2001 Wisconsin Act 16

16,3606tt Section 3606tt. 442.10 (1) of the statutes is amended to read:

442.10 (1) Whenever any person, as a certified public accountant or public accountant, signs or certifies any report, schedule, or statement relative to the affairs of any corporation, association, or partnership in which the person is financially interested or by which the person is regularly engaged as an officer or employee, the signature or certification shall be accompanied by a specific statement setting forth the fact that the person is financially interested in or is an officer or regular employee of the corporation, association, or partnership. If the person is both financially interested and an officer or regular employee, the statement shall cover both financial interest and employment. In the case of a corporation holding a certificate of authority firm signing or certifying as above described in this subsection, the interest of any of its stockholders members shall be disclosed.

16,3606tv Section 3606tv. 442.10 (2) of the statutes is amended to read:

442.10 (2) Notwithstanding sub. (1), no person licensed under this chapter, and no firm of which the person is a partner or shareholder member, may express an opinion as an independent certified public accountant on financial statements of any enterprise unless the person and the firm are independent of the enterprise. The requirement for independence under this subsection also extends to the spouse of such a person and to other relatives having a financial or business relationship with the enterprise which, in the opinion of the examining board, may impair independence.

16,3606tx Section 3606tx. 442.11 (1) of the statutes is amended to read:

442.11 (1) Uses any term other than certified public accountant or the abbreviation C. P. A. to indicate that he or she is a certified public accountant with a specially granted title.

16,3606tz Section 3606tz. 442.11 (2) of the statutes is amended to read:

442.11 (2) While practicing under an assumed name, or as a member of a partnership firm, other than a partnership firm with a name that is registered under s. 442.07 as composed of certified public accountants, or as an officer of a corporation (3), announces, either in writing or by printing, that the assumed name, partnership or corporation or firm is practicing as a certified public accountant.

16,3606vb Section 3606vb. 442.11 (3) of the statutes is repealed.

16,3606vd Section 3606vd. 442.11 (4) of the statutes is repealed.

16,3606vf Section 3606vf. 442.11 (6) of the statutes is repealed.

16,3606vh Section 3606vh. 442.11 (7) of the statutes is amended to read:

442.11 (7) Practices as a certified public accountant or as a public accountant after his or her certificate has been revoked.

16,3606vj Section 3606vj. 442.11 (8) of the statutes is amended to read:

442.11 (8) As an individual, member of a partnership or officer or director of a corporation or member of a firm, practices or permits the partnership or corporation firm to practice as a certified public accountant or as a public accountant unless a license has been secured for the current licensure period.

16,3606vL Section 3606vL. 442.11 (9) of the statutes is amended to read:

442.11 (9) Sells, buys, gives, or obtains an alleged certificate as a certified public accountant, a certificate of authority or a license in any manner other than that provided for by this chapter.

16,3606vn Section 3606vn. 442.11 (10) of the statutes is amended to read:

442.11 (10) Attempts to practice as a certified public accountant or as a public accountant under the guise of a certificate not granted by the examining board or under cover of a certificate obtained illegally or fraudulently.

16,3606vp Section 3606vp. 442.11 (12) of the statutes is amended to read:

442.11 (12) Attempts by any subterfuge to evade the provisions of this chapter while practicing as a certified public accountant.

16,3606vr Section 3606vr. 442.11 (13) of the statutes is amended to read:

442.11 (13) As an individual, a member of a partnership or an officer of a corporation or member of a firm, permits to be announced by printed or written statement that any report, certificate, exhibit, schedule, or statement has been prepared by or under supervision of a certified public accountant or by or under supervision of a public accountant when the person who prepared the report, certificate, exhibit, schedule, or statement was not a certified public accountant or public accountant.

16,3606vt Section 3606vt. 442.12 (intro.) of the statutes is amended to read:

442.12 Disciplinary action. (intro.) Subject to the rules promulgated under s. 440.03 (1), the examining board may do any of the following:

16,3606vv Section 3606vv. 442.12 (3) of the statutes is amended to read:

442.12 (3) In the case of a corporation or a partnership firm, revoke, limit, or suspend the license of the partnership or corporation firm, or reprimand it, if it is found that any officer, director or member of the firm has been guilty of such act or omission as would be cause for revoking, limiting, or suspending a certificate or license to the person as an individual or for reprimanding the person.

16,3606vx Section 3606vx. 442.13 of the statutes is amended to read:

442.13 Ownership of accountant's working papers. All statements, records, schedules, working papers, and memoranda made by a certified public accountant or public accountant incident to or in the course of professional service to clients by such a certified public accountant, except reports submitted by a certified public accountant or public accountant to a client, shall be and remain the property of such the certified public accountant, in the absence of an express agreement between such the certified public accountant and the client to the contrary. No such statement, record, schedule, working paper, or memorandum shall be sold, transferred, or bequeathed, without the consent of the client or the client's personal representative or assignee, to anyone other than one or more surviving partners or new or successor partners of such any member of the firm of the certified public accountant.

16,3606vz Section 3606vz. 442.14 of the statutes is repealed.

16,3607 Section 3607. 445.125 (1) (a) 2. of the statutes is amended to read:

445.125 (1) (a) 2. Notwithstanding s. 701.12 (1), such agreements may be made irrevocable as to the first $2,500 $3,000 of the funds paid under the agreement by each depositor.

16,3608bc Section 3608bc. 447.04 (1) (b) of the statutes is amended to read:

447.04 (1) (b) The Except as provided in par. (c), the examining board may grant a license to practice dentistry to an individual who is licensed in good standing to practice dentistry in another state or territory of the United States or in another country if the applicant meets the requirements for licensure established by the examining board by rule and upon presentation of the license and payment of the fee specified under s. 440.05 (2).

16,3608be Section 3608be. 447.04 (1) (c) of the statutes is created to read:

447.04 (1) (c) 1. The examining board shall grant a license to practice dentistry to an applicant who is licensed in good standing to practice dentistry in another jurisdiction upon presentation of the license and who does all of the following:

a. Pays the fee specified in s. 440.05 (2).

b. Submits evidence satisfactory to the examining board that the applicant has been offered employment as a full-time faculty member at a school of dentistry in this state.

c. Makes responses during any interview that the examining board may require that demonstrate, to the satisfaction of the examining board, that the applicant is competent to practice dentistry.

2. A license granted under subd. 1. authorizes the license holder to practice dentistry only within educational facilities and only for the purpose of carrying out the license holder's teaching duties.

3. A license granted under subd. 1. is no longer in effect if the license holder ceases to be employed as a full-time faculty member at a school of dentistry in this state.

4. The examining board may promulgate rules to carry out the purposes of this paragraph.

16,3608bf Section 3608bf. 447.34 (2) of the statutes is amended to read:

447.34 (2) Legal counsel, certified public accountants licensed under ch. 442, or other persons as to matters the director or officer believes in good faith are within the person's professional or expert competence.

16,3608bh Section 3608bh. 450.03 (1) (f) of the statutes is created to read:

450.03 (1) (f) A person who has successfully completed his or her second year in, and is enrolled at, an accredited school of pharmacy and whose practice of pharmacy is limited to performing duties under the direct supervision of a person licensed as a pharmacist by the board.

16,3608bi Section 3608bi. 450.03 (1) (g) of the statutes is created to read:

450.03 (1) (g) A person who has applied for a license under s. 450.05 whose practice of pharmacy is limited to performing duties under the direct supervision of a person licensed as a pharmacist by the board and during the period before which the board takes final action on the person's application.

16,3608bk Section 3608bk. 450.04 (3) (b) of the statutes is amended to read:

450.04 (3) (b) Has completed an internship in the practice of pharmacy under s. 450.045 or has practical experience acquired in another state which is comparable to that included in the an internship and which is approved and verified by the board or by the agency which is the equivalent of the board in the state in which the practical experience was acquired.

16,3608bL Section 3608bL. 450.045 of the statutes is repealed.

16,3608cg Section 3608cg. 452.01 (3p) of the statutes is created to read:

452.01 (3p) "Closing agent" means any person who coordinates the closing of a conveyance of real estate by ensuring that title to the real estate is transferred to the buyer and that the purchase price is transferred to the seller, except that "closing agent" does not include any of the following:

(a) A receiver, trustee, administrator, executor, guardian, or other person appointed by or acting under the judgment or order of any court.

(b) A public officer while performing his or her official duties.

(c) A depository institution.

(d) An employee of a person specified in pars. (a) to (c) when the employee is engaged in the specific performance as such an employee.

(e) An attorney licensed to practice in this state while acting within the scope of his or her attorney's license.

16,3608cm Section 3608cm. 452.035 of the statutes is created to read:

452.035 Closing agents. No person, including an escrow agent, as defined in s. 138.052 (5m) (a) or 707.49 (1) (d), may engage in the business or occupation of, or advertise or hold himself or herself out as, a closing agent unless the person is registered as a closing agent by the department. The department shall issue a certificate of registration as a closing agent to a person who submits an application to the department on a form provided by the department, pays the fee specified in s. 440.05 (1), and submits evidence satisfactory to the department that he or she is competent to act as a closing agent. Renewal applications shall be submitted to the department on a form provided by the department on or before the applicable renewal date specified under s. 440.08 (2) (a) and shall include the applicable renewal fee specified under s. 440.08 (2) (a).

16,3608cr Section 3608cr. 452.05 (1) (a) of the statutes is amended to read:

452.05 (1) (a) Grant and issue licenses to brokers and salespersons and registrations to time-share salespersons and closing agents.

16,3608cs Section 3608cs. 452.07 (1m) of the statutes is created to read:

452.07 (1m) The department shall promulgate rules that specify the supervisory duties of brokers under s. 452.12 (3).

16,3608dg Section 3608dg. 452.11 (1) of the statutes is amended to read:

452.11 (1) A nonresident may become a broker, salesperson or, time-share salesperson , or closing agent by conforming to all the provisions of this chapter.

16,3608dm Section 3608dm. 452.12 (3) (a) of the statutes is renumbered 452.12 (3) and amended to read:

452.12 (3) Broker's liability for acts of employees. Each broker shall supervise, and is responsible for the acts of, any broker, salesperson, or time-share salesperson employed by the broker.

16,3608dp Section 3608dp. 452.12 (3) (b) of the statutes is repealed.

16,3608dq Section 3608dq. 452.12 (6) (a) of the statutes is amended to read:

452.12 (6) (a) Any licensee, except a time-share salesperson registered under s. 452.025 or a closing agent registered under s. 452.035, may apply for registration as an inactive licensee on or before the license renewal date. This paragraph does not apply after October 31, 1995.

16,3608dr Section 3608dr. 452.13 (1) (b) of the statutes is renumbered 452.01 (3w).

16,3608eg Section 3608eg. 452.13 (1) (c) of the statutes is created to read:

452.13 (1) (c) "Closing funds" means any money related to the closing of real estate conveyance that is received by a closing agent. "Closing funds" does not include client funds, unless the client funds are transferred to a closing agent.

16,3608em Section 3608em. 452.13 (2) (a) of the statutes is amended to read:

452.13 (2) (a) A broker who holds client funds or a closing agent who holds closing funds shall establish an interest-bearing common trust account in a depository institution. The interest-bearing common trust account shall earn interest at a rate not less than that applicable to individual accounts of the same type, size, and duration and for which withdrawals or transfers can be made without delay, subject to any notice period that the depository institution is required to observe by law or regulation.

16,3608er Section 3608er. 452.13 (2) (b) (intro.) of the statutes is amended to read:

452.13 (2) (b) (intro.) Any broker or closing agent who maintains an interest-bearing common trust account shall do all of the following:

16,3608fg Section 3608fg. 452.13 (2) (c) of the statutes is amended to read:

452.13 (2) (c) A broker or closing agent shall deposit all client funds or closing funds in the interest-bearing common trust account.

16,3608fm Section 3608fm. 452.13 (2) (e) (intro.) of the statutes is amended to read:

452.13 (2) (e) (intro.) For each interest-bearing common trust account, the broker or closing agent shall direct the depository institution to do all of the following:

16,3608fr Section 3608fr. 452.13 (2) (e) 2. of the statutes is amended to read:

452.13 (2) (e) 2. When the interest remittance is sent, furnish to the department of administration and to the broker or closing agent maintaining the interest-bearing common trust account a statement that includes the name of the broker or closing agent for whose account the remittance is made, the rate of interest applied, the amount of service charges or fees deducted, if any, and the account balance for the period that the statement covers.

16,3608gg Section 3608gg. 452.13 (2) (f) 1. of the statutes is amended to read:

452.13 (2) (f) 1. May not assess a service charge or fee that is due on an interest-bearing common trust account against any broker or closing agent or, except as provided in subd. 3., against any other account, regardless of whether the same broker or closing agent maintains the other account.

16,3608gm Section 3608gm. 452.13 (3) of the statutes is amended to read:

452.13 (3) Deposit provisions. A broker or closing agent who deposits client funds or closing funds in an interest-bearing common trust account in compliance with this section may not be held liable to the owner or beneficial owner of the client funds or closing funds for damages due to compliance with this section. A broker, salesperson, or time-share salesperson who deposits client funds, or a closing agent who deposits closing funds, in an interest-bearing common trust account in compliance with this section is not required to disclose alternative depository arrangements that could be made by the parties or to disclose that a deposit will be made under this section.

16,3608gr Section 3608gr. 452.13 (4) of the statutes is amended to read: