Amendment ASA-AB150

AB150-ASA,1764,22 218.04 (7) (title) Powers of commissioner division; advisory committees. (intro.) It shall be the duty of the commissioner division and the commissioner division shall have power, jurisdiction and authority to investigate the conditions and ascertain the facts with reference to the collection of accounts and upon the basis thereof:

AB150-ASA, s. 5928 Section 5928. 218.04 (7) (b) of the statutes is amended to read:

AB150-ASA,1765,18 218.04 (7) (b) For the purpose of discovering violations of this section the commissioner division may cause an investigation to be made of the business of the licensee transacted under the provisions of this section, and shall cause an investigation to be made of convictions reported to the commissioner division by any district attorney for violation by a licensee of any of the provisions of this section. The place of business, books of accounts, papers, records, safes and vaults of said licensee shall be open to inspection and examination by the commissioner or the commissioner's representative division for the purpose of such investigation and the commissioner division shall have authority to examine under oath all persons whose testimony is required relative to said investigation. The cost of the first investigation or examination during any licensing year shall be paid by the licensee, but the cost of additional investigation or examination during such year shall be paid by the licensee only if such examination discloses violation of sub. (5) (a) 4. The commissioner division shall determine the cost of an investigation or examination. The licensee shall pay the cost of any hearing including witness fees, unless it be found by the commissioner division, board of review or court that licensee has not violated any provision of this section. All said costs shall be paid by the licensee within 30 days after demand therefor by the commissioner division. The state may maintain an action for the recovery of such costs and expenses in any court of competent jurisdiction.

AB150-ASA, s. 5929 Section 5929. 218.04 (7) (c) of the statutes is amended to read:

AB150-ASA,1766,2 218.04 (7) (c) To appoint advisers from the individuals engaged in the collection business in the state and in any locality, which advisers shall be consulted by and shall assist the commissioner division in the execution of the commissioner's division's duties under the provisions of this section. The commissioner may appoint such advisers as deputies. Such persons, either as advisers or deputies, shall receive no compensation for their services but may be reimbursed for their actual and necessary traveling expenses. Such expenses shall be audited and paid and charged to the commissioner division for the administration of this chapter.

AB150-ASA, s. 5930 Section 5930. 218.04 (8) of the statutes is amended to read:

AB150-ASA,1766,6 218.04 (8) Hearings and orders. The commissioner division shall have the same power to conduct hearings, take testimony and secure evidence as is provided in ss. 217.17, 217.18 and 217.19.

AB150-ASA, s. 5931 Section 5931. 218.04 (9) of the statutes is amended to read:

AB150-ASA,1766,10 218.04 (9) Administrative review. Any licensee or other person in interest being dissatisfied with any order of the commissioner division made under this section may have a review thereof as provided in s. 220.037.

AB150-ASA, s. 5932 Section 5932. 218.04 (9g) (b) of the statutes is amended to read:

AB150-ASA,1766,17 218.04 (9g) (b) A licensee shall establish a trust account with a financial institution. The licensee shall notify the commissioner division of the name of the financial institution that maintains the trust account. The commissioner division may prohibit a licensee from establishing or maintaining a trust account in a financial institution if the commissioner division believes that the financial institution is operating in an unsafe or unsound manner.

AB150-ASA, s. 5933 Section 5933. 218.04 (9m) (title) of the statutes is amended to read:

AB150-ASA,1766,20 218.04 (9m) (title) Delinquent collection agencies; commissioner division may take possession.

AB150-ASA, s. 5934 Section 5934. 218.04 (9m) (a) of the statutes is amended to read:

AB150-ASA,1767,13 218.04 (9m) (a) If the commissioner division finds that a licensee is insolvent or that the licensee has collected accounts but has failed to remit money due to any claimant or forwarder within 30 days from the end of the month in which collection was made, and it is necessary to protect the interest of the public or when the license of a collection agency has expired or has terminated for any reason whatsoever, the commissioner division may take possession of the assets and the books and records of the licensee for the purpose of liquidating its business, and for such other relief as the nature of the case and the interest of the claimants or forwarders may require. The liquidation of business shall be made by and under the supervision of the commissioner division either in the name of the commissioner division or in the name of the licensee and the commissioner or the commissioner's successor division shall be vested with title to all of the assets including the proceeds of the bond or bonds which have been filed with the commissioner division as provided for under sub. (3) (d), and the proceeds of any and all money paid direct to the claimant or forwarder by the debtor prior to the date said license has terminated. Money paid to the licensee or to the commissioner division after the termination of the license shall be disposed of by the commissioner division with the approval of the circuit court.

