AB150: Bill Text Engrossed

AB150-engrossed, s. 6443b Section 6443b. 409.401 (1) (c) of the statutes is amended to read:

AB150-engrossed,2183,12 409.401 (1) (c) In all other cases, in the office of the secretary of state with the department.

AB150-engrossed, s. 6444b Section 6444b. 409.401 (5) of the statutes is amended to read:

AB150-engrossed,2183,18 409.401 (5) Notwithstanding the preceding subsections, and subject to s. 409.302 (3), the proper place to file in order to perfect a security interest in collateral, including fixtures, of a transmitting utility is the office of the secretary of state with the department. This filing constitutes a fixture filing under s. 409.313 as to the collateral described therein which is or is to become fixtures.

AB150-engrossed, s. 6445b Section 6445b. 409.402 (3m) of the statutes is amended to read:

AB150-engrossed,2183,24 409.402 (3m) The secretary of state department shall prescribe by rule standard forms for filing a financing statement, continuation statement, termination statement, statement of assignment or statement of release. A filing officer may refuse to accept statements not on the required form or not containing information required under sub. (1).

AB150-engrossed, s. 6446 Section 6446. 409.403 (3) of the statutes is amended to read:

AB150-engrossed,2184,22 409.403 (3) A continuation statement may be filed by the secured party within 6 months prior to the expiration of the 5-year period specified in sub. (2). Any such continuation statement must be signed by the secured party, identify the original statement by file number and state that the original statement is still effective. A continuation statement signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record and complying with s. 409.405 (2), including payment of the required fee. Upon timely filing of the continuation statement, the effectiveness of the original statement is continued for 5 years after the last date to which the filing was effective whereupon it lapses in the same manner as provided in sub. (2) unless another continuation statement is filed prior to such lapse. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the original statement. Unless a statute on disposition of public records provides otherwise, the filing officer may remove a lapsed statement from the files and destroy it immediately if the officer has retained a microfilm or other photographic record or an optical disk or electronic copy. In other cases a lapsed statement may not be destroyed until after one year after the lapse. The filing officer shall so arrange matters by physical annexation of financing statements to continuation statements or other related filings, or by other means, that if the officer physically destroys the financing statements of a period more than 5 years past, those which have been continued by a continuation statement or which are still effective under sub. (6) shall be retained.

AB150-engrossed, s. 6447 Section 6447. 409.403 (4) of the statutes is amended to read:

AB150-engrossed,2185,4 409.403 (4) Except as provided in sub. (7), a filing officer shall mark each statement with a file number and with the date and hour of filing and shall hold the statement or a microfilm or other photographic copy thereof, or an optical disk or electronic copy thereof, for public inspection. In addition the filing officer shall index the statements according to the name of the debtor and shall note in the index the file number and the address of the debtor given in the statement.

AB150-engrossed, s. 6448b Section 6448b. 409.403 (5) (a) 1. of the statutes is amended to read:

AB150-engrossed,2185,13 409.403 (5) (a) 1. The fee for filing and indexing and for stamping a copy furnished by the secured party to show the date and place of filing for an original financing statement is $8 if the statement is on the standard form prescribed by the secretary of state department and is $16 if the statement is not on the standard form or if additional pages are attached to the standard form. The fee for filing an original financing statement subject to s. 409.402 (5) is $10 if the statement is on the standard form and is $20 if the statement is not on the standard form or if additional pages are attached to the standard form.

AB150-engrossed, s. 6449b Section 6449b. 409.403 (5) (a) 2. of the statutes is amended to read:

AB150-engrossed,2185,20 409.403 (5) (a) 2. The fee for filing and indexing and for stamping a copy furnished by the secured party to show the date and place of filing for an amendment or a continuation statement is $5 if the amendment or statement is on the standard form prescribed by the secretary of state department and is $10 if the amendment or statement is not on the standard form or if additional pages are attached to the standard form.

