Amendment AA2-ASA2-AB898

LRBa2872/1

RAC:wlj:kjf

2003 - 2004 LEGISLATURE

ASSEMBLY AMENDMENT 2, TO ASSEMBLY SUBSTITUTE AMENDMENT 2, TO 2003 ASSEMBLY BILL 898

March 10, 2004 - Offered by Representatives Grothman, Colon and J. Wood.

AB898-ASA2-AA2,1,1 At the locations indicated, amend the substitute amendment as follows:

AB898-ASA2-AA2,1,2 1. Page 10, line 2: after that line insert:

AB898-ASA2-AA2,1,4 "(2m) Cash price certification. The certification from the division of banking in the department of financial institutions under s. 422.6065.".

AB898-ASA2-AA2,1,5 2. Page 14, line 18: after that line insert:

AB898-ASA2-AA2,2,5 "422.6065 Certification of cash price; report relating to certain credits or rebates provided to rental-purchase companies. (1) The division of banking in the department of financial institutions shall certify that the cash price of any rental property under a rental-purchase agreement does not exceed an amount equal to twice the actual purchase price of the rental property, including any applicable freight charges, paid by the rental-purchase company to a manufacturer or wholesaler. For the purpose of calculating the purchase price of the rental-purchase property, the division shall consider the value of any credits, rebates, discounts, or other items of value provided to the rental-purchase company by the manufacturer or wholesaler. The value of any such credits, rebates, discounts, or other items of value shall be determined according to a methodology promulgated by the division by rule.

AB898-ASA2-AA2,2,11 (2) Each rental-purchase company that is licensed under subch. IV of ch. 426 shall file with the division of banking in the department of financial institutions copies of all documents relating to each financial transaction that occurred between the rental-purchase company and each manufacturer and wholesaler from which the rental-purchase company purchased property that is leased under a rental-purchase agreement.".

AB898-ASA2-AA2,2,12 (End)