AB150-ASA, s. 5935 Section 5935. 218.04 (9m) (b) of the statutes is amended to read:

AB150-ASA,1767,19 218.04 (9m) (b) In taking possession of the property and business of any such collection agency, the commissioner division shall forthwith give notice to any and all banks or other financial institutions holding or in possession of any bank balances or assets of such agency and thereafter such assets shall be held subject to the order of the commissioner division.

AB150-ASA, s. 5936 Section 5936. 218.04 (9m) (c) of the statutes is amended to read:

AB150-ASA,1768,2 218.04 (9m) (c) In addition to the authority conferred by par. (b), the commissioner division may, with the approval of the circuit court for the county wherein the main office is located, for the purposes of collection or liquidation, sell, assign, convey and transfer or approve the sale, assignment, conveyance and transfer of the assets of such collection agency under such terms and conditions as the commissioner division may deem for the best interests of the claimants of such collection agency.

AB150-ASA, s. 5937 Section 5937. 218.04 (9m) (e) of the statutes is amended to read:

AB150-ASA,1769,2 218.04 (9m) (e) The commissioner division shall cause notice to be given by publication of a class 3 notice, under ch. 985, if no action has been commenced under par. (f), calling on all persons who may have claims against such licensee, to present the same to the commissioner division, and make legal proof thereof at a place and within a time, to be therein specified. The commissioner division may mail a similar notice to all persons whose names appear as claimants or forwarders upon the books and records of the licensee or as may appear in the records of the commissioner division on the sworn reports required to be furnished the commissioner division according to the provisions of sub. (10). Any claimant or forwarder whose portion of the collection or collections has not been properly remitted shall file a claim which shall be considered as a preferred claim for the amount actually due the claimant or forwarder after deducting any commission or fee that may be due and owing the licensee. If the commissioner division doubts the justice and validity of any claim, the commissioner division may reject the same and serve notice of such rejection upon the claimant either by mail or personally. An affidavit of the service of such notice, which shall be prima facie evidence thereof, shall be filed with the commissioner division. An action upon a claim so rejected must be brought in the circuit court for the county wherein the licensee is located within 30 days after such service of such notice of rejection of claim has been filed. Claims presented after the expiration of the time fixed in the notice to the claimants or forwarders shall be entitled to receive only liquidating dividends declared after presentation, unless otherwise ordered by the court. The court may fix a date after which all claims shall be barred.

AB150-ASA, s. 5938 Section 5938. 218.04 (9m) (f) of the statutes is amended to read:

AB150-ASA,1769,13 218.04 (9m) (f) Whenever any agency, of whose assets and business the commissioner division has taken possession, as aforesaid, deems itself aggrieved thereby, it may, at any time within 10 days after such taking possession, apply to the circuit court for the county in which the main office of such agency is located to enjoin further proceedings; and such court, after citing the commissioner division to show cause why further proceedings should not be enjoined and hearing the allegations and proofs of the parties and determining the facts, may, upon the merits dismiss such application or enjoin the commissioner division from further proceedings, and direct the commissioner division to surrender such business and property to such agency.

AB150-ASA, s. 5939 Section 5939. 218.04 (9m) (g) of the statutes is amended to read:

AB150-ASA,1769,23 218.04 (9m) (g) Whenever the commissioner division shall have paid to each and every claimant or forwarder of such collection agency whose claims as such claimant or forwarder have been duly proved and allowed the full amount of such claims and shall have made proper provisions for unclaimed and unpaid collections and shall have paid all the expenses of the liquidation, the commissioner division shall liquidate the remaining assets exclusive of the proceeds of the bond or bonds for the benefit of the general creditors; or if no claims have been filed by or in behalf of the general creditors, the commissioner division shall turn over the remaining assets to the circuit court for further disposition.

AB150-ASA, s. 5940 Section 5940. 218.04 (9m) (h) of the statutes is amended to read:

AB150-ASA,1770,5 218.04 (9m) (h) All accounts and valuable papers given to the agency by the claimant or forwarder in possession of the commissioner division, pertaining to accounts placed with the agency for collection shall be returned to the claimant or forwarded by the commissioner division within 30 days after verification of the claim has been made.

