AB150,2154,2321 (a) Seek to attain social worker degree equivalency by completing courses
22relating to all of the following in a social work program at an accredited college or
23university:
AB150,2154,2424 1. Social welfare policy and services.
AB150,2155,2
12. Social work practice methods with individuals, families, small groups,
2communities, organizations and social institutions.
AB150,2155,43 3. Human behavior in the social environment, including human growth and
4development and social systems theory.
AB150,2155,55 (b) Complete one of the following:
AB150,2155,86 1. A human services internship that involves at least 400 hours of direct
7practice with clients and that is supervised by a social worker certified under this
8chapter who has a bachelor's or master's degree in social work.
AB150,2155,119 2. One year of social work employment that involves direct practice with clients
10and that is supervised by a social worker certified under this chapter who has a
11bachelor's or master's degree in social work.
AB150,2155,15 12(4m) (a) The social worker section shall determine whether a course,
13internship or employment satisfies the requirements under sub. (4) and whether a
14social worker training certificate holder has attained social worker degree
15equivalency.
AB150,2155,2216 (b) Notwithstanding sub. (4), for the purpose of determining whether a social
17worker training certificate holder has attained social worker degree equivalency
18under sub. (4), the section shall apply course work or internships that the certificate
19holder completed, or employment that the certificate holder held, as part of the
20program leading to the degree that he or she specified to satisfy the requirement in
21sub. (1) (c) if the course work, internship or employment satisfies the requirements
22in sub. (4).
AB150,2155,25 23(5) (a) At the end of the period specified in sub. (3) (a), or at the first opportunity
24following completion of the requirements under sub. (4), whichever is earlier, a social
25worker training certificate holder shall take the national social work examination.
AB150,2156,3
1(b) If a social worker training certificate holder passes the examination
2required under par. (a), he or she shall be permitted to take an examination approved
3by the social worker section that tests knowledge of state law relating to social work.
AB150,2156,74 (c) If an individual fails an examination specified under par. (a) or (b), he or she
5may retake the examination. The social worker section may not place any
6restrictions on the number of times an individual may retake the examinations
7specified under pars. (a) and (b).
AB150,2156,108 (d) The social worker section shall grant a social worker certificate to an
9individual who has held a social worker training certificate and who passes the
10examinations specified under pars. (a) and (b).
AB150, s. 6621 11Section 6621. 551.02 (3) (h) of the statutes is amended to read:
AB150,2156,1312 551.02 (3) (h) Other persons not within the intent of this subsection whom the
13commissioner department by rule or order designates.
AB150, s. 6622 14Section 6622. 551.02 (4) of the statutes is amended to read:
AB150,2156,1615 551.02 (4) "Commissioner" " Department" means the commissioner of
16securities
department of financial institutions.
AB150, s. 6623 17Section 6623. 551.02 (7) (f) of the statutes is amended to read:
AB150,2156,1918 551.02 (7) (f) Other persons not within the intent of this subsection whom the
19commissioner department by rule or order designates.
AB150, s. 6624 20Section 6624. 551.02 (12) of the statutes is amended to read:
AB150,2156,2521 551.02 (12) "Securities act of 1933", "securities exchange act of 1934",
22"investment company act of 1940", "investment advisers act of 1940" and "internal
23revenue code" mean the federal statutes of those names as amended on January 1,
241970, including such later amendments as the commissioner department determines
25are not inconsistent with the purpose of this chapter.
AB150, s. 6625
1Section 6625. 551.22 (1) (a) of the statutes is amended to read:
AB150,2157,132 551.22 (1) (a) Any security, including a revenue obligation, issued or
3guaranteed by the United States, any state, any political subdivision of a state or any
4agency or corporate or other instrumentality of one or more of the foregoing; or any
5certificate of deposit for any of the foregoing; but any revenue obligation payable from
6payments to be made in respect of property or money used under a lease, sale or loan
7arrangement by or for a nongovernmental industrial or commercial enterprise is
8exempted only as provided under par. (b). A security, other than a security issued
9or guaranteed by the United States or an agency or corporate instrumentality of the
10United States and other than a revenue obligation, is exempt under this subsection
11only if the issuer's financial statements are prepared according to generally accepted
12accounting principles or guidelines which the commissioner department designates
13by rule.
AB150, s. 6626 14Section 6626. 551.22 (1) (b) (intro.) of the statutes is amended to read:
AB150,2158,215 551.22 (1) (b) (intro.) Unless subject to a letter of credit of a bank, savings bank
16or savings and loan association as provided in this paragraph, a revenue obligation
17of an issuer specified under par. (a) that is payable from payments to be made in
18respect of property or money used under a lease, sale or loan arrangement by or for
19a nongovernmental industrial or commercial enterprise is exempted subject to rules
20adopted by the commissioner department. A revenue obligation is exempt from any
21filing under the rules of the commissioner department if it is the subject of an
22irrevocable letter of credit from a bank, savings bank or savings and loan association
23in favor of holders of the revenue obligations providing for payment of all principal
24of the revenue obligations and all accrued and unpaid interest to the date of an event

1of default on the revenue obligations, and the letter of credit is accompanied by an
2opinion of counsel stating:
AB150, s. 6627 3Section 6627. 551.22 (7) of the statutes is amended to read:
AB150,2158,154 551.22 (7) Any security listed, or approved for listing upon notice of issuance,
5on the New York stock exchange, the American stock exchange, or a securities
6exchange designated by rule of the commissioner department; any security
7designated, or approved for designation upon notice of issuance, as a national market
8system security by the national association of securities dealers, inc., subject to rules
9that the commissioner department may promulgate under this subsection; any
10security of the same issuer which is of senior or substantially equal rank to the
11security listed, designated or approved for listing or designation, except that if the
12security is any preferred stock or debt security the security is not exempt unless the
13issuer satisfies s. 551.235 (5) (d); any security called for by subscription rights or
14warrants so listed, approved or designated; or any warrant or right to purchase or
15subscribe to any of the foregoing.
AB150, s. 6628 16Section 6628. 551.22 (8) of the statutes is amended to read:
AB150,2158,2117 551.22 (8) Any security issued to its members by a domestic corporation
18organized and operated not for private profit but exclusively for religious,
19educational, benevolent, charitable, fraternal, social, athletic or reformatory
20purposes; and any evidences of debt issued by any such corporation to nonmembers
21in compliance with rules adopted by the commissioner department.
AB150, s. 6629 22Section 6629. 551.22 (9) of the statutes is amended to read:
AB150,2159,323 551.22 (9) Any commercial paper meeting the requirements established by rule
24of the commissioner department and which arises out of a current transaction or the
25proceeds of which have been or are to be used for current transactions, and which

1evidences an obligation to pay cash within 9 months of the date of issuance, exclusive
2of days of grace, or any renewal of such paper which is likewise limited, or any
3guarantee of such paper or of any such renewal.
AB150, s. 6630 4Section 6630. 551.22 (10) of the statutes is amended to read:
AB150,2159,135 551.22 (10) Any investment contract or other security issued in connection with
6an employe's stock purchase, savings, pension, profit sharing or similar benefit plan
7if, in the case of plans which are not qualified under section 401 of the internal
8revenue code and which provide for contribution by employes, there is filed with the
9commissioner department prior to any offer or sale a notice specifying the terms of
10the plan and any additional information required under s. 551.24 (6), and the
11commissioner department does not by order disallow the exemption within 10 days
12after the date of filing the notice or, if additional information is required under s.
13551.24 (6), within 10 days after the date of filing that information.
AB150, s. 6631 14Section 6631. 551.22 (14) of the statutes is amended to read:
AB150,2159,1615 551.22 (14) Any security issued by a licensed broker-dealer to its officers,
16partners or employes, subject to rules adopted by the commissioner department.
AB150, s. 6632 17Section 6632. 551.22 (17) of the statutes is amended to read:
AB150,2159,2018 551.22 (17) Any security as to which the commissioner department by rule or
19order finds that registration is not necessary or appropriate for the protection of
20investors.
AB150, s. 6633 21Section 6633. 551.23 (2) of the statutes is amended to read:
AB150,2159,2522 551.23 (2) Any nonissuer transaction effected by or through a licensed
23broker-dealer pursuant to an unsolicited order or offer to purchase; but the
24commissioner department may by rule require that the records of the broker-dealer
25confirm that the order or offer to purchase was unsolicited.
AB150, s. 6634
1Section 6634. 551.23 (3) (c) of the statutes is amended to read:
AB150,2160,92 551.23 (3) (c) Securities of the same class have been registered under the
3securities act of 1933 and there is filed with the commissioner department prior to
4any offer or sale a notice of the proposed sale, other information as the commissioner
5department by rule requires and any additional information required under s.
6551.24 (6), and the commissioner department does not by order disallow the
7exemption within 10 days after the date of filing the notice or, if additional
8information is required under s. 551.24 (6), within 10 days after the date of filing that
9information; or
AB150, s. 6635 10Section 6635. 551.23 (3) (d) of the statutes is amended to read:
AB150,2160,1711 551.23 (3) (d) The issuer or applicant files with the commissioner department
12such information, and an undertaking to file such reports, as the commissioner
13department by rule requires and any additional information required under s.
14551.24 (6), and the commissioner department does not by order disallow the
15exemption within 10 days after the date of filing such information required by rule
16or, if additional information is required under s. 551.24 (6), within 10 days after the
17date of filing that information.
AB150, s. 6636 18Section 6636. 551.23 (8) (f) of the statutes is amended to read:
AB150,2160,2019 551.23 (8) (f) Any financial institution or institutional investor designated by
20rule or order of the commissioner department.
AB150, s. 6637 21Section 6637. 551.23 (8) (g) of the statutes is amended to read:
AB150,2161,222 551.23 (8) (g) An individual accredited investor, as defined by rule of the
23commissioner department, if the issuer reasonably believes immediately before the
24sale that the individual accredited investor, either alone or with the individual
25accredited investor's representative, has such knowledge and experience in financial

1and business matters as to be capable of evaluating the merits and risks of the
2prospective investment.
AB150, s. 6638 3Section 6638. 551.23 (9) of the statutes is amended to read:
AB150,2161,94 551.23 (9) Any offer or sale of a preorganization subscription, if no commission
5or other remuneration is paid or given directly or indirectly for soliciting any
6subscriber in this state and no advertising is published or circulated unless it has
7been permitted by the commissioner department, and if the subscription is not
8binding and no payment is made by any subscriber until the securities subscribed
9for may legally be sold.
AB150, s. 6639 10Section 6639. 551.23 (10) of the statutes is amended to read:
AB150,2161,1711 551.23 (10) Any offer or sale of its securities by an issuer having its principal
12office in this state, if the aggregate number of persons holding directly or indirectly
13all of the issuer's securities, after the securities to be issued are sold, does not exceed
1415, exclusive of persons under sub. (8), if no commission or other remuneration is
15paid or given directly or indirectly for soliciting any person in this state, except to
16broker-dealers and agents licensed in this state, and if no advertising is published
17unless it has been permitted by the commissioner department.
AB150, s. 6640 18Section 6640. 551.23 (11) (b) of the statutes is amended to read:
AB150,2161,2319 551.23 (11) (b) The commissioner department may by rule or order, as to any
20security or transaction or any type of security or transaction, withdraw or further
21condition this exemption, or increase or decrease the number of offerees permitted,
22or waive the conditions in par. (a), and may require reports of sales under this
23exemption.
AB150, s. 6641 24Section 6641. 551.23 (12) of the statutes is amended to read:
AB150,2162,17
1551.23 (12) Any transaction pursuant to an offer to existing security holders
2of the issuer, other than an entity designated in s. 551.52 (1) (b), or of a corporation
3which, prior to the offer, owned substantially all of the voting stock of the issuer or
4whose controlling persons organized the issuer for the purpose of the offer, if no
5commission or other remuneration other than a standby commission is paid or given
6directly or indirectly for soliciting any security holder in this state, and if, prior to
7any offer or sale, the issuer files a notice specifying the terms of the offer, all other
8information which the commissioner department by rule requires and any additional
9information required under s. 551.24 (6), and the commissioner department does not
10by order disallow the exemption within 10 days after the date of filing the notice or,
11if additional information is required under s. 551.24 (6), within 10 days after the date
12of filing that information. In this subsection, "security holder" includes a person who
13at the time of the transaction is a holder of convertible securities or nontransferable
14warrants or a holder of transferable warrants that are exercisable within not more
15than 90 days of their issuance but does not include a person who at the time of the
16transaction is a holder of only transferable warrants that are exercisable for more
17than 90 days after their issuance.
AB150, s. 6642 18Section 6642. 551.23 (15) (intro.) of the statutes is amended to read:
AB150,2163,819 551.23 (15) (intro.) Any offer or sale of an evidence of debt issued by a
20corporation organized and operated not for private profit but exclusively for
21religious, educational, benevolent or charitable purposes if the security qualifies
22under this exemption, and if there has been filed with the commissioner department
23prior to any offer or sale a notice identifying the security and the basis of its
24qualification under this exemption together with any further information as the
25commissioner department by rule or order requires, and any additional information

1required under s. 551.24 (6), and if the commissioner department does not by order
2disallow the exemption within 10 days after the date of filing the notice or, if
3additional information is required under s. 551.24 (6), within 10 days after the date
4of filing that information. The security qualifies under this exemption if the issuer
5and any predecessor have not defaulted within the current fiscal year or the 3
6preceding fiscal years in any fixed interest or principal obligation; and the issuer
7complies with rules of the commissioner department with respect to trust indentures
8and the use of a prospectus; and the security qualifies under either of the following:
AB150, s. 6643 9Section 6643. 551.23 (15) (a) of the statutes is amended to read:
AB150,2163,1710 551.23 (15) (a) The issuer and its predecessors have not been in existence for
113 years, and the securities proposed to be sold are secured by a mortgage or deed of
12trust upon land and buildings which is or will become a first lien at or prior to the
13issuance of such evidences of debt or provision satisfactory to the commissioner
14department is made for impounding the proceeds from their sale until such first lien
15is established, and the total amount of such securities does not exceed 50% of the then
16fair market value of the land and buildings included in such mortgage or deed of
17trust, less the amount of any unpaid special assessment taxes; or
AB150, s. 6644 18Section 6644. 551.23 (18) of the statutes is amended to read:
AB150,2163,2119 551.23 (18) Any other transaction as to which the commissioner department
20by rule or order finds that registration is not necessary or appropriate for the
21protection of investors.
AB150, s. 6645 22Section 6645. 551.23 (19) (c) 2. a. of the statutes is amended to read:
AB150,2164,223 551.23 (19) (c) 2. a. Any disqualification under this paragraph involving a
24broker-dealer or agent is waived if the broker-dealer or agent is or continues to be

1licensed in this state as a broker-dealer or agent after notifying the commissioner
2department of the act or event causing disqualification.
AB150, s. 6646 3Section 6646. 551.23 (19) (c) 2. b. of the statutes is amended to read:
AB150,2164,64 551.23 (19) (c) 2. b. The commissioner department may waive any
5disqualification under this paragraph upon a showing of good cause that it is not
6necessary under the circumstances that use of the exemption be denied.
AB150, s. 6647 7Section 6647. 551.23 (19) (d) of the statutes is amended to read:
AB150,2164,158 551.23 (19) (d) Not later than the earlier of the date on which the first use of
9an offering document or the first sale is made in this state in reliance on the
10exemption under par. (a), there is filed with the commissioner department a notice
11comprised of offering material in compliance with the requirements of Rule 502 of
12Regulation D under the securities act of 1933, a completed Form D as prescribed by
13Rule 503 of Regulation D under the securities act of 1933, and a fee of $200. Material
14amendments to the offering document shall be filed with the commissioner
15department not later than the date of their first use in this state.
AB150, s. 6648 16Section 6648. 551.23 (19) (f) of the statutes is amended to read:
AB150,2164,2417 551.23 (19) (f) The commissioner department may, by order, increase the
18number of purchasers or waive any other conditions of the exemption under par. (a)
19for a particular offering. The commissioner department shall not require the filing
20of advertising used in connection with offers or sales in reliance on the exemption.
21The exemption may be revoked by order of the commissioner department, but only
22if the offering constitutes or would constitute a violation of s. 551.31 and notice
23thereof has been received by the issuer, or constitutes or would constitute a violation
24of s. 551.41.
AB150, s. 6649 25Section 6649. 551.235 (intro.) of the statutes is amended to read:
AB150,2165,4
1551.235 Seasoned issuer exempt transactions. (intro.) A registration
2exemption is available for any offer or sale of securities that meets all of the following
3conditions or that meets all of the following conditions other than any condition or
4conditions waived by the commissioner department upon a showing of good cause:
AB150, s. 6650 5Section 6650. 551.235 (6) (a) (intro.) of the statutes is amended to read:
AB150,2165,76 551.235 (6) (a) Filing requirements. (intro.) The issuer or applicant files all
7of the following with the commissioner department:
AB150, s. 6651 8Section 6651. 551.235 (6) (a) 5. of the statutes is amended to read:
AB150,2165,149 551.235 (6) (a) 5. An undertaking, signed by a person authorized by the issuer
10or applicant, to file promptly with the commissioner department all pre-effective
11amendments to the federal registration statement for the securities, to notify
12promptly the commissioner department by telephone or wire of the date and time
13when the federal registration statement becomes effective and to file promptly with
14the commissioner department 2 copies of the final prospectus.
AB150, s. 6652 15Section 6652. 551.235 (6) (b) of the statutes is amended to read:
AB150,2165,1916 551.235 (6) (b) Time for filing. The documents and fee prescribed in par. (a) are
17filed with the commissioner department not later than the earlier of the date of the
18first use of the preliminary or final offering document in this state or the first sale
19in this state.
AB150, s. 6653 20Section 6653. 551.24 (1) of the statutes is amended to read:
AB150,2165,2321 551.24 (1) The commissioner department may by order deny or revoke any
22exemption under s. 551.22, 551.23 or 551.235 with respect to a specified security or
23transaction.
AB150, s. 6654 24Section 6654. 551.24 (2) of the statutes is amended to read:
AB150,2166,5
1551.24 (2) If the public interest and the protection of investors so require, the
2commissioner department may by order summarily deny or revoke any exemption
3under s. 551.22, 551.23 or 551.235 with respect to a specified security or transaction.
4Upon entry of the order, the commissioner department shall serve upon all named
5parties a copy of the order and notify the parties of their right to request a hearing.
AB150, s. 6655 6Section 6655. 551.24 (4) (intro.) of the statutes is amended to read:
AB150,2166,107 551.24 (4) (intro.) A person who offers or sells a security pursuant to an
8exemption under s. 551.22, 551.23 or 551.235 after the exemption is denied or
9revoked by an order of the commissioner department does not violate s. 551.21 (1)
10if:
AB150, s. 6656 11Section 6656. 551.24 (6) of the statutes is amended to read:
AB150,2166,1912 551.24 (6) With respect to an exemption under s. 551.22 or 551.23 that is
13perfected if a notice or other information is filed with the commissioner department
14and the commissioner department does not disallow the exemption within a specified
15period after the filing, the commissioner department may, within 10 days after the
16filing date of the notice or other information, require that additional information
17reasonably related to the offering be filed. If the commissioner department requires
18additional information, the date by which the commissioner department may
19disallow the exemption is 10 days after the date of filing that information.
AB150, s. 6657 20Section 6657. 551.25 (2) (b) of the statutes is amended to read:
AB150,2166,2521 551.25 (2) (b) If the commissioner department by rule or otherwise requires,
22a copy of the articles of incorporation and bylaws or their substantial equivalents
23currently in effect, a copy of any agreements with or among underwriters, a copy of
24any indenture or other instrument governing the issuance of the security to be
25registered, and a specimen or copy of the security;
AB150, s. 6658
1Section 6658. 551.25 (2) (c) of the statutes is amended to read:
AB150,2167,32 551.25 (2) (c) If the commissioner department requires, any other information,
3or copies of any documents, filed under the securities act of 1933; and
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