2,687
Section
687. 224.77 (1) (r) of the statutes is repealed.
2,688
Section
688. 224.77 (1) (s), (t), (tm), (u), (um), (v), (w), (x) and (y) of the statutes are created to read:
224.77 (1) (s) Violate, or fail to comply with, any lawful order of the division.
(t) Impede an investigation or examination of the division or deny the division access to any books, records, or other information which the division is authorized to obtain under s. 224.74 (2), 224.75 (6), or any other provision of this subchapter.
(tm) Make a material misstatement, or knowingly omit a material fact, or knowingly mutilate, destroy, or secrete any books, records, or other information requested by the division, in connection with any investigation or examination conducted by the division or another governmental agency.
(u) Solicit or enter into a contract with a borrower that provides in substance that the mortgage banker, mortgage broker, or mortgage loan originator may earn a fee or commission through "best efforts" to obtain a residential mortgage loan even though no residential mortgage loan is actually obtained for the borrower.
(um) Solicit, advertise, or enter into a contract for specific interest rates, points, or other financing terms unless the terms are actually available at the time of soliciting, advertising, or contracting.
(v) Assist, aid, or abet any person in unlawfully conducting business under this subchapter without a valid license.
(w) Fail to make disclosures required under this subchapter or required under any other applicable state or federal law, rule, or regulation.
(x) Withhold any payment or make any payment, threat, or promise, directly or indirectly, to any person for the purpose of influencing the independent judgment of the person in connection with a residential mortgage loan, or withhold any payment or make any payment, threat, or promise, directly or indirectly, to any appraiser of a property for the purpose of influencing the independent judgment of the appraiser with respect to the value of the property.
(y) Cause or require a borrower to obtain property insurance coverage in an amount exceeding the replacement cost of improvements on the property, as determined by the property insurer.
2,689
Section
689. 224.77 (1m) (a) of the statutes is amended to read:
224.77 (1m) (a) The division may assess against a person who is registered under this chapter any person who violates this subchapter a forfeiture of not more than $2,000 $25,000 for each violation
enumerated under sub. (1) (a) to (o) or (r) and may further order restitution to any person suffering loss as a result of the violation.
2,690
Section
690. 224.77 (1m) (b) of the statutes is amended to read:
224.77 (1m) (b) A person may contest an assessment of forfeiture, or a restitution order, under par. (a) by sending, within 10 days after receipt of notice of the assessment or order under par. (a), a written request for hearing under s. 227.44 to the division of hearings and appeals created under s. 15.103 (1). The administrator of the division of hearings and appeals may designate a hearing examiner to preside over the case and recommend a decision to the administrator under s. 227.46. The decision of the administrator of the division of hearings and appeals shall be the final administrative decision. The division of hearings and appeals shall commence the hearing within 30 days after receipt of the request for hearing and shall issue a final decision within 15 days after the close of the hearing. Proceedings before the division of hearings and appeals are governed by ch. 227. In any petition for judicial review of a decision by the division of hearings and appeals, the party, other than the petitioner, who was in the proceeding before the division of hearings and appeals shall be the named respondent.
2,691
Section
691. 224.77 (1m) (c) of the statutes is renumbered 224.77 (1m) (c) 1.
2,692
Section
692. 224.77 (1m) (c) 2. of the statutes is created to read:
224.77 (1m) (c) 2. All amounts ordered as restitution shall be paid to the person suffering loss within 10 days after receipt of notice of the order or, if the restitution order is contested under par. (b), within 10 days after receipt of the final decision after exhaustion of administrative review.
2,693
Section
693. 224.77 (1m) (d) of the statutes is amended to read:
224.77 (1m) (d) The attorney general may bring an action in the name of the state to collect any forfeiture imposed, or amount ordered as restitution, under this subsection if the forfeiture or restitution amount has not been paid following the exhaustion of all administrative and judicial reviews. The only issue to be contested in any such action shall be whether the forfeiture or restitution amount has been paid.
2,694
Section
694. 224.77 (2) (title) of the statutes is repealed.
2,695
Section
695. 224.77 (2) of the statutes is renumbered 224.77 (2m) (a) 2. and amended to read:
224.77 (2m) (a) 2. The division may revoke, suspend or limit a certificate of registration issued under this subchapter or reprimand take any action specified in subd. 1. against a mortgage banker or mortgage broker registered under this subchapter, if based upon any act or omission described in subd. 1. of a director, officer, trustee, partner
, or member of the mortgage banker or mortgage broker or a person who has a financial interest in or is in any way connected with the operation of the mortgage banker's or mortgage broker's business is guilty of an act or omission which would be cause for refusing to issue a certificate of registration to that individual.
