452.12 (6) (b) Unless an applicant's license has been revoked or suspended under s. 452.14 (3), the department board may register the applicant under par. (a) as an inactive licensee upon payment of a $15 fee.
32,3260
Section
3260. 452.12 (6) (d) of the statutes is amended to read:
452.12 (6) (d) If an inactive licensee files an application for reinstatement before January 1, 1996, the department board shall reinstate the inactive licensee's original license in accordance with the requirements for late renewal under s. 440.08 (3).
32,3261
Section
3261. 452.12 (6) (e) (intro.) of the statutes is amended to read:
452.12 (6) (e) (intro.) Except as provided in ss. 440.03 (11m) (b), 440.12 and 440.13 (2) (a) (c), the department board shall reinstate an inactive licensee's original license as follows:
32,3262
Section
3262. 452.12 (6) (e) 1. of the statutes is amended to read:
452.12 (6) (e) 1. If a person has registered as an inactive licensee before November 1, 1990, the department board shall reinstate the person's original license if that person applies to the department board for reinstatement of his or her original license, pays the fee specified under s. 440.05 (1), passes an examination under s. 452.09 (3), and completes the education requirements established by the department board under par. (f).
32,3263
Section
3263. 452.12 (6) (e) 2. of the statutes is amended to read:
452.12 (6) (e) 2. If a person has registered as an inactive licensee on or after November 1, 1990, the department board shall reinstate the person's original license if that person applies to the department board for reinstatement of his or her original license, pays the renewal fee determined by the department under s. 440.03 (9) (a) for the original license and completes 12 hours of the continuing education as requirements established by the department board under par. (f). A person who is eligible for reinstatement of his or her original license under this subdivision shall complete the requirements for reinstatement under this subdivision before January 1, 1996, or within 5 years after the date on which the person registered as an inactive licensee, whichever is later.
32,3264
Section
3264. 452.12 (6) (e) 3. of the statutes is amended to read:
452.12 (6) (e) 3. If a person who is eligible for reinstatement of his or her original license under subd. 2. does not complete the requirements for reinstatement within the time specified under subd. 2., the department
board shall reinstate the original license of that person if he or she meets the requirements specified under subd. 1.
32,3265
Section
3265. 452.12 (6) (f) of the statutes is amended to read:
452.12 (6) (f) The department board shall promulgate rules establishing the education requirements that applicants for reinstatement of original licenses under par. (e) must satisfy.
32,3266
Section
3266. 452.13 (2) (b) 1. of the statutes is amended to read:
452.13 (2) (b) 1. Register with the department of
regulation and licensing safety and professional services the name and address of the depository institution and the number of the interest-bearing common trust account.
32,3267
Section
3267. 452.13 (2) (b) 2. of the statutes is amended to read:
452.13 (2) (b) 2. Notify the department of regulation and licensing safety and professional services when any of the information required under subd. 1. is changed.
32,3268
Section
3268. 452.13 (2) (b) 3. of the statutes is amended to read:
452.13 (2) (b) 3. Furnish the department of regulation and licensing safety and professional services with a letter authorizing the department of regulation and licensing safety and professional services and the department of commerce administration to examine and audit the interest-bearing common trust account whenever the department of regulation and licensing safety and professional services or the department of commerce
administration considers it necessary.
32,3269
Section
3269. 452.13 (2) (bm) of the statutes is amended to read:
452.13 (2) (bm) The department of regulation and licensing safety and professional services shall forward to the department of commerce administration the information and documents furnished under par. (b).
32,3270
Section
3270. 452.13 (2) (d) of the statutes is amended to read:
452.13 (2) (d) The department of commerce administration is the beneficial owner of the interest accruing to the interest-bearing common trust account, minus any service charges or fees.
32,3271
Section
3271. 452.13 (2) (e) 1. of the statutes is amended to read:
452.13 (2) (e) 1. Annually, before February 1, remit to the department of commerce administration the total interest or dividends, minus service charges or fees, earned on the average daily balance in the interest-bearing common trust account during the 12 months ending on the previous December 31. A depository institution is not required to remit any amount if the total interest or dividends for that period is less than $10 before any deduction for service charges or fees.
32,3272
Section
3272. 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 commerce administration and to the broker maintaining the interest-bearing common trust account a statement that includes the name of the broker 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.
32,3273
Section
3273. 452.13 (2) (f) 2. of the statutes is amended to read:
452.13 (2) (f) 2. May not assess a service charge or fee for an interest-bearing common trust account against the department of commerce administration.
32,3274
Section
3274. 452.13 (2) (f) 3. of the statutes is amended to read:
452.13 (2) (f) 3. May deduct a service charge or fee from the interest earned by an interest-bearing common trust account, and if a balance remains, may deduct the remaining charge or fee from the interest earned on any other interest-bearing common trust account maintained in that depository institution, before remitting interest to the department of commerce administration.
32,3274m
Section 3274m. 452.13 (5) of the statutes is amended to read:
452.13 (5) Rules. In consultation with the department of regulation and licensing safety and professional services, the department of commerce administration shall promulgate rules necessary to administer this section.
32,3276
Section
3276. 452.14 (1) of the statutes is amended to read:
452.14 (1) The department board shall, upon motion of the board secretary or his or her designee or upon its own determination, conduct investigations and, as appropriate, may hold hearings and make findings, if the board or the department receives credible information that a broker, salesperson, or time-share salesperson has violated this chapter or any rule promulgated under this chapter.
32,3277
Section
3277. 452.14 (2) of the statutes is amended to read:
452.14 (2) The department shall present the findings of any investigation of a licensee or registrant to the board for its consideration. The department shall upon motion of the board, and board may, upon its own determination, commence disciplinary proceedings on any matter under investigation concerning a licensee or registrant. No investigation of a licensee or registrant may be closed without motion of the board.
32,3278
Section
3278. 452.14 (3) (L) of the statutes is amended to read:
452.14 (3) (L) Violated any provision of this chapter or any rule promulgated under this chapter;
32,3279
Section
3279. 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 in this state without being registered with the department board 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.
32,3280
Section
3280. 452.22 (2) of the statutes is amended to read:
452.22 (2) The certificate of the secretary chairperson of the board 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 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 license or registration holder thereof, the filing or withdrawal of any application or its existence or nonexistence, is prima facie evidence of the facts therein stated in the certificate for all purposes in any action or proceedings.
32,3281
Section
3281. 462.01 (3) of the statutes is amended to read:
462.01 (3) "Department" means the department of regulation and licensing safety and professional services.
32,3283
Section
3283. 551.403 (2) (a) 2. of the statutes is amended to read:
551.403 (2) (a) 2. Institutional investors, except any institutional investor described in s. 551.102 (11) (k), (m), or (o).
32,3284
Section
3284. 551.403 (2) (a) 2m. of the statutes is amended to read:
551.403 (2) (a) 2m. Accredited investors as defined in Rule 501 (a) (1), (2), or (3)
, (7) or (8) adopted under the Securities Act of 1933.
32,3285
Section
3285. Chapter 560 (title) of the statutes is repealed.
32,3286
Section
3286. Subchapter I (title) of chapter 560 [precedes 560.001] of the statutes is repealed.
32,3287
Section
3287. 560.001 of the statutes is repealed.
32,3288
Section
3288. 560.01 (title), (1) and (2) of the statutes are repealed.
32,3289
Section
3289. 560.01 (3) of the statutes is renumbered 238.04 (14) and amended to read:
238.04 (14) Foreign office agreements. The department may enter Enter into agreements regarding compensation, space, and other administrative matters as are necessary to operate departmental offices in other states and foreign countries. Such agreements shall be subject to the approval of the secretary of administration.
32,3290
Section
3290. 560.02 of the statutes is repealed.
32,3291
Section
3291. 560.03 (title) of the statutes is repealed.
32,3292
Section
3292. 560.03 (intro.) of the statutes is repealed.
32,3293
Section
3293. 560.03 (1) of the statutes is repealed.
32,3294
Section
3294. 560.03 (2) of the statutes is repealed.
32,3295
Section
3295. 560.03 (3) of the statutes is repealed.
32,3296
Section
3296. 560.03 (4) of the statutes is repealed.
32,3297
Section
3297. 560.03 (4m) of the statutes is repealed.
32,3298
Section
3298. 560.03 (5) of the statutes is repealed.
32,3299
Section
3299. 560.03 (6) of the statutes is repealed.
32,3299m
Section 3299m. 560.03 (7) of the statutes is repealed.
32,3300
Section
3300. 560.03 (8) of the statutes is repealed.
32,3301
Section
3301. 560.03 (9) of the statutes is repealed.
32,3302
Section
3302. 560.03 (10) of the statutes is repealed.
32,3303
Section
3303. 560.03 (11) of the statutes is repealed.
32,3304
Section
3304. 560.03 (16) of the statutes is repealed.
32,3305
Section
3305. 560.03 (17) of the statutes is renumbered 238.25 and amended to read:
238.25 Assistance to loan recipients. Assist The corporation shall assist new businesses and small businesses receiving economic development loans under s. 234.65 (1) (a) or the assistance of the Wisconsin Housing and Economic Development Authority in locating sources of venture capital and in obtaining the state and federal licenses and permits necessary for business operations.
32,3306
Section
3306. 560.03 (18) of the statutes is repealed.
32,3307
Section
3307. 560.03 (19) of the statutes is repealed.
32,3308
Section
3308. 560.03 (20) of the statutes is repealed.
32,3309
Section
3309. 560.03 (21) of the statutes is repealed.
32,3310
Section
3310. 560.03 (22) of the statutes is repealed.
32,3311
Section
3311. 560.03 (23) of the statutes is repealed.
32,3312
Section
3312. 560.03 (25) of the statutes is repealed.
32,3313
Section
3313. 560.03 (26) of the statutes is repealed.
32,3314
Section
3314. 560.031 of the statutes is repealed.
32,3315
Section
3315. 560.032 of the statutes is renumbered 238.10 and amended to read:
238.10 Allocation of volume cap on tax-exempt bonds. (1) Allocation. The
department, by rule, corporation shall establish under
26 USC 146 and administer a system for the allocation of the volume cap on the issuance of private activity bonds, as defined under
26 USC 141 (a), among all municipalities, as defined in s. 67.01 (5), and any corporation formed on behalf of those municipalities, and among this state, the Wisconsin Health and Educational Facilities Authority, the Wisconsin Aerospace Authority, and the Wisconsin Housing and Economic Development Authority.
(2) Amendment to allocation. At any time prior to December 31 in any year, the
department corporation may
promulgate adopt rules to revise the allocation system established for that year under sub. (1), except that any revision under this subsection does not apply to any allocation under which the recipient of that allocation has adopted a resolution authorizing the issuance of a private activity bond, as defined in
26 USC 141 (a).
(3) Conditions. The department corporation may establish, by rule, any procedure for, and place any condition upon, the granting of an allocation under this section which the department corporation deems to be in the best interest of the state including, but not limited to, a requirement that a cash deposit, at a rate established by the department in the rules corporation, be a condition for an allocation.
(4) Certification. If the
secretary corporation receives notice of the issuance of a bond under an allocation under subs. (1) to (3), the
secretary corporation shall certify that that bond meets the requirements of
26 USC 146.
32,3316
Section
3316. 560.033 of the statutes is repealed.
32,3317
Section
3317. 560.0335 of the statutes is renumbered 16.283.
