AB40-ASA1,1294,2018
452.12
(6) (b) Unless an applicant's license has been revoked or suspended
19under s. 452.14 (3), the
department board may register the applicant under par. (a)
20as an inactive licensee upon payment of a $15 fee.
AB40-ASA1,1294,2522
452.12
(6) (d) If an inactive licensee files an application for reinstatement
23before January 1, 1996, the
department board shall reinstate the inactive licensee's
24original license in accordance with the requirements for late renewal under s. 440.08
25(3).
AB40-ASA1, s. 3261
1Section
3261. 452.12 (6) (e) (intro.) of the statutes is amended to read:
AB40-ASA1,1295,42
452.12
(6) (e) (intro.) Except as provided in ss. 440.03 (11m) (b), 440.12 and
3440.13 (2)
(a) (c), the
department board shall reinstate an inactive licensee's original
4license as follows:
AB40-ASA1,1295,116
452.12
(6) (e) 1. If a person has registered as an inactive licensee before
7November 1, 1990, the
department board shall reinstate the person's original license
8if that person applies to the
department board for reinstatement of his or her original
9license, pays the fee specified under s. 440.05 (1), passes an examination under s.
10452.09 (3)
, and completes the education requirements established by the
department 11board under par. (f).
AB40-ASA1,1295,2213
452.12
(6) (e) 2. If a person has registered as an inactive licensee on or after
14November 1, 1990, the
department board shall reinstate the person's original license
15if that person applies to the
department board for reinstatement of his or her original
16license, pays the renewal fee determined by the department under s. 440.03 (9) (a)
17for the original license and completes
12 hours of
the continuing education
as 18requirements established by the
department board under par. (f). A person who is
19eligible for reinstatement of his or her original license under this subdivision shall
20complete the requirements for reinstatement under this subdivision before January
211, 1996, or within 5 years after the date on which the person registered as an inactive
22licensee, whichever is later.
AB40-ASA1,1296,324
452.12
(6) (e) 3. If a person who is eligible for reinstatement of his or her
25original license under subd. 2. does not complete the requirements for reinstatement
1within the time specified under subd. 2., the
department board shall reinstate the
2original license of that person if he or she meets the requirements specified under
3subd. 1.
AB40-ASA1,1296,75
452.12
(6) (f) The
department board shall promulgate rules establishing the
6education requirements that applicants for reinstatement of original licenses under
7par. (e) must satisfy.
AB40-ASA1,1296,119
452.13
(2) (b) 1. Register with the department of
regulation and licensing 10safety and professional services the name and address of the depository institution
11and the number of the interest-bearing common trust account.
AB40-ASA1,1296,1513
452.13
(2) (b) 2. Notify the department of
regulation and licensing safety and
14professional services when any of the information required under subd. 1. is
15changed.
AB40-ASA1,1296,2217
452.13
(2) (b) 3. Furnish the department of
regulation and licensing safety and
18professional services with a letter authorizing the department of
regulation and
19licensing safety and professional services and the department of
commerce 20administration to examine and audit the interest-bearing common trust account
21whenever the department of
regulation and licensing
safety and professional
22services or the department of
commerce administration considers it necessary.
AB40-ASA1,1297,3
1452.13
(2) (bm) The department of
regulation and licensing safety and
2professional services shall forward to the department of
commerce administration 3the information and documents furnished under par. (b).
AB40-ASA1,1297,75
452.13
(2) (d) The department of
commerce administration is the beneficial
6owner of the interest accruing to the interest-bearing common trust account, minus
7any service charges or fees.
AB40-ASA1,1297,149
452.13
(2) (e) 1. Annually, before February 1, remit to the department of
10commerce administration the total interest or dividends, minus service charges or
11fees, earned on the average daily balance in the interest-bearing common trust
12account during the 12 months ending on the previous December 31. A depository
13institution is not required to remit any amount if the total interest or dividends for
14that period is less than $10 before any deduction for service charges or fees.
AB40-ASA1,1297,2116
452.13
(2) (e) 2. When the interest remittance is sent, furnish to the
17department of
commerce administration and to the broker maintaining the
18interest-bearing common trust account a statement that includes the name of the
19broker for whose account the remittance is made, the rate of interest applied, the
20amount of service charges or fees deducted, if any, and the account balance for the
21period that the statement covers.
AB40-ASA1,1297,2423
452.13
(2) (f) 2. May not assess a service charge or fee for an interest-bearing
24common trust account against the department of
commerce administration.
AB40-ASA1,1298,5
1452.13
(2) (f) 3. May deduct a service charge or fee from the interest earned by
2an interest-bearing common trust account, and if a balance remains, may deduct the
3remaining charge or fee from the interest earned on any other interest-bearing
4common trust account maintained in that depository institution, before remitting
5interest to the department of
commerce administration.
AB40-ASA1,1298,97
452.13
(5) Rules. In consultation with the department of
regulation and
8licensing safety and professional services, the department of
commerce 9administration shall promulgate rules necessary to administer this section.
AB40-ASA1,1298,1511
452.14
(1) The
department board shall, upon motion of the
board secretary or
12his or her designee or upon its own determination, conduct investigations and, as
13appropriate, may hold hearings and make findings, if the
board or the department
14receives credible information that a broker, salesperson
, or time-share salesperson
15has violated this chapter or any rule promulgated under this chapter.
AB40-ASA1,1298,2217
452.14
(2) The department shall present the findings of any investigation of
18a licensee or registrant to the board for its consideration. The
department shall upon
19motion of the board, and board may
, upon its own determination, commence
20disciplinary proceedings on any matter under investigation concerning a licensee or
21registrant.
No investigation of a licensee or registrant may be closed without motion
22of the board.
AB40-ASA1,1298,2524
452.14
(3) (L) Violated any provision of this chapter
or any rule promulgated
25under this chapter;
AB40-ASA1,1299,72
452.17
(2) Any person who engages in or follows the business or occupation of,
3or advertises or holds himself or herself out as or acts temporarily or otherwise as,
4a time-share salesperson in this state without being registered with the
department 5board shall be prosecuted by the district attorney in the county where the violation
6occurs and may be fined not less than $25 nor more than $200 or imprisoned not less
7than 10 days nor more than 6 months or both.
AB40-ASA1,1299,179
452.22
(2) The certificate of the
secretary chairperson of the board or his or her
10designee to the effect that a specified individual or business entity is not or was not
11on a specified date the holder of a broker's, salesperson's
, or time-share salesperson's
12license or registration, or that a specified license or registration was not in effect on
13a date specified, or as to the issuance, limitation, suspension
, or revocation of any
14license or registration or the reprimand of any
license or registration holder
thereof,
15the filing or withdrawal of any application or its existence or nonexistence, is prima
16facie evidence of the facts
therein stated
in the certificate for all purposes in any
17action or proceedings.
AB40-ASA1,1299,2019
462.01
(3) "Department" means the department of
regulation and licensing 20safety and professional services.
AB40-ASA1,1299,2322
551.403
(2) (a) 2. Institutional investors
, except any institutional investor
23described in s. 551.102 (11) (k), (m), or (o).
AB40-ASA1, s. 3284
24Section
3284. 551.403 (2) (a) 2m. of the statutes is amended to read:
AB40-ASA1,1300,2
1551.403
(2) (a) 2m. Accredited investors as defined in Rule 501 (a) (1)
, (2), or 2(3)
, (7) or (8) adopted under the Securities Act of 1933.
AB40-ASA1, s. 3286
4Section
3286. Subchapter I (title) of chapter 560 [precedes 560.001] of the
5statutes is repealed.
AB40-ASA1, s. 3288
7Section
3288. 560.01 (title), (1) and (2) of the statutes are repealed.
AB40-ASA1, s. 3289
8Section
3289. 560.01 (3) of the statutes is renumbered 238.04 (14) and
9amended to read:
AB40-ASA1,1300,1310
238.04
(14) Foreign office agreements. The department may enter Enter into
11agreements regarding compensation, space
, and other administrative matters as are
12necessary to operate
departmental offices in other states and foreign countries. Such
13agreements shall be subject to the approval of the secretary of administration.
AB40-ASA1, s. 3305
5Section
3305. 560.03 (17) of the statutes is renumbered 238.25 and amended
6to read:
AB40-ASA1,1301,11
7238.25 Assistance to loan recipients. Assist The corporation shall assist 8new businesses and small businesses receiving economic development loans under
9s. 234.65 (1) (a) or the assistance of the Wisconsin Housing and Economic
10Development Authority in locating sources of venture capital and in obtaining the
11state and federal licenses and permits necessary for business operations.
AB40-ASA1, s. 3315
21Section
3315. 560.032 of the statutes is renumbered 238.10 and amended to
22read:
AB40-ASA1,1302,5
23238.10 Allocation of volume cap on tax-exempt bonds. (1) Allocation. 24The
department, by rule, corporation shall establish under
26 USC 146 and
25administer a system for the allocation of the volume cap on the issuance of private
1activity bonds, as defined under
26 USC 141 (a), among all municipalities, as defined
2in s. 67.01 (5), and any corporation formed on behalf of those municipalities, and
3among this state, the Wisconsin Health and Educational Facilities Authority, the
4Wisconsin Aerospace Authority, and the Wisconsin Housing and Economic
5Development Authority.
AB40-ASA1,1302,11
6(2) Amendment to allocation. At any time prior to December 31 in any year,
7the
department corporation may
promulgate adopt rules to revise the allocation
8system established for that year under sub. (1), except that any revision under this
9subsection does not apply to any allocation under which the recipient of that
10allocation has adopted a resolution authorizing the issuance of a private activity
11bond, as defined in
26 USC 141 (a).
AB40-ASA1,1302,16
12(3) Conditions. The
department corporation may establish
, by rule, any
13procedure for, and place any condition upon, the granting of an allocation under this
14section which the
department corporation deems to be in the best interest of the state
15including
, but not limited to, a requirement that a cash deposit, at a rate established
16by the
department in the rules corporation, be a condition for an allocation.
AB40-ASA1,1302,19
17(4) Certification. If the
secretary corporation receives notice of the issuance
18of a bond under an allocation under subs. (1) to (3), the
secretary corporation shall
19certify that that bond meets the requirements of
26 USC 146.
