AB40-ASA1,1290,220
452.09
(2) (a) Except as provided in a reciprocal agreement under s. 452.05 (3),
21each applicant for a salesperson's license shall submit to the
department board 22evidence satisfactory to the
department board of successful completion of
23educational programs approved for this purpose under s. 452.05 (1) (c). The
24department board may waive the requirement under this paragraph upon proof that
1the applicant has received 10 academic credits in real estate or real estate related
2law courses from an accredited institution of higher education.
AB40-ASA1,1290,84
452.09
(2) (c) 2. Submit to the
department board evidence satisfactory to the
5department board of successful completion of educational programs in business
6management approved for this purpose under s. 452.05 (1) (c). No educational
7programs applied to satisfy the requirement under subd. 1. may be applied to satisfy
8the requirement under this subdivision.
AB40-ASA1,1290,1310
452.09
(2) (d) The
department board may waive the requirements under par.
11(c) upon proof that the applicant has received 20 academic credits in real estate or
12real estate related law courses from an accredited institution of higher education or
13that the applicant is licensed to practice law in this state.
AB40-ASA1,1290,2415
452.09
(3) (a) In determining competency, the
department board shall require
16proof that the applicant for a broker's or salesperson's license has a fair knowledge
17of the English language
,; a fair understanding of the general purposes and general
18legal effect of deeds, mortgages, land contracts of sale, leases, bills of sale, chattel
19mortgages,
and conditional sales contracts
,; and a general and fair understanding
20of the obligations between principal and agent, as well as of this chapter.
An The
21board shall deny a license to an applicant receiving a failing grade, as established by
22rules of the
department board, on any examination given under this section
shall be
23denied a license, but any applicant may review his or her examination results in a
24manner established by rules of the
department board.
AB40-ASA1,1291,3
1452.09
(3) (b) The
department board shall determine competency under par.
2(a) by means of only an oral examination for any applicant who is unable to write
3because of a physical handicap.
AB40-ASA1,1291,85
452.09
(3) (d) Except as provided in a reciprocal agreement under s. 452.05 (3),
6the
department board may not grant a broker's license to an applicant who does not
7hold a salesperson's license unless the applicant passes the salesperson's
8examination and the broker's examination.
AB40-ASA1,1291,1910
452.09
(5) Apprenticeships. Any person who is a resident of this state and 18
11years of age or over may, upon application filed in accordance with sub. (1), be
12indentured to a licensed resident broker in accordance with rules promulgated by the
13department board. These rules shall be promulgated so as to protect the public and
14may limit the real estate sales and brokerage activity of the apprentice. The
15department board may require
an apprentice to take a preliminary examination
16covering general knowledge and
may prescribe the character and extent of his or her
17work during apprenticeship. The
department board may issue a temporary
18salesperson's permit to the individual for a period not to exceed one year upon
19payment of the fee under s. 440.05 (6). The temporary permit is not renewable.
AB40-ASA1,1291,2221
452.10
(2) (b) Unless an application is withdrawn in writing before the
22department board has made any investigation, no part of the fee shall be returned.
AB40-ASA1,1292,3
1452.10
(4) (a) Any licensed salesperson or broker may transfer to the
2employment of a licensed broker by first paying the transfer fee specified in s. 440.05
3(7) and filing a transfer form with the
department
board.
AB40-ASA1,1292,75
452.10
(6) In the case of applications for renewals of licenses the
department 6board may dispense with such matters contained in s. 452.09 (1) as it deems
7unnecessary in view of prior applications.
AB40-ASA1,1292,189
452.11
(3) Every nonresident applicant, and every resident licensee who
10becomes a nonresident, shall file with the
department
board an irrevocable consent
11that actions may be commenced against the applicant or licensee in the proper court
12of any county of the state in which a cause of action arises or in which the plaintiff
13resides, by the service of any process or pleading authorized by the laws of this state
14on the
department board or any duly authorized employee. The consent shall
15stipulate and agree that such service is valid and binding as due service upon the
16applicant or licensee in all courts in this state. The consent shall be duly
17acknowledged and, if made by a corporation, shall be authenticated by the corporate
18seal.
AB40-ASA1,1293,520
452.11
(4) Any process or pleading under this section shall be served in
21duplicate upon the
department board or its duly authorized employee. One copy
22shall be filed with the
department board and the other immediately forwarded by
23certified mail to the nonresident licensee against whom the process or pleading is
24directed at the last address provided to the
department board by the nonresident
25licensee. No default in any such proceeding or action may be taken unless it appears
1by affidavit of the
secretary chairperson of the board or any duly authorized
2employee that a copy of the process or pleading was mailed to the nonresident
3licensee as required in this subsection. No judgment by default may be taken in any
4action or proceeding within 20 days after the date of mailing the process or pleading
5to the nonresident licensee.
AB40-ASA1,1293,97
452.12
(1) Expiration. A license granted by the
department board entitles the
8holder to act as a broker or salesperson, as the case may be, until the applicable
9renewal date specified under s. 440.08 (2) (a).
AB40-ASA1,1293,1611
452.12
(2) (c) Application for a business entity license shall be made on forms
12prescribed by the
department board, listing the names and addresses of all business
13representatives, and shall be accompanied by the initial credential fee determined
14by the department under s. 440.03 (9) (a). If there is a change in any of the business
15representatives, the change shall be reported to the
department board, on the same
16form, within 30 days after the effective date of the change.
AB40-ASA1,1293,2318
452.12
(4) Register of brokers and salespersons. The department shall
19maintain the register required by s. 440.035 (4). The
board shall include in the
20register the board maintains under s. 440.035 (4) the names of all brokers and
21salespersons whose licenses
have been were revoked
at any time within
the past 2
22years
prior to the issuance thereof shall be included in the register. The register shall
23be available for purchase at cost.
AB40-ASA1,1294,6
1452.12
(5) (a) Renewal applications for all licenses shall be submitted with the
2applicable renewal fee determined by the department under s. 440.03 (9) (a) on or
3before the applicable renewal date specified under s. 440.08 (2) (a).
The department
4shall pay $10 of each renewal fee received under this paragraph to the Board of
5Regents of the University of Wisconsin System for research and educational, public
6outreach, and grant activities under s. 36.25 (34).
AB40-ASA1,1294,108
452.12
(5) (b) If an application for renewal is not filed with the
department 9board on or before the renewal date, the applicant may not engage in any of the
10activities covered by the license until the license is renewed or a new license is issued.
AB40-ASA1, s. 3256m
11Section 3256m. 452.12 (5) (c) 1. of the statutes is renumbered 452.12 (5) (c)
12and amended to read:
AB40-ASA1,1294,1513
452.12
(5) (c) At the time of renewal, each broker or salesperson shall submit
14proof of attendance at and successful completion of continuing education programs
15or courses approved under s. 452.05 (1) (g)
, except as provided in subd. 2.
AB40-ASA1,1294,2018
452.12
(6) (b) Unless an applicant's license has been revoked or suspended
19under s. 452.14 (3), the
department board may register the applicant under par. (a)
20as an inactive licensee upon payment of a $15 fee.
AB40-ASA1,1294,2522
452.12
(6) (d) If an inactive licensee files an application for reinstatement
23before January 1, 1996, the
department board shall reinstate the inactive licensee's
24original license in accordance with the requirements for late renewal under s. 440.08
25(3).
AB40-ASA1, s. 3261
1Section
3261. 452.12 (6) (e) (intro.) of the statutes is amended to read:
AB40-ASA1,1295,42
452.12
(6) (e) (intro.) Except as provided in ss. 440.03 (11m) (b), 440.12 and
3440.13 (2)
(a) (c), the
department board shall reinstate an inactive licensee's original
4license as follows:
AB40-ASA1,1295,116
452.12
(6) (e) 1. If a person has registered as an inactive licensee before
7November 1, 1990, the
department board shall reinstate the person's original license
8if that person applies to the
department board for reinstatement of his or her original
9license, pays the fee specified under s. 440.05 (1), passes an examination under s.
10452.09 (3)
, and completes the education requirements established by the
department 11board under par. (f).
AB40-ASA1,1295,2213
452.12
(6) (e) 2. If a person has registered as an inactive licensee on or after
14November 1, 1990, the
department board shall reinstate the person's original license
15if that person applies to the
department board for reinstatement of his or her original
16license, pays the renewal fee determined by the department under s. 440.03 (9) (a)
17for the original license and completes
12 hours of
the continuing education
as 18requirements established by the
department board under par. (f). A person who is
19eligible for reinstatement of his or her original license under this subdivision shall
20complete the requirements for reinstatement under this subdivision before January
211, 1996, or within 5 years after the date on which the person registered as an inactive
22licensee, whichever is later.
AB40-ASA1,1296,324
452.12
(6) (e) 3. If a person who is eligible for reinstatement of his or her
25original license under subd. 2. does not complete the requirements for reinstatement
1within the time specified under subd. 2., the
department board shall reinstate the
2original license of that person if he or she meets the requirements specified under
3subd. 1.
AB40-ASA1,1296,75
452.12
(6) (f) The
department board shall promulgate rules establishing the
6education requirements that applicants for reinstatement of original licenses under
7par. (e) must satisfy.
AB40-ASA1,1296,119
452.13
(2) (b) 1. Register with the department of
regulation and licensing 10safety and professional services the name and address of the depository institution
11and the number of the interest-bearing common trust account.
AB40-ASA1,1296,1513
452.13
(2) (b) 2. Notify the department of
regulation and licensing safety and
14professional services when any of the information required under subd. 1. is
15changed.
AB40-ASA1,1296,2217
452.13
(2) (b) 3. Furnish the department of
regulation and licensing safety and
18professional services with a letter authorizing the department of
regulation and
19licensing safety and professional services and the department of
commerce 20administration to examine and audit the interest-bearing common trust account
21whenever the department of
regulation and licensing
safety and professional
22services or the department of
commerce administration considers it necessary.
AB40-ASA1,1297,3
1452.13
(2) (bm) The department of
regulation and licensing safety and
2professional services shall forward to the department of
commerce administration 3the information and documents furnished under par. (b).
AB40-ASA1,1297,75
452.13
(2) (d) The department of
commerce administration is the beneficial
6owner of the interest accruing to the interest-bearing common trust account, minus
7any service charges or fees.
AB40-ASA1,1297,149
452.13
(2) (e) 1. Annually, before February 1, remit to the department of
10commerce administration the total interest or dividends, minus service charges or
11fees, earned on the average daily balance in the interest-bearing common trust
12account during the 12 months ending on the previous December 31. A depository
13institution is not required to remit any amount if the total interest or dividends for
14that period is less than $10 before any deduction for service charges or fees.
AB40-ASA1,1297,2116
452.13
(2) (e) 2. When the interest remittance is sent, furnish to the
17department of
commerce administration and to the broker maintaining the
18interest-bearing common trust account a statement that includes the name of the
19broker for whose account the remittance is made, the rate of interest applied, the
20amount of service charges or fees deducted, if any, and the account balance for the
21period that the statement covers.
AB40-ASA1,1297,2423
452.13
(2) (f) 2. May not assess a service charge or fee for an interest-bearing
24common trust account against the department of
commerce administration.
AB40-ASA1,1298,5
1452.13
(2) (f) 3. May deduct a service charge or fee from the interest earned by
2an interest-bearing common trust account, and if a balance remains, may deduct the
3remaining charge or fee from the interest earned on any other interest-bearing
4common trust account maintained in that depository institution, before remitting
5interest to the department of
commerce administration.
AB40-ASA1,1298,97
452.13
(5) Rules. In consultation with the department of
regulation and
8licensing safety and professional services, the department of
commerce 9administration shall promulgate rules necessary to administer this section.
AB40-ASA1,1298,1511
452.14
(1) The
department board shall, upon motion of the
board secretary or
12his or her designee or upon its own determination, conduct investigations and, as
13appropriate, may hold hearings and make findings, if the
board or the department
14receives credible information that a broker, salesperson
, or time-share salesperson
15has violated this chapter or any rule promulgated under this chapter.
AB40-ASA1,1298,2217
452.14
(2) The department shall present the findings of any investigation of
18a licensee or registrant to the board for its consideration. The
department shall upon
19motion of the board, and board may
, upon its own determination, commence
20disciplinary proceedings on any matter under investigation concerning a licensee or
21registrant.
No investigation of a licensee or registrant may be closed without motion
22of the board.
AB40-ASA1,1298,2524
452.14
(3) (L) Violated any provision of this chapter
or any rule promulgated
25under this chapter;
AB40-ASA1,1299,72
452.17
(2) Any person who engages in or follows the business or occupation of,
3or advertises or holds himself or herself out as or acts temporarily or otherwise as,
4a time-share salesperson in this state without being registered with the
department 5board shall be prosecuted by the district attorney in the county where the violation
6occurs and may be fined not less than $25 nor more than $200 or imprisoned not less
7than 10 days nor more than 6 months or both.
AB40-ASA1,1299,179
452.22
(2) The certificate of the
secretary chairperson of the board or his or her
10designee to the effect that a specified individual or business entity is not or was not
11on a specified date the holder of a broker's, salesperson's
, or time-share salesperson's
12license or registration, or that a specified license or registration was not in effect on
13a date specified, or as to the issuance, limitation, suspension
, or revocation of any
14license or registration or the reprimand of any
license or registration holder
thereof,
15the filing or withdrawal of any application or its existence or nonexistence, is prima
16facie evidence of the facts
therein stated
in the certificate for all purposes in any
17action or proceedings.
AB40-ASA1,1299,2019
462.01
(3) "Department" means the department of
regulation and licensing 20safety and professional services.
AB40-ASA1,1299,2322
551.403
(2) (a) 2. Institutional investors
, except any institutional investor
23described in s. 551.102 (11) (k), (m), or (o).
AB40-ASA1, s. 3284
24Section
3284. 551.403 (2) (a) 2m. of the statutes is amended to read:
AB40-ASA1,1300,2
1551.403
(2) (a) 2m. Accredited investors as defined in Rule 501 (a) (1)
, (2), or 2(3)
, (7) or (8) adopted under the Securities Act of 1933.
AB40-ASA1, s. 3286
4Section
3286. Subchapter I (title) of chapter 560 [precedes 560.001] of the
5statutes is repealed.