AB150-ASA, s. 5941 Section 5941. 218.04 (10) (a) of the statutes is amended to read:

AB150-ASA,1770,12 218.04 (10) (a) Each licensee shall annually, on or before the fifteenth day of March, file a report with the commissioner division giving such reasonable and relevant information as the commissioner division may, by general or special order, require concerning the business and operations conducted by such licensee within the state. Such report shall be made under oath and shall be in the form prescribed by the commissioner division.

AB150-ASA, s. 5942 Section 5942. 218.04 (10) (b) of the statutes is amended to read:

AB150-ASA,1770,20 218.04 (10) (b) The commissioner division shall require the licensee to keep such books and records in the licensee's place of business as will enable the commissioner division to determine whether the provisions of this section are being complied with. Every such licensee shall preserve the records of final entry used in such business for a period of at least 6 years after final remittance is made on any account placed with the licensee for collection or after any account has been returned to the claimant on which one or more payments have been paid.

AB150-ASA, s. 5943 Section 5943. 218.04 (13) of the statutes is amended to read:

AB150-ASA,1771,2 218.04 (13) Enforcement. The commissioner division shall have the duty, power, jurisdiction and authority to investigate, ascertain and determine whether this section or the lawful orders issued hereunder are being violated and for such purposes the commissioner division shall have all the powers conferred by subs. (4) and (5). The commissioner division shall report all violations to the district attorney of the proper county for prosecution.

AB150-ASA, s. 5944 Section 5944. 218.05 (1) (a) of the statutes is repealed.

AB150-ASA, s. 5945 Section 5945. 218.05 (1) (d) of the statutes is created to read:

AB150-ASA,1771,5 218.05 (1) (d) "Division" means the division of banking.

AB150-ASA, s. 5946 Section 5946. 218.05 (2) of the statutes is amended to read:

AB150-ASA,1771,10 218.05 (2) Licenses required. After July 1, 1945, no person, firm, association, partnership or corporation shall engage in the business of a community currency exchange without first securing a license to do so from the commissioner division as required by this section.

AB150-ASA, s. 5947 Section 5947. 218.05 (3) (a) (intro.) of the statutes is amended to read:

AB150-ASA,1771,14 218.05 (3) (a) (intro.) Application for such license shall be in writing, under oath, on a form to be prescribed by the commissioner division. Each application shall contain the following information:

AB150-ASA, s. 5948 Section 5948. 218.05 (3) (a) 3. of the statutes is amended to read:

AB150-ASA,1771,17 218.05 (3) (a) 3. Such other information as the commissioner division may require.

AB150-ASA, s. 5949 Section 5949. 218.05 (3) (b) of the statutes is amended to read:

AB150-ASA,1771,25 218.05 (3) (b) Such An application shall be accompanied by a nonrefundable fee of $100 $300 for the cost of investigating the applicant. When the application has been approved by the commissioner and the applicant so advised If the cost of an investigation exceeds $300, the applicant shall, upon demand of the commissioner, pay the excess cost. At the time of the application, the applicant shall pay an additional $100 $300 as an annual license fee for a period terminating ending on the last day of the current calendar year.

AB150-ASA, s. 5950 Section 5950 . 218.05 (3) (b) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:

AB150-ASA,1772,7 218.05 (3) (b) An application shall be accompanied by a nonrefundable fee of $300 for the cost of investigating the applicant. If the cost of an investigation exceeds $300, the applicant shall, upon demand of the commissioner division, pay the excess cost. At the time of the application, the applicant shall pay an additional $300 as an annual license fee for a period ending on the last day of the current calendar year.

AB150-ASA, s. 5951 Section 5951. 218.05 (3) (c) of the statutes is amended to read:

AB150-ASA,1772,19 218.05 (3) (c) Before any license is issued to a community currency exchange the applicant shall file annually with and have approved by the commissioner division a surety bond in the principal sum of $5,000, issued by an insurer authorized to do business in this state. The bond shall run to the state of Wisconsin and shall be for the benefit of any creditors of the community currency exchange for any liability incurred for any sum due to any payee of any check, draft or money order left with the community currency exchange for collection, and also for any penalties that may be imposed under this section. If the commissioner division finds at any time the bond is insecure or exhausted or otherwise doubtful, an additional bond in like amount to be approved by the commissioner division shall be filed by the licensee within 30 days after written demand by the commissioner division.

AB150-ASA, s. 5952 Section 5952. 218.05 (4) of the statutes is amended to read:

AB150-ASA,1773,15 218.05 (4) Licenses; issuance; denial. If the commissioner division shall find after investigation that the applicant (a) is trustworthy and reputable, (b) has business experience qualifying the applicant to competently conduct, operate, own, or become associated with a community currency exchange, and (c) has a good business reputation and is worthy of a license, the commissioner division shall issue to the applicant qualifying hereunder, a license to operate a community currency exchange at the location specified in the application, which license shall remain in full force and effect until it is surrendered by the licensee or revoked by the commissioner division. If the commissioner division shall not so find, the commissioner division shall not issue such license and shall notify the applicant of such denial, retaining the investigation fee to cover the cost of investigating the applicant. The commissioner division shall approve or deny every application within 30 days from the filing thereof. No application shall be denied unless the applicant has had notice of a hearing on said application and an opportunity to be heard thereon. If the application is denied, the commissioner division shall, within 20 days thereafter, prepare and keep on file in the commissioner's office with the division a written order of denial which shall contain the commissioner's division's findings with respect thereto and the reasons supporting the denial, and shall mail a copy thereof to the applicant at the address set forth in the application, within 5 days after the filing of such order.

AB150-ASA, s. 5953 Section 5953. 218.05 (6) of the statutes is amended to read:

AB150-ASA,1773,24 218.05 (6) Insurance. Every applicant for a license under this section shall, after the application for a license has been approved, submit a policy or policies of insurance to be approved by the commissioner division, issued by an insurer authorized to do business in this state, which insures the applicant against loss by burglary, larceny, robbery, forgery or embezzlement in a principal sum determined by the commissioner division. Any such policy, with respect to forgery, may carry a condition that the community currency exchange assumes the first $50 of each claim thereunder.

AB150-ASA, s. 5954 Section 5954. 218.05 (8) of the statutes is amended to read:

AB150-ASA,1774,10 218.05 (8) Other business forbidden. A community currency exchange shall not be conducted as a department unit of another business. It must be an entity, financed and conducted as a separate business unit. This shall not prevent a community currency exchange from leasing a part of the premises of another business for the conduct of this business on the same premises; provided, that no community currency exchange shall be conducted on the same premises with a business whose chief source of revenue is derived from the sale of alcohol beverages for consumption on the premises. This subsection shall not apply when such other business is subject to any statute which provides for supervision and examination by the commissioner division.

AB150-ASA, s. 5955 Section 5955. 218.05 (10) (b) of the statutes is amended to read:

AB150-ASA,1774,15 218.05 (10) (b) No more than one place of business shall be maintained under the same license, but the commissioner division may issue more than one license to the same licensee upon the compliance with the provisions of this section governing an original issuance of a license, for each new license.

AB150-ASA, s. 5956 Section 5956. 218.05 (10) (c) of the statutes is amended to read:

AB150-ASA,1774,21 218.05 (10) (c) Whenever a licensee shall wish to change the licensee's place of business to any location other than that originally set forth in the license, the licensee shall give written notice thereof to the commissioner division and if the change is approved the commissioner division shall attach to the license, in writing, a rider stating the new address or location of the community currency exchange.

AB150-ASA, s. 5957 Section 5957. 218.05 (11) of the statutes is amended to read:

AB150-ASA,1775,2 218.05 (11) Renewal. Every licensee shall, on or before December 20, pay to the commissioner the sum of $50 $300 as an annual license fee for the next succeeding calendar year and shall, at the same time, shall file with the commissioner the annual bond and insurance policy or policies in the same amount and of the same character as required by subs. (3) (c) and (6).

AB150-ASA, s. 5958 Section 5958 . 218.05 (11) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:

AB150-ASA,1775,9 218.05 (11) Renewal. Every licensee shall, on or before December 20, pay to the commissioner division the sum of $300 as an annual license fee for the next succeeding calendar year and, at the same time, shall file with the commissioner division the annual bond and insurance policy or policies in the same amount and of the same character as required by subs. (3) (c) and (6).

AB150-ASA, s. 5959 Section 5959. 218.05 (12) (a) (intro.) of the statutes is amended to read:

AB150-ASA,1775,15 218.05 (12) (a) (intro.) The commissioner division may, upon 10 days' notice to the licensee by mail directed to the licensee at the address set forth in the license, stating the contemplated action and in general the grounds therefor, and upon reasonable opportunity to be heard prior to such action, revoke any license issued hereunder if the commissioner division shall find that:

AB150-ASA, s. 5960 Section 5960. 218.05 (12) (a) 1. of the statutes is amended to read:

AB150-ASA,1775,20 218.05 (12) (a) 1. The licensee has failed to pay the annual license fee or to maintain in effect the required bond or insurance policy or policies or to comply with any order, decision or finding of the commissioner division made pursuant to this section.

