2,552
Section
552. 77.9972 (2) of the statutes is repealed and recreated to read:
77.9972 (2) Sections 77.51 (12m), (14), (14g), (15a), and (15b), 77.52 (1b), (3), (4), (13), (14), (18), and (19), 77.58 (1) to (5), (6m), and (7), 77.585, 77.59, 77.60, 77.61 (2), (3m), (5), (8), (9), and (12) to (15), and 77.62, as they apply to the taxes under subch. III, apply to the fee under this subchapter. Section 77.73, as it applies to the taxes under subch. V, applies to the fee under this subchapter. The renter shall collect the fee under this subchapter from the person to whom the passenger car is rented.
2,553
Section
553. 84.03 (2) (a) 1. of the statutes is amended to read:
84.03 (2) (a) 1. "Amount of federal funds" means the sum of federal revenues received under the federal Intermodal Surface Transportation Efficiency Act of 1991, as amended, or under a substantially similar federal legislative act. "Amount of federal funds" does not include the first $300,000,000 of federal moneys received by the state, pursuant to federal legislation enacted during the 111th Congress, for the purpose of reviving the economy of the United States, which moneys are intended to be used for transportation purposes.
2,554
Section
554. 86.195 (3) (b) 3. of the statutes is amended to read:
86.195 (3) (b) 3. Fifty percent of the gross receipts sales price, as defined in s. 77.51 (15b), of the business are is from meal, food, the sale of food product and beverage sales and food ingredients, as defined in s. 77.51 (3t), that are taxable under s. 77.54 (20) (c) subch. III of ch. 77; and
2,555
Section
555. 100.55 (1) (d) 3. of the statutes is amended to read:
100.55 (1) (d) 3. A mortgage banker, loan originator, or mortgage broker registered licensed under s. 224.72 or a mortgage loan originator licensed under s. 224.725.
2,556
Section
556. 146.99 of the statutes is repealed.
2,557
Section
557. 149.10 (3m) (intro.) of the statutes is amended to read:
149.10 (3m) (intro.) "Health care coverage revenue" means any of the following, but does not include payments to health maintenance organizations under s. 49.45 (59) (a):
2,558
Section
558. 165.25 (4) (ar) of the statutes is amended to read:
165.25 (4) (ar) The department of justice shall furnish all legal services required by the department of agriculture, trade and consumer protection relating to the enforcement of ss. 100.171, 100.173, 100.174, 100.175, 100.177, 100.18, 100.182, 100.195, 100.20, 100.205, 100.207, 100.209, 100.21, 100.28, 100.37, 100.42, 100.50, and 100.51, and 100.55,
and 846.45 and chs. 126, 136, 344, 704, 707, and 779, together with any other services as are necessarily connected to the legal services.
2,559
Section
559. 218.0171 (2) (cq) of the statutes is amended to read:
218.0171 (2) (cq) Upon payment of a refund to a consumer under par. (b) 2. b., the manufacturer shall provide to the consumer a written statement that specifies the trade-in amount previously applied under s. 77.51 (4) (b) 3. or 3m. or (15) (b) 4. or 4m. (12m) (b) 5. or 6. or (15b) (b) 5. or 6. toward the sales price of the motor vehicle having the nonconformity and the date on which the manufacturer provided the refund.
2,560
Section
560. 220.02 (2) (g) of the statutes is amended to read:
220.02 (2) (g) Mortgage bankers, mortgage loan originators, and mortgage brokers under subch. III of ch. 224.
2,561
Section
561. 220.02 (3) of the statutes is amended to read:
220.02 (3) It is the intent of sub. (2) to give the division jurisdiction to enforce and carry out all laws relating to banks or banking in this state, including those relating to state banks, savings banks, savings and loan associations, and trust company banks, and also all laws relating to small loan companies or other loan companies or agencies, finance companies, insurance premium finance companies, motor vehicle dealers, adjustment service companies, community currency exchanges, mortgage bankers, mortgage loan originators, mortgage brokers, and collection agencies and those relating to sellers of checks under ch. 217, whether doing business as corporations, individuals, or otherwise, but to exclude laws relating to credit unions.
2,562
Section
562. 220.06 (1) of the statutes is amended to read:
220.06 (1) In this section, "licensee" means a person licensed by the division under ch. 138, 217 or 218 or under s. 224.72, 224.725, or 224.92 or registered by the division under s. 224.72.
2,563
Section
563. 220.285 (1) of the statutes is amended to read:
220.285 (1) Any state bank, trust company bank, licensee under ss. 138.09, 138.12, 218.0101 to 218.0163, 218.02, 218.04 or, 218.05, 224.72, or 224.725 or ch. 217, or person registered under s. 224.72 may cause any or all records kept by such bank, licensee, or registered person to be recorded, copied or reproduced by any photostatic, photographic or miniature photographic process or by optical imaging if the process employed correctly, accurately and permanently copies, reproduces or forms a medium for copying, reproducing or recording the original record on a film or other durable material. A bank, licensee, or registered person may thereafter dispose of the original record after first obtaining the written consent of the division. This section, excepting that part of it which requires written consent of the division, is applicable to national banking associations insofar as it does not contravene federal law.
2,564
Section
564. 221.0402 (2) (b) of the statutes is amended to read:
221.0402 (2) (b) Mortgage bankers registered licensed under s. 224.72 may use the designation "mortgage banker".
2,565
Section
565. 224.71 (1ag) of the statutes is repealed.
2,566
Section
566. 224.71 (1b) of the statutes is repealed.
2,567
Section
567. 224.71 (1bm) of the statutes is created to read:
224.71 (1bm) "Another state" means any state of the United States other than Wisconsin; the District of Columbia; any territory of the United States; Puerto Rico; Guam; American Samoa; the Trust Territory of the Pacific Islands; the Virgin Islands; or the Northern Mariana Islands.
2,568
Section
568. 224.71 (1c) of the statutes is created to read:
224.71 (1c) "Branch office" means an office or place of business, other than the principal office, located in this state or another state, where a mortgage banker or mortgage broker conducts business with residents of this state.
2,569
Section
569. 224.71 (1d) of the statutes is repealed.
2,570
Section
570. 224.71 (1dm) of the statutes is created to read:
224.71
(1dm) "Depository institution" has the meaning given in
12 USC 1813 (c) (1), but also includes any state or federal credit union.
2,571
Section
571. 224.71 (1f) of the statutes is created to read:
224.71
(1f) "Dwelling" has the meaning given in
15 USC 1602 (v).
2,572
Section
572. 224.71 (1g) of the statutes is renumbered 224.71 (14) and amended to read:
224.71 (14) "Loan Residential mortgage loan" means a any loan primarily for personal, family, or household purposes use that is secured by a lien or mortgage, or equivalent security interest, on a dwelling or residential real property located in this state. For purposes of this subsection, a loan secured by real property consisting of 1 to 4 dwelling units, including individual condominium units, is a loan for household purposes, but a loan made by a landlord to a tenant as described in sub. (3) (b) 4. is not a loan for household purposes.
2,573
Section
573. 224.71 (1h) of the statutes is created to read:
224.71 (1h) "Federal banking agency" means the board of governors of the federal reserve system, the U.S. office of the comptroller of the currency, the U.S. office of thrift supervision, the national credit union administration, or the federal deposit insurance corporation.
2,574
Section
574. 224.71 (1m) of the statutes is created to read:
224.71 (1m) "Finds," with respect to a residential mortgage loan, means to assist a residential mortgage loan applicant in locating a lender for the purpose of obtaining a residential mortgage loan and to make arrangements for a residential mortgage loan applicant to obtain a residential mortgage loan, including collecting information on behalf of an applicant and preparing a loan package.
2,575
Section
575. 224.71 (1r) of the statutes is renumbered 224.71 (6) (a) (intro.) and amended to read:
224.71 (6) (a) (intro.) "Loan
Mortgage loan originator" means a person who, on behalf of a mortgage banker or mortgage broker, finds a loan or negotiates a land contract, loan or commitment for a loan. an individual who is not excluded by par. (b) and who, for compensation or gain or in the expectation of compensation or gain, does any of the following:
2,576
Section
576. 224.71 (1u) of the statutes is repealed.
2,577
Section
577. 224.71 (2) of the statutes is created to read:
224.71 (2) "Loan processor or underwriter" means an individual who, as an employee, performs clerical or support duties at the direction of and subject to the supervision and instruction of a mortgage loan originator licensed under s. 224.725 or exempt from licensing under s. 224.726 (1), which clerical or support duties may include any of the following occurring subsequent to the receipt of a residential mortgage loan application:
(a) The receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan.
(b) Communicating with a residential mortgage loan applicant to obtain the information necessary for the processing or underwriting of a residential mortgage loan, to the extent that the communication does not include offering or negotiating loan rates or terms or providing counseling related to loan rates or terms.
