SB45: Bill Text

SB45,1099,2 12. Financial consulting.

SB45,1099,3 13. Tax planning and preparation.

SB45,1099,4 14. Community development and charitable activities.

SB45,1099,5 15. Debt cancellation contracts.

SB45,1099,7 16. Any activities reasonably related or incident to activities under subds. 1. to 15.

SB45,1099,15 (b) An activity that is authorized by statute or regulation for financial institutions to engage in as of the effective date of this paragraph .... [revisor inserts date], is an activity that is reasonably related to or incident to the purposes of a universal bank. An activity permitted under the Bank Holding Company Act is an activity that is reasonably related to or incident to the purposes of a universal bank. The list of activities reasonably related or incident to the purposes of a universal bank may be expanded by the division. Any additional activity approved by the division shall be authorized for all universal banks.

SB45,1099,18 (3) Notice requirement. A universal bank shall give 60 days' prior written notice to the division of the universal bank's intention to engage in an activity under this section.

SB45,1099,25 (4) Standards for denial. The division may deny the authority of a universal bank to engage in an activity under this section, other than those activities described in sub. (2) (a) 1. to 16., if the division determines that the activity is not an activity reasonably related or incident to the purposes of a universal bank, that the financial institution is not well-capitalized or adequately capitalized, that the financial institution is the subject of an enforcement action or that the financial institution does not have satisfactory management expertise for the proposed activity.

SB45,1100,4 (5) Insurance intermediation. A universal bank, or an officer or salaried employe of a universal bank, may obtain a license as an insurance intermediary, if otherwise qualified. A universal bank may not, directly or indirectly through a subsidiary, engage in the business of underwriting insurance.

SB45,1100,6 (6) Other activities approved by the division. A universal bank may engage in any other activity that is approved by rule of the division.

SB45,1100,10 (7) Activities provided through a subsidiary. A universal bank may engage in activities under this section, directly or indirectly through a subsidiary, unless the division determines that an activity must be conducted through a subsidiary with appropriate safeguards to limit the risk exposure of the universal bank.

SB45,1100,16 (8) Limitations on investments through subsidiaries. The amount of the investment in any one subsidiary that engages in an activity under this section may not exceed 20% of capital or, if approved by the division, a higher percentage authorized by the division. The aggregate investment in all subsidiaries that engage in an activity under this subsection may not exceed 50% of capital or, if approved by the division, a higher percentage authorized by the division.

SB45,1100,19 (9) Ownership of subsidiaries. A subsidiary that engages in an activity under this section may be owned jointly, with one or more other financial institutions, individuals or entities.

SB45,1100,21 222.0415 Trust powers. Subject to rules of the division, a universal bank may exercise trust powers in accordance with s. 221.0316.

SB45, s. 2347 Section 2347. 223.105 (3) (a) of the statutes is amended to read:

SB45,1101,4 223.105 (3) (a) To assure compliance with such rules as may be established under s. 220.04 (7) the division of banking, the office of credit unions and the division of savings and loan institutions shall, at least once every 18 months, examine the fiduciary operations of each organization which is under its respective jurisdiction and is subject to examination under sub. (2). If a particular organization subject to examination under sub. (2) is not otherwise under the jurisdiction of one of the foregoing agencies, such examination shall be conducted by the division of banking.

SB45, s. 2348 Section 2348. 223.105 (4) of the statutes is amended to read:

SB45,1101,15 223.105 (4) Notice of fiduciary operation. Except for those organizations licensed under ch. 221 or this chapter, any organization engaged in fiduciary operations as defined in this section shall, as required by rule, notify the division of banking, the office of credit unions or the division of savings and loan institutions of that fact, directing the notice to the agency then exercising regulatory authority over the organization or, if there is none, to the division of banking. Any organization which intends to engage in fiduciary operations shall, prior to engaging in such operations, notify the appropriate agency of this intention. The notifications required under this subsection shall be on forms and contain information required by the rules promulgated by the division of banking.