AB150-engrossed, s. 6450b Section 6450b. 409.403 (5) (a) 3. of the statutes, as affected by 1993 Wisconsin Act 452, is amended to read:

AB150-engrossed,2186,2 409.403 (5) (a) 3. A register of deeds shall forward $3 to the office of the secretary of state department for each original financing statement filed with the office of the register of deeds under subd. 1. and for each amendment and each continuation statement filed with the office of the register of deeds under subd. 2.

AB150-engrossed, s. 6451b Section 6451b. 409.403 (5) (b) (title) of the statutes is amended to read:

AB150-engrossed,2186,5 409.403 (5) (b) (title) Fees for filing with the office of the secretary of state department of financial institutions.

AB150-engrossed, s. 6452b Section 6452b. 409.403 (5) (b) 1. of the statutes is amended to read:

AB150-engrossed,2186,11 409.403 (5) (b) 1. The fee for filing and indexing and for stamping a copy furnished by the secured party to show the date and place of filing for an original financing statement is $8 if the statement is on the standard form prescribed by the secretary of state department and is $16 if the statement is not on the standard form or if additional pages are attached to the standard form.

AB150-engrossed, s. 6453b Section 6453b. 409.403 (5) (b) 2. of the statutes is amended to read:

AB150-engrossed,2186,18 409.403 (5) (b) 2. The fee for filing and indexing and for stamping a copy furnished by the secured party to show the date and place of filing for an amendment or a continuation statement is $5 if the amendment or statement is on the standard form prescribed by the secretary of state department and is $10 if the amendment or statement is not on the standard form or if additional pages are attached to the standard form.

AB150-engrossed, s. 6454b Section 6454b. 409.404 (1) (b) of the statutes is amended to read:

AB150-engrossed,2187,6 409.404 (1) (b) (title) Requirement for filing termination statement with the office of secretary of state department of financial institutions. Except as provided in par. (c), if a financing statement is filed with the office of the secretary of state department, then within one month or within 10 days following written demand by the debtor after there is no outstanding secured obligation and no commitment to make advances, incur obligations or otherwise give value, the secured party must file with the office of the secretary of state department a termination statement to the effect that the secured party no longer claims a security interest under the financing statement, which shall be identified by file number. A termination statement signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record complying with s. 409.405 (2), including payment of the required fee.

AB150-engrossed, s. 6455b Section 6455b. 409.404 (1) (c) (intro.) of the statutes is amended to read:

AB150-engrossed,2187,11 409.404 (1) (c) (title) Exceptions to requirement for filing termination statement with the office of the secretary of state department of financial institutions. (intro.) No termination statement needs to be filed with the office of the secretary of state department pursuant to par. (b) if:

AB150-engrossed, s. 6456 Section 6456. 409.404 (2) of the statutes is amended to read:

AB150-engrossed,2187,22 409.404 (2) On presentation to the filing officer of a termination statement the officer must note it in the index. If the officer has received the termination statement in duplicate, the officer shall return one copy of the termination statement to the secured party stamped to show the time of receipt. If the filing officer has a microfilm, other photographic record or optical disk or electronic copy of the financing statement, and of any related continuation statement, statement of assignment and statement of release, the officer may remove the originals from the files at any time after receipt of the termination statement, or if the officer has no such record, the officer may remove them from the files at any time after one year after receipt of the termination statement.

AB150-engrossed, s. 6457b Section 6457b. 409.404 (3) (b) of the statutes is amended to read:

AB150-engrossed,2188,3 409.404 (3) (b) (title) Fees for filing a termination statement with the office of the secretary of state department of financial institutions. There is no fee for a termination statement which is filed with the office of the secretary of state department and there is no fee for indexing any name in connection with the termination process.

AB150-engrossed, s. 6458b Section 6458b. 409.405 (1) of the statutes, as affected by 1993 Wisconsin Act 452, is amended to read:

AB150-engrossed,2188,22 409.405 (1) An original financing statement may disclose an assignment of a security interest in the collateral described in the financing statement by indication in the financing statement of the name and address of the assignee or by an assignment itself or a copy thereof on the face or back of the statement. On presentation to the filing officer of such a financing statement the filing officer shall mark the same as provided in s. 409.403 (4). The fee for filing, indexing and stamping a copy furnished by the secured party to show the date and place of filing for an original financing statement so indicating an assignment is $8 if the statement is on the standard form prescribed by the secretary of state department and is $16 if the statement is not on the standard form or if additional pages are attached to the standard form. The fee for filing an original financing statement indicating an assignment and subject to s. 409.402 (5) is $10 if the statement is on the standard form and is $20 if the statement is not on the standard form or if additional pages are attached to the standard form. A register of deeds shall forward $3 to the office of the secretary of state department for each original financing statement indicating an assignment of a security interest that is filed with the office of the register of deeds.

AB150-engrossed, s. 6459b Section 6459b. 409.405 (2) of the statutes, as affected by 1993 Wisconsin Act 452, is amended to read:

AB150-engrossed,2189,25 409.405 (2) A secured party may assign of record all or part of his or her rights under a financing statement by the filing in the place where the original financing statement was filed of a separate written statement of assignment signed by the secured party of record and setting forth the name of the secured party of record and the debtor, the file number and the date of filing of the financing statement and the name and address of the assignee and containing a description of the collateral assigned. A copy of the assignment is sufficient as a separate statement if it complies with the preceding sentence. On presentation to the filing officer of such a separate statement, the filing officer shall mark such separate statement with the date and hour of the filing. The officer shall note the assignment on the index of the financing statement, or in the case of a fixture filing, or a filing covering timber to be cut, or covering minerals or the like, including oil and gas, or accounts subject to s. 409.103 (5), the officer shall index the assignment under the name of the assignor as grantor and, to the extent that the law of this state provides for indexing the assignment of a mortgage under the name of the assignee, the officer shall index the assignment of the financing statement under the name of the assignee. The fee for filing, indexing and furnishing filing data about such a separate statement of assignment is $5 if the statement is on the standard form prescribed by the secretary of state department and is $10 if the statement is not on the standard form or if additional pages are attached to the standard form. A register of deeds shall forward $3 to the office of the secretary of state department for each statement of assignment filed with the office of the register of deeds. Notwithstanding this subsection, an assignment of record of a security interest in a fixture contained in a mortgage effective as a fixture filing under s. 409.402 (6) may be made only by an assignment of the mortgage in the manner provided by the law of this state other than chs. 401 to 411.

AB150-engrossed, s. 6460b Section 6460b. 409.406 of the statutes, as affected by 1993 Wisconsin Act 452, is amended to read:

AB150-engrossed,2190,19 409.406 Release of collateral; duties of filing officer; fees. A secured party of record may by his or her signed statement release all or a part of any collateral described in a filed financing statement. The statement of release is sufficient if it contains a description of the collateral being released, the name and address of the debtor, the name and address of the secured party, and the file number of the financing statement. A statement of release signed by a person other than the secured party of record must be accompanied by a separate written statement of assignment signed by the secured party of record and complying with s. 409.405 (2), including payment of the required fee. Upon presentation of such a statement of release to the filing officer, the officer shall mark the statement with the hour and date of filing and shall note the same upon the margin of the index of the filing of the financing statement. The fee for filing and noting such a statement of release is $5 if the statement is on the standard form prescribed by the secretary of state department and is $10 if the statement is not on the standard form or if additional pages are attached to the standard form. A register of deeds shall forward $3 to the office of the secretary of state department for each statement of release filed with the office of the register of deeds.

AB150-engrossed, s. 6461 Section 6461. 409.407 (2) (c) of the statutes is created to read:

AB150-engrossed,2190,25 409.407 (2) (c) For providing any service under par. (a) or (b) in an expeditious manner, the secretary of state may charge and collect an expedited service fee of $25 in addition to any fee required under par. (a) or (b). Only one expedited service fee may be charged for multiple identical certificates if the certificates are requested at the same time and issued at the same time.

AB150-engrossed, s. 6462b Section 6462b. 409.407 (2) (c) of the statutes, as created by 1995 Wisconsin Act .... (this act), is amended to read:

AB150-engrossed,2191,7 409.407 (2) (c) For providing any service under par. (a) or (b) in an expeditious manner, the secretary of state department may charge and collect an expedited service fee of $25 in addition to any fee required under par. (a) or (b). Only one expedited service fee may be charged for multiple identical certificates if the certificates are requested at the same time and issued at the same time.

AB150-engrossed, s. 6463 Section 6463. 409.409 of the statutes is amended to read:

AB150-engrossed,2191,13 409.409 Storage of records. Whenever in this chapter a filing officer is required to mark, index or file any financing statement, termination statement, continuation statement, statement of assignment or statement of release, the officer may destroy the original statement after a microfilm or other photographic copy or an optical disk or electronic copy has been prepared and filed for retention.

AB150-engrossed, s. 6464b Section 6464b. 409.410 (1) of the statutes is amended to read:

AB150-engrossed,2191,18 409.410 (1) The office of the secretary of state department and the office of each register of deeds in this state shall establish and maintain at least one computer terminal allowing the direct entry into permanent computer storage and the direct retrieval from permanent computer storage of information under sub. (2).

AB150-engrossed, s. 6465b Section 6465b. 409.410 (2) of the statutes is amended to read:

AB150-engrossed,2192,2 409.410 (2) Beginning 30 days after notification by the secretary of state department, each filing officer shall enter all information contained in all financing statements, amendments, termination statements, continuation statements, statements of assignment and statements of release submitted for filing, indexing or marking under ss. 409.401 to 409.408, including the date and time of filing these statements or amendments, into permanent computer storage by means of a computer terminal established and maintained under sub. (1).

AB150-engrossed, s. 6466 Section 6466. 422.501 (2) (b) 8. of the statutes is amended to read:

AB150-engrossed,2192,6 422.501 (2) (b) 8. A person registered as a mortgage banker, loan originator or loan solicitor under s. 440.72 224.72 if the person is acting within the course and scope of that registration.

AB150-engrossed, s. 6467b Section 6467b. 422.505 (1) (d) of the statutes is amended to read:

AB150-engrossed,2192,10 422.505 (1) (d) The credit services organization's principal business address and the name and address of its agent in this state, other than the secretary of state department of financial institutions, who is authorized to receive service of process.

AB150-engrossed, s. 6468 Section 6468. 422.505 (1) (e) of the statutes is amended to read:

AB150-engrossed,2192,15 422.505 (1) (e) A conspicuous statement, in not less than 8-point boldface type, as follows: "THIS CREDIT SERVICES ORGANIZATION IS REGISTERED BY THE OFFICE OF THE COMMISSIONER OF BANKING, P.O. BOX 7876, MADISON, WISCONSIN 53707 DIVISION OF BANKING at .... (insert address)."

AB150-engrossed, s. 6469 Section 6469. 426.103 of the statutes is amended to read:

AB150-engrossed,2192,18 426.103 Administrator. "Administrator" means the commissioner division of banking (s. 220.02).

AB150-engrossed, s. 6470 Section 6470. 426.104 (2) (intro.) of the statutes is amended to read:

AB150-engrossed,2193,2 426.104 (2) (intro.) The administrator shall report annually on practices in consumer transactions, on the use of consumer credit in the state, on problems attending the collection of debts, on the problems of persons of limited means in consumer transactions, and on the operation of chs. 421 to 427. For the purpose of making the report, the administrator may conduct research and make appropriate studies. The report shall be included in the report of the commissioner division of banking under s. 220.14 and shall include:

AB150-engrossed, s. 6470m Section 6470m. 426.104 (4) (ab) of the statutes is created to read:

AB150-engrossed,2193,7 426.104 (4) (ab) 1. Upon the request of any person, the administrator shall review any act, practice, procedure or form that has been submitted to the administrator in writing to determine whether the act, practice, procedure or form is consistent with chs. 421 to 427.

AB150-engrossed,2193,10 2. The administrator may charge the person making a request under subd. 1. for necessary expenses incurred in conducting the review, except the administrator may not charge any of the following persons:

AB150-engrossed,2193,11 a. A person registered under s. 426.201.

AB150-engrossed,2193,13 b. A trade organization, if a majority of the members of the trade organization are registered under s. 426.201.

