(3) Sufficient funds shall be maintained in the trust account or trust accounts to pay all moneys due or owing all creditors or forwarders. For the purpose of determining sufficient funds, amounts collected by a 3rd party, but not yet deposited into the licensee's trust account, are not considered trust funds.
(4) Sufficient funds shall be maintained in or made available to the trust checking account on which remittance checks or electronic debits are drawn or made to pay all checks and debits when presented.
(5) The licensee shall have sufficient documentation from the trust account or trust accounts available to make an adequate examination.
267,182
Section 182
. DFI-Bkg 74.06 (1) of the administrative code is created to read:
DFI-Bkg 74.06 (1) A licensee's trust checking account shall be identified as a “trust account.”
267,183
Section 183
. DFI-Bkg 74.06 (6) of the administrative code is created to read:
DFI-Bkg 74.06 (6) Third party payment processors shall not be given authority to withdraw funds from the licensee's trust account or accounts.
267,184
Section 184
. DFI-Bkg 74.07 (1) (j) of the administrative code is created to read:
DFI-Bkg 74.07 (1) (j) A roster of all collectors and solicitors employed by the licensee. The list shall be updated and accurate at all times and set forth all of the following:
1. The individual's first and last name, home address, and indication of whether the individual works from the individual's residence.
2. The first and last name of any alias that is used by the individual, the date the individual started to use the alias, and, if applicable, the date the individual stopped using the alias.
3. The date the individual was hired by the licensee.
4. The date the individual's employment with the licensee was terminated, if applicable.
267,185
Section 185
. DFI-Bkg 74.10 (1) (c) of the administrative code is created to read:
DFI-Bkg 74.10 (1) (c) A licensee may not contract for or assess a fee, commission, or any other charge to a creditor for returning any account to the creditor that is not in the actual process of collection, other than a contracted fee for reasonable costs incurred by the licensee for each account placed in error by the creditor.
267,186
Section 186
. DFI-Bkg 74.10 (2) of the administrative code is renumbered DFI-Bkg 74.10 (2) (b).
267,187
Section 187
. DFI-Bkg 74.10 (2) (a) of the administrative code is created to read:
DFI-Bkg 74.10 (2) (a) In this subsection, “terminated,” with respect to a license, includes a license that is surrendered, revoked, or expired.
267,188
Section 188
. DFI-Bkg 74.11 (10) of the administrative code is created to read:
DFI-Bkg 74.11 (10) Trade names. (a) A licensee may not conduct business in this state under any name or names other than the name or names listed on the license.
(b) Before using any trade name, a licensee shall obtain approval from the division for the use of the trade name.
(c) A licensee may not conduct business in this state using a trade name that includes a corporate identifier.
267,189
Section 189
. DFI-Bkg 74.12 of the administrative code is repealed.
267,190
Section 190
. DFI-Bkg 74.14 of the administrative code is repealed.
267,191
Section 191
. DFI-Bkg 74.16 (9) of the administrative code is amended to read:
DFI-Bkg 74.16 (9) Engage in other conduct which that can reasonably be expected to threaten or harass the debtor or a person related to the debtor including conduct which violates.
(9g) Violate the Federal Fair Debt Collection Practices Act.
267,192
Section 192
. DFI-Bkg 74.16 (9m) of the administrative code is created to read:
DFI-Bkg 74.16 (9m) Violate any federal or state statute, rule, or regulation that relates to practice as a collection agency.
267,193
Section 193
. DFI-Bkg 75.01 (1m) of the administrative code is created to read:
DFI-Bkg 75.01 (1m) “Customer identification number” has the meaning given in s. 138.14 (1) (br), Stats.
267,194
Section 194
. DFI-Bkg 75.08 (1) (c) 3. of the administrative code is amended to read:
DFI-Bkg 75.08 (1) (c) 3. Identify the name, address, telephone number, and unique identification number of the customer identification number.
267,195
Section 195
. DFI-Bkg 75.08 (2) (a) 4. of the administrative code is amended to read:
DFI-Bkg 75.08 (2) (a) 4. Identify the name, address, telephone number, and unique identification number of the customer identification number.
267,196
Section 196
.
Nonstatutory provisions.
(1) Transition of license information.
(a) In this subsection:
1. “Division” means the division of banking in the Department of Financial Institutions.
2. “Nationwide multistate licensing system and registry” has the meaning given in s. 224.35 (1g) (b).
(b) All persons holding a license under s. 138.09, 138.14, or 218.02 shall transition their license information onto the nationwide multistate licensing system and registry before January 31 of the year in which this paragraph takes effect. The division may suspend the license of any licensee subject to this paragraph that has not transitioned its license information onto the nationwide multistate licensing system and registry by March 31 of the year in which this paragraph takes effect.
(c) All persons holding a license under ch. 217 shall transition their license information onto the nationwide multistate licensing system and registry before March 31 of the year in which this paragraph takes effect. The division may suspend the license of any licensee under ch. 217 that has not transitioned its license information onto the nationwide multistate licensing system and registry by March 31 of the year in which this paragraph takes effect.
(d) All persons holding a license under s. 138.12 shall transition their license information onto the nationwide multistate licensing system and registry between January 2 of the year in which this paragraph takes effect and March 31 of the year in which this paragraph takes effect. The license of any licensee under s. 138.12 that has not transitioned its license information onto the nationwide multistate licensing system and registry by March 31 of the year in which this paragraph takes effect will expire on April 30 of the year in which this paragraph takes effect, and such licensee will be required to apply for and receive a new license to continue operating as an insurance premium finance company in this state.
(e) All persons holding a license under s. 218.04 shall transition their license information onto the nationwide multistate licensing system and registry between March 1 of the year in which this paragraph takes effect and May 31 of the year in which this paragraph takes effect. The license of any licensee under s. 218.04 that has not transitioned its license information onto the nationwide multistate licensing system and registry by May 31 of the year in which this paragraph takes effect will expire on June 30 of the year in which this paragraph takes effect, and such licensee will be required to apply for and receive a new license to continue operating as a collection agency in this state.
(f) All persons holding a license under s. 218.0114, except for motor vehicle dealers within the meaning of s. 218.0101 (23), or s. 218.05 shall transition their license information onto the nationwide multistate licensing system and registry before September 30 of the year in which this paragraph takes effect. The division may suspend the license of any licensee under s. 218.0114, except for motor vehicle dealers within the meaning of s. 218.0101 (23), or s. 218.05 that has not transitioned its license information onto the nationwide multistate licensing system and registry by September 30 of the year in which this paragraph takes effect.
(2) Transition of renewal fee dates.
(a) In this subsection, “department” means the Department of Financial Institutions.
(b) With regard to a license under s. 138.12 that expires on April 30 of the year in which this paragraph takes effect, the licensee shall pay to the department no later than March 31 of that year a license fee equal to two-thirds of the annual license fee specified under s. 138.12 (3) (b), to cover the period of May 1 through the new December 31 license expiration date.
(c) With regard to a license under s. 218.04 that expires on June 30 of the year in which this paragraph takes effect, the licensee shall pay to the department no later than June 1 of that year a license fee equal to one-half of the annual license fee specified under s. 218.04 (3) (b) to cover the period of July 1 through the new December 31 license expiration date.
267,197
Section 197
.
Effective date.
(1) Notwithstanding s. 227.265, this act takes effect on the first January 1 occurring at least 90 days after publication.
