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:
AB150,1933,2516 218.05 (8) Other business forbidden. A community currency exchange shall
17not be conducted as a department unit of another business. It must be an entity,
18financed and conducted as a separate business unit. This shall not prevent a
19community currency exchange from leasing a part of the premises of another
20business for the conduct of this business on the same premises; provided, that no
21community currency exchange shall be conducted on the same premises with a
22business whose chief source of revenue is derived from the sale of alcohol beverages
23for consumption on the premises. This subsection shall not apply when such other
24business is subject to any statute which provides for supervision and examination
25by the commissioner department.
AB150, s. 5955
1Section 5955. 218.05 (10) (b) of the statutes is amended to read:
AB150,1934,52 218.05 (10) (b) No more than one place of business shall be maintained under
3the same license, but the commissioner department may issue more than one license
4to the same licensee upon the compliance with the provisions of this section
5governing an original issuance of a license, for each new license.
AB150, s. 5956 6Section 5956. 218.05 (10) (c) of the statutes is amended to read:
AB150,1934,127 218.05 (10) (c) Whenever a licensee shall wish to change the licensee's place
8of business to any location other than that originally set forth in the license, the
9licensee shall give written notice thereof to the commissioner department and if the
10change is approved the commissioner department shall attach to the license, in
11writing, a rider stating the new address or location of the community currency
12exchange.
AB150, s. 5957 13Section 5957. 218.05 (11) of the statutes is amended to read:
AB150,1934,1814 218.05 (11) Renewal. Every licensee shall, on or before December 20, pay to
15the commissioner the sum of $50 $300 as an annual license fee for the next
16succeeding calendar year and shall, at the same time, shall file with the
17commissioner the annual bond and insurance policy or policies in the same amount
18and of the same character as required by subs. (3) (c) and (6).
AB150, s. 5958 19Section 5958 . 218.05 (11) of the statutes, as affected by 1995 Wisconsin Act
20.... (this act), is amended to read:
AB150,1934,2521 218.05 (11) Renewal. Every licensee shall, on or before December 20, pay to
22the commissioner department the sum of $300 as an annual license fee for the next
23succeeding calendar year and, at the same time, shall file with the commissioner
24department the annual bond and insurance policy or policies in the same amount and
25of the same character as required by subs. (3) (c) and (6).
AB150, s. 5959
1Section 5959. 218.05 (12) (a) (intro.) of the statutes is amended to read:
AB150,1935,62 218.05 (12) (a) (intro.) The commissioner department may, upon 10 days' notice
3to the licensee by mail directed to the licensee at the address set forth in the license,
4stating the contemplated action and in general the grounds therefor, and upon
5reasonable opportunity to be heard prior to such action, revoke any license issued
6hereunder if the commissioner department shall find that:
AB150, s. 5960 7Section 5960. 218.05 (12) (a) 1. of the statutes is amended to read:
AB150,1935,118 218.05 (12) (a) 1. The licensee has failed to pay the annual license fee or to
9maintain in effect the required bond or insurance policy or policies or to comply with
10any order, decision or finding of the commissioner department made pursuant to this
11section.
AB150, s. 5961 12Section 5961. 218.05 (12) (a) 2. of the statutes is amended to read:
AB150,1935,1413 218.05 (12) (a) 2. The licensee has violated any provision of this section or any
14regulation or direction made by the commissioner department under this section.
AB150, s. 5962 15Section 5962. 218.05 (12) (a) 3. of the statutes is amended to read:
AB150,1935,1816 218.05 (12) (a) 3. Any fact or condition exists which, if it had existed at the time
17of the original application for such license, would have warranted the commissioner
18department in refusing the issuance of the license.
AB150, s. 5963 19Section 5963. 218.05 (12) (b) of the statutes is amended to read:
AB150,1935,2520 218.05 (12) (b) The commissioner department may revoke only the particular
21license with respect to which grounds for revocation may occur or exist, or if the
22commissioner department shall find that such grounds for revocation are of general
23application to all offices or to more than one office operated by such licensee, the
24commissioner department may revoke all of the licenses issued to such licensee or
25such number of licenses to which such grounds apply.
AB150, s. 5964
1Section 5964. 218.05 (12) (c) of the statutes is amended to read:
AB150,1936,62 218.05 (12) (c) A licensee may surrender any license by delivering to the
3commissioner department written notice that the licensee surrenders such license,
4but such surrender shall not affect such licensee's civil or criminal liability for acts
5committed prior to such surrender, or affect the licensee's bond, or entitle such
6licensee to a return of any part of the annual license fee.
AB150, s. 5965 7Section 5965. 218.05 (12) (d) of the statutes is amended to read:
AB150,1936,148 218.05 (12) (d) Every license issued hereunder shall remain in force until the
9same has been surrendered or revoked in accordance with this section, but the
10commissioner department may on the commissioner's department's own motion
11issue new licenses to a licensee whose license or licenses shall have been revoked if
12no fact or condition then exists which clearly would have warranted the
13commissioner department in refusing originally the issuance of such license under
14this section.
AB150, s. 5966 15Section 5966. 218.05 (12) (e) of the statutes is amended to read:
AB150,1936,2416 218.05 (12) (e) No license shall be revoked until the licensee has had notice of
17a hearing thereon and an opportunity to be heard. When any license is so revoked,
18the commissioner department shall within 20 days thereafter, prepare and keep on
19file in the commissioner's office with the department, a written order or decision of
20revocation which shall contain the commissioner's department's findings with
21respect thereto and the reasons supporting the revocation and shall send by mail a
22copy thereof to the licensee at the address set forth in the license within 5 days after
23the filing in the commissioner's office with the department of such order, finding or
24decision.
AB150, s. 5967 25Section 5967. 218.05 (13) of the statutes is amended to read:
AB150,1937,3
1218.05 (13) Review of orders. Any person aggrieved by any order of the
2commissioner department made under this section may have a review thereof by the
3consumer credit review board under s. 220.037.
AB150, s. 5968 4Section 5968. 218.05 (14) (a) of the statutes is amended to read:
AB150,1937,125 218.05 (14) (a) A licensee shall annually, on or before February 15, file a report
6with the commissioner department that shall be used only for the official purposes
7of the commissioner department giving relevant information that the commissioner
8department may reasonably require concerning, and for the purpose of examining,
9the business and operations during the preceding calendar year of each licensed
10place of business conducted by the licensee within this state. The report shall be
11made under oath and shall be in the form prescribed by the commissioner
12department.
AB150, s. 5969 13Section 5969. 218.05 (14) (b) 1. of the statutes is amended to read:
AB150,1937,1714 218.05 (14) (b) 1. A licensee shall keep books, accounts and records to enable
15the commissioner department to determine if the licensee is complying with this
16section and with rules promulgated by and orders issued by the commissioner
17department.
AB150, s. 5970 18Section 5970. 218.05 (14) (b) 2. of the statutes is amended to read:
AB150,1937,2119 218.05 (14) (b) 2. A licensee shall keep within this state the books, accounts and
20records required by this paragraph at the licensee's place of business or a place
21readily accessible to the commissioner or examiners department.
AB150, s. 5971 22Section 5971. 218.05 (14) (c) 1. of the statutes is amended to read:
AB150,1938,723 218.05 (14) (c) 1. The commissioner department may investigate the business
24and examine the books, accounts and records of a licensee at any time. For that
25purpose, the commissioner department shall have free access to the offices and

1places of business and to the books, accounts and records of a licensee. The
2commissioner department may examine any person under oath or affirmation whose
3testimony the commissioner department requires relative to the licensee. The
4commissioner or a designated representative
An employe of the department may
5administer an oath or affirmation to a person called as a witness. The commissioner
6or the commissioner's representative
An employe of the department may conduct the
7examination.
AB150, s. 5972 8Section 5972. 218.05 (14) (c) 2. of the statutes is amended to read:
AB150,1938,119 218.05 (14) (c) 2. The commissioner department shall determine the cost of an
10examination. A licensee shall pay the cost of an examination within 30 days after
11the commissioner department demands payment.
AB150, s. 5973 12Section 5973. 218.14 (1) (a) of the statutes is amended to read:
AB150,1938,1613 218.14 (1) (a) That the primary housing unit meets those standards prescribed
14by law or administrative rule of the department of administration or of the
15department of industry, labor and human relations development, which are in effect
16at the time of its manufacture.
AB150, s. 5974 17Section 5974. 218.165 (1) of the statutes is amended to read:
AB150,1938,2318 218.165 (1) The importation of a primary housing unit for sale in this state by
19an out-of-state manufacturer is deemed an irrevocable appointment by that
20manufacturer of the secretary of state department of revenue to be that
21manufacturer's true and lawful attorney upon whom may be served all legal
22processes in any action or proceeding against such manufacturer arising out of the
23importation of such primary housing unit into this state.
AB150, s. 5975 24Section 5975. 218.165 (2) of the statutes is amended to read:
AB150,1939,8
1218.165 (2) The secretary of state department of revenue upon whom processes
2and notices may be served under this section shall, upon being served with such
3process or notice, mail a copy by registered mail to the out-of-state manufacturer at
4the nonresident address given in the papers so served. The original shall be returned
5with proper certificate of service attached for filing in court as proof of service. The
6service fee shall be $4 for each defendant so served. The secretary of state
7department of revenue shall keep a record of all such processes and notices, which
8record shall show the day and hour of service.
AB150, s. 5976 9Section 5976. 219.09 of the statutes is amended to read:
AB150,1939,15 10219.09 (title) Local exposition Certain district and authority bonds as
11legal investments and security.
(1) A bank, trust company, savings bank or
12institution, savings and loan association, credit union or investment company or a
13personal representative, guardian, trustee or other fiduciary may legally invest any
14moneys or funds belonging to or within that person's control in bonds issued by a any
15of the following:
AB150,1939,16 16(a) A local exposition district under subch. II of ch. 229.
AB150,1939,18 17(2) This section shall not be construed as relieving any person of any duty of
18exercising any required level of care in selecting securities.
AB150, s. 5977 19Section 5977. 219.09 (1) (b) of the statutes is created to read:
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