SB21-AA3,23,1313 1. "Higher education expenses" includes all of the following:
SB21-AA3,23,1414 a. Tuition and fees.
SB21-AA3,23,1515 b. Books and supplies
SB21-AA3,23,1616 c. Room and board.
SB21-AA3,23,1817 2. "Private student loan" means a loan issued by a private lending institution
18for the purpose of paying for or financing higher education expenses.
SB21-AA3,23,2119 3. "Private lending institution" means any private entity that itself or through
20an affiliate makes available student loans to pay for or finance higher education
21expenses.
SB21-AA3,23,2322 4. "Student borrower" means any individual who borrows money from a private
23lending institution to finance higher education expenses.
SB21-AA3,24,3
1(b) The department shall compile data related to private student loans for the
2purpose of comparing private lending institutions' student loan interest rates and
3repayment plans, including all of the following:
SB21-AA3,24,44 1. Policies relating to deferment and forbearance.
SB21-AA3,24,55 2. Loan default policies and penalties.
SB21-AA3,24,86 3. Any other information that the department deems relevant for the purpose
7of creating a list of private lending institutions that provide the lowest rates and best
8repayment options on student loans.
SB21-AA3,24,119 (c) 1. Using the data compiled under par. (b), the department shall create and
10maintain a list of private lending institutions that provide the lowest rates and best
11repayment options on student loans.
SB21-AA3,24,1712 2. In addition to the list under subd. 1., the department shall compile a list of
13the 10 best private lending institutions based on rates and policies that are most
14favorable to the student borrower. The department may also consider the private
15lending institutions' policies for allowing a student borrower to borrow more than 10
16percent over the student borrower's total cost of higher education expenses when
17determining if a private lending institution should be placed on this list.
SB21-AA3,24,2418 (d) The department shall place the lists created and compiled under par. (c) at
19an easily accessible location on the department's Internet site. The department shall
20update its Internet site on a monthly basis to ensure that the student loan
21information in these lists is current and accurate. Information pertaining to lending
22institutions that do not make the list compiled under par. (c) 2. shall also be posted
23on the department's Internet site and those lending institutions that provide the
24worst rates and strictest repayment options shall be clearly indicated.
SB21-AA3,25,3
1(e) The department shall make any list or other data under this subsection that
2appears on the department's Internet site available to be linked as provided in ss.
339.28 (7) and 39.54 (3).
SB21-AA3,25,54 (f) The department may satisfy its duties under this subsection through a
5designee or 3rd-party contractor.
SB21-AA3,46 6Section 46. 230.03 (3) of the statutes is amended to read:
SB21-AA3,25,167 230.03 (3) "Agency" means any board, commission, committee, council, or
8department in state government or a unit thereof created by the constitution or
9statutes if such board, commission, committee, council, department, unit, or the
10head thereof, is authorized to appoint subordinate staff by the constitution or
11statute, except a legislative or judicial board, commission, committee, council,
12department, or unit thereof or an authority created under subch. II of ch. 114 or
13subch. III of ch. 149 or under ch. 231, 232, 233, 234, 237, 238, 239, or 279. "Agency"
14does not mean any local unit of government or body within one or more local units
15of government that is created by law or by action of one or more local units of
16government.
SB21-AA3,47 17Section 47. 230.03 (3) of the statutes, as affected by 2013 Wisconsin Act 20 and
182015 Wisconsin Act .... (this act), is repealed and recreated to read:
SB21-AA3,26,319 230.03 (3) "Agency" means any board, commission, committee, council, or
20department in state government or a unit thereof created by the constitution or
21statutes if such board, commission, committee, council, department, unit, or the
22head thereof, is authorized to appoint subordinate staff by the constitution or
23statute, except the Board of Regents of the University of Wisconsin System, a
24legislative or judicial board, commission, committee, council, department, or unit
25thereof or an authority created under subch. II of ch. 114 or under ch. 231, 232, 233,

1234, 237, 238, 239, or 279. "Agency" does not mean any local unit of government or
2body within one or more local units of government that is created by law or by action
3of one or more local units of government.
SB21-AA3,48 4Section 48. Chapter 239 of the statutes is created to read:
SB21-AA3,26,55 Chapter 239
SB21-AA3,26,7 6Wisconsin Student Loan
7 REFINANCING Authority
SB21-AA3,26,8 8239.01 Definitions. In this chapter:
SB21-AA3,26,9 9(1) "Authority" means the Wisconsin Student Loan Refinancing Authority.
SB21-AA3,26,10 10(2) "Board" means the governing board of the authority.
SB21-AA3,26,11 11(3) "Qualified education loan" has the meaning given in 26 USC 221 (d).
SB21-AA3,26,15 12239.02 Creation and organization of authority. (1) (a) There is created an
13authority, which is a public body corporate and politic, to be known as the "Wisconsin
14Student Loan Refinancing Authority." The members of the board shall consist of all
15of the following:
SB21-AA3,26,1616 1. One member of the majority party in each house of the legislature.
SB21-AA3,26,1717 2. One member of the minority party in each house of the legislature.
SB21-AA3,26,2018 3. One undergraduate student enrolled at least half-time and in good academic
19standing at an institution within the University of Wisconsin System who is at least
2018 years old and a resident of this state.
SB21-AA3,26,2221 4. One student enrolled at least half-time and in good academic standing at a
22technical college who is at least 18 years old and a resident of this state.
SB21-AA3,26,2523 5. One undergraduate student enrolled at least half-time and in good academic
24standing at a private, nonprofit institution of higher education located in this state
25who is at least 18 years old and a resident of this state.
SB21-AA3,27,6
16. Two members who have at least 10 years experience in making qualified
2education loans or loan refinancing, but any person having a financial interest in or
3whose employer is primarily engaged in the business of making qualified education
4loans is not eligible for appointment under this subdivision, and any member
5appointed under this subdivision who acquires such an interest while serving as a
6member shall resign from the board.
SB21-AA3,27,87 (b) 1. The members specified in par. (a) 1. and 2. shall be appointed as are the
8members of standing committees in their respective houses.
SB21-AA3,27,109 2. The members specified in par. (a) 3. to 5. shall be nominated by the governor,
10and with the advice and consent of the senate appointed, for 2-year terms.
SB21-AA3,27,1211 3. The members specified in par. (a) 6. shall be nominated by the governor, and
12with the advice and consent of the senate appointed, for 3-year terms.
SB21-AA3,27,18 13(2) If a student member of the board appointed under sub. (1) (a) 3. to 5. loses
14his or her student status upon which the appointment was based, he or she ceases
15to be a member of the board upon the appointment of a qualified successor to the
16board. A student member who loses his or her student status solely because he or
17she graduates from an institution of higher education may complete his or her
18current term on the board.
SB21-AA3,27,24 19(3) The members of the board shall annually elect a chairperson and may elect
20other officers as they consider appropriate. A majority of the members of the board
21constitutes a quorum for the purpose of conducting its business and exercising its
22powers and for all other purposes, notwithstanding the existence of any vacancies.
23Action may be taken by the board upon a vote of a majority of the voting members
24present.
SB21-AA3,28,3
1(4) A member of the board may not be compensated for his or her services but
2shall be reimbursed for actual and necessary expenses, including travel expenses,
3incurred in the performance of his or her duties.
SB21-AA3,28,7 4(5) No cause of action of any nature may arise against and no civil liability may
5be imposed upon a member of the board for any act or omission in the performance
6of his or her powers and duties under this chapter, unless the person asserting
7liability proves that the act or omission constitutes willful misconduct.
SB21-AA3,28,18 8(6) The board shall appoint a chief executive officer who shall not be a member
9of the board and who shall serve at the pleasure of the board. The chief executive
10officer shall receive such compensation as the board fixes. The chief executive officer
11or other person designated by resolution of the board shall keep a record of the
12proceedings of the authority and shall be custodian of all books, documents, and
13papers filed with the authority, the minute book or journal of the authority, and its
14official seal. The chief executive officer or other person may cause copies to be made
15of all minutes and other records and documents of the authority and may give
16certificates under the official seal of the authority to the effect that such copies are
17true copies, and all persons dealing with the authority may rely upon such
18certificates.
SB21-AA3,28,21 19239.03 Powers of board. The board shall have all the powers necessary or
20convenient to carry out the purposes and provisions of this chapter. In addition to
21all other powers granted the board under this chapter, the board may specifically:
SB21-AA3,28,23 22(1) Adopt, amend, and repeal any bylaws, policies, and procedures for the
23regulation of its affairs and the conduct of its business.
SB21-AA3,28,24 24(2) Have a seal and alter the seal at pleasure.
SB21-AA3,28,25 25(3) Maintain an office.
SB21-AA3,29,1
1(4) Sue and be sued.
SB21-AA3,29,3 2(5) Accept gifts, grants, loans, or other contributions from private or public
3sources.
SB21-AA3,29,5 4(6) Establish the authority's annual budget and monitor the fiscal
5management of the authority.
SB21-AA3,29,7 6(7) Execute contracts and other instruments required for the operation of the
7authority.
SB21-AA3,29,9 8(8) Employ any officers, agents, and employees that it may require and
9determine their qualifications, duties, and compensation.
SB21-AA3,29,10 10(9) Issue notes, bonds, and any other obligations.
SB21-AA3,29,11 11(10) Make loans and provide grants.
SB21-AA3,29,12 12(11) Incur debt.
SB21-AA3,29,13 13(12) Procure liability insurance.
SB21-AA3,29,16 14239.04 Duties of board. The board shall develop and implement a program
15under which state residents may refinance qualified education loans. The board
16shall develop the program to include all of the following:
SB21-AA3,29,18 17(1) The authority shall provide a loan to an eligible individual to pay all or part
18of the individual's qualified education loans.
SB21-AA3,29,20 19(2) The authority may only issue loans under the program that satisfy the
20exception to discharge under 11 USC 523 (8).
SB21-AA3,29,24 21(3) The authority shall establish eligibility criteria to participate in the
22program that is substantially similar to the criteria used by private lenders in the
23state to evaluate whether an individual qualifies for an unsecured personal loan at
24market rates.
SB21-AA3,30,3
1(4) The board shall set the interest rate on loans made under the program to
2be as low as possible but still sufficient to fully pay all expenses of the program and
3to provide necessary reserves, as determined by the board.
SB21-AA3,30,6 4239.05 Issuance of bonds. (1) The authority may issue bonds for any
5corporate purpose. All bonds are negotiable for all purposes, notwithstanding their
6payment from a limited source.
SB21-AA3,30,10 7(2) Except as otherwise expressly provided by the authority, every issue of its
8notes or bonds shall be general obligations of the authority payable out of any
9revenues or moneys of the authority, subject only to any agreements with the holders
10of particular notes or bonds pledging any particular receipts or revenues.
SB21-AA3,30,12 11(3) All bonds issued by the authority are negotiable investment securities
12under ch. 408.
SB21-AA3,30,23 13(4) The authority may not issue bonds unless the issuance is first authorized
14by a bond resolution. Bonds shall bear the dates, mature at the times not exceeding
1550 years from their dates of issue, bear interest at the rates, be payable at the times,
16be in the denominations, be in the form, carry the registration and conversion
17privileges, be executed in the manner, be payable in lawful money of the United
18States at the places, and be subject to the terms of redemption, that the bond
19resolution provides. The bonds shall be executed by the manual or facsimile
20signatures of the officers of the authority designated by the board. The bonds may
21be sold at public or private sale at the price, in the manner, and at the time
22determined by the board. Pending preparation of definitive bonds, the authority may
23issue interim receipts or certificates that shall be exchanged for the definitive bonds.
SB21-AA3,31,3
1(5) The board may include in bond resolution provisions, which shall be a part
2of the contract with the holders of the bonds that are authorized by the bond
3resolution, regarding any of the following:
SB21-AA3,31,44 (a) Pledging or assigning specified assets or revenues of the authority.
SB21-AA3,31,65 (b) Setting aside reserves or sinking funds, and the regulation, investment, and
6disposition of these funds.
SB21-AA3,31,87 (c) Limitations on the purpose to which or the investments in which the
8proceeds of the sale of any issue of bonds may be applied.
SB21-AA3,31,119 (d) Limitations on the issuance of additional bonds, the terms upon which
10additional bonds may be issued and secured, and the terms upon which additional
11bonds may rank on a parity with, or be subordinate or superior to, other bonds.
SB21-AA3,31,1212 (e) Funding, refunding, advance refunding, or purchasing outstanding bonds.
SB21-AA3,31,1513 (f) Procedures, if any, by which the terms of any contract with bondholders may
14be amended, the amount of bonds the holders of which must consent to the
15amendment, and the manner in which this consent may be given.
SB21-AA3,31,1816 (g) Defining the acts or omissions to act that constitute a default in the duties
17of the authority to the bondholders, and providing the rights and remedies of the
18bondholders in the event of a default.
SB21-AA3,31,1919 (h) Other matters relating to the bonds that the board considers desirable.
SB21-AA3,31,23 20(6) Neither the members of the board nor any person executing the bonds is
21liable personally on the bonds or subject to any personal liability or accountability
22by reason of the issuance of the bonds, unless the personal liability or accountability
23is the result of willful misconduct.
SB21-AA3,32,7 24239.06 Bond security. The authority may secure bonds by a trust agreement,
25trust indenture, indenture of mortgage, or deed of trust by and between the authority

1and one or more corporate trustees. A bond resolution providing for the issuance of
2bonds so secured shall mortgage, pledge, assign, or grant security interests in some
3or all of the revenues to be received by, and property of, the authority and may contain
4those provisions for protecting and enforcing the rights and remedies of the
5bondholders that are reasonable and proper and not in violation of law. A bond
6resolution may contain other provisions determined by the board to be reasonable
7and proper for the security of the bondholders.
SB21-AA3,32,13 8239.07 Bonds not public debt. (1) The state is not liable on bonds, and the
9bonds are not a debt of the state. All bonds shall contain a statement to this effect
10on the face of the bond. A bond issue does not, directly, indirectly, or contingently,
11obligate the state or a political subdivision of the state to levy any tax or make any
12appropriation for payment of the bonds. Nothing in this section prevents the
13authority from pledging its full faith and credit to the payment of bonds.
SB21-AA3,32,23 14(2) Nothing in this chapter authorizes the authority to create a debt of the state,
15and all bonds issued by the authority are payable, and shall state that they are
16payable, solely from the funds pledged for their payment in accordance with the bond
17resolution authorizing their issuance or in any trust indenture or mortgage or deed
18of trust executed as security for the bonds. The state is not liable for the payment
19of the principal of or interest on a bond or for the performance of any pledge,
20mortgage, obligation, or agreement that may be undertaken by the authority. The
21breach of any pledge, mortgage, obligation, or agreement undertaken by the
22authority does not impose pecuniary liability upon the state or a charge upon its
23general credit or against its taxing power.
SB21-AA3,33,5 24239.08 State pledge. The state pledges to and agrees with the bondholders,
25and persons that enter into contracts with the authority under this chapter, that the

1state will not limit or alter the rights vested in the authority by this chapter before
2the authority has fully met and discharged the bonds, and any interest due on the
3bonds, and has fully performed its contracts, unless adequate provision is made by
4law for the protection of the bondholders or those entering into contracts with the
5authority.
SB21-AA3,33,9 6239.09 Liability limited. Neither the state nor any political subdivision of
7the state, nor any officer, employee, or agent of the state or a political subdivision of
8the state who is acting within the scope of employment or agency, is liable for any
9debt, obligation, act, or omission of the authority.
SB21-AA3,33,12 10239.10 Annual report. (1) Annually, the board shall submit to the chief clerk
11of each house of the legislature, for distribution to the legislature under s. 13.172 (2),
12a report on the activities of the authority, including all of the following:
SB21-AA3,33,1313 (a) Its operations, accomplishments, goals, and objectives.
SB21-AA3,33,1414 (b) A statement of income and expenses for the fiscal year.
SB21-AA3,33,1515 (c) Its assets and liabilities at the end of its fiscal year.
SB21-AA3,33,1816 (d) A schedule of its bonds and notes outstanding at the end of its fiscal year,
17together with a statement of the amounts redeemed and incurred during such fiscal
18year.
SB21-AA3,33,24 19(2) The authority, annually on January 15, shall file with the department of
20administration and the joint legislative council a complete and current listing of all
21forms, reports, and papers required by the authority to be completed by any person,
22other than a governmental body, as a condition of obtaining the approval of the
23authority or for any other reason. The authority shall attach a blank copy of each
24such form, report, or paper to the listing.".
SB21-AA3,34,2
12. Page 9, line 8: after "System Authority," insert "the Wisconsin Student Loan
2Refinancing Authority,
".
SB21-AA3,34,3 33. Page 55, line 5: after "238," insert "239,".
SB21-AA3,34,7 44. Page 195, line 7: decrease the dollar amount for fiscal year 2015-16 by
5$113,100,000 and decrease the dollar amount for fiscal year 2016-17 by
6$247,400,000 for the purpose of providing Medical Assistance to certain adults with
7incomes up to 133 percent of the federal poverty line.
SB21-AA3,34,8 85. Page 1537, line 14: after that line insert:
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