SB45, s. 2349 Section 2349. 223.105 (5) of the statutes is amended to read:

SB45,1101,23 223.105 (5) Enforcement remedy. The division of banking or the division of savings and loan institutions or office of credit unions shall upon the failure of such organization to submit notifications or reports required under this section or otherwise to comply with the provisions of this section, or rules established by the division of banking under s. 220.04 (7), upon due notice, order such defaulting organization to cease and desist from engaging in fiduciary activities and may apply to the appropriate court for enforcement of such order.

SB45, s. 2350 Section 2350. 223.105 (6) of the statutes is amended to read:

SB45,1102,7 223.105 (6) Sunset. Except for an organization regulated by the office of credit unions or the division of savings and loan institutions or an organization authorized by the division of banking to operate as a bank or trust company under ch. 221 or this chapter, an organization may not begin activity as a fiduciary operation under this section after May 12, 1992. An organization engaged in fiduciary operations under this section on May 12, 1992, may continue to engage in fiduciary operations after that date.

SB45, s. 2351 Section 2351. 224.30 (1) (title) of the statutes is created to read:

SB45,1102,9 224.30 (1) (title) Definition.

SB45, s. 2352 Section 2352. 224.30 (2) (title) of the statutes is created to read:

SB45,1102,11 224.30 (2) (title) Electronic forms and signatures.

SB45, s. 2353 Section 2353. 224.30 (3) of the statutes is created to read:

SB45,1102,15 224.30 (3) Access and use of computer databases and systems. The department may charge members of the public a fee for accessing or using the department's databases or computer systems.

SB45, s. 2354 Section 2354. 227.01 (13) (zL) of the statutes is created to read:

SB45,1102,18 227.01 (13) (zL) Prescribes conditions of participation and terms of reimbursement of providers under s. 49.45 (2) (a) 9.

SB45, s. 2355 Section 2355. 227.01 (13) (zm) of the statutes is created to read:

SB45,1102,22 227.01 (13) (zm) Establishes guidelines for the determination of medical necessity and appropriateness for the granting of prior authorization for medical assistance coverage of services under s. 49.46 or 49.47.

SB45, s. 2356 Section 2356. 227.14 (1s) of the statutes is created to read:

SB45,1103,3 227.14 (1s) Exception; preparation of certain rules based on federal food code. Notwithstanding sub. (1), if the department of agriculture, trade and consumer protection or the department of health and family services prepares a proposed rule based on the model food code published by the federal food and drug administration, the proposed rule may be in the format of the model food code.

SB45, s. 2357 Section 2357. 227.52 (5) of the statutes is amended to read:

SB45,1103,5 227.52 (5) Decisions of the division of savings and loan institutions.

SB45, s. 2358 Section 2358. 227.53 (1) (b) 4. of the statutes is amended to read:

SB45,1103,10 227.53 (1) (b) 4. The savings and loan review board, the division of savings and loan institutions, except if the petitioner is the division of savings and loan institutions, the prevailing parties before the savings and loan review board shall be the named respondents.

SB45, s. 2359 Section 2359. 227.53 (1) (b) 5. of the statutes is amended to read:

SB45,1103,15 227.53 (1) (b) 5. The savings bank review board, the division of savings and loan institutions, except if the petitioner is the division of savings and loan institutions, the prevailing parties before the savings bank review board shall be the named respondents.

SB45, s. 2360 Section 2360. 230.08 (2) (e) 3m. of the statutes is amended to read:

SB45,1103,22 230.08 (2) (e) 3m. Educational communications board — 4. If the secretary of administration determines that the federal communications commission has approved the transfer of all broadcasting licenses held by the educational communications board and the board of regents of the University of Wisconsin System to the corporation described under s. 39.81, this subdivision does not apply on and after the effective date of the last license transferred .... [revisor inserts date].

SB45, s. 2361 Section 2361. 230.08 (2) (e) 6. of the statutes is amended to read:

SB45,1103,24 230.08 (2) (e) 6. Workforce development — 8 7.

SB45, s. 2362 Section 2362. 230.08 (2) (L) 2. of the statutes is amended to read:

SB45,1104,7 230.08 (2) (L) 2. Educational communications board, created under s. 15.57 (1). If the secretary of administration determines that the federal communications commission has approved the transfer of all broadcasting licenses held by the educational communications board and the board of regents of the University of Wisconsin System to the corporation described under s. 39.81, this subdivision does not apply on and after the effective date of the last license transferred .... [revisor inserts date].

