Amendment ASA1-AB40

AB40-ASA1, s. 3243 Section 3243. 452.09 (2) (d) of the statutes is amended to read:

AB40-ASA1,1290,13 452.09 (2) (d) The department board may waive the requirements under par. (c) upon proof that the applicant has received 20 academic credits in real estate or real estate related law courses from an accredited institution of higher education or that the applicant is licensed to practice law in this state.

AB40-ASA1, s. 3244 Section 3244. 452.09 (3) (a) of the statutes is amended to read:

AB40-ASA1,1290,24 452.09 (3) (a) In determining competency, the department board shall require proof that the applicant for a broker's or salesperson's license has a fair knowledge of the English language,; a fair understanding of the general purposes and general legal effect of deeds, mortgages, land contracts of sale, leases, bills of sale, chattel mortgages, and conditional sales contracts,; and a general and fair understanding of the obligations between principal and agent, as well as of this chapter. An The board shall deny a license to an applicant receiving a failing grade, as established by rules of the department board, on any examination given under this section shall be denied a license, but any applicant may review his or her examination results in a manner established by rules of the department board.

AB40-ASA1, s. 3245 Section 3245. 452.09 (3) (b) of the statutes is amended to read:

AB40-ASA1,1291,3 452.09 (3) (b) The department board shall determine competency under par. (a) by means of only an oral examination for any applicant who is unable to write because of a physical handicap.

AB40-ASA1, s. 3246 Section 3246. 452.09 (3) (d) of the statutes is amended to read:

AB40-ASA1,1291,8 452.09 (3) (d) Except as provided in a reciprocal agreement under s. 452.05 (3), the department board may not grant a broker's license to an applicant who does not hold a salesperson's license unless the applicant passes the salesperson's examination and the broker's examination.

AB40-ASA1, s. 3247 Section 3247. 452.09 (5) of the statutes is amended to read:

AB40-ASA1,1291,19 452.09 (5) Apprenticeships. Any person who is a resident of this state and 18 years of age or over may, upon application filed in accordance with sub. (1), be indentured to a licensed resident broker in accordance with rules promulgated by the department board. These rules shall be promulgated so as to protect the public and may limit the real estate sales and brokerage activity of the apprentice. The department board may require an apprentice to take a preliminary examination covering general knowledge and may prescribe the character and extent of his or her work during apprenticeship. The department board may issue a temporary salesperson's permit to the individual for a period not to exceed one year upon payment of the fee under s. 440.05 (6). The temporary permit is not renewable.

AB40-ASA1, s. 3248 Section 3248. 452.10 (2) (b) of the statutes is amended to read:

AB40-ASA1,1291,22 452.10 (2) (b) Unless an application is withdrawn in writing before the department board has made any investigation, no part of the fee shall be returned.

AB40-ASA1, s. 3249 Section 3249. 452.10 (4) (a) of the statutes is amended to read:

AB40-ASA1,1292,3 452.10 (4) (a) Any licensed salesperson or broker may transfer to the employment of a licensed broker by first paying the transfer fee specified in s. 440.05 (7) and filing a transfer form with the department board.

AB40-ASA1, s. 3250 Section 3250. 452.10 (6) of the statutes is amended to read:

AB40-ASA1,1292,7 452.10 (6) In the case of applications for renewals of licenses the department board may dispense with such matters contained in s. 452.09 (1) as it deems unnecessary in view of prior applications.

AB40-ASA1, s. 3251 Section 3251. 452.11 (3) of the statutes is amended to read:

AB40-ASA1,1292,18 452.11 (3) Every nonresident applicant, and every resident licensee who becomes a nonresident, shall file with the department board an irrevocable consent that actions may be commenced against the applicant or licensee in the proper court of any county of the state in which a cause of action arises or in which the plaintiff resides, by the service of any process or pleading authorized by the laws of this state on the department board or any duly authorized employee. The consent shall stipulate and agree that such service is valid and binding as due service upon the applicant or licensee in all courts in this state. The consent shall be duly acknowledged and, if made by a corporation, shall be authenticated by the corporate seal.

AB40-ASA1, s. 3252 Section 3252. 452.11 (4) of the statutes is amended to read:

AB40-ASA1,1293,5 452.11 (4) Any process or pleading under this section shall be served in duplicate upon the department board or its duly authorized employee. One copy shall be filed with the department board and the other immediately forwarded by certified mail to the nonresident licensee against whom the process or pleading is directed at the last address provided to the department board by the nonresident licensee. No default in any such proceeding or action may be taken unless it appears by affidavit of the secretary chairperson of the board or any duly authorized employee that a copy of the process or pleading was mailed to the nonresident licensee as required in this subsection. No judgment by default may be taken in any action or proceeding within 20 days after the date of mailing the process or pleading to the nonresident licensee.

AB40-ASA1, s. 3253 Section 3253. 452.12 (1) of the statutes is amended to read:

AB40-ASA1,1293,9 452.12 (1) Expiration. A license granted by the department board entitles the holder to act as a broker or salesperson, as the case may be, until the applicable renewal date specified under s. 440.08 (2) (a).

AB40-ASA1, s. 3254 Section 3254. 452.12 (2) (c) of the statutes is amended to read:

AB40-ASA1,1293,16 452.12 (2) (c) Application for a business entity license shall be made on forms prescribed by the department board, listing the names and addresses of all business representatives, and shall be accompanied by the initial credential fee determined by the department under s. 440.03 (9) (a). If there is a change in any of the business representatives, the change shall be reported to the department board, on the same form, within 30 days after the effective date of the change.

AB40-ASA1, s. 3255 Section 3255. 452.12 (4) of the statutes is amended to read:

AB40-ASA1,1293,23 452.12 (4) Register of brokers and salespersons. The department shall maintain the register required by s. 440.035 (4). The board shall include in the register the board maintains under s. 440.035 (4) the names of all brokers and salespersons whose licenses have been were revoked at any time within the past 2 years prior to the issuance thereof shall be included in the register. The register shall be available for purchase at cost.

AB40-ASA1, s. 3255m Section 3255m. 452.12 (5) (a) of the statutes is amended to read:

AB40-ASA1,1294,6 452.12 (5) (a) Renewal applications for all licenses shall be submitted with the applicable renewal fee determined by the department under s. 440.03 (9) (a) on or before the applicable renewal date specified under s. 440.08 (2) (a). The department shall pay $10 of each renewal fee received under this paragraph to the Board of Regents of the University of Wisconsin System for research and educational, public outreach, and grant activities under s. 36.25 (34).

AB40-ASA1, s. 3256 Section 3256. 452.12 (5) (b) of the statutes is amended to read:

AB40-ASA1,1294,10 452.12 (5) (b) If an application for renewal is not filed with the department board on or before the renewal date, the applicant may not engage in any of the activities covered by the license until the license is renewed or a new license is issued.

AB40-ASA1, s. 3256m Section 3256m. 452.12 (5) (c) 1. of the statutes is renumbered 452.12 (5) (c) and amended to read:

AB40-ASA1,1294,15 452.12 (5) (c) At the time of renewal, each broker or salesperson shall submit proof of attendance at and successful completion of continuing education programs or courses approved under s. 452.05 (1) (g), except as provided in subd. 2.

AB40-ASA1, s. 3257j Section 3257j. 452.12 (5) (c) 2. of the statutes is repealed.

AB40-ASA1, s. 3259 Section 3259. 452.12 (6) (b) of the statutes is amended to read:

AB40-ASA1,1294,20 452.12 (6) (b) Unless an applicant's license has been revoked or suspended under s. 452.14 (3), the department board may register the applicant under par. (a) as an inactive licensee upon payment of a $15 fee.

AB40-ASA1, s. 3260 Section 3260. 452.12 (6) (d) of the statutes is amended to read:

AB40-ASA1,1294,25 452.12 (6) (d) If an inactive licensee files an application for reinstatement before January 1, 1996, the department board shall reinstate the inactive licensee's original license in accordance with the requirements for late renewal under s. 440.08 (3).

AB40-ASA1, s. 3261 Section 3261. 452.12 (6) (e) (intro.) of the statutes is amended to read:

AB40-ASA1,1295,4 452.12 (6) (e) (intro.) Except as provided in ss. 440.03 (11m) (b), 440.12 and 440.13 (2) (a) (c), the department board shall reinstate an inactive licensee's original license as follows:

AB40-ASA1, s. 3262 Section 3262. 452.12 (6) (e) 1. of the statutes is amended to read:

AB40-ASA1,1295,11 452.12 (6) (e) 1. If a person has registered as an inactive licensee before November 1, 1990, the department board shall reinstate the person's original license if that person applies to the department board for reinstatement of his or her original license, pays the fee specified under s. 440.05 (1), passes an examination under s. 452.09 (3), and completes the education requirements established by the department board under par. (f).

AB40-ASA1, s. 3263 Section 3263. 452.12 (6) (e) 2. of the statutes is amended to read:

AB40-ASA1,1295,22 452.12 (6) (e) 2. If a person has registered as an inactive licensee on or after November 1, 1990, the department board shall reinstate the person's original license if that person applies to the department board for reinstatement of his or her original license, pays the renewal fee determined by the department under s. 440.03 (9) (a) for the original license and completes 12 hours of the continuing education as requirements established by the department board under par. (f). A person who is eligible for reinstatement of his or her original license under this subdivision shall complete the requirements for reinstatement under this subdivision before January 1, 1996, or within 5 years after the date on which the person registered as an inactive licensee, whichever is later.

AB40-ASA1, s. 3264 Section 3264. 452.12 (6) (e) 3. of the statutes is amended to read:

AB40-ASA1,1296,3 452.12 (6) (e) 3. If a person who is eligible for reinstatement of his or her original license under subd. 2. does not complete the requirements for reinstatement within the time specified under subd. 2., the department board shall reinstate the original license of that person if he or she meets the requirements specified under subd. 1.

AB40-ASA1, s. 3265 Section 3265. 452.12 (6) (f) of the statutes is amended to read:

AB40-ASA1,1296,7 452.12 (6) (f) The department board shall promulgate rules establishing the education requirements that applicants for reinstatement of original licenses under par. (e) must satisfy.

AB40-ASA1, s. 3266 Section 3266. 452.13 (2) (b) 1. of the statutes is amended to read:

AB40-ASA1,1296,11 452.13 (2) (b) 1. Register with the department of regulation and licensing safety and professional services the name and address of the depository institution and the number of the interest-bearing common trust account.

AB40-ASA1, s. 3267 Section 3267. 452.13 (2) (b) 2. of the statutes is amended to read:

AB40-ASA1,1296,15 452.13 (2) (b) 2. Notify the department of regulation and licensing safety and professional services when any of the information required under subd. 1. is changed.

AB40-ASA1, s. 3268 Section 3268. 452.13 (2) (b) 3. of the statutes is amended to read:

AB40-ASA1,1296,22 452.13 (2) (b) 3. Furnish the department of regulation and licensing safety and professional services with a letter authorizing the department of regulation and licensing safety and professional services and the department of commerce administration to examine and audit the interest-bearing common trust account whenever the department of regulation and licensing safety and professional services or the department of commerce administration considers it necessary.

AB40-ASA1, s. 3269 Section 3269. 452.13 (2) (bm) of the statutes is amended to read:

AB40-ASA1,1297,3 452.13 (2) (bm) The department of regulation and licensing safety and professional services shall forward to the department of commerce administration the information and documents furnished under par. (b).

AB40-ASA1, s. 3270 Section 3270. 452.13 (2) (d) of the statutes is amended to read:

AB40-ASA1,1297,7 452.13 (2) (d) The department of commerce administration is the beneficial owner of the interest accruing to the interest-bearing common trust account, minus any service charges or fees.

AB40-ASA1, s. 3271 Section 3271. 452.13 (2) (e) 1. of the statutes is amended to read:

AB40-ASA1,1297,14 452.13 (2) (e) 1. Annually, before February 1, remit to the department of commerce administration the total interest or dividends, minus service charges or fees, earned on the average daily balance in the interest-bearing common trust account during the 12 months ending on the previous December 31. A depository institution is not required to remit any amount if the total interest or dividends for that period is less than $10 before any deduction for service charges or fees.

AB40-ASA1, s. 3272 Section 3272. 452.13 (2) (e) 2. of the statutes is amended to read:

AB40-ASA1,1297,21 452.13 (2) (e) 2. When the interest remittance is sent, furnish to the department of commerce administration and to the broker maintaining the interest-bearing common trust account a statement that includes the name of the broker for whose account the remittance is made, the rate of interest applied, the amount of service charges or fees deducted, if any, and the account balance for the period that the statement covers.

AB40-ASA1, s. 3273 Section 3273. 452.13 (2) (f) 2. of the statutes is amended to read:

AB40-ASA1,1297,24 452.13 (2) (f) 2. May not assess a service charge or fee for an interest-bearing common trust account against the department of commerce administration.

AB40-ASA1, s. 3274 Section 3274. 452.13 (2) (f) 3. of the statutes is amended to read:

AB40-ASA1,1298,5 452.13 (2) (f) 3. May deduct a service charge or fee from the interest earned by an interest-bearing common trust account, and if a balance remains, may deduct the remaining charge or fee from the interest earned on any other interest-bearing common trust account maintained in that depository institution, before remitting interest to the department of commerce administration.

AB40-ASA1, s. 3274m Section 3274m. 452.13 (5) of the statutes is amended to read:

AB40-ASA1,1298,9 452.13 (5) Rules. In consultation with the department of regulation and licensing safety and professional services, the department of commerce administration shall promulgate rules necessary to administer this section.

AB40-ASA1, s. 3276 Section 3276. 452.14 (1) of the statutes is amended to read:

AB40-ASA1,1298,15 452.14 (1) The department board shall, upon motion of the board secretary or his or her designee or upon its own determination, conduct investigations and, as appropriate, may hold hearings and make findings, if the board or the department receives credible information that a broker, salesperson, or time-share salesperson has violated this chapter or any rule promulgated under this chapter.

AB40-ASA1, s. 3277 Section 3277. 452.14 (2) of the statutes is amended to read:

AB40-ASA1,1298,22 452.14 (2) The department shall present the findings of any investigation of a licensee or registrant to the board for its consideration. The department shall upon motion of the board, and board may, upon its own determination, commence disciplinary proceedings on any matter under investigation concerning a licensee or registrant. No investigation of a licensee or registrant may be closed without motion of the board.

AB40-ASA1, s. 3278 Section 3278. 452.14 (3) (L) of the statutes is amended to read:

AB40-ASA1,1298,25 452.14 (3) (L) Violated any provision of this chapter or any rule promulgated under this chapter;

AB40-ASA1, s. 3279 Section 3279. 452.17 (2) of the statutes is amended to read:

AB40-ASA1,1299,7 452.17 (2) Any person who engages in or follows the business or occupation of, or advertises or holds himself or herself out as or acts temporarily or otherwise as, a time-share salesperson in this state without being registered with the department board shall be prosecuted by the district attorney in the county where the violation occurs and may be fined not less than $25 nor more than $200 or imprisoned not less than 10 days nor more than 6 months or both.

AB40-ASA1, s. 3280 Section 3280. 452.22 (2) of the statutes is amended to read:

AB40-ASA1,1299,17 452.22 (2) The certificate of the secretary chairperson of the board or his or her designee to the effect that a specified individual or business entity is not or was not on a specified date the holder of a broker's, salesperson's, or time-share salesperson's license or registration, or that a specified license or registration was not in effect on a date specified, or as to the issuance, limitation, suspension, or revocation of any license or registration or the reprimand of any license or registration holder thereof, the filing or withdrawal of any application or its existence or nonexistence, is prima facie evidence of the facts therein stated in the certificate for all purposes in any action or proceedings.

AB40-ASA1, s. 3281 Section 3281. 462.01 (3) of the statutes is amended to read:

AB40-ASA1,1299,20 462.01 (3) "Department" means the department of regulation and licensing safety and professional services.

AB40-ASA1, s. 3283 Section 3283. 551.403 (2) (a) 2. of the statutes is amended to read:

AB40-ASA1,1299,23 551.403 (2) (a) 2. Institutional investors, except any institutional investor described in s. 551.102 (11) (k), (m), or (o).

AB40-ASA1, s. 3284 Section 3284. 551.403 (2) (a) 2m. of the statutes is amended to read:

AB40-ASA1,1300,2 551.403 (2) (a) 2m. Accredited investors as defined in Rule 501 (a) (1), (2), or (3), (7) or (8) adopted under the Securities Act of 1933.

AB40-ASA1, s. 3285 Section 3285. Chapter 560 (title) of the statutes is repealed.

AB40-ASA1, s. 3286 Section 3286. Subchapter I (title) of chapter 560 [precedes 560.001] of the statutes is repealed.

AB40-ASA1, s. 3287 Section 3287. 560.001 of the statutes is repealed.

AB40-ASA1, s. 3288 Section 3288. 560.01 (title), (1) and (2) of the statutes are repealed.

AB40-ASA1, s. 3289 Section 3289. 560.01 (3) of the statutes is renumbered 238.04 (14) and amended to read:

AB40-ASA1,1300,13 238.04 (14) Foreign office agreements. The department may enter Enter into agreements regarding compensation, space, and other administrative matters as are necessary to operate departmental offices in other states and foreign countries. Such agreements shall be subject to the approval of the secretary of administration.