AB150-engrossed,2193,15 3. Any charge assessed under subd. 2. shall be paid within 30 days after the date on which the administrator assesses the charge.

AB150-engrossed, s. 6470y Section 6470y. 426.110 (4) (b) of the statutes is amended to read:

AB150-engrossed,2193,21 426.110 (4) (b) Such notice shall be in writing and shall be sent by certified or registered mail, return receipt requested, to such person at the place where the transaction occurred, such person's principal place of business within this state, or, if neither will effect actual notice, the office of the secretary of state of this state department of financial institutions.

AB150-engrossed, s. 6471b Section 6471b. Subchapter II (title) of chapter 426 [precedes 426.201] of the statutes is amended to read:

AB150-engrossed,2193,24 CHAPTER 426

AB150-engrossed,2194,3 SUBCHAPTER II NOTIFICATION registration AND FEES

AB150-engrossed, s. 6471d Section 6471d. 426.201 (title) of the statutes is repealed and recreated to read:

AB150-engrossed,2194,5 426.201 (title) Registration.

AB150-engrossed, s. 6471e Section 6471e. 426.201 (1) (intro.) of the statutes is amended to read:

AB150-engrossed,2194,8 426.201 (1) (intro.) This subchapter applies The registration requirements of this section apply to persons who do any of the following in this state:

AB150-engrossed, s. 6471g Section 6471g. 426.201 (1) (a) of the statutes is amended to read:

AB150-engrossed,2194,14 426.201 (1) (a) Make or solicit consumer credit transactions in which a finance charge at a rate in excess of that permitted under s. 138.05, 1977 stats., is imposed as part of the initial transaction, or modifications thereof, except a person who engages in consumer credit transactions solely through honoring credit cards issued by 3rd parties not related to such person; or.

AB150-engrossed, s. 6471h Section 6471h. 426.201 (2) of the statutes is amended to read:

AB150-engrossed,2194,20 426.201 (2) Each person subject to this subchapter the registration requirements under sub. (1) shall file notification a registration statement with the administrator within 30 days after commencing business in this state, and thereafter, on or before December 1 February 28 of each year. The notification registration statement shall state include all of the following information:

AB150-engrossed,2194,21 (a) Name The name of the person ;.

AB150-engrossed,2194,23 (b) Name in The name under which the person transacts business is transacted if different from par. (a);.

AB150-engrossed,2194,25 (c) Address of The address of the person's principal office, which may be outside this state;.

AB150-engrossed,2195,2 (d) Address The addresses of all of the person's offices or retail stores, if any, in this state;.

AB150-engrossed,2195,5 (e) If consumer transactions or other business subject to this chapter are made otherwise than at an office or retail store in this state, a brief description of the manner in which they are made;.

AB150-engrossed,2195,7 (f) Address The address of the person's designated agent upon whom service of process may be made in this state; and.

AB150-engrossed,2195,9 (g) Such other similar information as the administrator may from time to time require to effectuate the purposes and policies of chs. 421 to 427.

AB150-engrossed, s. 6471j Section 6471j. 426.201 (2) (fm) of the statutes is created to read:

AB150-engrossed,2195,14 426.201 (2) (fm) The average monthly outstanding balance of all consumer credit transactions held by the person for the reporting period for which the registration statement is filed. In this paragraph, "average monthly outstanding balance" and "reporting period" have the meanings given under s. 426.202 (1m) (a).

AB150-engrossed, s. 6471L Section 6471L. 426.201 (3) of the statutes is amended to read:

AB150-engrossed,2195,19 426.201 (3) The administrator shall adopt rules governing the filing of changes, additions or modifications of the notification registration statement required by this section, and shall adopt rules pertaining to form, verification and similar matters pertaining to the notification registration.

AB150-engrossed, s. 6471n Section 6471n. 426.202 (1) of the statutes is repealed.

AB150-engrossed, s. 6471p Section 6471p. 426.202 (1m) of the statutes is created to read:

AB150-engrossed,2195,22 426.202 (1m) Amount of registration fee. (a) Definitions. In this subsection: