AB218-AA1,4,17 1732. Page 15, line 16: delete "60" and substitute "30".
AB218-AA1,4,18 1833. Page 15, line 24: after that line insert:
AB218-AA1,4,20 19"(am) The division shall mail an application for renewal to each provider at
20least 60 days prior to the expiration date of a license.".
AB218-AA1,4,21 2134. Page 16, line 5: after "bond" insert "or other security".
AB218-AA1,4,22 2235. Page 16, line 6: after "(13)" insert "or (13m)".
AB218-AA1,4,23 2336. Page 16, line 8: delete "audited" and substitute "reviewed".
AB218-AA1,5,3
137. Page 16, line 9: after "application" insert ", except that the 3rd renewal
2after initial licensure and every 4th renewal thereafter shall be audited rather than
3reviewed".
AB218-AA1,5,4 438. Page 16, line 13: delete "$250,000" and substitute "$1,000,000".
AB218-AA1,5,6 539. Page 16, line 14: after "balance" insert "attributable to residents of
6Wisconsin".
AB218-AA1,5,8 740. Page 16, line 22: delete "no deductible" and substitute "a deductible of no
8more than $5,000".
AB218-AA1,5,9 941. Page 16, line 23: delete that line and substitute:
AB218-AA1,5,11 10"d. The insurance insures the applicant for claims made by individuals in this
11or any other state, who have".
AB218-AA1,5,12 1242. Page 17, line 1: delete lines 1 and 2.
AB218-AA1,5,13 1343. Page 17, line 7: delete lines 7 to 9 and substitute:
AB218-AA1,5,18 14"7. If the applicant does not hold money on behalf of any debtor, disclose for
15business done with debtors in this state during the preceding 12 months the number
16of debtors with whom the applicant has had agreements, the number of fully settled
17debt agreements with creditors that the applicant concluded for debtors, and an
18estimate of the total amount of debt under contract between applicant and debtors.".
AB218-AA1,5,19 1944. Page 17, line 12: delete "(n)," and substitute "(k), (n), (o),".
AB218-AA1,5,20 2045. Page 18, line 2: after that line insert:
AB218-AA1,5,23 21"(f) If a licensed provider fails to file by July 1 a complete application for renewal
22of a license and the required renewal fee, the license shall automatically expire on
23that date.".
AB218-AA1,6,1
146. Page 18, line 18: after that line insert:
AB218-AA1,6,2 2"(d) The application is accompanied by the items required in sub. (5) (b).".
AB218-AA1,6,4 347. Page 18, line 19: delete "A provider" and substitute "Except as otherwise
4provided in sub. (13m), a provider".
AB218-AA1,6,5 548. Page 20, line 14: after that line insert:
AB218-AA1,6,11 6"(13m) Bond required — substitute. (a) Instead of the surety bond required
7by sub. (13), a provider may deliver any of the following to the division, in the amount
8required by sub. (13) (b), and, except as otherwise provided in subd. 2., payable or
9available to this state and to individuals who reside in this state when they agree to
10receive debt-management services from the provider, as their interests may appear,
11if the provider or its agent does not comply with this section:
AB218-AA1,6,1412 1. A certificate of insurance issued by an insurance company authorized to do
13business in this state and rated at least "A" by a nationally recognized rating
14organization.
AB218-AA1,6,1815 2. With the approval of the division, an irrevocable letter of credit, issued or
16confirmed by a bank approved by the division, payable upon presentation of a
17certificate by the division stating that the provider or its agent has not complied with
18this section.
AB218-AA1,6,2019 (b) If a provider furnishes a substitute pursuant to par. (a), the provisions of
20sub. (13) (a), (c), (d), and (e) apply to the substitute.".
AB218-AA1,6,21 2149. Page 20, line 19: after "counselor" insert ", certified debt specialist,".
AB218-AA1,6,22 2250. Page 21, line 19: after "counselor" insert "or certified debt specialist".
AB218-AA1,6,24 2351. Page 27, line 18: delete "Each creditor" and substitute "If the provider
24holds money on behalf of the debtor, each creditor".
AB218-AA1,7,2
152. Page 27, line 21: delete "That the" and substitute "If the provider holds
2money on behalf of the debtor, that the".
AB218-AA1,7,4 353. Page 28, line 18: delete that line and substitute "of any collected
4settlement fees for debts remaining unsettled at the time of termination.".
AB218-AA1,7,6 554. Page 29, line 7: delete "principal amount of the debt" and substitute
6"actual balance of the debt owed at the time of settlement".
AB218-AA1,7,8 755. Page 29, line 12: delete "principal amount of the debt" and substitute
8"actual balance of the debt owed at the time of settlement".
AB218-AA1,7,10 956. Page 34, line 20: delete the material beginning with "a provider" and
10ending with "following" on line 21 and substitute "all of the following apply:".
AB218-AA1,7,12 1157. Page 34, line 22: delete the material beginning with that line and ending
12with page 35, line 3 and substitute:
AB218-AA1,7,16 13"a. A provider may charge total fees in an amount not to exceed 18 percent of
14the principal amount of the debt, which shall include, subject to sub. (18) (d), a fee
15for consultation, obtaining a credit report, setting up an account, and the like, in an
16amount not exceeding 4 percent of the principal amount of the debt.
AB218-AA1,7,2017 b. Total fees may be collected over no less than half of the length of the plan as
18estimated at the inception of the plan unless accelerated by the individual or until
19offers of settlement by creditors are obtained on at least half of the debts enrolled to
20the provider.
AB218-AA1,7,2221 c. In no case shall aggregate fees exceed 18 percent of the total principal amount
22of the debt.
AB218-AA1,8,223 d. Notwithstanding subd. 2. a., 2. b., or 2. c., no debtor who completes all of his
24or her obligations under the agreement may be charged fees such that those fees,

1when added to the aggregate of offers of settlement obtained by the provider for the
2debtor, exceed the principal amount of the debt.".
AB218-AA1,8,3 358. Page 35, line 9: after that line insert:
AB218-AA1,8,5 4"5. In no case shall aggregate fees exceed 18 percent of the total principal
5amount of the debt.".
AB218-AA1,8,6 659. Page 35, line 13: delete lines 13 to 20.
AB218-AA1,8,7 760. Page 36, line 20: delete lines 20 and 21 and substitute:
AB218-AA1,8,9 8"2. Sixty-five percent of any collected settlement fees for debts remaining
9unsettled at the time of the termination.".
AB218-AA1,8,11 1061. Page 38, line 2: delete "principal amount of the debt owed a creditor" and
11substitute "actual balance of the debt owed a creditor at the time of settlement".
AB218-AA1,8,13 1262. Page 38, line 6: delete "principal amount of the debt owed a creditor" and
13substitute "actual balance of the debt owed a creditor at the time of settlement".
AB218-AA1,8,15 1463. Page 38, line 17: after "prospective customer," insert "except for a sales
15lead,".
AB218-AA1,8,16 1664. Page 39, line 13: before "garnishment" insert "collection activity,".
AB218-AA1,8,17 1765. Page 39, line 24: after that line insert:
AB218-AA1,8,19 18"17. Advise, encourage, or suggest to the individual not to make a payment to
19creditors under the plan.".
AB218-AA1,8,20 2066. Page 40, line 19: delete "(f)" and substitute "(d) 2.".
AB218-AA1,8,22 2167. Page 45, line 15: delete "required under sub. (13)" and substitute "or other
22security required under sub. (13) or (13m)".
AB218-AA1,9,2
168. Page 47, line 22: delete "provided under sub. (13)" and substitute "or other
2security provided under sub. (13) or (13m)".
AB218-AA1,9,3 369. Page 49, line 24: after that line insert:
AB218-AA1,9,4 4" Section 9m. Nonstatutory provisions.
AB218-AA1,9,5 5(1) In this section:
AB218-AA1,9,7 6(a) "Adjustment service company" has the meaning given in section 218.02 (1)
7(a), 2005 stats.
AB218-AA1,9,9 8(b) "Debt-management services license" means a license issued under section
9218.02 of the statutes, as affected by this act.
AB218-AA1,9,17 10(2) Notwithstanding section 218.02 (4) (a) of the statutes, as affected by this act,
11a person that is licensed as an adjustment service company under section 218.02 (3),
122005 stats., may continue to act as an adjustment service company, provided that the
13person applies, no later than the first day of the 4th month beginning after the
14effective date of this subsection, for a debt-management services license. A person's
15authority to act as an adjustment service company under this subsection expires on
16the date the division of banking takes final action on the person's application for a
17debt-management services license.".
AB218-AA1,9,18 1870. Page 50, line 5: delete "13th" and substitute "7th".
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