SB21: Bill Text

SB21,4520 Section 4520. 460.07 (2) (intro.) of the statutes is amended to read:

SB21,1672,9 460.07 (2) (intro.) Renewal applications shall be submitted to the department on a form provided by the department on or before the applicable renewal date specified determined under s. 440.08 (2) (a) and (ag) and shall include all of the following:

SB21,4521 Section 4521. 460.10 (1) (a) of the statutes is amended to read:

SB21,1672,15 460.10 (1) (a) Requirements and procedures for a license holder to complete continuing education programs or courses of study to qualify for renewal of his or her license. The rules promulgated under this paragraph may not require a license holder to complete more than 24 48 hours of continuing education programs or courses of study in order to qualify for renewal of his or her license.

SB21,4522 Section 4522. 462.01 (3) of the statutes is repealed.

SB21,4523 Section 4523. 462.05 (1) of the statutes is amended to read:

SB21,1672,22 462.05 (1) The renewal date for licenses and limited X-ray machine operator permits granted under this chapter is specified in shall be as determined under s. 440.08 (2) (a) and (ag). Renewal applications shall be submitted to the department on a form provided by the department and shall include the renewal fee determined by the department under s. 440.03 (9) (a).

SB21,4524 Section 4524. Chapter 463 (title) of the statutes is created to read:

SB21,1672,25 chapter 463 body art and tanning facilities

SB21,4525 Section 4525. 463.18 of the statutes is created to read:

SB21,1673,6 463.18 Violation of law relating to body art. Any person who willfully violates or obstructs the execution of any state statute or rule, county, city, or village ordinance or departmental order under this chapter and relating to the public health, for which no other penalty is prescribed, shall be fined not more than $500 or imprisoned for not more than 30 days or both.

SB21,4526 Section 4526. 470.045 (3) (b) of the statutes is amended to read:

SB21,1673,11 470.045 (3) (b) The renewal date for certificates of authorization under this section is specified shall be as determined under s. 440.08 (2) (a) and (ag), and the renewal fee for such certificates is determined by the department under s. 440.03 (9) (a).

SB21,4527 Section 4527. 470.07 of the statutes is amended to read:

SB21,1673,19 470.07 Renewal of licenses. The renewal dates for licenses granted under this chapter are specified shall be as determined under s. 440.08 (2) (a) and (ag). Renewal applications shall be submitted to the department on a form provided by the department and shall include the renewal fee determined by the department under s. 440.03 (9) (a) and evidence satisfactory to the appropriate section of the examining board that the applicant has completed any continuing education requirements specified in rules promulgated under s. 470.03 (2).

SB21,4528 Section 4528. 480.08 (5) of the statutes is amended to read:

SB21,1674,4 480.08 (5) Expiration and renewal. The renewal date for certificates granted under this chapter, other than temporary certificates granted under sub. (7), is specified shall be as determined under s. 440.08 (2) (a) and (ag), and the renewal fee for certificates granted under this chapter, other than temporary certificates granted under sub. (7), is determined by the department under s. 440.03 (9) (a). Renewal applications shall include evidence satisfactory to the department that the applicant holds a current permit issued under s. 77.52 (9). A renewal application for an auctioneer certificate shall be accompanied by proof of completion of continuing education requirements under sub. (6).

SB21,4529 Section 4529. 551.102 (1m) of the statutes is amended to read:

SB21,1674,9 551.102 (1m) "Administrator" means the administrator of the division of securities in the department secretary of financial institutions and professional standards or an employee of the department of financial institutions and professional standards designated by the secretary.

SB21,4530 Section 4530. 551.102 (4t) of the statutes is created to read:

SB21,1674,12 551.102 (4t) "Department" means the department of financial institutions and professional standards.

SB21,4531 Section 4531. 551.102 (5m) of the statutes is repealed.

SB21,4532 Section 4532. 551.202 (26) (f) (intro.) of the statutes is amended to read:

SB21,1674,20 551.202 (26) (f) (intro.) Not less than 10 days prior to the commencement of an offering of securities in reliance on the exemption under this subsection, the issuer files a notice with the administrator, in writing or in electronic form as prescribed by the administrator, which the administrator shall make available as an electronic document on the department of financial institutions department's Internet site, containing all of the following:

SB21,4533 Section 4533. 551.202 (27) (h) (intro.) of the statutes is amended to read:

SB21,1675,3 551.202 (27) (h) (intro.) Before the 101st offer of the security, the issuer provides a notice to the administrator in writing or in electronic form, accompanied by the filing fee specified in s. 551.614 (1m). The administrator shall prescribe the form required for the notice and make the form available as an electronic document on the department of financial institutions department's Internet site. Notwithstanding s. 551.204 (1) and (3), the notice shall be limited to all of the following:

SB21,4534 Section 4534. 551.205 (1) (b) 1. (intro.) of the statutes is amended to read:

SB21,1675,9 551.205 (1) (b) 1. (intro.) The Internet site operator shall register with the division department by filing a statement, which the administrator shall make available as an electronic document on the department of financial institutions department's Internet site, accompanied by the filing fee specified in s. 551.614 (1m), that includes all of the following:

SB21,4535 Section 4535. 551.205 (3) of the statutes is amended to read:

SB21,1675,22 551.205 (3) If the Securities and Exchange Commission adopts rules under authority of section 3 (h) of the Securities Exchange Act of 1934 (15 USC 78c (h)) and P.L. 112-106, section 304, that authorize funding portals to receive commissions without registering as broker-dealers under the Securities Exchange Act of 1934, the division department shall promulgate rules authorizing Internet site operators registered with the division department under sub. (1) (b) that are not registered as broker-dealers under s. 551.401 to receive commissions. The division department shall ensure that its rules authorizing commissions for Internet site operators are consistent with rules adopted by the Securities and Exchange Commission. The division's department's rules shall also ensure that Internet site operators that do not satisfy rules adopted by the Securities and Exchange Commission have the opportunity to operate in compliance with the requirements of this section.

SB21,4536 Section 4536. 551.206 of the statutes is amended to read:

SB21,1676,6 551.206 Adjustments. At 5-year intervals after January 1, 2014, the department of financial institutions shall adjust the monetary amounts specified in s. 551.202 (26) (c) 1. a. and b. and (27) (c) 1. a. and b. to reflect changes since January 1, 2014, in the consumer price index for all urban consumers, Milwaukee-Racine area average, as determined by the U.S. department of labor. Each adjustment shall be rounded to the nearest multiple of $50,000. Each adjustment under this section shall be published on the department of financial institutions department's Internet site.

SB21,4537 Section 4537. 551.601 (5) of the statutes is amended to read:

SB21,1676,12 551.601 (5) Securities investor education and training funding. All moneys collected from the administrative assessment under s. 551.604 (4) shall be credited to the appropriation under s. 20.144 (1) 20.142 (2) (i). Subject to s. 20.144 (1) 20.142 (2) (i), the division department shall use moneys credited to that appropriation for the purposes specified in sub. (4) and s. 20.144 (1) 20.142 (2) (i).

SB21,4538 Section 4538. 551.605 (3) (bm) 1. of the statutes is amended to read:

SB21,1676,19 551.605 (3) (bm) 1. Except as provided in subd. 2., a financial institution holding company whose securities have been registered under this chapter shall not be required to prepare or distribute to shareholders or provide to the department of financial institutions, at any time after such registration, any financial statements, financial information, annual reports, or other periodic reports except to the extent required under ss. 180.1620 and 180.1622.

SB21,4539 Section 4539. 551.614 (5) of the statutes is amended to read:

SB21,1676,23 551.614 (5) Fees paid to state. All fees and expenses collected by the division department under this section shall be deposited into the general fund and credited to the appropriation account under s. 20.144 (1) 20.142 (2) (g).

SB21,4540 Section 4540. 552.01 (1) of the statutes is repealed.

SB21,4541 Section 4541. 552.01 (1m) of the statutes is created to read:

SB21,1677,2 552.01 (1m) "Department" means the department of financial institutions and professional standards.

SB21,4542 Section 4542. 552.23 (1) of the statutes is amended to read:

SB21,1677,14 552.23 (1) If the target company is an insurance company subject to regulation by the commissioner of insurance, a banking corporation, savings bank, or savings and loan association subject to regulation by the division of banking, or a company subject to regulation by the public service commission, the department of transportation, or the office of the commissioner of railroads, the division of securities department shall promptly furnish a copy of the registration statement filed under this chapter to the regulatory agency having supervision of the target company. Any hearing under this chapter involving any such target company shall be held jointly with the regulatory agency having supervision, and any determination following the hearing shall be made jointly with that regulatory agency.

SB21,4543 Section 4543. 553.03 (2m) of the statutes is created to read:

SB21,1677,17 553.03 (2m) "Department" means the department of financial institutions and professional standards.

SB21,4544 Section 4544. 553.03 (3) of the statutes is repealed.

SB21,4545 Section 4545. 553.605 (2) of the statutes is amended to read:

SB21,1678,3 553.605 (2) Investor education. All moneys collected from the administrative assessment under sub. (1) shall be credited to the appropriation under s. 20.144 (1) 20.142 (2) (i). Subject to s. 20.144 (1) 20.142 (2) (i), the division department shall use moneys credited to that appropriation to provide information to residents of this state about franchise investments to help investors and potential investors evaluate their investment decisions, protect themselves from false, fraudulent or deceptive practices in connection with the offer, sale or purchase of a franchise, be alert for false or misleading advertising or other harmful practices, and know their rights as investors.

SB21,4546 Section 4546. 553.73 of the statutes is amended to read:

SB21,1678,23 553.73 Service of process. When any person, including any nonresident of this state, engages in conduct prohibited or made actionable by this chapter or any rule or order under this chapter, whether or not the person has filed a consent to service of process under s. 553.27 (10), and personal jurisdiction over the person cannot otherwise be obtained in this state, that conduct shall be considered equivalent to the person's appointment of the division department to be the person's attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against the person or the person's successor or personal representative that grows out of that conduct and that is brought under this law or any rule or order under this chapter, with the same force and validity as if served on the person personally. Service may be made by leaving a copy of the process at the office of the division secretary of the department, but it is not effective unless the plaintiff, who may be the division department in a suit, action, or proceeding instituted by the division department, immediately sends notice of the service and a copy of the process by registered or certified mail to the defendant or respondent at his or her last-known address or takes other steps that are reasonably calculated to give actual notice, and the plaintiff's affidavit of compliance with this section is filed in the case on or before the return day of the process, if any, or within any further time that the court allows.

SB21,4547 Section 4547. 565.01 (4d) of the statutes is amended to read:

SB21,1679,2 565.01 (4d) "Minority business" means a business certified by the department of administration under s. 16.287 203.07 (2).

SB21,4548 Section 4548. 565.01 (4e) of the statutes is amended to read:

SB21,1679,5 565.01 (4e) "Minority group member" has the meaning given in s. 16.287 203.07 (1) (f).

SB21,4549 Section 4549. 600.01 (1) (b) 8. of the statutes is amended to read:

SB21,1679,13 600.01 (1) (b) 8. Guarantees of the Wisconsin Housing and Economic Development Authority under s. 234.68, 1995 stats., s. 234.69, 1995 stats., s. 234.765, 1995 stats., s. 234.82, 1995 stats., s. 234.87, 1995 stats., and ss. s. 234.67, 2013 stats., s. 234.83, 2013 stats., s. 234.84, 2013 stats., s. 234.90, 2013 stats., s. 234.905, 2013 stats., s. 234.907, 2013 stats., and s. 234.91, 2013 stats., and guarantees of the Forward Wisconsin Development Authority under ss. 235.67, 235.83, 235.84, 235.90, 235.905, 235.907, and 235.91.

SB21,4550 Section 4550. 600.01 (1) (b) 10. of the statutes is repealed.

SB21,4551 Section 4551. 600.03 (25) (a) 5. of the statutes is created to read:

SB21,1679,17 600.03 (25) (a) 5. Services provided by a care management organization, as defined in s. 46.2805 (1) (dm).

SB21,4552 Section 4552. 601.41 (1) of the statutes is amended to read:

SB21,1679,22 601.41 (1) Duties. The commissioner shall administer and enforce chs. 102 and 600 to 655 and ss. 59.52 (11) (c), 66.0137 (4) and (4m), 100.203, and 120.13 (2) (b) to (g) and shall act as promptly as possible under the circumstances on all matters placed before the commissioner.

SB21,4553 Section 4553. 601.41 (12) of the statutes is created to read:

SB21,1680,3 601.41 (12) Care management organizations. The commissioner may apply the provisions of chs. 600 to 646 to a care management organization, as defined in s. 46.2805 (1) (dm). The commissioner may promulgate rules to license care management organizations, as defined in s. 46.2805 (1) (dm), as insurers and to otherwise regulate care management organizations.

SB21,4554 Section 4554. 601.415 (9) of the statutes is amended to read:

SB21,1680,10 601.415 (9) Consumer credit law. The commissioner shall cooperate with the division of banking department of financial institutions and professional standards in the administration of ch. 424, shall determine the method for computation of refunds under s. 424.205, shall approve forms, schedules of premium rates, and charges under s. 424.209, and shall issue rules or orders of compliance to insurers under s. 424.602.

SB21,4555 Section 4555. 601.42 (1g) (intro.) of the statutes is amended to read:

SB21,1680,13 601.42 (1g) Reports. (intro.) The commissioner may require any of the following from any person subject to regulation under chs. 102 and 600 to 655:

SB21,4556 Section 4556. 601.64 (3) (c) of the statutes is amended to read:

SB21,1680,22 601.64 (3) (c) Forfeiture for violation of statute or rule. Whoever violates an insurance statute or rule, s. 102.35 (2), or s. 149.13, 2011 stats., intentionally aids a person in violating an insurance statute or rule, s. 102.35 (2), or s. 149.13, 2011 stats., or knowingly permits a person over whom he or she has authority to violate an insurance statute or rule, s. 102.35 (2), or s. 149.13, 2011 stats., shall forfeit to the state not more than $1,000 for each violation. If the statute or rule imposes a duty to make a report to the commissioner, each week of delay in complying with the duty is a new violation.

SB21,4557 Section 4557. 601.72 (1) (intro.) of the statutes is amended to read:

SB21,1681,5 601.72 (1) General. (intro.) Under procedures specified in s. 601.73, the commissioner is by law constituted attorney, except in cases in which the proceeding is to be brought by the state against an insurer or intermediary other than a risk retention group or risk purchasing group, in which event the department of financial institutions and professional standards is by law constituted attorney, to receive service of summons, notices, orders, pleadings and all other legal process relating to any court or administrative agency in this state for all of the following:

SB21,4558 Section 4558. 601.72 (2) of the statutes is amended to read:

SB21,1681,12 601.72 (2) Appointment of attorney. Except as provided in sub. (2m), every licensed insurer by applying for and receiving a certificate of authority, every surplus lines insurer by entering into a contract subject to the surplus lines law, and every unauthorized insurer by doing an insurance business in this state, is deemed to have irrevocably appointed the commissioner and department of financial institutions and professional standards as the insurer's attorneys in accordance with sub. (1).

SB21,4559 Section 4559. 601.72 (3) of the statutes is amended to read:

SB21,1681,17 601.72 (3) Others affected. The commissioner and department of financial institutions and professional standards shall also be attorneys for the personal representatives, receivers, trustees, or other successors in interest of the persons specified in sub. (1).

SB21,4560 Section 4560. 601.73 (1) (intro.) of the statutes is amended to read:

SB21,1681,21 601.73 (1) Requirements for effective service. (intro.) Service upon the commissioner or department of financial institutions and professional standards under s. 601.72 is service on the principal, if:

SB21,4561 Section 4561. 601.73 (1) (a) of the statutes is amended to read:

SB21,1681,25 601.73 (1) (a) Two copies of the process are left in the hands or office of the commissioner or department of financial institutions and professional standards respectively; and

SB21,4562 Section 4562. 601.73 (1) (b) of the statutes is amended to read:

SB21,1682,4 601.73 (1) (b) The commissioner or department of financial institutions and professional standards mails a copy of the process to the person served according to sub. (2) (b).

SB21,4563 Section 4563. 601.73 (2) (a) of the statutes is amended to read:

SB21,1682,8 601.73 (2) (a) Records. The commissioner and department of financial institutions and professional standards shall give receipts for and keep records of all process served through them.

SB21,4564 Section 4564. 601.73 (2) (b) of the statutes is amended to read:

SB21,1682,14 601.73 (2) (b) Process mailed. The commissioner or department of financial institutions and professional standards shall send immediately by certified mail to the person served, at the person's last-known principal place of business, residence or post-office address or at an address designated in writing by the person, one copy of any process received and shall retain the other copy.

SB21,4565 Section 4565. 601.73 (3) of the statutes is amended to read:

SB21,1682,20 601.73 (3) Proof of service. A certificate by the commissioner or the department of financial institutions and professional standards, showing service made upon the commissioner or department of financial institutions and professional standards, and attached to a copy of the process presented for that purpose is sufficient evidence of the service.

SB21,4566 Section 4566. 601.93 (2) of the statutes is amended to read:

SB21,1683,8 601.93 (2) Every insurer doing a fire insurance business in this state shall, before March 1 in each year, file with the commissioner a statement, showing the amount of premiums upon fire insurance due for the preceding calendar year. Return premiums may be deducted in determining the premium on which the fire department dues are computed. Payments of quarterly installments of the total estimated payment for the then current calendar year under this subsection are due on or before April 15, June 15, September 15 and December 15. On March 1 the insurer shall pay any additional amounts due for the preceding calendar year. Overpayments will be credited on the amount due April 15. The commissioner shall, prior to May 1 each year, report to the department of safety and professional services financial institutions and professional standards the amount of dues paid under this subsection and to be paid under s. 101.573 (1).