SB27-SSA1,1123,422
137.01
(2) (am) If a United States resident has his or her license to practice law
23in this state suspended or revoked, upon reinstatement of his or her license to
24practice law in this state, the person may be entitled to receive a certificate of
25appointment as a notary public for a term of 4 years. An eligible notary appointed
1under this paragraph is entitled to reappointment for 4-year increments. At least
230 days before the expiration of a commission under this paragraph the
secretary of
3state department of financial institutions shall mail notice of the expiration date to
4the holder of the commission.
SB27-SSA1,1123,96
137.01
(2) (b) The secretary of
state
financial institutions shall issue a
7certificate of appointment as a notary public to persons who qualify under the
8requirements of this subsection. The certificate shall state that the notary
9commission is permanent or is for 4 years.
SB27-SSA1,1123,1411
137.01
(2) (c) The supreme court shall file with the
secretary of state 12department of financial institutions notice of the surrender, suspension or revocation
13of the license to practice law of any attorney who holds a permanent commission as
14a notary public. Such notice shall be deemed a revocation of said commission.
SB27-SSA1,1123,1816
137.01
(6) (a) The secretary of
state
financial institutions may certify to the
17official qualifications of any notary public and to the genuineness of the notary
18public's signature and seal or rubber stamp.
SB27-SSA1,1123,2320
137.01
(6m) Change of residence. A notary public does not vacate his or her
21office by reason of his or her change of residence within the United States. Written
22notice of any change of address shall be given to the
secretary of state department
23of financial institutions within 10 days of the change.
SB27-SSA1,1124,11
1137.01
(7) Official records to be filed. When any notary public ceases to hold
2office, the notary public, or in case of the notary public's death the notary public's
3personal representative, shall deposit the notary public's official records and papers
4in the office of the secretary of state with the department of financial institutions.
5If the notary or personal representative, after the records and papers come to his or
6her hands, neglects for 3 months to deposit them, he or she shall forfeit not less than
7$50 nor more than $500. If any person knowingly destroys, defaces, or conceals any
8records or papers of any notary public, the person shall forfeit not less than $50 nor
9more than $500, and shall be liable for all damages resulting to the party injured.
10The
secretary of state department of financial institutions shall receive and safely
11keep all such papers and records.
SB27-SSA1,1124,18
13138.045 Method of calculating interest. Interest on any note, bond, or
14other instrument computed on the declining unpaid principal balance from time to
15time outstanding may be computed and charged on actual unpaid balances at 1/360
16of the annual rate for the actual number of days outstanding if the use of this
17calculation method is disclosed in the note, bond, or other instrument. This section
18does not apply to pawnbrokers' loans under s. 138.10.
SB27-SSA1,1124,2120
138.09
(1a) (a) Banks, savings banks, savings and loan associations, trust
21companies, credit unions
, or any of their affiliates.
SB27-SSA1,1124,2323
138.14
(1) (bd) "Consumer report" has the meaning given in
15 USC 1681a (d).
SB27-SSA1,1125,2
1138.14
(1) (be) "Consumer reporting agency" has the meaning given in
15 USC
21681a (f).
SB27-SSA1,1125,104
138.14
(1) (k) 1. A transaction between an individual with an account at a
5financial establishment and another person, including a person who is not physically
6located in this state, in which the person agrees to accept from the individual one or
7more checks, to hold the check or checks for a period of time before negotiating or
8presenting the check or checks for payment, and to loan to the individual,
for a term
9of 90 days or less, before negotiating or presenting the check or checks for payment,
10an amount that is agreed to by the individual.
SB27-SSA1,1125,1812
138.14
(1) (k) 2. A transaction between an individual with an account at a
13financial establishment and another person, including a person who is not physically
14located in this state, in which the person agrees to accept the individual's
15authorization to initiate one or more electronic fund transfers from the account, to
16wait a period of time before initiating the electronic fund transfer or transfers, and
17to loan to the individual,
for a term of 90 days or less, before initiating the electronic
18fund transfer or transfers, an amount that is agreed to by the individual.
SB27-SSA1,1125,2220
138.14
(3) Exemptions. This section does not apply to banks, savings banks,
21savings and loan associations, trust companies, credit unions
, or any of their
22affiliates.
SB27-SSA1,1125,2524
138.14
(7) (e) 6. The number of payday loans made during the preceding year
25that resulted in repayment under sub. (11g)
(a).
SB27-SSA1,1126,32
138.14
(9g) (a) 6. Disclose to the applicant the payment requirements that may
3apply under sub. (11g)
(a) if the loan is not paid in full at the end of the loan term.
SB27-SSA1,1126,115
138.14
(9m) Income verification. Before entering into a payday loan with an
6applicant that has not previously been a customer of the licensee, the licensee may
7request the applicant's consumer report from a consumer reporting agency as part
8of the licensee's underwriting process and the licensee may rely on the consumer
9report as a permissible method of income verification in making the payday loan.
10The licensee may also rely on the same consumer report in underwriting and making
11subsequent payday loans to the same customer.
SB27-SSA1,1126,1413
138.14
(9r) (c) 4. The percentage of customers originating payday loans that
14resulted in repayment under sub. (11g)
(a).
SB27-SSA1,1127,216
138.14
(10) (a) 2. If a payday loan is not paid in full on or before the maturity
17date, a licensee may
charge, after the maturity date, interest at a rate not
exceeding
182.75 percent per month, except that if a licensee makes a subsequent payday loan to
19the customer under sub. (12) (a), and the customer does not pay the subsequent loan
20in full on or before the maturity date of the subsequent loan, the licensee may charge,
21after the maturity date of the
subsequent loan, interest
at a rate not exceeding 2.75
22percent per month on the subsequent loan and the licensee may not charge any
23interest under this subdivision on the prior loan. Interest earned under this
24subdivision shall be calculated at the rate of one-thirtieth of the monthly rate
1charged for each calendar day that the balance of the loan is outstanding. Interest
2may not be assessed on any interest earned under this subdivision.
SB27-SSA1,1127,74
138.14
(10) (am)
Penalties. Except as provided in par. (b) 2., no licensee may
5impose any penalty on a customer arising from the customer's prepayment of or
6default or late payment on a payday loan, including any payment under sub. (11g)
7(a).
SB27-SSA1, s. 2637hc
8Section 2637hc. 138.14 (11g) of the statutes is renumbered 138.14 (11g) (a)
9and amended to read:
SB27-SSA1,1127,1410
138.14
(11g) (a)
If Except as provided in par. (b), if a customer fails to repay a
11payday loan in full at the end of the loan term, the licensee that made the loan shall
12offer the customer the opportunity to repay the outstanding balance of the loan in
134 equal installments with due dates coinciding with the customer's pay period
14schedule.
SB27-SSA1,1127,1916
138.14
(11g) (b) If a licensee offers a customer the opportunity to make
17repayment under par. (a), then, during the 12-month period following the offer, no
18licensee, including the licensee making the offer, is required to offer the customer
19another opportunity to repay a payday loan under par. (a).
SB27-SSA1,1128,221
138.14
(12) (b) No licensee may make a payday loan to a customer that results
22in the customer having an outstanding aggregate liability in principal, interest, and
23all other fees and charges, to all licensees who have made payday loans to the
24customer of more than $1,500 or 35 percent of the customer's gross monthly income,
1whichever is less.
As provided in sub. (9m), a licensee may rely on a consumer report
2to verify a customer's income for purposes of this paragraph.
SB27-SSA1,1128,134
138.14
(14) (d) 4.
Designate Automatically designate a payday loan as paid in
5the database 5 days after the maturity date of the loan unless a licensee reports to
6the database provider before that time that the loan remains open because of the
7customer's failure to make payment; that the loan is open because the customer's
8check or an electronic redeposit is in the process of clearing the banking system; that
9the loan remains open because the customer's check is being returned to the licensee
10for insufficient funds, a closed account, or a stop payment order; or that any other
11factors determined by the division are applicable. If a licensee makes such a report,
12the database provider shall designate the payday loan as an open transaction until
13the database provider is notified that the transaction is closed.
SB27-SSA1,1128,2315
138.14
(14) (h) The division shall
, by order or rule, specify a database
16transaction fee
of no more than $1 that the database provider shall charge to
17licensees to cover the costs of developing and implementing the database, and
18accessing the database to verify that a customer does not have any payday loans with
19the licensee or others that in combination with a new transaction will create a
20violation of this section. The database fee is payable directly to the division in a
21manner prescribed by the division and, if the department has contracted with a
223rd-party provider to operate the database, the division shall remit the fee to the
233rd-party provider as specified in the contract.
SB27-SSA1,1129,6
1138.14
(14) (j) If the database, as determined by the division, is not fully
2operational, or the licensee is unable to access the database and, as determined
3under rules promulgated by the division, the alternate process established under
4par. (d) 2. is also unavailable, a licensee may rely upon the written verification of the
5customer in a statement provided in substantially the following form in at least
612-point type:
SB27-SSA1,1129,9
7"I DO NOT HAVE ANY OUTSTANDING PAYDAY LOANS WITH THIS
8LICENSEE AND I DO NOT HAVE MORE PAYDAY LOANS WITH ANY OTHER
9LICENSED PAYDAY LOAN PROVIDER IN THIS STATE."
