action for the recovery of any costs owing under this subsection.
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11(3) Verified complaint; mandatory investigation. If 5 or more persons file a
12verified complaint with the administrator alleging that a rental-purchase company
13has engaged in an act which is subject to action by the administrator, he or she shall
14immediately commence an investigation pursuant to sub. (2).
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15(4) Rules. The administrator may promulgate rules for the administration of
16any provision in chs. 421 to 427 relating to rental-purchase agreements.
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17(5) Testimonial powers and powers to secure evidence. The division has the
18same power to conduct hearings, take testimony, and secure evidence as is provided
19to the division in ss. 217.17 and 217.18.
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20(6) Enforcement. The division may investigate any provision in chs. 421 to 427
21relating to rental-purchase agreements or any lawful orders issued under sub. (1)
22to determine if any such provision or lawful order is being violated. The division may
23report any such violations to the attorney general or the district attorney of the
24proper county for prosecution.
AB898-ASA2,40,4
1427.102 Scope. This chapter applies to conduct and practices in connection
2with the collection of obligations arising from consumer transactions, including
3transactions that are primarily for an agricultural purpose
, and to transactions in
4connection with rental-purchase agreements.
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6427.103 (intro.) In this chapter:
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427.103
(1e) "Consumer transaction" has the meaning given in s. 421.301 (13),
9but does include a transaction in connection with a rental-purchase agreement.
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427.103
(1r) "Customer" has the meaning given in s. 421.301 (17), but does
12include a lessee to a rental-purchase agreement.
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427.103
(4) "Merchant" has the meaning given in s. 421.301 (25), but does
15include a rental-purchase company.
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(1) This act first applies to rental-purchase agreements, and conduct pursuant
18to those agreements, that are entered into on the effective date of this subsection.
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(1) This act takes effect on the 90th day after publication.