DFI-Bkg 76.09(2)(b)(b) Paid accounts. In addition to the information required above the written record shall include: DFI-Bkg 76.09(2)(b)2.2. Whether the account balance or any payments were paid from credit insurance proceeds, the amount of such proceeds and, if paid from the proceeds of credit life insurance, the date of the customer’s death. DFI-Bkg 76.09(3)(3) In transactions where the finance charge is to be calculated on the declining unpaid balance from time to time outstanding, payments shall be posted as of the date upon which payments are received at any office to which the buyer is directed to make the payment regardless of the date on which posting actually occurs unless the document evidencing the customer’s obligation to pay provides that payment received after a particular hour shall be posted as of the following business day. DFI-Bkg 76.09(4)(4) The information required by this regulation shall be retained for a period of not less than 2 years after consummation of the transaction or one year after the last payment, whichever is later, and shall be assessable by reference to the name of the customer. DFI-Bkg 76.09 HistoryHistory: Cr. Register, March, 1980, No. 291, eff. 6-1-80; 2013 Wis. Act 136: am. (2) (intro.), (b) (intro.) Register March 2014 No. 699, eff. 4-1-14. DFI-Bkg 76.10DFI-Bkg 76.10 Violation of rules, penalty. Failure to comply with the foregoing rules and regulations shall constitute an unfair trade practice and proof of unfitness which shall be grounds for license revocation. DFI-Bkg 76.10 HistoryHistory: Cr. Register, March, 1980, No. 291, eff. 6-1-80. DFI-Bkg 76.12(1)(a)(a) General licensing period and expiration dates. The license period for business licenses is 2 years. The division of banking shall issue business licenses that start and expire on the following dates: DFI-Bkg 76.12(1)(b)(b) Initial licenses. The division of banking may issue initial licenses that go into effect on dates other than the first day of an even-numbered month. The licenses may expire before the end of 2 years, and their expiration dates may be assigned as follows: Example: A motor vehicle dealer whose license is first issued on October 8, 1992 would receive a license valid through September 30, 1994.
DFI-Bkg 76.12(2)(2) Licenses run concurrently. A motor vehicle license to operate as a sales finance company will be issued to run concurrently with the department of transportation dealer licenses. DFI-Bkg 76.12 HistoryHistory: Emerg. cr. eff. 1-1-91; cr. Register, June, 1991, No. 426, eff. 7-1-91; 2013 Wis. Act 136: am. (1) (a) (intro.), (b) (intro.), (2) Register March 2014 No. 699, eff. 4-1-14. DFI-Bkg 76.13(1)(1) The division of banking shall collect fees based on the statutory formulas described in s. 218.0114 (15) and (16), Stats., which is the number of years in a licensing period multiplied by the current annual fee of $50. If the dealer originates and carries or retains time sales contracts for more than 30 days in a total amount exceeding $100,000, a bill will be issued for additional business license fees due based upon the schedule of fees in s. 218.0114 (16), Stats. DFI-Bkg 76.13(2)(2) When the division of banking issues an initial license for a period less than 2 years, it may reduce the business license fees by the same proportion as the reduction in the business license period. DFI-Bkg 76.13 HistoryHistory: Emerg. cr. eff. 1-1-91; cr. Register, June, 1991, No. 426, eff. 7-1-91; corrections in (1) made under s. 13.93 (2m) (b) 7., Stats., Register June 2004 No. 582; 2013 Wis. Act 136: am. Register March 2014 No. 699, eff. 4-1-14; CR 23-039: am. (1) Register March 2024 No. 819, eff. 4-1-24; correction in (1) made under s. 35.17, Stats., Register March 2024 No. 819. DFI-Bkg 76.14DFI-Bkg 76.14 Nationwide Multistate Licensing System and Registry. DFI-Bkg 76.14(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 76.14(1)(b)(b) Each applicant and licensee shall register with, and maintain a valid unique identifier issued by, the NMLS. DFI-Bkg 76.14(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 76.14(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 76.14(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 76.14(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 76.14(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 76.14(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 76.14(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 76.14(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 76.14(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 ch. 218, subch. I, Stats., without losing any right or protection of confidentiality or privilege under federal or state law. DFI-Bkg 76.14(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 76.14(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 76.14 HistoryHistory: CR 22-020: cr. Register May 2023 No. 809, eff. 9-1-23. DFI-Bkg 76.15DFI-Bkg 76.15 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 76.15 HistoryHistory: CR 22-020: cr. Register May 2023 No. 809, eff. 9-1-23. DFI-Bkg 76.16(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 76.16(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 76.16 HistoryHistory: CR 22-020: cr. Register May 2023 No. 809, eff. 9-1-23.
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