Chapter DFI-Bkg 73

DFI-Bkg 73.04 History History: Cr. Register, August, 1969, No. 164, eff. 9-1-69; am. (2), r. and recr. (9), Register, December, 1991, No. 432, eff. 1-1-92; correction in (6), made under s. 13.93 (2m) (b) 5., Stats., Register, December, 1991, No. 432; CR 23-039: am. (6) Register March 2024 No. 819, eff. 4-1-24.

DFI-Bkg 73.05 DFI-Bkg 73.05 Office records and procedures. Office records shall be kept in the individual offices and shall include the following:

DFI-Bkg 73.05(1) (1) Debtor ledger sheet or card on which at least the following data will be included:

DFI-Bkg 73.05(1)(a) (a) Name, address and account number of debtor.

DFI-Bkg 73.05(1)(b) (b) Name, address and account number of each creditor. (Each account to be numbered consecutively.)

DFI-Bkg 73.05(1)(c) (c) Total amount of accounts to be prorated as indicated by debtor.

DFI-Bkg 73.05(1)(d) (d) Reduction in amount of account as result of compromise or discount effected by licensee.

DFI-Bkg 73.05(1)(e) (e) Increase or decrease in amount of account as a result of verification with creditor.

DFI-Bkg 73.05(1)(f) (f) Corrected balance of amount due creditor after adjustment resulting from pars. (d) and (e).

DFI-Bkg 73.05(1)(g) (g) Amount and date each payment is received from the debtor.

DFI-Bkg 73.05(1)(h) (h) Actual fee taken from each payment made by the debtor.

DFI-Bkg 73.05(1)(i) (i) Actual fee earned from each payment made by the debtor but not received.

DFI-Bkg 73.05(1)(j) (j) Current balance due each creditor.

DFI-Bkg 73.05(2) (2) A daily cash journal and disbursements journal shall be maintained showing the receipt of all debtor payments as well as the disbursement of these payments.

DFI-Bkg 73.05(3) (3) Accounting records must be kept which show daily debtor payments received, disbursements to creditors, fees or discounts collected, advances, and money held back in escrow.

DFI-Bkg 73.05(4) (4) Licensee’s trust and operating bank accounts for creditor disbursements should be reconciled monthly with the canceled check together with voided or unused checks filed in numerical order after the monthly statement has been reconciled. The numerically numbered check stubs corresponding with all trust account and operating account checks shall be maintained in the office of licensee. All accounts shall be made available for reviewing by the division of banking.

DFI-Bkg 73.05(5) (5) It is not intended that the information required to be furnished in sub. (1) be retained in the same chronological order. The records of licensees may vary in the event that data processing procedures are adopted which will prevent the licensee from maintaining certain records required above. The division of banking may approve of the records to be maintained as long as adequate information is available for examination purposes.

DFI-Bkg 73.05 History History: Cr. Register, August, 1969, No. 164, eff. 9-1-69; correction in (1) (f) and (5) made under s. 13.93 (2m) (b) 4., Stats., Register, December, 1991, No. 432; 2013 Wis. Act 136: am. (4), (5) Register March 2014 No. 699, eff. 4-1-14.

DFI-Bkg 73.06 DFI-Bkg 73.06 Nationwide Multistate Licensing System and Registry.

DFI-Bkg 73.06(1) (1) Participation.

DFI-Bkg 73.06(1)(a) (a) The division shall utilize the NMLS with respect to applicants and licensees. The division may establish relationships or contracts with the NMLS or other entities designated by the NMLS to collect and maintain records and process transaction fees or other fees. With respect to any form, fee, or other information required to be submitted to the division by an applicant or licensee, the division may require the applicant or licensee to submit such form, fee, or other information directly to the NMLS.

DFI-Bkg 73.06(1)(b) (b) Each applicant and licensee shall register with, and maintain a valid unique identifier issued by, the NMLS.

DFI-Bkg 73.06(1)(c) (c) The division may require an applicant or licensee to provide to the NMLS any information that the division determines to be relevant to the application or to any responsibility administered or conducted through the NMLS that is related to the licensed activity.

DFI-Bkg 73.06(1)(d) (d) The division may require an applicant or licensee, or an individual with the power to direct the management or policies of the applicant or licensee, to submit an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, fingerprints, or any other personal or professional history information deemed necessary by the division. The division may require fingerprints for the purposes of identifying the individual and to determine whether the individual has a record of warrants, arrests, or convictions in any jurisdiction. Fingerprints may be submitted, directly or as provided in sub. (2), to the federal bureau of investigation and any government agency or entity authorized to receive this information for a state and national criminal history record check.

DFI-Bkg 73.06(1)(e) (e) The division may rely on the NMLS to establish any dates relating to application or reporting deadlines for applicants and licensees, to establish requirements for amending or surrendering licenses, or to establish any other requirements applicable to applicants and licensees to the extent the requirements are a condition of the state’s participation in the NMLS.

DFI-Bkg 73.06(1)(f) (f) Applicants and licensees are responsible for any service, access, or other fees charged by the NMLS for use of the system. Whenever the division requires fingerprinting, an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, or any other information in connection with an application or other filing, any associated costs shall be paid by the applicant or the parties to the application.

DFI-Bkg 73.06(2) (2) Channeling information. To reduce the points of contact that the division may have to maintain, and to facilitate compliance with any requirement that an applicant provide identity information, including social security number or federal employer identification number, fingerprints, credit reports, or other personal history, the division may use the NMLS as a channeling agent for requesting and distributing information to and from any source so directed by the division, including the federal bureau of investigation, any state or federal department of justice, or any other governmental agency.

DFI-Bkg 73.06(3) (3) Confidential information.

DFI-Bkg 73.06(3)(a) (a) If any information or material is considered confidential or privileged under federal or state law before it is provided or disclosed to the NMLS, it shall continue to be confidential or privileged after it is provided or disclosed to, and while maintained by, the NMLS, except to the extent federal or state law expressly provides otherwise and except as provided in par. (c). Confidential or privileged information or material under this paragraph is not subject to any of the following:

DFI-Bkg 73.06(3)(a)1. 1. Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of federal or state government.

DFI-Bkg 73.06(3)(a)2. 2. Subpoena or discovery, or admission into evidence, in any private civil action or administrative proceeding, unless the person to whom the information or material pertains waives any right or protection of confidentiality or privilege in the information or material.

DFI-Bkg 73.06(3)(b) (b) Confidential or privileged information or material under par. (a) may be shared with any state or federal regulatory agency having supervisory authority over activities governed by s. 218.02, Stats., without losing any right or protection of confidentiality or privilege under federal or state law.

DFI-Bkg 73.06(3)(c) (c) This subsection does not prohibit the NMLS from providing public access to information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, licensees.

DFI-Bkg 73.06(4) (4) Cooperative arrangements. The division may enter into cooperative, coordinating, or information-sharing arrangements or agreements with other governmental agencies or with associations representing other governmental agencies, including the Conference of State Bank Supervisors, subject to the requirements of s. 220.06, Stats.

DFI-Bkg 73.06 History History: CR 22-020: cr. Register May 2023 No. 809, eff. 9-1-23.

DFI-Bkg 73.07 DFI-Bkg 73.07 Changes to information. A licensee shall keep current and accurate all material information on file with the division and the NMLS.  If the information changes in any material respect, the licensee shall notify the division and the NMLS of the change within 10 days after the change.

DFI-Bkg 73.07 History History: CR 22-020: cr. Register May 2023 No. 809, eff. 9-1-23.

DFI-Bkg 73.08 DFI-Bkg 73.08 License renewal and reinstatement.

DFI-Bkg 73.08(1) (1) During the renewal period, a licensee may seek to renew a license by submitting all fees owed to the division or the NMLS, along with any additional documentation required by the division or applicable law, through the NMLS or in such other manner as directed by the division.

DFI-Bkg 73.08(2) (2) During the reinstatement period, a licensee may reinstate a license by submitting all the items in sub. (1), plus an additional non-refundable fee of $100, through the NMLS or in such other manner as directed by the division.

DFI-Bkg 73.08 History History: CR 22-020: cr. Register May 2023 No. 809, eff. 9-1-23.

DFI-Bkg 73.09 DFI-Bkg 73.09 Annual reports and financial statements.

DFI-Bkg 73.09(1) (1) Annual reports. Each licensee shall annually, on or before March 15, submit through the NMLS or in such other manner as directed by the division, a report giving such reasonable and relevant information as the division may require concerning the business transacted by the licensee. This report shall be made in the form and manner prescribed by the division.

DFI-Bkg 73.09(2) (2) Financial statements. Each licensee shall annually, no later than 90 days following the end of its most recently completed fiscal year, submit through the NMLS or in such other manner as directed by the division, a copy of the licensee’s financial statements for that fiscal year. The financial statements shall include a balance sheet and income statement and shall be prepared in accordance with generally accepted accounting principles.

DFI-Bkg 73.09 History History: CR 22-020: cr. Register May 2023 No. 809, eff. 9-1-23.