SB27-SSA1,1129,1211
138.16
(1) (a) "Division" means the division of banking attached to the
12department of financial institutions.
SB27-SSA1,1129,1514
138.16
(1) (bm) "Licensed location" means the location specified in a license
15issued under s. 138.09 (1m) (a).
SB27-SSA1,1129,2117
138.16
(1) (c) "Title loan" means a loan of $25,000 or less to a borrower, who
18obtains or seeks to obtain the loan for personal, family, or household purposes, that
19is, or is to be, secured by an interest, other than a purchase money security interest,
20in the borrower's motor vehicle
, and that has an original term of not more than 6
21months.
SB27-SSA1,1130,223
138.16
(1m) Certificate of authorization. (a) Before a licensed lender may
24make title loans under this section, the licensed lender shall first obtain from the
1division, for each licensed location at which any title loan is to be made, a certificate
2authorizing the licensed lender to make title loans from that location.
SB27-SSA1,1130,83
(b) At the time of making an application for a certificate under par. (a), an
4applicant shall pay to the division an initial annual fee of $5,000. The valid period
5for the certificate shall be a calendar year and each certificate shall expire on the last
6day of the calendar year. To renew a certificate, the certificate holder shall, on or
7before December 10 of the year in which the certificate is to expire, pay to the division
8an annual renewal fee of $5,000 for the following calendar year.
SB27-SSA1, s. 2637kh
9Section 2637kh. 138.16 (2) of the statutes is renumbered 138.16 (2) (a) and
10amended to read:
SB27-SSA1,1130,1611
138.16
(2) (a) No licensed lender may make a title loan
to a borrower that
12results in the borrower having liability for the loan, in principal, of more than 50
13percent of the retail value of the motor vehicle used as security for the loan. The
14division shall promulgate rules for determining the retail value of a motor vehicle for
15purposes of this paragraph, including rules specifying nationally recognized pricing
16guides that may be used for determining retail value at the time of loan origination.
SB27-SSA1,1130,1918
138.16
(2) (b) 1. This section imposes no limit on the interest that a licensed
19lender may charge before the maturity date of a title loan.
SB27-SSA1,1130,2520
2. If a title loan is not paid in full on or before the maturity date, a licensed
21lender may charge, after the maturity date, interest at a rate not exceeding 2.75
22percent per month. Interest earned under this subdivision shall be calculated at the
23rate of one-thirtieth of the monthly rate charged for each calendar day that the
24balance of the loan is outstanding. Interest may not be assessed on any interest
25earned under this subdivision.
SB27-SSA1,1131,72
138.16
(3) Rescission. A borrower may rescind a title loan, before the close of
3business on the next day of business after the loan is made, or, if the place of business
4where the loan is made is open 24 hours, before 5 p.m. on the next day of business
5after the loan is made, by returning to the licensed lender the proceeds of the loan.
6The licensed lender may not charge the borrower any fee for rescinding the title loan
7as provided in this subsection.
SB27-SSA1,1131,119
138.16
(4) Other requirements. (a) A licensed lender may not make a title loan
10to a borrower that is secured by an interest in a motor vehicle if the motor vehicle is
11subject to another security interest.
SB27-SSA1,1131,1412
(b) A licensed lender may not require a borrower to provide the licensed lender
13with a key or copy of a key to a motor vehicle used as security for a title loan as a
14condition for making the title loan to the borrower.
SB27-SSA1,1131,2015
(c) A licensed lender or person acting on behalf of a licensed lender may not take
16possession of a motor vehicle used as security for a title loan to a borrower without
17sending notice to the borrower at least 20 days prior to taking possession. The notice
18shall state the intent to take possession and describe the basis for the right to take
19possession. This paragraph does not apply to possession that is obtained by a
20borrower's voluntary surrender of a motor vehicle.
SB27-SSA1,1131,2421
(d) A licensed lender or other person may charge a borrower a reasonable
22storage fee for a motor vehicle of the borrower of which the licensed lender or person
23acting on behalf of the licensed lender has obtained possession, including possession
24that is obtained by voluntary surrender.
SB27-SSA1,1132,3
1(e) A licensed lender shall return to a borrower the amount of any proceeds from
2the disposition of a motor vehicle used as security for a title loan to the borrower that
3exceed the borrower's liability to the licensed lender for the loan.