2,578
Section
578. 224.71 (3) (a) 1. to 3. of the statutes are amended to read:
224.71 (3) (a) 1. Originates residential mortgage loans for itself, as payee on the note evidencing the residential mortgage loan, or for another person.
2. Sells residential mortgage loans or interests in residential mortgage loans to another person.
3. Services residential mortgage loans or land contracts or provides escrow services.
2,579
Section
579. 224.71 (3) (b) 1. to 6. of the statutes are repealed.
2,580
Section
580. 224.71 (3) (b) 8., 9., 10., 11. and 12. of the statutes are created to read:
224.71 (3) (b) 8. A depository institution.
9. A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency.
10. An institution regulated by the farm credit administration.
11. A person that only performs real estate brokerage activities and is licensed under s. 452.03, unless the person is compensated by a lender, mortgage broker, or mortgage loan originator or by any agent of a lender, mortgage broker, or mortgage loan originator.
12. A person solely involved in extensions of credit relating to time-share plans, as defined in
11 USC 101 (53D).
2,581
Section
581. 224.71 (4) (a) of the statutes is amended to read:
224.71 (4) (a) "Mortgage broker" means a person who is not excluded by par. (b) and who, on behalf of a residential mortgage loan applicant or an investor and for commission, money, or other thing of value, finds a residential mortgage loan or negotiates a land contract, residential mortgage loan or commitment for a residential mortgage loan or engages in table funding.
2,582
Section
582. 224.71 (4) (b) 1. to 3. of the statutes are repealed.
2,583
Section
583. 224.71 (4) (b) 4., 5., 6., 7., 8. and 9. of the statutes are created to read:
224.71 (4) (b) 4. A depository institution.
5. A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency.
6. An institution regulated by the farm credit administration.
7. A person that performs real estate brokerage activities only and is licensed under s. 452.03, unless the person is compensated by a lender, mortgage broker, or mortgage loan originator or by any agent of a lender, mortgage broker, or mortgage loan originator.
8. A person solely involved in extensions of credit relating to time-share plans, as defined in
11 USC 101 (53D).
9. The department of veterans affairs when administering the veterans housing loan program under subch. III of ch. 45.
2,584
Section
584. 224.71 (5) of the statutes is renumbered 224.71 (17) and amended to read:
224.71 (17) "Table funding" means a transaction in which a person conducts a residential mortgage loan closing in the person's name with funds provided by a 3rd party and the person assigns the residential mortgage loan to the 3rd party within 24 hours of the residential mortgage loan closing.
2,585
Section
585. 224.71 (6) (a) 1. and 2. and (b) of the statutes are created to read:
224.71 (6) (a) 1. Takes a residential mortgage loan application.
2. Offers or negotiates terms of a residential mortgage loan.
(b) "Mortgage loan originator" does not include any of the following:
1. An individual engaged solely as a loan processor or underwriter, unless the individual represents to the public, through advertising or another means of communication such as the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.
2. An individual who performs real estate brokerage activities only and is licensed under s. 452.03, unless the individual is compensated by a lender, mortgage broker, or another mortgage loan originator or by any agent of a lender, mortgage broker, or another mortgage loan originator.
3. An individual solely involved in extensions of credit relating to time-share plans, as defined in
11 USC 101 (53D).
4. An employee of the department of veterans affairs when engaged in duties related to administering the veterans housing loan program under subch. III of ch. 45.
2,586
Section
586. 224.71 (7) of the statutes is created to read:
224.71
(7) "Nationwide mortgage licensing system and registry" means the licensing and registration system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for licensed mortgage loan originators and mortgage loan originators exempt from licensing under s. 224.726 (1) or, if this system is no longer maintained, any system established by the secretary of the federal department of housing and urban development under P.L.
110-289, Title V, section 1509.
2,587
Section
587. 224.71 (8) of the statutes is created to read:
224.71 (8) "Negotiate," with respect to a residential mortgage loan, means to discuss, explain, or present the terms and conditions, including rates, fees, and other costs, of a residential mortgage loan with or to a residential mortgage loan applicant, but does not include making an underwriting decision on a residential mortgage loan or closing a residential mortgage loan.
2,588
Section
588. 224.71 (10) of the statutes is created to read:
224.71 (10) "Nontraditional mortgage product" means any mortgage product other than a 30-year fixed rate mortgage.
2,589
Section
589. 224.71 (11) of the statutes is created to read:
224.71 (11) "Originate," with respect to a residential mortgage loan, means to make an underwriting decision on the residential mortgage loan and close the loan.
2,590
Section
590. 224.71 (12) of the statutes is created to read:
