224.725 (1r) of the statutes is created to read:
224.725 (1r) Employment transition; temporary authority.
(a) An individual 20
who was a registered mortgage loan originator immediately prior to becoming 21
employed by, and who remains employed by, a mortgage banker or mortgage broker 22
licensed under this subchapter and who has applied to the division for a mortgage 23
loan originator license is considered to have temporary authority to act as a mortgage 24
loan originator under this subchapter, for the period specified in par. (c), if all of the 25
1. The individual has not previously had an application for a mortgage loan 2
originator license denied.
2. The individual has not previously had a mortgage loan originator license 4
suspended or revoked in any governmental jurisdiction.
3. The individual has not been subject to, or served with, a cease and desist 6
order in any governmental jurisdiction or by the director of the federal bureau of 7
consumer financial protection under 12 USC 5113
4. The individual has not been convicted of any crime that disqualifies the 9
individual under sub. (3) (b) from issuance of a license.
5. The individual was registered with the nationwide mortgage licensing 11
system and registry as a loan originator during the one-year period immediately 12
preceding the date on which the individual furnished the information required under 13
sub. (2) (c).
(b) An individual who is licensed as a mortgage loan originator in another state, 15
who is employed by a mortgage banker or mortgage broker licensed under this 16
subchapter, and who has applied to the division for a mortgage loan originator license 17
is considered to have temporary authority to act as a mortgage loan originator under 18
this subchapter, for the period specified in par. (c), if all of the following apply:
1. The individual meets the requirements of par. (a) 1. to 4.
2. The individual was licensed in another state during the 30-day period 21
immediately preceding the date on which the individual furnished the information 22
required under sub. (2) (c).
(c) 1. The period during which an individual described in par. (a) or (b) is 24
considered to have temporary authority to act as a mortgage loan originator under 25
this subchapter shall begin on the date on which the individual furnishes to the
nationwide mortgage licensing system and registry the information required under 2
sub. (2) (c) in connection with the application for a mortgage loan originator license 3
under this subchapter.
2. The period that begins under subd. 1. shall end on the earliest of the 5
a. The date on which the individual withdraws the application for a mortgage 7
loan originator license.
b. The date on which the division denies, or issues a notice of intent to deny, the 9
application for a mortgage loan originator license.
c. The date on which the division grants to the individual a mortgage loan 11
d. If the individual's application is listed on the nationwide mortgage licensing 13
system and registry as incomplete, the date that is 120 days after the date on which 14
the individual applied for a mortgage loan originator license.
(d) 1. Any person employing an individual who is considered to have temporary 16
authority to act as a mortgage loan originator under this subsection shall be subject 17
to the requirements of this subchapter to the same extent as if that individual were 18
a licensed mortgage loan originator.
2. Any individual who is considered to have temporary authority to act as a 20
mortgage loan originator under this subsection and who engages in any activity 21
described in s. 224.71 (6) (c) and (d) shall be subject to the requirements of this 22
subchapter to the same extent as if the individual were a licensed mortgage loan 23
227.52 (3) of the statutes is amended to read:
Those decisions of the division of banking that are subject to review, 2
prior to any judicial review, by the banking institutions
review board, and decisions 3
of the division of banking relating to savings banks or savings and loan associations, 4
but no other institutions subject to the jurisdiction of the division of banking.
227.53 (1) (a) 1. of the statutes is amended to read:
(a) 1. Proceedings for review shall be instituted by serving a petition 7
therefor personally or by certified mail upon the agency or one of its officials, and 8
filing the petition in the office of the clerk of circuit court for the county where the 9
judicial review proceedings are to be held. If the agency whose decision is sought to 10
be reviewed is the tax appeals commission, the banking institutions
review board, 11or
the credit union review board, or the savings institutions review board,
petition shall be served upon both the agency whose decision is sought to be reviewed 13
and the corresponding named respondent, as specified under par. (b) 1. to 4.
227.53 (1) (b) 2. of the statutes is repealed.
227.53 (1) (b) 4. of the statutes is amended to read:
(b) 4. The savings
institutions review board, the division of 17
banking, except if the petitioner is the division of banking, the prevailing parties 18
before the savings banking
institutions review board shall be the named 19
227.53 (1) (d) of the statutes is amended to read:
(d) Except in the case of the tax appeals commission, the banking 22institutions
review board, and
the credit union review board, and the savings
23institutions review board,
the agency and all parties to the proceeding before it shall 24
have the right to participate in the proceedings for review. The court may permit 25
other interested persons to intervene. Any person petitioning the court to intervene
shall serve a copy of the petition on each party who appeared before the agency and 2
any additional parties to the judicial review at least 5 days prior to the date set for 3
hearing on the petition.
403.312 (2) (c) 1. of the statutes is amended to read:
(c) 1. The claim becomes enforceable at the later of the time that 6
the claim is asserted, or the 90th 14th
day following the date of the check, in the case 7
of a cashier's check or teller's check, or the 90th
day following the date of the 8
acceptance, in the case of a certified check.
705.04 (2) (intro.) of the statutes is amended to read:
(intro.) If Except as provided in s. 705.06 (2m), if
the account is a 11
P.O.D. account, on the death of the original payee or the survivor of 2 or more original 12
payees, all of the following apply:
Notwithstanding subs. (1) and (2)
and s. 705.06 (2m)
, the 16
department of health services may collect, from funds of a decedent that are held by 17
the decedent immediately before death in a joint account or a P.O.D. account, an 18
amount equal to the medical assistance that is recoverable under s. 49.496 (3) (a), an 19
amount equal to aid under s. 49.68, 49.683, 49.685, or 49.785 that is recoverable 20
under s. 49.682 (2) (a) or (am), or an amount equal to long-term community support 21
services under s. 46.27, 2017 stats., that is recoverable under s. 46.27 (7g) (c) 1., 2017 22
stats., and that was paid on behalf of the decedent or the decedent's spouse.
705.06 (2m) of the statutes is created to read:
If a financial institution has any lien right, right to setoff, or 25
security interest in a P.O.D. account resulting from the financial institution's loan
or other extension of credit to an original payee, on the death of the original payee 2
or the survivor of 2 or more original payees, the financial institution may retain 3
control of all sums on deposit in the P.O.D. account to the extent necessary to exercise 4
its lien right or right to setoff or to protect its security interest or may tender such 5
sums to a court and seek a court determination, but shall pay any remaining balance 6
of the sums on deposit to the P.O.D. beneficiary or beneficiaries as provided in s. 7
705.04 (2). This subsection applies notwithstanding any limitation on the rights of 8
creditors under s. 705.07 (1).
705.06 (3) of the statutes is amended to read:
The protection provided by this section subs. (1) and (2)
shall have 11
no bearing on the rights of parties or their successors in disputes concerning the 12
beneficial ownership of funds in or withdrawn from an account.
812.18 (1) of the statutes is amended to read:
812.18 (1) From Subject to s. 812.19 (4), from
the time of service upon the 15
garnishee, the garnishee shall be liable to the creditor for the property then in the 16
garnishee's possession or under his or her control belonging to the debtor or in which 17
the debtor is interested to the extent of his or her right or interest therein and for all 18
the garnishee's debts due or to become due to the debtor, except such as are exempt 19
from execution, or are required by a court to be paid by the debtor as restitution under 20
s. 973.20, but not in excess of the amount of the creditor's claim.
812.19 (4) of the statutes is created to read:
If a garnishee is a financial institution, as defined in s. 214.01 (1) 23
(jn), in possession of, or obligated with respect to, property subject to garnishment, 24
the financial institution is liable for the surrender of that property only upon
expiration of a reasonable time to comply with or respond to the garnishee summons 2
(1) Board membership; transition provision.
On the effective date of this 5
subsection, each member of the savings institutions review board under s. 15.185 (3), 6
2017 stats., serving an unexpired term on that board shall become a member of the 7
banking institutions review board for a term that expires on the member's expiration 8
date previously established for the savings institutions review board.
Consolidation of banking review board and savings institutions review
10board; transfer provisions.
(a) Banking review board renamed.
On the effective date of this paragraph, the 12
banking review board is renamed the banking institutions review board.
(b) Tangible personal property.
On the effective date of this paragraph, all 14
tangible personal property, including records, of the savings institutions review 15
board is transferred to the banking institutions review board.
(c) Pending matters.
Any matter pending with the savings institutions review 17
board on the effective date of this paragraph is transferred to the banking 18
institutions review board. All materials submitted to or actions taken by the savings 19
institutions review board are considered as having been submitted to or taken by the 20
banking institutions review board.
All orders issued by the savings institutions review board in effect 22
on the effective date of this paragraph remain in effect until their specified expiration 23
dates or until modified or rescinded by the banking institutions review board.
(e) Secretary to resolve transition disagreements.
In the case of disagreement 25
between the savings institutions review board and the banking institutions review
board with respect to any provision of this subsection, the secretary of financial 2
institutions shall determine the matter and shall develop a plan for an orderly 3
(1) Payment of lost, destroyed, or stolen instruments.
The treatment of s. 6
403.312 (2) (c) 1. first applies to claims asserted on the effective date of this 7
(2) Federal Home Loan Bank loans; retroactive applicability.
The treatment 9
of s. 221.0324 (9) first applies retroactively to loans made or credit extended before, 10
and applies to loans made or credit extended on or after, the effective date of this 11
Independent data processing servicers.
The treatment of s. 224.46 (3) first 13
applies to contracts entered into, renewed, or amended on the effective date of this 14
This act takes effect on the day after publication, 16
except as follows:
(1) Banking institutions review board.
The treatment of s. 15.185 (1) (by 18Section
6) takes effect on May 2, 2021, or on the day after publication, whichever is 19
(2) Mortgage loan originators.
The treatment of s. 224.725 (1) and (1r) takes 21
effect on November 28, 2019, or on the day after publication, whichever is later.
(3) Independent data processing servicers.
The treatment of s. 224.46 and 23Section
57 (3) of this act take effect on the first day of the 4th month beginning after 24