AB68: Bill Text

AB68,1326,9 3. That the licensee made a material misstatement in an application for a license or in information furnished to the office.

AB68,1326,10 4. That the licensee has failed to pay any fee required under this section.

AB68,1326,21 (b) The office shall suspend a license issued under this section if the office finds that the licensee is an individual who fails to comply, after appropriate notice, with a subpoena or warrant issued by the department of workforce development or a county child support agency under s. 59.53 (5) and related to paternity or child support proceedings or who is delinquent in making court-ordered payments of child or family support, maintenance, birth expenses, medical expenses, or other expenses related to the support of a child or former spouse, as provided in a memorandum of understanding entered into under s. 49.857. A licensee whose license is suspended under this paragraph is entitled to a notice and hearing only as provided in a memorandum of understanding entered into under s. 49.857 and is not entitled to any other notice or hearing under this section.

AB68,1327,2 (c) The office shall revoke a license issued under this section if the department of revenue certifies under s. 73.0301 that the licensee is liable for delinquent taxes. A licensee whose license is revoked under this paragraph for delinquent taxes is entitled to a notice under s. 73.0301 (2) (b) 1. b. and a hearing under s. 73.0301 (5) (a) but is not entitled to any other notice or hearing under this section.

AB68,1327,8 (d) The office shall revoke a license issued under this section if the department of workforce development certifies under s. 108.227 that the licensee is liable for delinquent unemployment insurance contributions. A licensee whose license is revoked under this paragraph for delinquent unemployment insurance contributions is entitled to a notice under s. 108.227 (2) (b) 1. b. and a hearing under s. 108.227 (5) (a) but is not entitled to any other notice or hearing under this section.

AB68,1327,13 (e) A person whose license has been suspended, revoked, or refused renewal under this subsection may request a hearing under s. 227.44 within 30 days after the date of suspension, revocation, or refusal. The office may appoint a hearing examiner under s. 227.46 to conduct the hearing. This paragraph does not apply to a suspension or revocation under pars. (b) to (d).

AB68,1327,16 (f) An abatement of the license fee may not be made if the license is suspended or revoked under this subsection or surrendered in connection with a suspension or revocation proceeding.

AB68,1327,18 (12) All fees received by the office under this section shall be credited to the appropriation account under s. 20.144 (1) (g).

AB68,1327,21 224.106 Student loan servicers. (1) In this section, “nonconforming payment" means a payment on a student education loan that is different from the required payment.

AB68,1327,25 (2) (a) Except as otherwise provided in federal law, a federal student education loan agreement, or a contract between the federal government and a student loan servicer, a student loan servicer shall comply with the requirements of this subsection.

AB68,1328,3 (b) A student loan servicer shall respond to a written inquiry from a student loan borrower or the representative of a student loan borrower within 30 days after receiving the inquiry.

AB68,1328,5 (c) Upon receipt of a nonconforming payment on a student education loan, a student loan servicer shall do all of the following:

AB68,1328,7 1. Ask the student loan borrower how the student loan borrower prefers the student loan servicer to apply the nonconforming payment.

AB68,1328,9 2. Note how the student loan borrower prefers the student loan servicer to apply the nonconforming payment.

AB68,1328,11 3. Apply the nonconforming payment in the manner preferred by the student loan borrower.

AB68,1328,14 4. Until the student loan borrower indicates otherwise, apply any future nonconforming payments in the same manner preferred by the student loan borrower as noted under subd. 2.

AB68,1328,18 (d) If there is a sale, assignment, or other transfer of the servicing of a student education loan that results in a change in the identity of the person to whom a student loan borrower is required to send payments or direct any communication concerning the student education loan, all of the following apply:

AB68,1328,23 1. As a condition of the sale, assignment, or transfer, the student loan servicer shall require the new student loan servicer to honor all benefits originally represented as available to the student loan borrower during the repayment of the student education loan and preserve the availability of these benefits, including any benefits for which the student loan borrower has not yet qualified.

AB68,1329,3 2. Within 45 days after the sale, assignment, or transfer, the student loan servicer shall transfer to the new student loan servicer all information regarding the student loan borrower, the account of the student loan borrower, and the student education loan of the student loan borrower, including the repayment status of the student loan borrower and any benefits associated with the student education loan.

AB68,1329,6 3. The sale, assignment, or transfer of the servicing of the student education loan shall be completed at least 7 days before the next payment on the student education loan is due.

AB68,1329,12 (e) A student loan servicer that obtains the right to service a student education loan shall adopt policies and procedures to verify that the student loan servicer has received all information regarding the student loan borrower, the account of the student loan borrower, and the student education loan of the student loan borrower, including the repayment status of the student loan borrower and any benefits associated with the student education loan.

AB68,1329,13 (3) A student loan servicer may not do any of the following:

AB68,1329,15 (a) Directly or indirectly employ a scheme, device, or artifice to defraud or mislead any student loan borrower.

AB68,1329,21 (b) Engage in an unfair or deceptive practice toward any person or misrepresent or omit any material information in connection with the servicing of a student education loan, including misrepresenting the amount, nature, or terms of any fee or payment due or claimed to be due on a student education loan, the terms and conditions of the loan agreement, or the student loan borrower's obligations under the loan.

AB68,1329,22 (c) Obtain property by fraud or misrepresentation.

AB68,1329,24 (d) Misapply student education loan payments to the outstanding balance of a student education loan.

AB68,1330,2 (e) Provide inaccurate information to a credit bureau, thereby harming the determination of a student loan borrower's creditworthiness.

AB68,1330,6 (f) Fail to report both the favorable and unfavorable payment history of a student loan borrower to a nationally recognized consumer credit bureau at least annually if the student loan servicer regularly reports information to such a credit bureau.

AB68,1330,11 (g) Refuse to communicate with an authorized representative of a student loan borrower who provides a written authorization signed by the student loan borrower, except that the student loan servicer may adopt procedures reasonably related to verifying that the representative is in fact authorized to act on behalf of the student loan borrower.

AB68,1330,14 (h) Make any false statement or omit a material fact in connection with information or reports filed with a governmental agency or in connection with an investigation conducted by the office or another governmental agency.

AB68,1330,17 (i) Fail to evaluate a student loan borrower for an income-based repayment program prior to placing the student loan borrower in forbearance or default, if an income-based repayment program is available to the student loan borrower.

AB68,1330,20 (j) Violate any applicable federal law or regulation relating to student education loan servicing, including the federal Truth in Lending Act, 15 USC 1601 to 1667f, and regulations adopted under that act.

AB68,1330,23 (4) (a) A student loan borrower injured by violation of this section may bring an action in any court of competent jurisdiction and recover the damages, fees, and penalties set forth in par. (b).

AB68,1331,3 (b) A student loan servicer that fails to comply with any requirement imposed under this section with respect to a student loan borrower is liable in an amount equal to the sum of all of the following:

AB68,1331,5 1. Any actual damages sustained by the student loan borrower as result of the violation.

AB68,1331,8 2. If the student loan borrower establishes by a preponderance of the evidence that the violation was willful or intentional, a monetary award equal to 2 times the amount of actual damages.

AB68,1331,11 3. In the case of any successful action by the student loan borrower to enforce the liability set out in this paragraph, the costs of the action, together with reasonable attorney fees, as determined by the court.

AB68,1331,14 (c) For purposes of par. (b), actual damages includes damages caused by emotional distress or mental anguish with or without accompanying physical injury proximately caused by a violation of this section.

AB68,1331,16 (d) The remedies provided in this subsection do not preclude the availability of other remedies that may be available to a student loan borrower.

AB68,1331,18 224.107 Office powers and duties. (1) The office may conduct investigations and examinations as follows:

AB68,1331,23 (a) For purposes of initial licensing, renewal, suspension, or revocation or of investigation to determine compliance with this subchapter, the office may access, receive, and use any books, accounts, records, files, documents, information, or evidence belonging to a licensee or person under examination, including any of the following:

AB68,1331,24 1. Criminal, civil, and administrative history information.

AB68,1332,2 2. Personal history and experience information, including independent credit reports obtained from a consumer reporting agency, as defined in 15 USC 1681a.

AB68,1332,5 3. Any other documents, information, or evidence the office considers relevant to the inquiry or investigation regardless of the location, possession, control, or custody of the documents, information, or evidence.

AB68,1332,14 (b) For the purposes of investigating violations or complaints arising under this subchapter or of examination, the office may review, investigate, or examine any licensee or person subject to this subchapter as often as necessary in order to carry out the purposes of this subchapter. The office may direct, subpoena, or order the attendance of and examine under oath any person whose testimony may be required about the student education loan or the business or subject matter of the examination or investigation and may direct, subpoena, or order the person to produce books, accounts, records, files, and any other documents the office considers relevant to the inquiry.

AB68,1333,2 (c) In making an examination or investigation authorized by this section, the office may control access to any documents and records of the licensee or person under examination or investigation. The office may take possession of the documents and records or place a person in exclusive charge of the documents and records in the place where they are usually kept. During the period of control, a person may not remove or attempt to remove any of the documents and records except pursuant to a court order or with the consent of the office. Unless the office has reasonable grounds to believe the documents or records of the licensee or person have been, or are at risk of being, altered or destroyed for purposes of concealing a violation of this subchapter, the licensee or owner of the documents and records may have access to the documents or records as necessary to conduct its ordinary business affairs.

AB68,1333,4 (d) In order to carry out the purposes of this section, the office may do any of the following:

AB68,1333,7 1. Retain attorneys, accountants, or other professionals and specialists as examiners, auditors, or investigators to conduct or assist in the conduct of examinations or investigations.

AB68,1333,11 2. Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures, and documents, records, information, or evidence obtained under this section.

AB68,1333,14 3. Use, hire, contract for, or employ public or privately available analytical systems, methods, or software to examine or investigate the licensee or person subject to this subchapter.

AB68,1333,16 4. Accept and rely on examination or investigation reports made by other government officials, within or outside this state.

AB68,1333,21 5. Accept audit reports made by an independent certified public accountant for the licensee or person subject to this subchapter in the course of that part of the examination covering the same general subject matter as the audit and may incorporate the audit report in a report of examination, report of investigation, or other writing of the office.

AB68,1333,25 (e) A licensee or person subject to investigation or examination under this section may not knowingly withhold, abstract, remove, mutilate, or destroy any books, physical records, computer records, or other information relating to information regulated under this subchapter.

AB68,1334,3 (f) The costs of an investigation conducted by the office shall be paid by the licensee or person being investigated. Funds received by the office under this paragraph shall be credited to the appropriation account under s. 20.144 (1) (g).

AB68,1334,6 (2) The office may do any of the following to address a violation of this subchapter, any rule promulgated under this subchapter, or any order issued under this subchapter:

AB68,1334,12 (a) Issue an order requiring a student loan servicer to cease and desist from a violation, to correct the conditions resulting from the violation, and to take actions to prevent such violations in the future. As part of the order, the office may require the student loan servicer to reimburse persons injured by the violation. A student loan servicer that violates an order issued under this paragraph shall, for each violation, forfeit not more than $1,000 per day for each day the violation continues.

AB68,1334,17 (b) Commence administrative proceedings on its own initiative, or commence civil actions through the department of justice, to restrain by temporary or permanent injunction a person from violating this subchapter, to recover any fees or penalties owed under this subchapter, or to seek relief available under this subchapter on behalf of student loan borrowers.

AB68,1334,19 (c) Suspend, revoke, or refuse to renew a license issued under s. 224.105 as provided in s. 224.105 (11).

AB68,1334,20 (3) The office may promulgate rules to implement this subchapter.

AB68,2450 Section 2450. 224.30 (6) of the statutes is created to read:

AB68,1335,2 224.30 (6) Public service loan forgiveness program information. The department shall collect and maintain information regarding loan forgiveness programs available to individuals employed by the state or a local unit of government. The department shall make the information available to the state, local units of governments, and employees of the state and local units of government on the Internet or by other means.

AB68,2451 Section 2451 . 224.55 of the statutes is created to read:

AB68,1335,5 224.55 Support accounts for individuals with disabilities. (1) Definitions. In this section:

AB68,1335,6 (a) “ABLE account" means an account established under an ABLE program.

AB68,1335,8 (b) “ABLE program” means a qualified ABLE program under section 529A of the Internal Revenue Code.

AB68,1335,13 (2) Department to establish ABLE program. (a) Implementation directly or by agreement. The department shall implement and administer an ABLE program, either directly or by entering into a formal or informal agreement with another state, or with an entity representing an alliance of states, to establish an ABLE program or otherwise administer ABLE program services for the residents of this state.

AB68,1335,19 (b) Review of other states' partnership programs. The department shall review section 529A ABLE state partnership programs offered by other states and, no later than the first day of the 10th month beginning after the effective date of this subsection, determine whether, as the best option for Wisconsin residents, the department will implement the ABLE program under par. (a) directly or by entering into an agreement.

AB68,1335,22 (c) Agreement terms. An agreement under par. (a) may require the party contracting with the department, in addition to providing any other services, to do any of the following:

AB68,1336,2 1. Develop and implement an ABLE program in accordance with all requirements under section 529A of the Internal Revenue Code, and modify this ABLE program as necessary for participants in the ABLE program to qualify for the federal income tax benefits or treatment provided under section 529A of the Internal Revenue Code and rules adopted under section 529A.

AB68,1336,5 2. Engage the services of vendors on a contractual basis for rendering professional and technical assistance and advice in developing marketing plans and promotional materials to publicize the ABLE program.

AB68,1336,8 3. Work with organizations with expertise in supporting people with disabilities and their families in administering the agreement and ensuring accessibility of the ABLE program for people with disabilities.

AB68,1336,10 4. Take any other action necessary to implement and administer the ABLE program.

AB68,1336,12 (d) Information about ABLE accounts. The department shall include on its Internet site information concerning ABLE accounts.

AB68,1336,14 (3) Confidentiality. The department shall keep confidential any personal and financial information maintained by the department relating to an ABLE account.

AB68,1336,16 (4) Funding; rules. (a) All expenses incurred by the department under this section shall be paid from the appropriation under s. 20.144 (1) (g).

AB68,1336,18 (b) The department may promulgate rules to implement and administer this section.

AB68,2452 Section 2452 . 224.56 of the statutes is created to read:

AB68,1336,21 224.56 Small business retirement savings program. (1) Definitions. In this section:

AB68,1336,23 (a) “Account" means a retirement savings account established for an eligible employee under the program under this section.

AB68,1336,24 (b) “Board" means the small business retirement savings board.

AB68,1337,2 (c) “Eligible employee” means an individual who resides in this state and who is any of the following:

AB68,1337,4 1. Employed by a private employer that does not offer a retirement savings plan.

AB68,1337,6 2. Employed by a private employer and not eligible to participate in a retirement savings plan offered by the private employer.

AB68,1337,8 (d) “Investment administrator” means the vendor with which the board has contracted under sub. (2) (b).

AB68,1337,10 (e) “Participating employer” means a private employer that qualifies for and has elected to participate in the program as provided in sub. (4) (a).

AB68,1337,11 (f) “Roth IRA” has the meaning given in 26 USC 408A (b).

AB68,1337,14 (2) Establishment of program. (a) Subject to par. (b), the board shall establish and oversee a small business retirement savings program that meets the requirements specified in this section.

AB68,1337,17 (b) After soliciting competitive sealed proposals under s. 16.75 (2m), the board shall select and contract with a vendor to provide the following services in administering the small business retirement savings program:

AB68,1337,18 1. Investment services.