SB27-SSA1,1132,64
(f) A borrower is not liable to a licensed lender for any deficiency resulting from
5the licensed lender's disposition of a motor vehicle used as security for a title loan,
6unless the borrower has done any of the following:
SB27-SSA1,1132,87
1. Impaired the licensed lender's security interest by intentionally damaging
8or destroying the motor vehicle.
SB27-SSA1,1132,99
2. Intentionally concealed the motor vehicle.
SB27-SSA1,1132,1110
3. Pledged to the licensed lender a motor vehicle that is already encumbered
11by an undisclosed prior lien.
SB27-SSA1,1132,1412
4. Subsequent to obtaining the title loan, pledged or sold to a third party a
13motor vehicle used as security for a title loan without the licensed lender's written
14consent.
SB27-SSA1,1132,1916
139.01
(4) "License," and "fermented malt beverages" have the same meaning
17as in s. 125.02, and "licensed premises" are premises described in licenses
and
18permits issued by
the department, cities, villages
, or towns under the authority of
19said section.
SB27-SSA1,1133,1821
139.76
(1) An excise tax is imposed upon the sale, offering or exposing for sale,
22possession with intent to sell or removal for consumption or sale or other disposition
23for any purpose of tobacco products by any person engaged as a distributor of them
24at the rate, for tobacco products, not including moist snuff, of 71 percent of the
25manufacturer's established list price to distributors without diminution by volume
1or other discounts on domestic products and, for moist snuff, at the rate of
100
2percent of the manufacturer's established list price to distributors without
3diminution by volume or other discounts on domestic products $1.76 per ounce, and
4at a proportionate rate for any other quantity or fractional part in excess of 1.2
5ounces. The tax imposed on a can or package of moist snuff that weighs less than 1.2
6ounces shall be equal to the amount of the tax imposed on a can or package that
7weighs 1.2 ounces. The tax imposed under this subsection on cigars shall not exceed
8an amount equal to 50 cents for each cigar. On products imported from another
9country, not including moist snuff, the rate of tax is 71 percent of the amount obtained
10by adding the manufacturer's list price to the federal tax, duties and transportation
11costs to the United States.
On moist snuff imported from another country, the rate
12of the tax is 100 percent of the amount obtained by adding the manufacturer's list
13price to the federal tax, duties, and transportation costs to the United States. The
14tax attaches at the time the tobacco products are received by the distributor in this
15state. The tax shall be passed on to the ultimate consumer of the tobacco products.
16All tobacco products received in this state for sale or distribution within this state,
17except tobacco products actually sold as provided in sub. (2), shall be subject to such
18tax.
SB27-SSA1,1134,620
139.78
(1) A tax is imposed upon the use or storage by consumers of tobacco
21products in this state at the rate, for tobacco products, not including moist snuff, of
2271 percent of the cost of the tobacco products and, for moist snuff, at the rate of
100
23percent of the manufacturer's established list price to distributors without
24diminution by volume or other discounts on domestic products $1.76 per ounce, and
25at a proportionate rate for any other quantity or fractional part in excess of 1.2
1ounces. The tax imposed on a can or package of moist snuff that weighs less than 1.2
2ounces shall be equal to the amount of the tax imposed on a can or package that
3weighs 1.2 ounces. The tax imposed under this subsection on cigars shall not exceed
4an amount equal to 50 cents for each cigar. The tax does not apply if the tax imposed
5by s. 139.76 (1) on the tobacco products has been paid or if the tobacco products are
6exempt from the tobacco products tax under s. 139.76 (2).
SB27-SSA1,1134,98
145.01
(4) Department. "Department" means the department of
commerce 9safety and professional services.
SB27-SSA1,1134,1611
145.02
(4) (a) The department shall prescribe rules as to the qualifications,
12examination and licensing of master and journeyman plumbers and restricted
13plumber licensees, for the licensing of utility contractors, for the registration of
14plumbing apprentices and pipe layers and for the registration and training of
15registered learners. The plumbers council, created under s.
15.157 (6) 15.407 (16),
16shall advise the department in formulating the rules.
SB27-SSA1,1134,2318
145.17
(2) The department shall prescribe rules as to the qualifications,
19examination and licensing of journeymen automatic fire sprinkler system fitters and
20automatic fire sprinkler contractors and for the registration and training of
21automatic fire sprinkler system apprentices. The automatic fire sprinkler system
22contractors and journeymen council, created under s.
15.157 (9) 15.407 (17), shall
23advise the department in formulating the rules
.