Rule-Making Notices (Hearing Notices)

The proposed rules and an analysis of the proposed rules are available on the Internet at the Safety and Buildings Division web site at:
www.commerce.state.wi.us/SB/SB-HomePage.
Paper copies may be obtained without cost from Jean M. MacCubbin, Department of Commerce, Administrative Services Divison, P.O. Box 2689, Madison, WI 53701-2689, Email: [e-mail], telephone [phone] or [phone] (TTY). Copies will also be available at the public hearings and on the Commerce webpage at:
http://www.commerce.state.wi.us/COM/Com-Community.html

Notice of Hearing

Financial Institutions - Banking

[CR 01-112]

Pursuant to s. 227.17, Stats., notice is hereby given that the Department of Financial Institutions, Division of Banking will hold a public hearing at the time and place indicated below to consider creating a rule regarding procedures for cancellation and return of accounts.

Date, Time and Place of Hearing

October 30, 2001   Tommy G. Thompson Conf. Room

Tuesday     5th Floor

9:00 a.m.     Department of Financial Institutions

    345 West Washington Avenue  

    Madison, WI 53703

This facility is accessible to individuals with disabilities through levels A, B or the first floor lobby. If you require reasonable accommodation to access any meeting, please call Lisa Bauer at [phone] or TTY [phone] for the hearing impaired at least 10 days prior to the hearing date. Reasonable accommodation includes materials prepared in an alternative format, as provided by the Americans with Disabilities Act.

Written comments in lieu of public hearing testimony must be received not later than the hearing date and should be addressed to Michael J. Mach, Administrator, Department of Financial Institutions, Division of Banking, P.O. Box 7876, Madison, WI 53707-7876.

Analysis Prepared by Department of Financial Institutions, Division of Banking

To amend s. DFI—Bkg 74.08 (2), and create ss. DFI—Bkg 74.001 (3) and DFI—Bkg 74.08 (4). Statutory authority: ss. 218.04 (7) (d) and 227.11 (2), Stats. Summary: Currently a collection agency must cancel and return all accounts when a license is terminated for whatever reason. However, current rules do not contemplate a merger between department licensees. Corporate merger statutes allow for the transition of the duties and obligations of the merged entity to the surviving entity. Allowing the transfer of all accounts accomplishes this. This rule also allows, under certain circumstances, a licensed collection agency to purchase the listed accounts of another agency. Accounts would not need to be cancelled and returned in these circumstances.

Statutory Authority:

Sections 218.04 (7) (d) and 227.11 (2), Stats.

Fiscal Estimate

There is no state fiscal effect, and there are no local government costs. No funding sources or ch. 20 appropriations are affected. There are no long-range fiscal implications.

Initial Regulatory Flexibility Analysis:

The rule may have an impact on small business. Types of small business that will be affected by the rule: collection agencies. Description of the proposed reporting, bookkeeping and other procedures required for compliance: application and payment of fee to the division, and notice to persons having accounts listed. Types of professional skills necessary for compliance: no new skills.

Contact Person

A copy of the full text of the proposed rules and fiscal estimate may be obtained through the following:

Michael J. Mach, Administrator

Department of Financial Institutions

Division of Banking

P.O. Box 7876, Madison

WI 53707-7876

tel. [phone]

A copy of the full text of the proposed rules may also be obtained at the department's website, www.wdfi.org.