SB45, s. 2363 Section 2363. 230.08 (2) (u) of the statutes is repealed.

SB45, s. 2364 Section 2364. 230.08 (2) (we) of the statutes is amended to read:

SB45,1104,16 230.08 (2) (we) Professional staff members of the educational communications board authorized under s. 39.13 (2). If the secretary of administration determines that the federal communications commission has approved the transfer of all broadcasting licenses held by the educational communications board and the board of regents of the University of Wisconsin System to the corporation described under s. 39.81, this paragraph does not apply on and after the effective date of the last license transferred .... [revisor inserts date].

SB45, s. 2365 Section 2365. 230.08 (2) (yr) of the statutes is created to read:

SB45,1104,19 230.08 (2) (yr) The executive director of the governor's work-based learning board.

SB45, s. 2366 Section 2366. 230.08 (4) (a) of the statutes is amended to read:

SB45,1105,5 230.08 (4) (a) The number of administrator positions specified in sub. (2) (e) includes all administrator positions specifically authorized by law to be employed outside the classified service in each department, board or commission and the historical society. In Except as provided in par. (am), in this paragraph, "department" has the meaning given under s. 15.01 (5), "board" means the educational communications board, investment board, public defender board and technical college system board and "commission" means the public service commission. Notwithstanding sub. (2) (z), no division administrator position exceeding the number authorized in sub. (2) (e) may be created in the unclassified service.

SB45, s. 2367 Section 2367. 230.08 (4) (am) of the statutes is created to read:

SB45,1105,13 230.08 (4) (am) If the secretary of administration determines that the federal communications commission has approved the transfer of all broadcasting licenses held by the educational communications board and the board of regents of the University of Wisconsin System to the corporation described under s. 39.81, on and after the effective date of the last license transferred .... [revisor inserts date], "board" in par. (a) means the investment board, public defender board and technical college system board.

SB45, s. 2368 Section 2368. 233.24 of the statutes is created to read:

SB45,1105,18 233.24 Limitations on issuance of bonds. Beginning on the effective date of this section .... [revisor inserts date], the authority may not issue bonds for the purpose of purchasing a clinic, as defined in s. 287.07 (7) (c) 1. a., or a hospital, as defined in s. 50.33 (2) (a).

SB45, s. 2369 Section 2369. 233.27 of the statutes is amended to read:

SB45,1106,2 233.27 Limit on the amount of outstanding bonds. The authority may not issue bonds or incur indebtedness described under s. 233.03 (12) if, after the bonds are issued or the indebtedness is incurred, the aggregate principal amount of the authority's outstanding bonds, together with all indebtedness described under s. 233.03 (12) would exceed $50,000,000 $90,000,000. Bonds issued to fund or refund outstanding bonds, or indebtedness incurred to pay off or purchase outstanding indebtedness, is not included in calculating compliance with the $50,000,000 $90,000,000 limit.

SB45, s. 2370 Section 2370. 234.04 (2) of the statutes is amended to read:

SB45,1106,19 234.04 (2) The authority may make or participate in the making and enter into commitments for the making of long-term mortgage loans to eligible sponsors of housing projects for occupancy by persons and families of low and moderate income, or for the making of homeownership mortgage loans or housing rehabilitation loans to persons and families of low and moderate income, an applicant under s. 234.59 or other eligible beneficiaries as defined in s. 234.49. The loans may be made only upon the determination by the authority that they are not otherwise available from private lenders upon reasonably equivalent terms and conditions. The authority may not make a loan to a person if it receives a certification under s. 49.855 (7) that the person is delinquent in child support or maintenance payments or owes past support, medical expenses or birth expenses whose name appears on the statewide support lien docket under s. 49.854 (2) (b), unless the person provides to the authority a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a). The authority may employ, for such compensation as it determines, the services of any financial institution in connection with any loan.

SB45, s. 2371 Section 2371. 234.49 (1) (c) of the statutes is renumbered 234.49 (1) (c) (intro.) and amended to read:

SB45,1106,22 234.49 (1) (c) (intro.) "Eligible beneficiary" means a any of the following:

SB45,1107,4 1. A person for whom the authority has not received a certification from the department of workforce development under s. 49.855 (7) or a whose name does not appear on the statewide support lien docket under s. 49.854 (2) (b), except that a person whose name appears on the statewide support lien docket is an "eligible beneficiary" if the person provides to the authority a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a).

SB45,1107,5 2. A family who or which falls within the income limits specified in par. (f).

SB45, s. 2372 Section 2372. 234.51 (2) (b) of the statutes is amended to read:

SB45,1107,10 234.51 (2) (b) For transfer, upon request, to the secretary of administration for deposit in the state general fund to the Wisconsin development reserve fund under s. 234.93, to the extent that the chairperson of the authority certifies that such funds are no longer required for the program.

SB45, s. 2373 Section 2373. 234.52 (2) of the statutes is amended to read:

SB45,1107,20 234.52 (2) Subject to agreements with bondholders, the authority shall use moneys in the fund solely for transfer to the housing rehabilitation loan program bond redemption fund in amounts equal to losses on housing rehabilitation loans owned by that fund which are not made good by federal insurance or guarantee payments, and solely for the purposes described in s. 234.55 (2) (a). Any balance remaining after payment or due provision for payment of all outstanding bonds issued under the authority of s. 234.50 shall be transferred to the housing rehabilitation loan program administration fund only for the purpose of deposit in the state general fund.

SB45, s. 2374 Section 2374. 234.55 (3) of the statutes is amended to read:

SB45,1107,24 234.55 (3) Any balance remaining after satisfaction of all obligations under sub. (2) shall be transferred to the housing rehabilitation loan program administration fund only for the purpose of deposit in the state general fund.

SB45, s. 2375 Section 2375. 234.59 (3) (c) of the statutes is amended to read:

SB45,1108,9 234.59 (3) (c) The authority shall notify an eligible lender if it receives a certification under s. 49.855 (7) that a person is delinquent in child support or maintenance payments or owes past support, medical expenses or birth expenses a person's name appears on the statewide support lien docket under s. 49.854 (2) (b). An eligible lender may not make a loan to an applicant if it receives notification under this paragraph concerning the applicant, unless the applicant provides to the lender a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a).

SB45, s. 2376 Section 2376. 234.64 of the statutes is created to read:

SB45,1108,11 234.64 Biotechnology development finance company. (1) In this section:

SB45,1108,12 (a) "Biotechnology" means technology related to life sciences.

SB45,1108,13 (b) "Capital participation instrument" means all of the following:

SB45,1108,14 1. Any of the following or an option or other right to acquire any of the following:

SB45,1108,15 a. Common or preferred capital stock.

SB45,1108,16 b. Convertible securities.

SB45,1108,17 c. Evidences of long-term or short-term indebtedness.

SB45,1108,18 d. Warrants.

SB45,1108,19 e. Subscriptions.

SB45,1108,20 f. Partnership or membership interests.

SB45,1108,22 2. Royalties or other lawful derivations of a capital participation instrument listed under subd. 1.

SB45,1109,4 (c) "Cost of a project" means costs associated with the design, planning and implementation of a project that, in accordance with sound business and financial practices, are appropriate charges to the project. The costs may include the costs of planning and design, options to buy land, feasibility or other studies, equipment, seed money, construction, working capital and any other costs determined by the biotechnology development finance company to be necessary to the purposes of this section.

SB45,1109,6 (d) "Project" means commercial, industrial or other economic activity that is undertaken by a biotechnology company in this state.

SB45,1109,9 (2) (a) The authority may organize and maintain a biotechnology development finance company as a nonstock, nonprofit corporation under ch. 181 for the exclusive purpose of investing in new or existing biotechnology companies in this state.

SB45,1109,13 (b) Subject to par. (c), the biotechnology development finance company may purchase a capital participation instrument of a project. The biotechnology development finance company shall ensure that all of the following apply with respect to a project before any investment is made in the project: