AB150, s. 5911 6Section 5911. 218.04 (1) (c) of the statutes is amended to read:
AB150,1920,87 218.04 (1) (c) "Commissioner" "Department" means the commissioner of
8banking
department of financial institutions.
AB150, s. 5912 9Section 5912. 218.04 (3) (a) of the statutes is amended to read:
AB150,1920,1310 218.04 (3) (a) Application for licenses under the provisions of this section shall
11be made to the commissioner department in writing, under oath, on a form to be
12prescribed by the commissioner department. All licenses shall expire on June
13thirtieth next following their date of issue.
AB150, s. 5913 14Section 5913. 218.04 (3) (b) of the statutes is amended to read:
AB150,1920,2015 218.04 (3) (b) At the time of making application, every applicant for a collection
16agency license shall pay a nonrefundable fee of $100 $1,000 to the commissioner for
17investigating the application, unless the applicant is already licensed under this
18section, and the sum of $100 $200 as an annual license fee. If the cost of investigation
19exceeds $100 $1,000, the applicant shall, upon demand of the commissioner, pay the
20excess cost. No investigation fee is required on the renewal of a license.
AB150, s. 5914 21Section 5914 . 218.04 (3) (b) of the statutes, as affected by 1995 Wisconsin Act
22.... (this act), is amended to read:
AB150,1921,423 218.04 (3) (b) At the time of making application, every applicant for a collection
24agency license shall pay a nonrefundable fee of $1,000 to the commissioner
25department for investigating the application, unless the applicant is already

1licensed under this section, and the sum of $200 as an annual license fee. If the cost
2of investigation exceeds $1,000, the applicant shall, upon demand of the
3commissioner department, pay the excess cost. No investigation fee is required on
4the renewal of a license.
AB150, s. 5915 5Section 5915. 218.04 (3) (c) of the statutes is amended to read:
AB150,1921,116 218.04 (3) (c) The license fee for a collector or solicitor shall be $2 $15. This
7license shall be carried as a means of identification whenever the collector is engaged
8in business. The license shall state the name of the employer and in case of a change
9of employer the commissioner shall indorse such change on the license without
10charge
shall be surrendered to the commissioner upon termination of employment.
11A new license is required for a change of employment
.
AB150, s. 5916 12Section 5916 . 218.04 (3) (c) of the statutes, as affected by 1995 Wisconsin Act
13.... (this act), is amended to read:
AB150,1921,1814 218.04 (3) (c) The license fee for a collector or solicitor shall be $15. This license
15shall be carried as a means of identification whenever the collector is engaged in
16business. The license shall state the name of the employer and shall be surrendered
17to the commissioner department upon termination of employment. A new license is
18required for a change of employment.
AB150, s. 5917 19Section 5917. 218.04 (3) (d) of the statutes is amended to read:
AB150,1921,2320 218.04 (3) (d) The commissioner department may require any licensee to file
21and maintain in force a bond, in a form to be prescribed by and acceptable to the
22commissioner department, and in such sum as the commissioner department may
23deem reasonably necessary to safeguard the interests of the public.
AB150, s. 5918 24Section 5918. 218.04 (4) (a) of the statutes is amended to read:
AB150,1922,12
1218.04 (4) (a) Upon the filing of such application and the payment of such fee,
2the commissioner department shall make an investigation, and if the commissioner
3department finds that the character and general fitness and the financial
4responsibility of the applicant, and the members thereof if the applicant is a
5partnership, limited liability company or association, and the officers and directors
6thereof if the applicant is a corporation, warrant the belief that the business will be
7operated in compliance with this section the commissioner department shall
8thereupon issue a license to said applicant. Such license is not assignable and shall
9permit operation under it only at or from the location specified in the license. A
10nonresident of this state may, upon complying with all other provisions of this
11section, secure a collection agency license provided the nonresident maintains an
12active office in this state.
AB150, s. 5919 13Section 5919. 218.04 (4) (b) of the statutes is amended to read:
AB150,1922,1914 218.04 (4) (b) No licensee shall conduct a collection agency business within any
15office, room or place of business in which any other business is solicited or engaged
16in, or in association or conjunction therewith, except as may be authorized in writing
17by the commissioner department upon finding that the character of such other
18business is such that the granting of such authority would not facilitate evasion of
19this section or the lawful orders issued thereunder.
AB150, s. 5920 20Section 5920. 218.04 (5) (a) (intro.) of the statutes is amended to read:
AB150,1922,2221 218.04 (5) (a) (intro.) The commissioner department may suspend or revoke
22any license issued under this section if the commissioner department finds that:
AB150, s. 5921 23Section 5921. 218.04 (5) (a) 1. of the statutes is amended to read:
AB150,1922,2524 218.04 (5) (a) 1. The licensee has violated any of the provisions of this section
25or any lawful order of the commissioner department made thereunder;
AB150, s. 5922
1Section 5922. 218.04 (5) (a) 2. of the statutes is amended to read:
AB150,1923,42 218.04 (5) (a) 2. Any fact or condition exists which, if it had existed at the time
3of the original application for such license, would have warranted the commissioner
4department in refusing to issue such license;
AB150, s. 5923 5Section 5923. 218.04 (5) (c) of the statutes is amended to read:
AB150,1923,116 218.04 (5) (c) In the event of the death of a licensee, if the licensee is an
7individual, or of the partners, if the licensee is a partnership, the license of the agency
8shall terminate as of the date of death of said licensee, except the commissioner
9department may reinstate a license if the estate of the former licensee signifies to the
10commissioner department within 45 days its intention to continue the business of the
11agency.
AB150, s. 5924 12Section 5924. 218.04 (6) (a) of the statutes is amended to read:
AB150,1923,2013 218.04 (6) (a) Whenever a collection agency shall contemplate a change of its
14place of business to another location within the same city or village, it shall give
15written notice thereof to the commissioner, who department, which shall attach to
16the license the commissioner's department's authorization of such removal,
17specifying the date thereof and the new location. Such authorization shall be
18authority for the operation of such business under the same license at the specified
19new location. All collection agency licenses shall be conspicuously posted in the office
20of the licensee.
AB150, s. 5925 21Section 5925. 218.04 (6) (b) of the statutes is amended to read:
AB150,1923,2422 218.04 (6) (b) Every licensee applying for a renewal of a license shall, on or
23before the first day of June, pay in advance to the commissioner department the
24annual license fee.
AB150, s. 5926 25Section 5926. 218.04 (6) (c) (intro.) of the statutes is amended to read:
AB150,1924,4
1218.04 (6) (c) (intro.) Before discontinuing operating as a collection agency
2under the provisions of this section, every licensee shall furnish the commissioner
3department with proof in a form to be determined by the commissioner department
4and approved by the advisory committee that:
AB150, s. 5927 5Section 5927. 218.04 (7) (intro.) of the statutes is amended to read:
AB150,1924,106 218.04 (7) (title) Powers of commissioner department; advisory committees.
7(intro.) It shall be the duty of the commissioner department and the commissioner
8department shall have power, jurisdiction and authority to investigate the
9conditions and ascertain the facts with reference to the collection of accounts and
10upon the basis thereof:
AB150, s. 5928 11Section 5928. 218.04 (7) (b) of the statutes is amended to read:
AB150,1925,612 218.04 (7) (b) For the purpose of discovering violations of this section the
13commissioner department may cause an investigation to be made of the business of
14the licensee transacted under the provisions of this section, and shall cause an
15investigation to be made of convictions reported to the commissioner department by
16any district attorney for violation by a licensee of any of the provisions of this section.
17The place of business, books of accounts, papers, records, safes and vaults of said
18licensee shall be open to inspection and examination by the commissioner or the
19commissioner's representative
department for the purpose of such investigation and
20the commissioner department shall have authority to examine under oath all
21persons whose testimony is required relative to said investigation. The cost of the
22first investigation or examination during any licensing year shall be paid by the
23licensee, but the cost of additional investigation or examination during such year
24shall be paid by the licensee only if such examination discloses violation of sub. (5)
25(a) 4. The commissioner department shall determine the cost of an investigation or

1examination. The licensee shall pay the cost of any hearing including witness fees,
2unless it be found by the commissioner department, board of review or court that
3licensee has not violated any provision of this section. All said costs shall be paid by
4the licensee within 30 days after demand therefor by the commissioner department.
5The state may maintain an action for the recovery of such costs and expenses in any
6court of competent jurisdiction.
AB150, s. 5929 7Section 5929. 218.04 (7) (c) of the statutes is amended to read:
AB150,1925,158 218.04 (7) (c) To appoint advisers from the individuals engaged in the collection
9business in the state and in any locality, which advisers shall be consulted by and
10shall assist the commissioner department in the execution of the commissioner's
11department's duties under the provisions of this section. The commissioner may
12appoint such advisers as deputies.
Such persons, either as advisers or deputies, shall
13receive no compensation for their services but may be reimbursed for their actual and
14necessary traveling expenses. Such expenses shall be audited and paid and charged
15to the commissioner department for the administration of this chapter.
AB150, s. 5930 16Section 5930. 218.04 (8) of the statutes is amended to read:
AB150,1925,1917 218.04 (8) Hearings and orders. The commissioner department shall have the
18same power to conduct hearings, take testimony and secure evidence as is provided
19in ss. 217.17, 217.18 and 217.19.
AB150, s. 5931 20Section 5931. 218.04 (9) of the statutes is amended to read:
AB150,1925,2321 218.04 (9) Administrative review. Any licensee or other person in interest
22being dissatisfied with any order of the commissioner department made under this
23section may have a review thereof as provided in s. 220.037.
AB150, s. 5932 24Section 5932. 218.04 (9g) (b) of the statutes is amended to read:
AB150,1926,6
1218.04 (9g) (b) A licensee shall establish a trust account with a financial
2institution. The licensee shall notify the commissioner department of the name of
3the financial institution that maintains the trust account. The commissioner
4department may prohibit a licensee from establishing or maintaining a trust account
5in a financial institution if the commissioner department believes that the financial
6institution is operating in an unsafe or unsound manner.
AB150, s. 5933 7Section 5933. 218.04 (9m) (title) of the statutes is amended to read:
AB150,1926,98 218.04 (9m) (title) Delinquent collection agencies; commissioner
9department may take possession.
AB150, s. 5934 10Section 5934. 218.04 (9m) (a) of the statutes is amended to read:
AB150,1927,311 218.04 (9m) (a) If the commissioner department finds that a licensee is
12insolvent or that the licensee has collected accounts but has failed to remit money
13due to any claimant or forwarder within 30 days from the end of the month in which
14collection was made, and it is necessary to protect the interest of the public or when
15the license of a collection agency has expired or has terminated for any reason
16whatsoever, the commissioner department may take possession of the assets and the
17books and records of the licensee for the purpose of liquidating its business, and for
18such other relief as the nature of the case and the interest of the claimants or
19forwarders may require. The liquidation of business shall be made by and under the
20supervision of the commissioner department either in the name of the commissioner
21department or in the name of the licensee and the commissioner or the
22commissioner's successor
department shall be vested with title to all of the assets
23including the proceeds of the bond or bonds which have been filed with the
24commissioner department as provided for under sub. (3) (d), and the proceeds of any
25and all money paid direct to the claimant or forwarder by the debtor prior to the date

1said license has terminated. Money paid to the licensee or to the commissioner
2department after the termination of the license shall be disposed of by the
3commissioner department with the approval of the circuit court.
AB150, s. 5935 4Section 5935. 218.04 (9m) (b) of the statutes is amended to read:
AB150,1927,95 218.04 (9m) (b) In taking possession of the property and business of any such
6collection agency, the commissioner department shall forthwith give notice to any
7and all banks or other financial institutions holding or in possession of any bank
8balances or assets of such agency and thereafter such assets shall be held subject to
9the order of the commissioner department.
AB150, s. 5936 10Section 5936. 218.04 (9m) (c) of the statutes is amended to read:
AB150,1927,1711 218.04 (9m) (c) In addition to the authority conferred by par. (b), the
12commissioner department may, with the approval of the circuit court for the county
13wherein the main office is located, for the purposes of collection or liquidation, sell,
14assign, convey and transfer or approve the sale, assignment, conveyance and
15transfer of the assets of such collection agency under such terms and conditions as
16the commissioner department may deem for the best interests of the claimants of
17such collection agency.
AB150, s. 5937 18Section 5937. 218.04 (9m) (e) of the statutes is amended to read:
AB150,1928,1619 218.04 (9m) (e) The commissioner department shall cause notice to be given
20by publication of a class 3 notice, under ch. 985, if no action has been commenced
21under par. (f), calling on all persons who may have claims against such licensee, to
22present the same to the commissioner department, and make legal proof thereof at
23a place and within a time, to be therein specified. The commissioner department may
24mail a similar notice to all persons whose names appear as claimants or forwarders
25upon the books and records of the licensee or as may appear in the records of the

1commissioner department on the sworn reports required to be furnished the
2commissioner department according to the provisions of sub. (10). Any claimant or
3forwarder whose portion of the collection or collections has not been properly
4remitted shall file a claim which shall be considered as a preferred claim for the
5amount actually due the claimant or forwarder after deducting any commission or
6fee that may be due and owing the licensee. If the commissioner department doubts
7the justice and validity of any claim, the commissioner department may reject the
8same and serve notice of such rejection upon the claimant either by mail or
9personally. An affidavit of the service of such notice, which shall be prima facie
10evidence thereof, shall be filed with the commissioner department. An action upon
11a claim so rejected must be brought in the circuit court for the county wherein the
12licensee is located within 30 days after such service of such notice of rejection of claim
13has been filed. Claims presented after the expiration of the time fixed in the notice
14to the claimants or forwarders shall be entitled to receive only liquidating dividends
15declared after presentation, unless otherwise ordered by the court. The court may
16fix a date after which all claims shall be barred.
AB150, s. 5938 17Section 5938. 218.04 (9m) (f) of the statutes is amended to read:
AB150,1929,218 218.04 (9m) (f) Whenever any agency, of whose assets and business the
19commissioner department has taken possession, as aforesaid, deems itself aggrieved
20thereby, it may, at any time within 10 days after such taking possession, apply to the
21circuit court for the county in which the main office of such agency is located to enjoin
22further proceedings; and such court, after citing the commissioner department to
23show cause why further proceedings should not be enjoined and hearing the
24allegations and proofs of the parties and determining the facts, may, upon the merits
25dismiss such application or enjoin the commissioner department from further

1proceedings, and direct the commissioner department to surrender such business
2and property to such agency.
AB150, s. 5939 3Section 5939. 218.04 (9m) (g) of the statutes is amended to read:
AB150,1929,124 218.04 (9m) (g) Whenever the commissioner department shall have paid to
5each and every claimant or forwarder of such collection agency whose claims as such
6claimant or forwarder have been duly proved and allowed the full amount of such
7claims and shall have made proper provisions for unclaimed and unpaid collections
8and shall have paid all the expenses of the liquidation, the commissioner department
9shall liquidate the remaining assets exclusive of the proceeds of the bond or bonds
10for the benefit of the general creditors; or if no claims have been filed by or in behalf
11of the general creditors, the commissioner department shall turn over the remaining
12assets to the circuit court for further disposition.
AB150, s. 5940 13Section 5940. 218.04 (9m) (h) of the statutes is amended to read:
AB150,1929,1814 218.04 (9m) (h) All accounts and valuable papers given to the agency by the
15claimant or forwarder in possession of the commissioner department, pertaining to
16accounts placed with the agency for collection shall be returned to the claimant or
17forwarded by the commissioner department within 30 days after verification of the
18claim has been made.
AB150, s. 5941 19Section 5941. 218.04 (10) (a) of the statutes is amended to read:
AB150,1929,2520 218.04 (10) (a) Each licensee shall annually, on or before the fifteenth day of
21March, file a report with the commissioner department giving such reasonable and
22relevant information as the commissioner department may, by general or special
23order, require concerning the business and operations conducted by such licensee
24within the state. Such report shall be made under oath and shall be in the form
25prescribed by the commissioner department.
AB150, s. 5942
1Section 5942. 218.04 (10) (b) of the statutes is amended to read:
AB150,1930,82 218.04 (10) (b) The commissioner department shall require the licensee to keep
3such books and records in the licensee's place of business as will enable the
4commissioner department to determine whether the provisions of this section are
5being complied with. Every such licensee shall preserve the records of final entry
6used in such business for a period of at least 6 years after final remittance is made
7on any account placed with the licensee for collection or after any account has been
8returned to the claimant on which one or more payments have been paid.
AB150, s. 5943 9Section 5943. 218.04 (13) of the statutes is amended to read:
AB150,1930,1510 218.04 (13) Enforcement. The commissioner department shall have the duty,
11power, jurisdiction and authority to investigate, ascertain and determine whether
12this section or the lawful orders issued hereunder are being violated and for such
13purposes the commissioner department shall have all the powers conferred by subs.
14(4) and (5). The commissioner department shall report all violations to the district
15attorney of the proper county for prosecution.
AB150, s. 5944 16Section 5944. 218.05 (1) (a) of the statutes is repealed.
AB150, s. 5945 17Section 5945. 218.05 (1) (d) of the statutes is created to read:
AB150,1930,1818 218.05 (1) (d) "Department" means the department of financial institutions.
AB150, s. 5946 19Section 5946. 218.05 (2) of the statutes is amended to read:
AB150,1930,2320 218.05 (2) Licenses required. After July 1, 1945, no person, firm, association,
21partnership or corporation shall engage in the business of a community currency
22exchange without first securing a license to do so from the commissioner department
23as required by this section.
AB150, s. 5947 24Section 5947. 218.05 (3) (a) (intro.) of the statutes is amended to read:
AB150,1931,3
1218.05 (3) (a) (intro.) Application for such license shall be in writing, under
2oath, on a form to be prescribed by the commissioner department. Each application
3shall contain the following information:
AB150, s. 5948 4Section 5948. 218.05 (3) (a) 3. of the statutes is amended to read:
AB150,1931,65 218.05 (3) (a) 3. Such other information as the commissioner department may
6require.
AB150, s. 5949 7Section 5949. 218.05 (3) (b) of the statutes is amended to read:
AB150,1931,148 218.05 (3) (b) Such An application shall be accompanied by a nonrefundable
9fee of $100 $300 for the cost of investigating the applicant. When the application
10has been approved by the commissioner and the applicant so advised
If the cost of
11an investigation exceeds $300, the applicant shall, upon demand of the
12commissioner, pay the excess cost. At the time of the application
, the applicant shall
13pay an additional $100 $300 as an annual license fee for a period terminating ending
14on the last day of the current calendar year.
AB150, s. 5950 15Section 5950 . 218.05 (3) (b) of the statutes, as affected by 1995 Wisconsin Act
16.... (this act), is amended to read:
AB150,1931,2217 218.05 (3) (b) An application shall be accompanied by a nonrefundable fee of
18$300 for the cost of investigating the applicant. If the cost of an investigation exceeds
19$300, the applicant shall, upon demand of the commissioner department, pay the
20excess cost. At the time of the application, the applicant shall pay an additional $300
21as an annual license fee for a period ending on the last day of the current calendar
22year.
AB150, s. 5951 23Section 5951. 218.05 (3) (c) of the statutes is amended to read:
AB150,1932,924 218.05 (3) (c) Before any license is issued to a community currency exchange
25the applicant shall file annually with and have approved by the commissioner

1department a surety bond in the principal sum of $5,000, issued by an insurer
2authorized to do business in this state. The bond shall run to the state of Wisconsin
3and shall be for the benefit of any creditors of the community currency exchange for
4any liability incurred for any sum due to any payee of any check, draft or money order
5left with the community currency exchange for collection, and also for any penalties
6that may be imposed under this section. If the commissioner department finds at any
7time the bond is insecure or exhausted or otherwise doubtful, an additional bond in
8like amount to be approved by the commissioner department shall be filed by the
9licensee within 30 days after written demand by the commissioner department.
AB150, s. 5952 10Section 5952. 218.05 (4) of the statutes is amended to read:
AB150,1933,511 218.05 (4) Licenses; issuance; denial. If the commissioner department shall
12find after investigation that the applicant (a) is trustworthy and reputable, (b) has
13business experience qualifying the applicant to competently conduct, operate, own,
14or become associated with a community currency exchange, and (c) has a good
15business reputation and is worthy of a license, the commissioner department shall
16issue to the applicant qualifying hereunder, a license to operate a community
17currency exchange at the location specified in the application, which license shall
18remain in full force and effect until it is surrendered by the licensee or revoked by
19the commissioner department. If the commissioner department shall not so find, the
20commissioner department shall not issue such license and shall notify the applicant
21of such denial, retaining the investigation fee to cover the cost of investigating the
22applicant. The commissioner department shall approve or deny every application
23within 30 days from the filing thereof. No application shall be denied unless the
24applicant has had notice of a hearing on said application and an opportunity to be
25heard thereon. If the application is denied, the commissioner department shall,

1within 20 days thereafter, prepare and keep on file in the commissioner's office with
2the department
a written order of denial which shall contain the commissioner's
3department's findings with respect thereto and the reasons supporting the denial,
4and shall mail a copy thereof to the applicant at the address set forth in the
5application, within 5 days after the filing of such order.
AB150, s. 5953 6Section 5953. 218.05 (6) of the statutes is amended to read:
AB150,1933,147 218.05 (6) Insurance. Every applicant for a license under this section shall,
8after the application for a license has been approved, submit a policy or policies of
9insurance to be approved by the commissioner department, issued by an insurer
10authorized to do business in this state, which insures the applicant against loss by
11burglary, larceny, robbery, forgery or embezzlement in a principal sum determined
12by the commissioner department. Any such policy, with respect to forgery, may carry
13a condition that the community currency exchange assumes the first $50 of each
14claim thereunder.
AB150, s. 5954 15Section 5954. 218.05 (8) of the statutes is amended to read:
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