32,2637d
Section 2637d. 138.09 (1a) (a) of the statutes is amended to read:
138.09 (1a) (a) Banks, savings banks, savings and loan associations, trust companies, credit unions, or any of their affiliates.
32,2637gc
Section 2637gc. 138.14 (1) (bd) of the statutes is created to read:
138.14
(1) (bd) "Consumer report" has the meaning given in
15 USC 1681a (d).
32,2637gd
Section 2637gd. 138.14 (1) (be) of the statutes is created to read:
138.14
(1) (be) "Consumer reporting agency" has the meaning given in
15 USC 1681a (f).
32,2637gf
Section 2637gf. 138.14 (1) (k) 1. of the statutes is amended to read:
138.14 (1) (k) 1. A transaction between an individual with an account at a financial establishment and another person, including a person who is not physically located in this state, in which the person agrees to accept from the individual one or more checks, to hold the check or checks for a period of time before negotiating or presenting the check or checks for payment, and to loan to the individual, for a term of 90 days or less, before negotiating or presenting the check or checks for payment, an amount that is agreed to by the individual.
32,2637gg
Section 2637gg. 138.14 (1) (k) 2. of the statutes is amended to read:
138.14 (1) (k) 2. A transaction between an individual with an account at a financial establishment and another person, including a person who is not physically located in this state, in which the person agrees to accept the individual's authorization to initiate one or more electronic fund transfers from the account, to wait a period of time before initiating the electronic fund transfer or transfers, and to loan to the individual, for a term of 90 days or less, before initiating the electronic fund transfer or transfers, an amount that is agreed to by the individual.
32,2637gi
Section 2637gi. 138.14 (3) of the statutes is amended to read:
138.14 (3) Exemptions. This section does not apply to banks, savings banks, savings and loan associations, trust companies, credit unions, or any of their affiliates.
32,2637gk
Section 2637gk. 138.14 (7) (e) 6. of the statutes is amended to read:
138.14 (7) (e) 6. The number of payday loans made during the preceding year that resulted in repayment under sub. (11g) (a).
32,2637gm
Section 2637gm. 138.14 (9g) (a) 6. of the statutes is amended to read:
138.14 (9g) (a) 6. Disclose to the applicant the payment requirements that may apply under sub. (11g) (a) if the loan is not paid in full at the end of the loan term.
32,2637go
Section 2637go. 138.14 (9m) of the statutes is created to read:
138.14 (9m) Income verification. Before entering into a payday loan with an applicant that has not previously been a customer of the licensee, the licensee may request the applicant's consumer report from a consumer reporting agency as part of the licensee's underwriting process and the licensee may rely on the consumer report as a permissible method of income verification in making the payday loan. The licensee may also rely on the same consumer report in underwriting and making subsequent payday loans to the same customer.
32,2637gq
Section 2637gq. 138.14 (9r) (c) 4. of the statutes is amended to read:
138.14 (9r) (c) 4. The percentage of customers originating payday loans that resulted in repayment under sub. (11g) (a).
32,2637gs
Section 2637gs. 138.14 (10) (a) 2. of the statutes is amended to read:
138.14 (10) (a) 2. If a payday loan is not paid in full on or before the maturity date, a licensee may charge, after the maturity date, interest at a rate not exceeding 2.75 percent per month, except that if a licensee makes a subsequent payday loan to the customer under sub. (12) (a), and the customer does not pay the subsequent loan in full on or before the maturity date of the subsequent loan, the licensee may charge, after the maturity date of the subsequent loan, interest at a rate not exceeding 2.75 percent per month on the subsequent loan and the licensee may not charge any interest under this subdivision on the prior loan. Interest earned under this subdivision shall be calculated at the rate of one-thirtieth of the monthly rate charged for each calendar day that the balance of the loan is outstanding. Interest may not be assessed on any interest earned under this subdivision.
32,2637gu
Section 2637gu. 138.14 (10) (am) of the statutes is amended to read:
138.14 (10) (am) Penalties. Except as provided in par. (b) 2., no licensee may impose any penalty on a customer arising from the customer's prepayment of or default or late payment on a payday loan, including any payment under sub. (11g) (a).
32,2637hc
Section 2637hc. 138.14 (11g) of the statutes is renumbered 138.14 (11g) (a) and amended to read:
138.14 (11g) (a) If Except as provided in par. (b), if a customer fails to repay a payday loan in full at the end of the loan term, the licensee that made the loan shall offer the customer the opportunity to repay the outstanding balance of the loan in 4 equal installments with due dates coinciding with the customer's pay period schedule.
32,2637he
Section 2637he. 138.14 (11g) (b) of the statutes is created to read:
138.14 (11g) (b) If a licensee offers a customer the opportunity to make repayment under par. (a), then, during the 12-month period following the offer, no licensee, including the licensee making the offer, is required to offer the customer another opportunity to repay a payday loan under par. (a).
32,2637hg
Section 2637hg. 138.14 (12) (b) of the statutes is amended to read:
138.14 (12) (b) No licensee may make a payday loan to a customer that results in the customer having an outstanding aggregate liability in principal, interest, and all other fees and charges, to all licensees who have made payday loans to the customer of more than $1,500 or 35 percent of the customer's gross monthly income, whichever is less. As provided in sub. (9m), a licensee may rely on a consumer report to verify a customer's income for purposes of this paragraph.
32,2637hi
Section 2637hi. 138.14 (14) (d) 4. of the statutes is amended to read:
138.14 (14) (d) 4. Designate Automatically designate a payday loan as paid in the database 5 days after the maturity date of the loan unless a licensee reports to the database provider before that time that the loan remains open because of the customer's failure to make payment; that the loan is open because the customer's check or an electronic redeposit is in the process of clearing the banking system; that the loan remains open because the customer's check is being returned to the licensee for insufficient funds, a closed account, or a stop payment order; or that any other factors determined by the division are applicable. If a licensee makes such a report, the database provider shall designate the payday loan as an open transaction until the database provider is notified that the transaction is closed.
32,2637hk
Section 2637hk. 138.14 (14) (h) of the statutes is amended to read:
138.14 (14) (h) The division shall, by order or rule, specify a database transaction fee of no more than $1 that the database provider shall charge to licensees to cover the costs of developing and implementing the database, and accessing the database to verify that a customer does not have any payday loans with the licensee or others that in combination with a new transaction will create a violation of this section. The database fee is payable directly to the division in a manner prescribed by the division and, if the department has contracted with a 3rd-party provider to operate the database, the division shall remit the fee to the 3rd-party provider as specified in the contract.
32,2637hm
Section 2637hm. 138.14 (14) (j) of the statutes is created to read:
138.14 (14) (j) If the database, as determined by the division, is not fully operational, or the licensee is unable to access the database and, as determined under rules promulgated by the division, the alternate process established under par. (d) 2. is also unavailable, a licensee may rely upon the written verification of the customer in a statement provided in substantially the following form in at least 12-point type:
"I DO NOT HAVE ANY OUTSTANDING PAYDAY LOANS WITH THIS LICENSEE AND I DO NOT HAVE MORE PAYDAY LOANS WITH ANY OTHER LICENSED PAYDAY LOAN PROVIDER IN THIS STATE."
32,2637kd
Section 2637kd. 138.16 (1) (a) of the statutes is created to read:
138.16 (1) (a) "Division" means the division of banking attached to the department of financial institutions.
32,2637ke
Section 2637ke. 138.16 (1) (bm) of the statutes is created to read:
138.16 (1) (bm) "Licensed location" means the location specified in a license issued under s. 138.09 (1m) (a).
32,2637kf
Section 2637kf. 138.16 (1) (c) of the statutes is amended to read:
138.16 (1) (c) "Title loan" means a loan of $25,000 or less to a borrower, who obtains or seeks to obtain the loan for personal, family, or household purposes, that is, or is to be, secured by an interest, other than a purchase money security interest, in the borrower's motor vehicle, and that has an original term of not more than 6 months.
32,2637kg
Section 2637kg. 138.16 (1m) of the statutes is created to read:
138.16 (1m) Certificate of authorization. (a) Before a licensed lender may make title loans under this section, the licensed lender shall first obtain from the division, for each licensed location at which any title loan is to be made, a certificate authorizing the licensed lender to make title loans from that location.
(b) At the time of making an application for a certificate under par. (a), an applicant shall pay to the division an initial annual fee of $5,000. The valid period for the certificate shall be a calendar year and each certificate shall expire on the last day of the calendar year. To renew a certificate, the certificate holder shall, on or before December 10 of the year in which the certificate is to expire, pay to the division an annual renewal fee of $5,000 for the following calendar year.
32,2637kh
Section 2637kh. 138.16 (2) of the statutes is renumbered 138.16 (2) (a) and amended to read:
138.16 (2) (a) No licensed lender may make a title loan to a borrower that results in the borrower having liability for the loan, in principal, of more than 50 percent of the retail value of the motor vehicle used as security for the loan. The division shall promulgate rules for determining the retail value of a motor vehicle for purposes of this paragraph, including rules specifying nationally recognized pricing guides that may be used for determining retail value at the time of loan origination.