AB150-ASA, s. 5961 Section 5961. 218.05 (12) (a) 2. of the statutes is amended to read:

AB150-ASA,1775,23 218.05 (12) (a) 2. The licensee has violated any provision of this section or any regulation or direction made by the commissioner division under this section.

AB150-ASA, s. 5962 Section 5962. 218.05 (12) (a) 3. of the statutes is amended to read:

AB150-ASA,1776,3 218.05 (12) (a) 3. Any fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted the commissioner division in refusing the issuance of the license.

AB150-ASA, s. 5963 Section 5963. 218.05 (12) (b) of the statutes is amended to read:

AB150-ASA,1776,10 218.05 (12) (b) The commissioner division may revoke only the particular license with respect to which grounds for revocation may occur or exist, or if the commissioner division shall find that such grounds for revocation are of general application to all offices or to more than one office operated by such licensee, the commissioner division may revoke all of the licenses issued to such licensee or such number of licenses to which such grounds apply.

AB150-ASA, s. 5964 Section 5964. 218.05 (12) (c) of the statutes is amended to read:

AB150-ASA,1776,16 218.05 (12) (c) A licensee may surrender any license by delivering to the commissioner division written notice that the licensee surrenders such license, but such surrender shall not affect such licensee's civil or criminal liability for acts committed prior to such surrender, or affect the licensee's bond, or entitle such licensee to a return of any part of the annual license fee.

AB150-ASA, s. 5965 Section 5965. 218.05 (12) (d) of the statutes is amended to read:

AB150-ASA,1776,23 218.05 (12) (d) Every license issued hereunder shall remain in force until the same has been surrendered or revoked in accordance with this section, but the commissioner division may on the commissioner's division's own motion issue new licenses to a licensee whose license or licenses shall have been revoked if no fact or condition then exists which clearly would have warranted the commissioner division in refusing originally the issuance of such license under this section.

AB150-ASA, s. 5966 Section 5966. 218.05 (12) (e) of the statutes is amended to read:

AB150-ASA,1777,8 218.05 (12) (e) No license shall be revoked until the licensee has had notice of a hearing thereon and an opportunity to be heard. When any license is so revoked, the commissioner division shall within 20 days thereafter, prepare and keep on file in the commissioner's office with the division, a written order or decision of revocation which shall contain the commissioner's division's findings with respect thereto and the reasons supporting the revocation and shall send by mail a copy thereof to the licensee at the address set forth in the license within 5 days after the filing in the commissioner's office with the division of such order, finding or decision.

AB150-ASA, s. 5967 Section 5967. 218.05 (13) of the statutes is amended to read:

AB150-ASA,1777,12 218.05 (13) Review of orders. Any person aggrieved by any order of the commissioner division made under this section may have a review thereof by the consumer credit review board under s. 220.037.

AB150-ASA, s. 5968 Section 5968. 218.05 (14) (a) of the statutes is amended to read:

AB150-ASA,1777,20 218.05 (14) (a) A licensee shall annually, on or before February 15, file a report with the commissioner division that shall be used only for the official purposes of the commissioner division giving relevant information that the commissioner division may reasonably require concerning, and for the purpose of examining, the business and operations during the preceding calendar year of each licensed place of business conducted by the licensee within this state. The report shall be made under oath and shall be in the form prescribed by the commissioner division.

AB150-ASA, s. 5969 Section 5969. 218.05 (14) (b) 1. of the statutes is amended to read:

AB150-ASA,1777,24 218.05 (14) (b) 1. A licensee shall keep books, accounts and records to enable the commissioner division to determine if the licensee is complying with this section and with rules promulgated by and orders issued by the commissioner division.

AB150-ASA, s. 5970 Section 5970. 218.05 (14) (b) 2. of the statutes is amended to read:

AB150-ASA,1778,3 218.05 (14) (b) 2. A licensee shall keep within this state the books, accounts and records required by this paragraph at the licensee's place of business or a place readily accessible to the commissioner or examiners division.

AB150-ASA, s. 5971 Section 5971. 218.05 (14) (c) 1. of the statutes is amended to read: