AB40, s. 3254 16Section 3254. 452.12 (2) (c) of the statutes is amended to read:
AB40,1175,2217 452.12 (2) (c) Application for a business entity license shall be made on forms
18prescribed by the department board, listing the names and addresses of all business
19representatives, and shall be accompanied by the initial credential fee determined
20by the department under s. 440.03 (9) (a). If there is a change in any of the business
21representatives, the change shall be reported to the department board, on the same
22form, within 30 days after the effective date of the change.
AB40, s. 3255 23Section 3255. 452.12 (4) of the statutes is amended to read:
AB40,1176,424 452.12 (4) Register of brokers and salespersons. The department shall
25maintain the register required by s. 440.035 (4).
The board shall include in the

1register the board maintains under s. 440.035 (4) the
names of all brokers and
2salespersons whose licenses have been were revoked at any time within the past 2
3years prior to the issuance thereof shall be included in the register. The register shall
4be available for purchase at cost.
AB40, s. 3256 5Section 3256. 452.12 (5) (b) of the statutes is amended to read:
AB40,1176,86 452.12 (5) (b) If an application for renewal is not filed with the department
7board on or before the renewal date, the applicant may not engage in any of the
8activities covered by the license until the license is renewed or a new license is issued.
AB40, s. 3257 9Section 3257. 452.12 (5) (c) 2. of the statutes is amended to read:
AB40,1176,1310 452.12 (5) (c) 2. Not later than June 30 of each even-numbered year, the
11department board shall conduct an examination on those subjects required for
12continuing education under s. 452.05 (1) (d). Any broker or salesperson who passes
13the examination under this subdivision is not required to comply with subd. 1.
AB40, s. 3258 14Section 3258. 452.12 (5) (d) of the statutes is created to read:
AB40,1176,1815 452.12 (5) (d) Annually, the department shall pay to the University of
16Wisconsin-Madison $10 of each renewal fee received under this subsection for
17support of the center for urban land economics in the School of Business at the
18University of Wisconsin-Madison under s. 37.25 (34).
AB40, s. 3259 19Section 3259. 452.12 (6) (b) of the statutes is amended to read:
AB40,1176,2220 452.12 (6) (b) Unless an applicant's license has been revoked or suspended
21under s. 452.14 (3), the department board may register the applicant under par. (a)
22as an inactive licensee upon payment of a $15 fee.
AB40, s. 3260 23Section 3260. 452.12 (6) (d) of the statutes is amended to read:
AB40,1177,224 452.12 (6) (d) If an inactive licensee files an application for reinstatement
25before January 1, 1996, the department board shall reinstate the inactive licensee's

1original license in accordance with the requirements for late renewal under s. 440.08
2(3).
AB40, s. 3261 3Section 3261. 452.12 (6) (e) (intro.) of the statutes is amended to read:
AB40,1177,64 452.12 (6) (e) (intro.) Except as provided in ss. 440.03 (11m) (b), 440.12 and
5440.13 (2) (a) (c), the department board shall reinstate an inactive licensee's original
6license as follows:
AB40, s. 3262 7Section 3262. 452.12 (6) (e) 1. of the statutes is amended to read:
AB40,1177,138 452.12 (6) (e) 1. If a person has registered as an inactive licensee before
9November 1, 1990, the department board shall reinstate the person's original license
10if that person applies to the department board for reinstatement of his or her original
11license, pays the fee specified under s. 440.05 (1), passes an examination under s.
12452.09 (3), and completes the education requirements established by the department
13board under par. (f).
AB40, s. 3263 14Section 3263. 452.12 (6) (e) 2. of the statutes is amended to read:
AB40,1177,2415 452.12 (6) (e) 2. If a person has registered as an inactive licensee on or after
16November 1, 1990, the department board shall reinstate the person's original license
17if that person applies to the department board for reinstatement of his or her original
18license, pays the renewal fee determined by the department under s. 440.03 (9) (a)
19for the original license and completes 12 hours of continuing education as established
20by the department board under par. (f). A person who is eligible for reinstatement
21of his or her original license under this subdivision shall complete the requirements
22for reinstatement under this subdivision before January 1, 1996, or within 5 years
23after the date on which the person registered as an inactive licensee, whichever is
24later.
AB40, s. 3264 25Section 3264. 452.12 (6) (e) 3. of the statutes is amended to read:
AB40,1178,5
1452.12 (6) (e) 3. If a person who is eligible for reinstatement of his or her
2original license under subd. 2. does not complete the requirements for reinstatement
3within the time specified under subd. 2., the department board shall reinstate the
4original license of that person if he or she meets the requirements specified under
5subd. 1.
AB40, s. 3265 6Section 3265. 452.12 (6) (f) of the statutes is amended to read:
AB40,1178,97 452.12 (6) (f) The department board shall promulgate rules establishing the
8education requirements that applicants for reinstatement of original licenses under
9par. (e) must satisfy.