32,2637ki
Section 2637ki. 138.16 (2) (b) of the statutes is created to read:
138.16 (2) (b) 1. This section imposes no limit on the interest that a licensed lender may charge before the maturity date of a title loan.
2. If a title loan is not paid in full on or before the maturity date, a licensed lender may charge, after the maturity date, interest at a rate not exceeding 2.75 percent per month. Interest earned under this subdivision shall be calculated at the rate of one-thirtieth of the monthly rate charged for each calendar day that the balance of the loan is outstanding. Interest may not be assessed on any interest earned under this subdivision.
32,2637kj
Section 2637kj. 138.16 (3) of the statutes is created to read:
138.16 (3) Rescission. A borrower may rescind a title loan, before the close of business on the next day of business after the loan is made, or, if the place of business where the loan is made is open 24 hours, before 5 p.m. on the next day of business after the loan is made, by returning to the licensed lender the proceeds of the loan. The licensed lender may not charge the borrower any fee for rescinding the title loan as provided in this subsection.
32,2637kk
Section 2637kk. 138.16 (4) of the statutes is created to read:
138.16 (4) Other requirements. (a) A licensed lender may not make a title loan to a borrower that is secured by an interest in a motor vehicle if the motor vehicle is subject to another security interest.
(b) A licensed lender may not require a borrower to provide the licensed lender with a key or copy of a key to a motor vehicle used as security for a title loan as a condition for making the title loan to the borrower.
(c) A licensed lender or person acting on behalf of a licensed lender may not take possession of a motor vehicle used as security for a title loan to a borrower without sending notice to the borrower at least 20 days prior to taking possession. The notice shall state the intent to take possession and describe the basis for the right to take possession. This paragraph does not apply to possession that is obtained by a borrower's voluntary surrender of a motor vehicle.
(d) A licensed lender or other person may charge a borrower a reasonable storage fee for a motor vehicle of the borrower of which the licensed lender or person acting on behalf of the licensed lender has obtained possession, including possession that is obtained by voluntary surrender.
(e) A licensed lender shall return to a borrower the amount of any proceeds from the disposition of a motor vehicle used as security for a title loan to the borrower that exceed the borrower's liability to the licensed lender for the loan.
(f) A borrower is not liable to a licensed lender for any deficiency resulting from the licensed lender's disposition of a motor vehicle used as security for a title loan, unless the borrower has done any of the following:
1. Impaired the licensed lender's security interest by intentionally damaging or destroying the motor vehicle.
2. Intentionally concealed the motor vehicle.
3. Pledged to the licensed lender a motor vehicle that is already encumbered by an undisclosed prior lien.
4. Subsequent to obtaining the title loan, pledged or sold to a third party a motor vehicle used as security for a title loan without the licensed lender's written consent.
32,2637m
Section 2637m. 139.01 (4) of the statutes is amended to read:
139.01 (4) "License," and "fermented malt beverages" have the same meaning as in s. 125.02, and "licensed premises" are premises described in licenses and permits issued by the department, cities, villages, or towns under the authority of said section.
32,2637n
Section 2637n. 139.76 (1) of the statutes is amended to read:
139.76 (1) An excise tax is imposed upon the sale, offering or exposing for sale, possession with intent to sell or removal for consumption or sale or other disposition for any purpose of tobacco products by any person engaged as a distributor of them at the rate, for tobacco products, not including moist snuff, of 71 percent of the manufacturer's established list price to distributors without diminution by volume or other discounts on domestic products and, for moist snuff, at the rate of 100 percent of the manufacturer's established list price to distributors without diminution by volume or other discounts on domestic products $1.76 per ounce, and at a proportionate rate for any other quantity or fractional part in excess of 1.2 ounces. The tax imposed on a can or package of moist snuff that weighs less than 1.2 ounces shall be equal to the amount of the tax imposed on a can or package that weighs 1.2 ounces. The tax imposed under this subsection on cigars shall not exceed an amount equal to 50 cents for each cigar. On products imported from another country, not including moist snuff, the rate of tax is 71 percent of the amount obtained by adding the manufacturer's list price to the federal tax, duties and transportation costs to the United States. On moist snuff imported from another country, the rate of the tax is 100 percent of the amount obtained by adding the manufacturer's list price to the federal tax, duties, and transportation costs to the United States. The tax attaches at the time the tobacco products are received by the distributor in this state. The tax shall be passed on to the ultimate consumer of the tobacco products. All tobacco products received in this state for sale or distribution within this state, except tobacco products actually sold as provided in sub. (2), shall be subject to such tax.
