September 2011 Special Session
Date of enactment: November 21, 2011
Senate Bill 2
Date of publication*: December 5, 2011
2011 WISCONSIN ACT 79
An Act to repeal 234.83 (1c) (a) and 234.83 (2) (a) 1. and 2.; to consolidate, renumber and amend 234.83 (1c) (intro.) and (b) and 234.83 (2) (a) (intro.) and 3.; and to amend 234.83 (3) (a) 3. and 234.83 (4) of the statutes; relating to: small business loan guarantees by the Wisconsin Housing and Economic Development Authority.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
234.83 (1c) (intro.) and (b) of the statutes, as affected by 2011 Wisconsin Act 32
, are consolidated, renumbered 234.83 (1c) and amended to read:
234.83 (1c) Definitions
Definition. In this section: (b) "Small section, "small business" means a business, as defined in s. 84.185 (1) (a), that employs 50
250 or fewer employees on a full-time basis.
234.83 (1c) (a) of the statutes is repealed.
234.83 (2) (a) (intro.) and 3. of the statutes are consolidated, renumbered 234.83 (2) (a) and amended to read:
234.83 (2) (a) A small business to which all of the following apply: 3. The, provided that the name of the owner of the small business does not appear on the statewide support lien docket under s. 49.854 (2) (b) or, if the name of the owner of the small business appears on that docket, the owner of the small business provides to the authority a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a).
234.83 (2) (a) 1. and 2. of the statutes are repealed.
234.83 (3) (a) 3. of the statutes is amended to read:
234.83 (3) (a) 3. The start-up of a small business in a vacant storefront in the downtown area of a rural community city, town, or village in this state, including the purchase or improvement of land, buildings, machinery, equipment, or inventory.
234.83 (4) of the statutes is amended to read:
234.83 (4) Guarantee of repayment. The authority may guarantee repayment of a portion of the principal of any loan eligible for a guarantee under sub. (1m). That portion may not exceed 80% of the principal of the loan or $200,000 $750,000, whichever is less. The authority shall establish the portion of the principal of an eligible loan that will be guaranteed, using the procedures described in the agreement under s. 234.93 (2) (a). The authority may establish a single portion for all guaranteed loans that do not exceed $250,000 $937,500 and a single portion for all guaranteed loans that exceed $250,000 $937,500 or establish on an individual basis different portions for eligible loans that do not exceed $250,000 $937,500 and different portions for eligible loans that exceed $250,000 $937,500.