AB40, s. 3266 10Section 3266. 452.13 (2) (b) 1. of the statutes is amended to read:
AB40,1178,1311 452.13 (2) (b) 1. Register with the department of regulation and licensing
12safety and professional services the name and address of the depository institution
13and the number of the interest-bearing common trust account.
AB40, s. 3267 14Section 3267. 452.13 (2) (b) 2. of the statutes is amended to read:
AB40,1178,1715 452.13 (2) (b) 2. Notify the department of regulation and licensing safety and
16professional services
when any of the information required under subd. 1. is
17changed.
AB40, s. 3268 18Section 3268. 452.13 (2) (b) 3. of the statutes is amended to read:
AB40,1178,2519 452.13 (2) (b) 3. Furnish the department of regulation and licensing safety and
20professional services
with a letter authorizing the department of regulation and
21licensing
safety and professional services and the department of commerce
22Wisconsin Housing and Economic Development Authority to examine and audit the
23interest-bearing common trust account whenever the department of regulation and
24licensing
safety and professional services or the department of commerce Wisconsin
25Housing and Economic Development Authority
considers it necessary.
AB40, s. 3269
1Section 3269. 452.13 (2) (bm) of the statutes is amended to read:
AB40,1179,52 452.13 (2) (bm) The department of regulation and licensing safety and
3professional services
shall forward to the department of commerce Wisconsin
4Housing and Economic Development Authority
the information and documents
5furnished under par. (b).
AB40, s. 3270 6Section 3270. 452.13 (2) (d) of the statutes is amended to read:
AB40,1179,97 452.13 (2) (d) The department of commerce Wisconsin Housing and Economic
8Development Authority
is the beneficial owner of the interest accruing to the
9interest-bearing common trust account, minus any service charges or fees.
AB40, s. 3271 10Section 3271. 452.13 (2) (e) 1. of the statutes is amended to read:
AB40,1179,1711 452.13 (2) (e) 1. Annually, before February 1, remit to the department of
12commerce
Wisconsin Housing and Economic Development Authority the total
13interest or dividends, minus service charges or fees, earned on the average daily
14balance in the interest-bearing common trust account during the 12 months ending
15on the previous December 31. A depository institution is not required to remit any
16amount if the total interest or dividends for that period is less than $10 before any
17deduction for service charges or fees.
AB40, s. 3272 18Section 3272. 452.13 (2) (e) 2. of the statutes is amended to read:
AB40,1179,2419 452.13 (2) (e) 2. When the interest remittance is sent, furnish to the
20department of commerce Wisconsin Housing and Economic Development Authority
21and to the broker maintaining the interest-bearing common trust account a
22statement that includes the name of the broker for whose account the remittance is
23made, the rate of interest applied, the amount of service charges or fees deducted,
24if any, and the account balance for the period that the statement covers.
AB40, s. 3273 25Section 3273. 452.13 (2) (f) 2. of the statutes is amended to read:
AB40,1180,3
1452.13 (2) (f) 2. May not assess a service charge or fee for an interest-bearing
2common trust account against the department of commerce Wisconsin Housing and
3Economic Development Authority
.
AB40, s. 3274 4Section 3274. 452.13 (2) (f) 3. of the statutes is amended to read:
AB40,1180,105 452.13 (2) (f) 3. May deduct a service charge or fee from the interest earned by
6an interest-bearing common trust account, and if a balance remains, may deduct the
7remaining charge or fee from the interest earned on any other interest-bearing
8common trust account maintained in that depository institution, before remitting
9interest to the department of commerce Wisconsin Housing and Economic
10Development Authority
.
AB40, s. 3275 11Section 3275. 452.13 (5) of the statutes is amended to read:
AB40,1180,1512 452.13 (5) Rules. In consultation with the department of regulation and
13licensing, the department of commerce
Wisconsin Housing and Economic
14Development Authority, the department of safety and professional services
shall
15promulgate rules necessary to administer this section.
AB40, s. 3276 16Section 3276. 452.14 (1) of the statutes is amended to read:
AB40,1180,2117 452.14 (1) The department board shall, upon motion of the board secretary or
18his or her designee
or upon its own determination, conduct investigations and, as
19appropriate, may hold hearings and make findings, if the board or the department
20receives credible information that a broker, salesperson, or time-share salesperson
21has violated this chapter or any rule promulgated under this chapter.
AB40, s. 3277 22Section 3277. 452.14 (2) of the statutes is amended to read:
AB40,1181,323 452.14 (2) The department shall present the findings of any investigation of
24a licensee or registrant to the board for its consideration.
The department shall upon
25motion of the board, and
board may, upon its own determination, commence

1disciplinary proceedings on any matter under investigation concerning a licensee or
2registrant. No investigation of a licensee or registrant may be closed without motion
3of the board.
AB40, s. 3278 4Section 3278. 452.14 (3) (L) of the statutes is amended to read:
AB40,1181,65 452.14 (3) (L) Violated any provision of this chapter or any rule promulgated
6under this chapter
;
AB40, s. 3279 7Section 3279. 452.17 (2) of the statutes is amended to read:
AB40,1181,138 452.17 (2) Any person who engages in or follows the business or occupation of,
9or advertises or holds himself or herself out as or acts temporarily or otherwise as,
10a time-share salesperson in this state without being registered with the department
11board shall be prosecuted by the district attorney in the county where the violation
12occurs and may be fined not less than $25 nor more than $200 or imprisoned not less
13than 10 days nor more than 6 months or both.
AB40, s. 3280 14Section 3280. 452.22 (2) of the statutes is amended to read:
AB40,1181,2315 452.22 (2) The certificate of the secretary chairperson of the board or his or her
16designee to the effect that a specified individual or business entity is not or was not
17on a specified date the holder of a broker's, salesperson's, or time-share salesperson's
18license or registration, or that a specified license or registration was not in effect on
19a date specified, or as to the issuance, limitation, suspension, or revocation of any
20license or registration or the reprimand of any license or registration holder thereof,
21the filing or withdrawal of any application or its existence or nonexistence, is prima
22facie evidence of the facts therein stated in the certificate for all purposes in any
23action or proceedings.
AB40, s. 3281 24Section 3281. 462.01 (3) of the statutes is amended to read:
AB40,1182,2
1462.01 (3) "Department" means the department of regulation and licensing
2safety and professional services.
AB40, s. 3282 3Section 3282. Chapter 490 of the statutes is created to read:
AB40,1182,54 CHAPTER 490
5 Business assistance programs
AB40,1182,6 6490.01 Definitions. In this chapter:
AB40,1182,7 7(1) "Department" means the department of safety and professional services.
AB40,1182,8 8(2) "Secretary" means the secretary of safety and professional services.
AB40, s. 3283 9Section 3283. 551.403 (2) (a) 2. of the statutes is amended to read:
AB40,1182,1110 551.403 (2) (a) 2. Institutional investors, except any institutional investor
11described in s. 551.102 (11) (k), (m), or (o)
.
AB40, s. 3284 12Section 3284. 551.403 (2) (a) 2m. of the statutes is amended to read:
AB40,1182,1413 551.403 (2) (a) 2m. Accredited investors as defined in Rule 501 (a) (1), (2), or
14(3), (7) or (8) adopted under the Securities Act of 1933.
AB40, s. 3285 15Section 3285. Chapter 560 (title) of the statutes is repealed.
AB40, s. 3286 16Section 3286. Subchapter I (title) of chapter 560 [precedes 560.001] of the
17statutes is repealed.
AB40, s. 3287 18Section 3287. 560.001 of the statutes is repealed.
AB40, s. 3288 19Section 3288. 560.01 (title), (1) and (2) of the statutes are repealed.
AB40, s. 3289 20Section 3289. 560.01 (3) of the statutes is renumbered 238.04 (14) and
21amended to read:
AB40,1182,2522 238.04 (14) Foreign office agreements. The department may enter Enter into
23agreements regarding compensation, space, and other administrative matters as are
24necessary to operate departmental offices in other states and foreign countries. Such
25agreements shall be subject to the approval of the secretary of administration.
AB40, s. 3290
1Section 3290. 560.02 of the statutes is repealed.
AB40, s. 3291 2Section 3291. 560.03 (title) of the statutes is repealed.
AB40, s. 3292 3Section 3292. 560.03 (intro.) of the statutes is repealed.
AB40, s. 3293 4Section 3293. 560.03 (1) of the statutes is repealed.
AB40, s. 3294 5Section 3294. 560.03 (2) of the statutes is repealed.
AB40, s. 3295 6Section 3295. 560.03 (3) of the statutes is repealed.
AB40, s. 3296 7Section 3296. 560.03 (4) of the statutes is repealed.
AB40, s. 3297 8Section 3297. 560.03 (4m) of the statutes is repealed.
AB40, s. 3298 9Section 3298. 560.03 (5) of the statutes is repealed.
AB40, s. 3299 10Section 3299. 560.03 (6) of the statutes is repealed.
AB40, s. 3300 11Section 3300. 560.03 (8) of the statutes is repealed.
AB40, s. 3301 12Section 3301. 560.03 (9) of the statutes is repealed.
AB40, s. 3302 13Section 3302. 560.03 (10) of the statutes is repealed.
AB40, s. 3303 14Section 3303. 560.03 (11) of the statutes is repealed.
AB40, s. 3304 15Section 3304. 560.03 (16) of the statutes is repealed.
AB40, s. 3305 16Section 3305. 560.03 (17) of the statutes is renumbered 238.25 and amended
17to read:
AB40,1183,22 18238.25 Assistance to loan recipients. Assist The corporation shall assist
19new businesses and small businesses receiving economic development loans under
20s. 234.65 (1) (a) or the assistance of the Wisconsin Housing and Economic
21Development Authority in locating sources of venture capital and in obtaining the
22state and federal licenses and permits necessary for business operations.
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