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.
AB40, s. 3306 23Section 3306. 560.03 (18) of the statutes is repealed.
AB40, s. 3307 24Section 3307. 560.03 (19) of the statutes is repealed.
AB40, s. 3308 25Section 3308. 560.03 (20) of the statutes is repealed.
AB40, s. 3309
1Section 3309. 560.03 (21) of the statutes is repealed.
AB40, s. 3310 2Section 3310. 560.03 (22) of the statutes is repealed.
AB40, s. 3311 3Section 3311. 560.03 (23) of the statutes is repealed.
AB40, s. 3312 4Section 3312. 560.03 (25) of the statutes is repealed.
AB40, s. 3313 5Section 3313. 560.03 (26) of the statutes is repealed.
AB40, s. 3314 6Section 3314. 560.031 of the statutes is repealed.
AB40, s. 3315 7Section 3315. 560.032 of the statutes is renumbered 238.10 and amended to
8read:
AB40,1184,16 9238.10 Allocation of volume cap on tax-exempt bonds. (1) Allocation.
10The department, by rule, corporation shall establish under 26 USC 146 and
11administer a system for the allocation of the volume cap on the issuance of private
12activity bonds, as defined under 26 USC 141 (a), among all municipalities, as defined
13in s. 67.01 (5), and any corporation formed on behalf of those municipalities, and
14among this state, the Wisconsin Health and Educational Facilities Authority, the
15Wisconsin Aerospace Authority, and the Wisconsin Housing and Economic
16Development Authority.
AB40,1184,22 17(2) Amendment to allocation. At any time prior to December 31 in any year,
18the department corporation may promulgate adopt rules to revise the allocation
19system established for that year under sub. (1), except that any revision under this
20subsection does not apply to any allocation under which the recipient of that
21allocation has adopted a resolution authorizing the issuance of a private activity
22bond, as defined in 26 USC 141 (a).
AB40,1185,2 23(3) Conditions. The department corporation may establish, by rule, any
24procedure for, and place any condition upon, the granting of an allocation under this
25section which the department corporation deems to be in the best interest of the state

1including, but not limited to, a requirement that a cash deposit, at a rate established
2by the department in the rules corporation, be a condition for an allocation.
AB40,1185,5 3(4) Certification. If the secretary corporation receives notice of the issuance
4of a bond under an allocation under subs. (1) to (3), the secretary corporation shall
5certify that that bond meets the requirements of 26 USC 146.
AB40, s. 3316 6Section 3316. 560.033 of the statutes is repealed.
AB40, s. 3317 7Section 3317. 560.0335 of the statutes is renumbered 490.02.
AB40, s. 3318 8Section 3318. 560.034 of the statutes is renumbered 238.11, and 238.11 (1),
9(2), (3) and (5) (intro.), as renumbered, are amended to read:
AB40,1185,1610 238.11 (1) The department corporation shall prescribe the notice forms to be
11used under ss. 66.1103 (4m) (a) 1. and 234.65 (3) (a). The department corporation
12shall include on the forms a requirement for information on the number of jobs the
13person submitting the notice expects to be eliminated, created, or maintained on the
14project site and elsewhere in this state by the project which is the subject of the
15notice. The department corporation shall prescribe the forms to be used under ss.
1666.1103 (4m) (b) and 234.65 (3r).
AB40,1185,22 17(2) If the department corporation receives a notice under s. 66.1103 (4m) (a),
18the department corporation shall estimate, no later than 20 days after receipt of the
19notice, whether the project which that is the subject of the notice is expected to
20eliminate, create, or maintain jobs on the project site and elsewhere in this state and
21the net number of jobs expected to be eliminated, created, or maintained as a result
22of the project.
AB40,1186,3 23(3) If the department corporation receives a notice under s. 234.65 (3) (a), the
24department corporation shall estimate, no later than 20 days after receipt of the
25notice, whether the project which is the subject of the notice is expected to eliminate,

1create, or maintain jobs on the project site and elsewhere in this state and the net
2number of jobs expected to be eliminated, created, or maintained as a result of the
3project.
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