AB40-ASA1,1291,85 452.09 (3) (d) Except as provided in a reciprocal agreement under s. 452.05 (3),
6the department board may not grant a broker's license to an applicant who does not
7hold a salesperson's license unless the applicant passes the salesperson's
8examination and the broker's examination.
AB40-ASA1, s. 3247 9Section 3247. 452.09 (5) of the statutes is amended to read:
AB40-ASA1,1291,1910 452.09 (5) Apprenticeships. Any person who is a resident of this state and 18
11years of age or over may, upon application filed in accordance with sub. (1), be
12indentured to a licensed resident broker in accordance with rules promulgated by the
13department board. These rules shall be promulgated so as to protect the public and
14may limit the real estate sales and brokerage activity of the apprentice. The
15department board may require an apprentice to take a preliminary examination
16covering general knowledge and may prescribe the character and extent of his or her
17work during apprenticeship. The department board may issue a temporary
18salesperson's permit to the individual for a period not to exceed one year upon
19payment of the fee under s. 440.05 (6). The temporary permit is not renewable.
AB40-ASA1, s. 3248 20Section 3248. 452.10 (2) (b) of the statutes is amended to read:
AB40-ASA1,1291,2221 452.10 (2) (b) Unless an application is withdrawn in writing before the
22department board has made any investigation, no part of the fee shall be returned.
AB40-ASA1, s. 3249 23Section 3249. 452.10 (4) (a) of the statutes is amended to read:
AB40-ASA1,1292,3
1452.10 (4) (a) Any licensed salesperson or broker may transfer to the
2employment of a licensed broker by first paying the transfer fee specified in s. 440.05
3(7) and filing a transfer form with the department board.
AB40-ASA1, s. 3250 4Section 3250. 452.10 (6) of the statutes is amended to read:
AB40-ASA1,1292,75 452.10 (6) In the case of applications for renewals of licenses the department
6board may dispense with such matters contained in s. 452.09 (1) as it deems
7unnecessary in view of prior applications.
AB40-ASA1, s. 3251 8Section 3251. 452.11 (3) of the statutes is amended to read:
AB40-ASA1,1292,189 452.11 (3) Every nonresident applicant, and every resident licensee who
10becomes a nonresident, shall file with the department board an irrevocable consent
11that actions may be commenced against the applicant or licensee in the proper court
12of any county of the state in which a cause of action arises or in which the plaintiff
13resides, by the service of any process or pleading authorized by the laws of this state
14on the department board or any duly authorized employee. The consent shall
15stipulate and agree that such service is valid and binding as due service upon the
16applicant or licensee in all courts in this state. The consent shall be duly
17acknowledged and, if made by a corporation, shall be authenticated by the corporate
18seal.
AB40-ASA1, s. 3252 19Section 3252. 452.11 (4) of the statutes is amended to read:
AB40-ASA1,1293,520 452.11 (4) Any process or pleading under this section shall be served in
21duplicate upon the department board or its duly authorized employee. One copy
22shall be filed with the department board and the other immediately forwarded by
23certified mail to the nonresident licensee against whom the process or pleading is
24directed at the last address provided to the department board by the nonresident
25licensee. No default in any such proceeding or action may be taken unless it appears

1by affidavit of the secretary chairperson of the board or any duly authorized
2employee that a copy of the process or pleading was mailed to the nonresident
3licensee as required in this subsection. No judgment by default may be taken in any
4action or proceeding within 20 days after the date of mailing the process or pleading
5to the nonresident licensee.
AB40-ASA1, s. 3253 6Section 3253. 452.12 (1) of the statutes is amended to read:
AB40-ASA1,1293,97 452.12 (1) Expiration. A license granted by the department board entitles the
8holder to act as a broker or salesperson, as the case may be, until the applicable
9renewal date specified under s. 440.08 (2) (a).
AB40-ASA1, s. 3254 10Section 3254. 452.12 (2) (c) of the statutes is amended to read:
AB40-ASA1,1293,1611 452.12 (2) (c) Application for a business entity license shall be made on forms
12prescribed by the department board, listing the names and addresses of all business
13representatives, and shall be accompanied by the initial credential fee determined
14by the department under s. 440.03 (9) (a). If there is a change in any of the business
15representatives, the change shall be reported to the department board, on the same
16form, within 30 days after the effective date of the change.
AB40-ASA1, s. 3255 17Section 3255. 452.12 (4) of the statutes is amended to read:
AB40-ASA1,1293,2318 452.12 (4) Register of brokers and salespersons. The department shall
19maintain the register required by s. 440.035 (4).
The board shall include in the
20register the board maintains under s. 440.035 (4) the
names of all brokers and
21salespersons whose licenses have been were revoked at any time within the past 2
22years prior to the issuance thereof shall be included in the register. The register shall
23be available for purchase at cost.
AB40-ASA1, s. 3255m 24Section 3255m. 452.12 (5) (a) of the statutes is amended to read:
AB40-ASA1,1294,6
1452.12 (5) (a) Renewal applications for all licenses shall be submitted with the
2applicable renewal fee determined by the department under s. 440.03 (9) (a) on or
3before the applicable renewal date specified under s. 440.08 (2) (a). The department
4shall pay $10 of each renewal fee received under this paragraph to the Board of
5Regents of the University of Wisconsin System for research and educational, public
6outreach, and grant activities under s. 36.25 (34).
AB40-ASA1, s. 3256 7Section 3256. 452.12 (5) (b) of the statutes is amended to read:
AB40-ASA1,1294,108 452.12 (5) (b) If an application for renewal is not filed with the department
9board on or before the renewal date, the applicant may not engage in any of the
10activities covered by the license until the license is renewed or a new license is issued.
AB40-ASA1, s. 3256m 11Section 3256m. 452.12 (5) (c) 1. of the statutes is renumbered 452.12 (5) (c)
12and amended to read:
AB40-ASA1,1294,1513 452.12 (5) (c) At the time of renewal, each broker or salesperson shall submit
14proof of attendance at and successful completion of continuing education programs
15or courses approved under s. 452.05 (1) (g), except as provided in subd. 2.
AB40-ASA1, s. 3257j 16Section 3257j. 452.12 (5) (c) 2. of the statutes is repealed.
AB40-ASA1, s. 3259 17Section 3259. 452.12 (6) (b) of the statutes is amended to read:
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, s. 3260 21Section 3260. 452.12 (6) (d) of the statutes is amended to read:
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, s. 3262 5Section 3262. 452.12 (6) (e) 1. of the statutes is amended to read:
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, s. 3263 12Section 3263. 452.12 (6) (e) 2. of the statutes is amended to read:
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, s. 3264 23Section 3264. 452.12 (6) (e) 3. of the statutes is amended to read:
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, s. 3265 4Section 3265. 452.12 (6) (f) of the statutes is amended to read:
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, s. 3266 8Section 3266. 452.13 (2) (b) 1. of the statutes is amended to read:
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, s. 3267 12Section 3267. 452.13 (2) (b) 2. of the statutes is amended to read:
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, s. 3268 16Section 3268. 452.13 (2) (b) 3. of the statutes is amended to read:
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, s. 3269 23Section 3269. 452.13 (2) (bm) of the statutes is amended to read:
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, s. 3270 4Section 3270. 452.13 (2) (d) of the statutes is amended to read:
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, s. 3271 8Section 3271. 452.13 (2) (e) 1. of the statutes is amended to read:
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, s. 3272 15Section 3272. 452.13 (2) (e) 2. of the statutes is amended to read:
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, s. 3273 22Section 3273. 452.13 (2) (f) 2. of the statutes is amended to read:
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, s. 3274 25Section 3274. 452.13 (2) (f) 3. of the statutes is amended to read:
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, s. 3274m 6Section 3274m. 452.13 (5) of the statutes is amended to read:
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, s. 3276 10Section 3276. 452.14 (1) of the statutes is amended to read:
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, s. 3277 16Section 3277. 452.14 (2) of the statutes is amended to read:
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, s. 3278 23Section 3278. 452.14 (3) (L) of the statutes is amended to read:
AB40-ASA1,1298,2524 452.14 (3) (L) Violated any provision of this chapter or any rule promulgated
25under this chapter
;
AB40-ASA1, s. 3279
1Section 3279. 452.17 (2) of the statutes is amended to read:
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, s. 3280 8Section 3280. 452.22 (2) of the statutes is amended to read:
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, s. 3281 18Section 3281. 462.01 (3) of the statutes is amended to read:
AB40-ASA1,1299,2019 462.01 (3) "Department" means the department of regulation and licensing
20safety and professional services.
AB40-ASA1, s. 3283 21Section 3283. 551.403 (2) (a) 2. of the statutes is amended to read:
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. 3285 3Section 3285. Chapter 560 (title) of the statutes is repealed.
AB40-ASA1, s. 3286 4Section 3286. Subchapter I (title) of chapter 560 [precedes 560.001] of the
5statutes is repealed.
AB40-ASA1, s. 3287 6Section 3287. 560.001 of the statutes 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. 3290 14Section 3290. 560.02 of the statutes is repealed.
AB40-ASA1, s. 3291 15Section 3291. 560.03 (title) of the statutes is repealed.
AB40-ASA1, s. 3292 16Section 3292. 560.03 (intro.) of the statutes is repealed.
AB40-ASA1, s. 3293 17Section 3293. 560.03 (1) of the statutes is repealed.
AB40-ASA1, s. 3294 18Section 3294. 560.03 (2) of the statutes is repealed.
AB40-ASA1, s. 3295 19Section 3295. 560.03 (3) of the statutes is repealed.
AB40-ASA1, s. 3296 20Section 3296. 560.03 (4) of the statutes is repealed.
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