2,696
Section
696. 224.77 (2m) of the statutes is created to read:
224.77 (2m) Division action on license. (a) 1. In addition to any other authority provided to the division under this subchapter, if the division finds that a mortgage banker, mortgage loan originator, or mortgage broker has violated any provision of this subchapter or any rule promulgated by the division under this subchapter, the division may do any of the following:
a. Deny any application for initial issuance or renewal of a license.
b. Revoke, suspend, limit, or condition any license of the mortgage banker, mortgage loan originator, or mortgage broker.
c. Reprimand the mortgage banker, mortgage loan originator, or mortgage broker.
(b) In addition to any other authority provided to the division under this subchapter, if the division finds that an applicant for initial issuance or renewal of a license under this subchapter made any material misstatement in the application or withheld material information, or that the applicant no longer satisfies the requirements under s. 224.72 or 224.725 for issuance or renewal of the license, the division may deny the application or, if the license has already been issued, suspend or revoke the license.
2,697
Section
697. 224.77 (3) (a) and (b) of the statutes are consolidated, renumbered 224.77 (3) (a) (intro.) and amended to read:
224.77 (3) (a) Orders to prevent or correct actions. (intro.) The division may issue general and special orders necessary, including temporary orders that become immediately effective, to prevent or correct actions by a mortgage banker, mortgage loan originator, or mortgage broker that constitute cause under this section for revoking, suspending or limiting a certificate of registration. (b) Types of special orders. Special
a violation of any provision of this subchapter or of any rule promulgated under this subchapter, including special orders may direct that do any of the following:
1. Direct a mortgage banker, mortgage loan originator, or mortgage broker to cease and desist from engaging in a particular activity or may direct the, from conducting business, or from otherwise violating any provision of this subchapter or any rule promulgated under this subchapter.
2. Direct a mortgage banker, mortgage loan originator, or mortgage broker to refund or remit to a residential mortgage loan applicant or borrower amounts that the mortgage banker, mortgage loan originator, or mortgage broker got from actions which that constitute cause under this section for revoking, suspending or limiting a certificate of registration a violation of any provision of this subchapter or of any rule promulgated under this subchapter.
2,698
Section
698. 224.77 (3) (a) 3. and 4. of the statutes are created to read:
224.77 (3) (a) 3. Direct a mortgage banker, mortgage loan originator, or mortgage broker to cease business under a license issued under this subchapter if the division determines that the license was erroneously issued or the licensee is currently in violation of any provision of this subchapter or of any rule promulgated under this subchapter.
4. Direct a mortgage banker, mortgage loan originator, or mortgage broker to undertake any affirmative action, consistent with the provisions of this subchapter, that the division deems necessary.
2,699
Section
699. 224.77 (3m) of the statutes is amended to read:
224.77 (3m) Hearing rights for registration license denial, revocation, or suspension. A person whose certificate of registration license has been denied, revoked or, suspended, limited, or conditioned under this section may request a hearing under s. 227.44 within 30 days after the date of denial, revocation or, suspension, limitation, or conditioning of the certificate of registration license. The division may appoint a hearing examiner under s. 227.46 to conduct the hearing.
2,700
Section
700. 224.77 (4) of the statutes is amended to read:
224.77 (4) Period of disciplinary action;
license ineligibility for registration. (a)
Period. Except as provided in par. (b), the division shall determine in each case the period that a revocation, suspension or, limitation, or condition of a certificate of registration license is effective.
(b) Ineligibility. 1. Except as provided in subd. 2., if the division denies or revokes a certificate of registration license under sub. (1)
(2m) (a), the person is not eligible for a certificate of registration license until the expiration of a period determined in each case by the division.
2. If the division revokes a certificate of registration license under sub. (1) (p) or (q), the person is not eligible for a certificate of registration license until 5 years after the effective date of the revocation.
2,701
Section
701. 224.77 (5) (a) of the statutes is amended to read:
224.77 (5) (a) Mandatory revocation or suspension. Notwithstanding sub. (1) (intro.) subs. (2m) (a) and (4), if the division finds that a mortgage banker, mortgage loan originator, or mortgage broker has violated sub. (1) (p) or (q), the division shall:
1. For the first offense, suspend the registration license of the mortgage banker, mortgage loan originator, or mortgage broker for not less than 90 days.
2. For the 2nd offense, revoke the registration
license of the mortgage banker, mortgage loan originator, or mortgage broker.
2,702
Section
702. 224.77 (6) (title) of the statutes is repealed.
2,703
Section
703. 224.77 (6) of the statutes is renumbered 224.77 (2m) (c) and amended to read:
224.77 (2m) (c) The department division shall restrict or suspend the registration license of a mortgage banker, mortgage loan originator, or mortgage broker if the registrant licensee is an individual who fails to comply, after appropriate notice, with a subpoena or warrant issued by the department of children and families 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 registrant An individual whose registration license is restricted or suspended under this subsection 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.
2,704
Section
704. 224.77 (7) (title) of the statutes is repealed.
2,705
Section
705. 224.77 (7) of the statutes is renumbered 224.77 (2m) (d) and amended to read:
224.77 (2m) (d) The department division shall revoke the certificate of registration license of a mortgage banker, mortgage loan originator, or mortgage broker if the department of revenue certifies under s. 73.0301 that the registrant licensee is liable for delinquent taxes. A registrant licensee whose certificate of registration license is revoked under this subsection 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, hearing or review under this section.
2,706
Section
706. 224.77 (8) of the statutes is amended to read:
224.77 (8) Voluntary surrender. A mortgage banker, mortgage loan originator, or mortgage broker may voluntarily surrender a registration license to the division, but the division may refuse to accept the surrender if the division has an open investigation or examination or received allegations of unprofessional conduct against the mortgage banker, mortgage loan originator
, or mortgage broker. The division may negotiate stipulations in consideration for accepting the surrender of registration the license.
2,707
Section
707. 224.77 (9) of the statutes is created to read:
224.77 (9) Reporting violations. The division shall report regularly violations of this subchapter or of rules promulgated under this subchapter, as well as enforcement actions and other relevant information, to the nationwide mortgage licensing system and registry. Except as provided in s. 224.728 (4) (b) and (c), these reports shall be confidential.
2,708
Section
708. 224.78 (title) of the statutes is repealed.
2,709
Section
709. 224.78 of the statutes is renumbered 224.77 (1) (jm) and amended to read:
224.77 (1) (jm) A mortgage banker, loan originator, or mortgage broker may not pay Pay a person who is not registered licensed under this subchapter a commission, money, or other thing of value for performing an act as a mortgage banker, mortgage loan originator, or mortgage broker.
2,710
Section
710. 224.79 of the statutes is amended to read:
224.79 Consumer mortgage Mortgage brokerage agreements and consumer disclosures. (1) Form and content of consumer mortgage brokerage agreements. Every contract between a mortgage broker and a consumer an individual under which the mortgage broker agrees to provide brokerage services to the consumer individual relating to a residential mortgage loan shall be in writing, in the form prescribed by rule of the division, and shall contain all information required by rule of the division. The division shall promulgate rules to administer this subsection in consultation with the mortgage loan originator council under s. 15.187 (1). The division shall design these rules to facilitate the comparison of similar charges and total charges assessed by different mortgage brokers.
(2) Consumer disclosure
Disclosure statement. Before entering into a contract with a consumer
an individual to provide brokerage services relating to a residential mortgage loan, a mortgage broker shall give the consumer individual a copy of a consumer disclosure statement, explain the content of the statement, and ensure that the consumer individual initials or signs the statement, acknowledging that the consumer individual has read and understands the statement. The consumer disclosure statement shall contain a brief explanation of the relationship between the consumer individual and the mortgage broker under the proposed contract, a brief explanation of the manner in which the mortgage broker may be compensated under the proposed contract, and any additional information required by rule of the division. The division shall promulgate rules to administer this subsection in consultation with the mortgage loan originator council under s. 15.187 (1) and, by rule, shall specify the form and content of the consumer disclosure statement required under this subsection.
2,711
Section
711. 224.80 (1) of the statutes is amended to read:
224.80 (1) Penalties. A person who violates s. 224.72 (1m) any provision of this subchapter or any rule promulgated under this subchapter may be fined not more than $2,000 $25,000 or imprisoned for not more than 9 months or both. The district attorney of the county where the violation occurs shall enforce the penalty under this subsection on behalf of the state.
2,712
Section
712. 224.80 (2) (intro.) of the statutes is amended to read:
224.80 (2) Private cause of action. (intro.) A person who is aggrieved by an act which is committed by a mortgage banker, mortgage loan originator, or mortgage broker and which is described in s. 224.77 (1) in violation of any provision of this subchapter or of any rule promulgated under this subchapter may recover all of the following in a private action:
2,713
Section
713. 224.80 (2) (a) 1. of the statutes is amended to read:
224.80 (2) (a) 1. Twice the amount of the cost of loan origination connected with the transaction, except that the liability under this subdivision may not be less than $100 nor greater than $2,000 $25,000 for each violation.
2,714
Section
714. 224.81 of the statutes is amended to read:
224.81 Limitation on actions for commissions and other compensation. A person who is engaged in the business or acting in the capacity of a mortgage banker, mortgage loan originator, or mortgage broker in this state may not bring or maintain an action in this state to collect a commission, money, or other thing of value for performing an act as a mortgage banker, mortgage loan originator, or mortgage broker without alleging and proving that the person was registered licensed under this subchapter as a mortgage banker, mortgage loan originator
, or mortgage broker when the alleged cause of action arose.
2,715
Section
715. 224.82 of the statutes is amended to read:
224.82 Compensation presumed. In a prosecution arising from a violation of this subchapter, proof that a person acted as a mortgage banker, mortgage loan originator, or mortgage broker is sufficient, unless rebutted, to establish that compensation was received by, or promised to, that person.
2,716
Section
716. 224.83 of the statutes is created to read:
224.83 Loan processors and underwriters. An individual engaging solely in loan processor or underwriter activities may not represent 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.
2,717
Section
717. 227.01 (13) (rm) of the statutes is created to read:
227.01 (13) (rm) Is a form prescribed by the attorney general for an accounting under s. 846.40 (8) (b) 2.
2,718
Section
718. 227.01 (13) (zy) of the statutes is created to read:
227.01 (13) (zy) Relates to any form prescribed by the division of banking in the department of financial institutions in connection with the licensing of mortgage bankers or mortgage brokers under s. 224.72 or the licensing of mortgage loan originators under s. 224.725.
2,719
Section
719. 229.68 (15) of the statutes is amended to read:
229.68 (15) Impose, by the adoption of a resolution, the taxes under subch. V of ch. 77. A district may not levy any taxes that are not expressly authorized under subch. V of ch. 77 and that do not receive the affirmative vote of a supermajority of the district board. If a district adopts a resolution which imposes taxes, it shall deliver a certified copy of the resolution to the secretary of revenue at least 30 120 days before its effective date.
2,720
Section
720. 229.824 (15) of the statutes is amended to read:
229.824 (15) Impose, by the adoption of a resolution, the taxes under subch. V of ch. 77, except that the taxes imposed by the resolution may not take effect until the resolution is approved by a majority of the electors in the district's jurisdiction voting on the resolution at a referendum, to be held at the first spring primary or September primary following by at least 45 days the date of adoption of the resolution. Two questions shall appear on the ballot. The first question shall be: "Shall a sales tax and a use tax be imposed at the rate of 0.5% in .... County for purposes related to football stadium facilities in the .... Professional Football Stadium District?" The 2nd question shall be: "Shall excess revenues from the 0.5% sales tax and use tax be permitted to be used for property tax relief purposes in .... County?" Approval of the first question constitutes approval of the resolution of the district board. Approval of the 2nd question is not effective unless the first question is approved. The clerk of the district shall publish the notices required under s. 10.06 (4) (c), (f) and (i) for any referendum held under this subsection. Notwithstanding s. 10.06 (4) (c), the type A notice under s. 10.01 (2) (a) relating to the referendum is valid even if given and published late as long as it is given and published prior to the election as early as practicable. A district may not levy any taxes that are not expressly authorized under subch. V of ch. 77. The district may not levy any taxes until the professional football team and the governing body of the municipality in which the football stadium facilities are located agree on how to fund the maintenance of the football stadium facilities. The district may not levy any taxes until the professional football team and the governing body of the municipality in which the football stadium facilities are located agree on how to distribute the proceeds, if any, from the sale of naming rights related to the football stadium facilities. If a district board adopts a resolution that imposes taxes and the resolution is approved by the electors, the district shall deliver a certified copy of the resolution to the secretary of revenue at least 30 120 days before its effective date. If a district board adopts a resolution that imposes taxes and the resolution is not approved by the electors, the district is dissolved.
2,721
Section
721. 231.01 (4) (a) of the statutes is amended to read:
231.01 (4) (a) "Cost" means the sum of all costs incurred by a participating health institution, participating educational institution, participating research institution, or participating child care provider, as approved by the authority, as are reasonable and necessary to accomplish the project, exclusive of any private or federal, state, or local financial assistance received by the participating health institution, participating educational institution, participating research institution, or participating child care provider for the payment of the project cost.
2,722
Section
722. 231.01 (4) (b) 1. of the statutes is amended to read:
231.01 (4) (b) 1. The cost incurred by or on behalf of the participating health institution, participating educational institution, participating research institution, or participating child care provider of all necessary developmental, planning, and feasibility studies, surveys, plans, and specifications, architectural, engineering, legal, or other special services, the cost of acquisition of land and any buildings and improvements on the land, site preparation, and development including demolition or removal of existing structures, construction, reconstruction, and equipment, including machinery, fixed equipment, and personal property.
2,723
Section
723. 231.01 (4) (b) 2. of the statutes is amended to read:
231.01 (4) (b) 2. The reasonable cost of financing incurred by a participating health institution, participating educational institution, participating research institution, or participating child care provider in the course of the development of the project to the occupancy date.
2,724
Section
724. 231.01 (4) (c) of the statutes is amended to read:
