AB68: Bill Text

AB68,2433 Section 2433. 198.08 (3) of the statutes is amended to read:

AB68,1315,7 198.08 (3) Appointment, vote by municipal executive officers. In the selection of a director for a subdistrict each chief executive shall have one vote for each 1,000 voters within that chief executive's municipality, or the part of the municipality that is located in the subdistrict. A three-fourths vote shall be necessary for the selection of a director. The result of the selection of the director shall be certified to by the chairperson and clerk of the meeting and immediately filed with the secretary of state administration and the clerk of each municipality in the district.

AB68,2434 Section 2434. 198.20 (2) of the statutes is amended to read:

AB68,1315,16 198.20 (2) The election, and all matters pertaining to the election not otherwise provided for in this section, shall be held and conducted and the result ascertained and declared in accordance with s. 198.06 (3) and (4). The ordinance and the result of the referendum shall be certified to the secretary of state administration. After certification, the consolidation shall be considered complete. Consolidation shall not affect the preexisting rights or liabilities of any power districts and actions on those rights and liabilities may be commenced or completed as though no consolidation had been effected.

AB68,2435 Section 2435. 198.22 (7) of the statutes is amended to read:

AB68,1316,2 198.22 (7) Boundaries. Immediately upon the organization of the board of directors the clerk shall cause to be recorded in the office of the register of deeds of each county in which any part of said district is located, and shall file with the secretary of state administration, the department of natural resources, the governor and the clerk of each town, city or village, wholly or partly within the district, a certified copy of the boundaries of the district as set forth in the notice of election pursuant to sub. (3) or as thereafter amended. Thereafter, in any proceeding wherein the boundaries of the district are concerned, it shall be sufficient in describing said boundaries to refer to such record of such description.

AB68,2436 Section 2436. 200.25 (5) of the statutes is amended to read:

AB68,1316,7 200.25 (5) Oath of office. Before assuming the duties of the office, each commissioner shall take and subscribe the oath of office required under s. 19.01 and file the oath with the secretary of state administration, duly certified by the official administering the oath.

AB68,2437 Section 2437. 200.35 (14) (title) of the statutes is amended to read:

AB68,1316,10 200.35 (14) (title) Shore protection projects and dredged material management facility.

AB68,2438 Section 2438. 200.35 (14) (a) 2. of the statutes is amended to read:

AB68,1316,12 200.35 (14) (a) 2. “Project" means a any of the following:

AB68,1316,16 a. A shore protection or erosion control project which consists, in whole or in part, of waste rock produced by construction projects undertaken by the commission and which has been requested, by resolution, by a political subdivision with territory in the district's service area.

AB68,2439 Section 2439. 200.35 (14) (a) 2. b. of the statutes is created to read:

AB68,1316,18 200.35 (14) (a) 2. b. A dredged material management facility.

AB68,2440 Section 2440. 200.35 (14) (b) of the statutes is amended to read:

AB68,1316,23 200.35 (14) (b) The commission may construct a project under this subsection and may finance and construct a project that is a dredged material management facility. This paragraph does not apply to the construction of any project on or after January 1, 1992 2032.

AB68,2441 Section 2441. 200.35 (14) (d) 3m. of the statutes is created to read:

AB68,1317,4 200.35 (14) (d) 3m. Notwithstanding any requirements to the contrary in subds. 1. to 3., for a dredged material management facility constructed by the commission, the commission shall pay for all costs of the project through its capital budget and shall finance the project over a period of 35 years.

AB68,2442 Section 2442. 200.35 (14) (h) of the statutes is created to read:

AB68,1317,8 200.35 (14) (h) For a dredged material management facility constructed by the commission, the commission may reserve space in the dredged material management facility for the disposal of sediment from flood management projects.

AB68,2443 Section 2443. 200.57 (title) of the statutes is amended to read:

AB68,1317,13 200.57 (title) Minority financial advisers and investment firms and, disabled veteran-owned businesses, lesbian, gay, bisexual, or transgender-owned, and disability-owned financial advisers and investment firms.

AB68,2444 Section 2444. 200.57 (1) (a) of the statutes is renumbered 200.57 (1) (ah).

AB68,2445 Section 2445. 200.57 (1) (ae) of the statutes is created to read:

AB68,1317,18 200.57 (1) (ae) “Disability-owned financial adviser" and “disability-owned investment firm" mean a financial adviser and investment firm, respectively, certified by the department of administration under s. 16.289 (3).

AB68,2446 Section 2446. 200.57 (1) (c) of the statutes is created to read:

AB68,1317,23 200.57 (1) (c) “Lesbian, gay, bisexual, or transgender-owned financial adviser" and “Lesbian, gay, bisexual, or transgender-owned investment firm" mean a financial adviser and investment firm, respectively, certified by the department of administration under s. 16.288 (3).

AB68,2447 Section 2447. 200.57 (4) of the statutes is created to read:

AB68,1318,5 200.57 (4) The commission shall make efforts to ensure that at least 1 percent of the total funds expended for financial and investment analysis and for common stock and convertible bond brokerage commissions in each fiscal year is expended for the services of lesbian, gay, bisexual, or transgender-owned financial advisers or lesbian, gay, bisexual, or transgender-owned investment firms.

AB68,2448 Section 2448. 200.57 (5) of the statutes is created to read:

AB68,1318,11 200.57 (5) The commission shall make efforts to ensure that at least 1 percent of the total funds expended for financial and investment analysis and for common stock and convertible bond brokerage commissions in each fiscal year is expended for the services of disability-owned financial advisers or disability-owned investment firms.

AB68,2449 Section 2449 . Subchapter V of chapter 224 [precedes 224.101] of the statutes is created to read:

AB68,1318,14 Chapter 224

AB68,1318,16 Subchapter V STUDENT LOANS

AB68,1318,17 224.101 Definitions. In this subchapter:

AB68,1318,18 (1) “Board” means the higher educational aids board.

AB68,1318,20 (2) “Exempt organization” means the board or a state-regulated financial service provider.

AB68,1318,21 (3) “Licensee” means a person holding a license issued under this subchapter.

AB68,1318,22 (4) “Office” means the office of the student loan ombudsman in the department.

AB68,1318,23 (5) “Servicing" means doing all of the following:

AB68,1318,25 (a) Receiving scheduled periodic payments from a student loan borrower pursuant to the terms of a student education loan.

AB68,1319,3 (b) Applying the payments of principal and interest and any other payments with respect to the amounts received from a student loan borrower as may be required pursuant to the terms of a student education loan.

AB68,1319,5 (c) Performing other administrative services with respect to a student education loan.

AB68,1319,6 (6) “State-regulated financial service provider” means any of the following:

AB68,1319,7 (a) A bank organized under ch. 221.

AB68,1319,8 (b) A savings bank organized under ch. 214.

AB68,1319,9 (c) A savings and loan association organized under ch. 215.

AB68,1319,10 (d) A credit union organized under ch. 186.

AB68,1319,11 (e) A consumer lender licensed under s. 138.09.

AB68,1319,14 (7) “Student education loan" means a loan that is extended to a student loan borrower expressly for postsecondary education expenses or related expenses and does not include open-end credit or any loan that is secured by real property.

AB68,1319,15 (8) “Student loan borrower" means any of the following:

AB68,1319,17 (a) A resident of this state who has received or agreed to pay a student education loan.

AB68,1319,19 (b) A person who shares legal responsibility with a resident under par. (a) for repaying the student education loan.

AB68,1319,22 (9) “Student loan servicer" means a person, wherever located, responsible for the servicing of a student education loan, but does not include the board or any state-regulated financial service provider.

AB68,1319,23 224.102 Ombudsman services. The office shall do all of the following:

AB68,1319,24 (1) Provide timely assistance to student loan borrowers.

AB68,1319,25 (2) Receive, review, and attempt to resolve complaints from all of the following:

AB68,1320,1 (a) Student loan borrowers.

AB68,1320,4 (b) In collaboration with institutions of higher education, student loan servicers and any other participants in student education loan lending, including originators servicing their own student education loans.

AB68,1320,6 (3) Compile and analyze data on student loan borrower complaints as described in sub. (2) and as resolved under s. 224.104.

AB68,1320,8 (4) Assist student loan borrowers in understanding their rights and responsibilities under the terms of student education loans.

AB68,1320,11 (5) Provide information to the public, agencies, the legislature, and others regarding the problems and concerns of student loan borrowers and make recommendations for resolving those problems and concerns.

AB68,1320,14 (6) Analyze and monitor the development and implementation of federal, state, and local laws, ordinances, regulations, rules, and policies relating to student loan borrowers and recommend any necessary changes.

AB68,1320,16 (7) Review, as authorized and appropriate, the complete student education loan history for a student loan borrower who provides written consent for the review.

AB68,1320,21 (8) Provide sufficient outreach and disseminate information concerning the availability of the office to assist student loan borrowers and potential student loan borrowers, public institutions of higher education, student loan servicers, and any other participants in student education loan lending with any student education loan servicing concerns.

AB68,1320,24 (9) Seek the assistance of an exempt organization in the resolution of a student loan borrower complaint as described in sub. (2) involving that exempt organization. The exempt organization shall cooperate with the office as required by s. 224.104.

AB68,1321,2 (10) Take any other action necessary to fulfill the duties of the office as set forth in this subchapter.

AB68,1321,6 224.103 Annual report. The office shall submit a report by January 1 of each year to the standing committee of each house of the legislature having jurisdiction over matters related to higher education. The report shall include all of the following:

AB68,1321,8 (1) A description of actions taken with respect to the implementation of this subchapter.

AB68,1321,11 (2) An assessment of the overall effectiveness of the office, including information, in the aggregate, regarding student loan borrower complaints investigated with the assistance of an exempt organization.

AB68,1321,14 (3) Recommendations regarding additional steps for the department to gain regulatory control over licensing and enforcement with respect to student loan servicers.

AB68,1321,21 224.104 Assistance by exempt organizations; report. (1) An exempt organization that is requested by the office to provide assistance under s. 224.102 (9) shall provide, in a timely manner, the information requested by the office necessary to investigate and resolve a student loan borrower complaint, including the steps taken by the exempt organization to resolve the complaint, or, on its own, shall resolve, in a timely manner, the complaint and provide the office with documentation regarding the resolution.

AB68,1321,24 (2) Annually, an exempt organization that is involved in the resolution of a complaint under this section shall report to the office the number of complaints received and the number of complaints resolved by the exempt organization.

AB68,1322,4 224.105 Licensing of student loan servicers. (1) A person, wherever located, may not directly or indirectly engage in servicing student education loans in this state without first obtaining a license from the office under this section, unless the person is exempt from licensure under sub. (2).

AB68,1322,6 (2) The following persons are exempt from the licensing requirement under sub. (1):

AB68,1322,7 (a) A state-regulated financial service provider.

AB68,1322,8 (b) The board.

AB68,1322,11 (3) A person seeking to act within this state as a student loan servicer shall make a written application to the office for an initial license in the form prescribed by the office. The application shall be accompanied by all of the following:

AB68,1322,15 (a) A financial statement prepared by a certified public accountant or a public accountant, a general partner if the applicant is a partnership, a corporate officer if the applicant is a corporation, or a member duly authorized to execute such documents if the applicant is a limited liability company or association.

AB68,1322,18 (b) Information regarding the history of criminal convictions of the following, which information must be sufficient, as determined by the office, to make the findings under sub. (4):

AB68,1322,19 1. The applicant.

AB68,1322,20 2. Officers, directors, and principal employees of the applicant.

AB68,1322,22 3. Each individual shareholder, member, or partner who directly or indirectly controls 10 percent or more of the ownership interests of the applicant.

AB68,1322,23 (c) A nonrefundable license fee of $1,000.

AB68,1322,24 (d) A nonrefundable investigation fee of $800.

AB68,1323,7 (4) Upon the filing of an application for an initial license and the payment of the fees for licensing and investigation under sub. (3), the office shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. The office may conduct criminal history background checks of the applicant and of each partner, member, officer, director, and principal employee of the applicant. The office may issue a license if the office finds all of the following to be true:

AB68,1323,8 (a) The applicant's financial condition is sound.

AB68,1323,11 (b) The applicant's business will be conducted honestly, fairly, equitably, carefully, and efficiently within the purposes and intent of this subchapter and in a manner commanding the confidence and trust of the community.