32,2637p
Section 2637p. 139.78 (1) of the statutes is amended to read:
139.78 (1) A tax is imposed upon the use or storage by consumers of tobacco products in this state at the rate, for tobacco products, not including moist snuff, of 71 percent of the cost of the tobacco products and, for moist snuff, at the rate of 100 percent of the manufacturer's established list price to distributors without diminution by volume or other discounts on domestic products $1.76 per ounce, and at a proportionate rate for any other quantity or fractional part in excess of 1.2 ounces. The tax imposed on a can or package of moist snuff that weighs less than 1.2 ounces shall be equal to the amount of the tax imposed on a can or package that weighs 1.2 ounces. The tax imposed under this subsection on cigars shall not exceed an amount equal to 50 cents for each cigar. The tax does not apply if the tax imposed by s. 139.76 (1) on the tobacco products has been paid or if the tobacco products are exempt from the tobacco products tax under s. 139.76 (2).
32,2638
Section
2638. 145.01 (4) of the statutes is amended to read:
145.01 (4) Department. "Department" means the department of commerce safety and professional services.
32,2639
Section
2639. 145.02 (4) (a) of the statutes is amended to read:
145.02 (4) (a) The department shall prescribe rules as to the qualifications, examination and licensing of master and journeyman plumbers and restricted plumber licensees, for the licensing of utility contractors, for the registration of plumbing apprentices and pipe layers and for the registration and training of registered learners. The plumbers council, created under s. 15.157 (6)
15.407 (16), shall advise the department in formulating the rules.
32,2640
Section
2640. 145.17 (2) of the statutes is amended to read:
145.17 (2) The department shall prescribe rules as to the qualifications, examination and licensing of journeymen automatic fire sprinkler system fitters and automatic fire sprinkler contractors and for the registration and training of automatic fire sprinkler system apprentices. The automatic fire sprinkler system contractors and journeymen council, created under s. 15.157 (9) 15.407 (17), shall advise the department in formulating the rules.
32,2641
Section
2641. 145.20 (5) (c) of the statutes is amended to read:
145.20 (5) (c) The department of natural resources may suspend or revoke a license issued under s. 281.48 or a certificate issued under s. 281.17 (3) to the operator of a septage servicing vehicle if the department of natural resources finds that the licensee or operator falsified information on inspection forms. The department of commerce safety and professional services may suspend or revoke the license of a plumber licensed under this chapter if the department finds that the plumber falsified information on inspection forms.
32,2642
Section
2642. 145.245 (12m) (e) of the statutes is amended to read:
145.245 (12m) (e) The department of commerce safety and professional services and the department of administration may enter into a financial assistance agreement with a governmental unit that applies for a loan under this subsection and meets the eligibility requirements for a loan, including the requirements under par. (d).
32,2643
Section
2643. 145.245 (12m) (f) of the statutes is amended to read:
145.245 (12m) (f) The department of administration, in consultation with the department of commerce safety and professional services, may establish those terms and conditions of a financial assistance agreement that relate to its financial management, including what type of municipal obligation is required for the repayment of the financial assistance. In setting the terms and conditions, the department of administration may consider factors that the department of administration finds are relevant, including the type of obligation evidencing the loan, the pledge of security for the obligation and the applicant's creditworthiness.
32,2644
Section
2644. 145.245 (12m) (g) of the statutes is amended to read:
145.245 (12m) (g) The department of administration shall make and disburse a loan to an applicant that has entered into a financial assistance agreement under par. (e). The department of administration, in consultation with the department of commerce safety and professional services, shall establish procedures for disbursing loans.
32,2645
Section
2645. 145.245 (12m) (h) of the statutes is amended to read:
145.245 (12m) (h) If a governmental unit fails to make a principal repayment after its due date, the department of administration shall place on file a certified statement of all amounts due under this subsection. After consulting the department of commerce safety and professional services, the department of administration may collect all amounts due by deducting those amounts from any state payments due the governmental unit or may add a special charge to the amount of taxes apportioned to and levied upon the county under s. 70.60. If the department of administration collects amounts due, it shall remit those amounts to the fund to which they are due and notify the department of commerce safety and professional services of that action.
32,2646
Section
2646. 146.085 (3) of the statutes is amended to read:
146.085 (3) Enforcement. The department, the department of commerce safety and professional services, and the public service commission shall enforce this section within their respective jurisdictions.