LRB-1059/1
MGG:mfd:jlb
1997 - 1998 LEGISLATURE
January 29, 1997 - Introduced by Senators Rude, Moen, Wirch, Schultz and
Buettner, cosponsored by Representatives Foti, Johnsrud, Meyer, Gard, M.
Lehman, Gunderson, Albers, Musser, Ainsworth, Hahn, Schafer and
Seratti. Referred to Committee on Economic Development, Housing and
Government Operations.
SB41,1,2
1An Act to create 134.85 (4m) of the statutes;
relating to: security deposits made
2by motor fuel dealers.
Analysis by the Legislative Reference Bureau
This bill requires a corporation that grants dealerships for the sale or
distribution of motor fuel to ensure that its motor fuel dealers receive interest on any
security deposit that the corporation requires. Under the bill, the rate of interest
must be the average rate of interest paid on regular passbook deposits as calculated
on an annual basis by the division of banking, the division of savings and loan and
the office of credit unions.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB41, s. 1
3Section
1. 134.85 (4m) of the statutes is created to read:
SB41,1,74
134.85
(4m) Security deposits. If a motor fuel grantor requires a motor fuel
5dealer to make a security deposit, the motor fuel grantor shall ensure that interest
6on the security deposit is paid to the motor fuel dealer at the rate published by the
7revisor of statutes under s. 138.052 (5) (am) 2. c.
SB41,2,32
(1) This act first applies to motor fuel dealership agreements that are entered
3into, renewed or extended on the effective date of this subsection.
