SB99: Bill Text

SB99,18,16 138.052 (11) The contract rate is not subject to rate limitations imposed under this chapter or s. 218.01 ss. 218.0101 to 218.0163 or under s. 422.201.

SB99, s. 13 Section 13. 138.09 (3) (e) 1. c. of the statutes is amended to read:

SB99,18,19 138.09 (3) (e) 1. c. A loan, finance or discount business under s. 218.01 ss. 218.0101 to 218.0163.

SB99, s. 14 Section 14. 218.01 (title) of the statutes is repealed.

Note: The title of s. 218.01 is repealed to reflect the division of s. 218.01 into a number of different sections.

SB99, s. 15 Section 15. 218.01 (1) (intro.) of the statutes is renumbered 218.0101 (intro.) and amended to read:

SB99,19,3 218.0101 Definitions. (intro.) In this section ss. 218.0101 to 218.0163, unless the context requires otherwise requires, the following words and terms shall have the following meanings:

SB99, s. 16 Section 16. 218.01 (1) (a) of the statutes is renumbered 218.0101 (1).

SB99, s. 17 Section 17. 218.01 (1) (b) of the statutes is renumbered 218.0101 (3) and amended to read:

SB99,19,9 218.0101 (3) "Cash price" means the retail seller's price in dollars for the sale of the goods, and the transfer of unqualified title thereto to those goods, upon payment of such the retail seller's price in cash or the a cash equivalent thereof.

SB99, s. 18 Section 18. 218.01 (1) (ct) of the statutes is renumbered 218.0101 (4).

SB99, s. 19 Section 19. 218.01 (1) (df) of the statutes is renumbered 218.0101 (5).

SB99, s. 20 Section 20. 218.01 (1) (e) of the statutes is renumbered 218.0101 (6).

SB99, s. 21 Section 21. 218.01 (1) (f) of the statutes is renumbered 218.0101 (7).

SB99, s. 22 Section 22. 218.01 (1) (g) of the statutes is renumbered 218.0101 (8).

SB99, s. 23 Section 23. 218.01 (1) (gm) of the statutes is renumbered 218.0101 (9).

SB99, s. 24 Section 24. 218.01 (1) (h) of the statutes is renumbered 218.0101 (10).

SB99, s. 25 Section 25. 218.01 (1) (i) of the statutes is renumbered 218.0101 (11).

SB99, s. 26 Section 26. 218.01 (1) (j) of the statutes is renumbered 218.0101 (12).

SB99, s. 27 Section 27. 218.01 (1) (je) of the statutes is renumbered 218.0101 (13).

SB99, s. 28 Section 28. 218.01 (1) (jf) of the statutes is renumbered 218.0101 (13m).

SB99, s. 29 Section 29. 218.01 (1) (jg) of the statutes is renumbered 218.0101 (14).

SB99, s. 30 Section 30. 218.01 (1) (ji) of the statutes is renumbered 218.0101 (15).

SB99, s. 31 Section 31. 218.01 (1) (jj) of the statutes is renumbered 218.0101 (16).

SB99, s. 32 Section 32. 218.01 (1) (jk) of the statutes is renumbered 218.0101 (17).

SB99, s. 33 Section 33. 218.01 (1) (jm) of the statutes is renumbered 218.0101 (18) and amended to read:

SB99,20,6 218.0101 (18) "License period" means the period during which a particular type of license described in sub. (2) (d) s. 218.0114 (14) is effective, as established by the department of transportation or division of banking under sub. (2) (cm) 2. or 4. s. 218.0114 (13) (b) or (d).

SB99, s. 34 Section 34. 218.01 (1) (k) of the statutes is renumbered 218.0101 (19) and amended to read:

SB99,20,11 218.0101 (19) "Licensor" means the body, either the division of banking or the department of transportation or both, issuing a license hereunder under ss. 218.0101 to 218.0163.

SB99, s. 35 Section 35. 218.01 (1) (L) of the statutes is renumbered 218.0101 (20) (intro.) and amended to read:

SB99,20,15 218.0101 (20) (intro.) "Manufacturer" means any person, resident or nonresident, who manufactures does any of the following:

SB99,20,16 (a) Manufactures or assembles motor vehicles or who manufactures.

SB99,20,20 (b) Manufactures or installs on previously assembled truck chassis, special bodies or equipment which when installed form an integral part of the motor vehicle and which constitutes a major manufacturing alteration and which completed unit is owned by such the manufacturer.

SB99, s. 36 Section 36. 218.01 (1) (Lm) of the statutes is renumbered 218.0101 (21).

SB99, s. 37 Section 37. 218.01 (1) (m) of the statutes is renumbered 218.0101 (22).

SB99, s. 38 Section 38. 218.01 (1) (n) of the statutes is renumbered 218.0101 (23) (a), and 218.0101 (23) (a) (intro.) and 2., as renumbered, are amended to read:

SB99,21,2 218.0101 (23) (a) (intro.) "Motor vehicle dealer" means any person, firm or corporation, not excluded by par. (o) (b) who:

SB99,21,5 2. Is engaged wholly or in part in the business of selling or leasing motor vehicles, including motorcycles, whether or not such the motor vehicles are owned by such that person, firm or corporation.

SB99, s. 39 Section 39. 218.01 (1) (o) of the statutes is renumbered 218.0101 (23) (b), and 218.0101 (23) (b) 1. to 4., as renumbered, are amended to read:

SB99,21,9 218.0101 (23) (b) 1. Receivers, trustees, administrators, executors, guardians or other persons appointed by or acting under the judgment or order of any court; or.

SB99,21,10 2. Public officers while performing their official duties; or.

SB99,21,13 3. Employes of persons, corporations or associations enumerated in subds. 1. and 2., when engaged in the specific performance of their duties as such employes of the enumerated persons, corporations or associations.

SB99,21,17 4. Sales finance companies or other loan agencies who sell or offer for sale motor vehicles repossessed or foreclosed on by them those sales finance companies or other loan agencies under terms of an instalment contract, or motor vehicles taken in trade on such repossessions.

SB99, s. 40 Section 40. 218.01 (1) (p) of the statutes is renumbered 218.0101 (24) and amended to read:

SB99,21,25 218.0101 (24) "Motor vehicle salesperson" means sales representative, sales manager, general manager or other person who is employed by a motor vehicle dealer for the purpose of selling or approving retail sales, or leasing or approving consumer leases, of motor vehicles. Any motor vehicle salesperson licensed hereunder under ss. 218.0101 to 218.0163 shall be licensed to sell or lease only for only one dealer at a time.

SB99, s. 41 Section 41. 218.01 (1) (pt) of the statutes is renumbered 218.0101 (25).

SB99, s. 42 Section 42. 218.01 (1) (q) of the statutes is renumbered 218.0101 (26).

SB99, s. 43 Section 43. 218.01 (1) (qm) of the statutes is renumbered 218.0101 (27).

SB99, s. 44 Section 44. 218.01 (1) (qr) of the statutes is renumbered 218.0101 (28).

SB99, s. 45 Section 45. 218.01 (1) (qt) of the statutes is renumbered 218.0101 (29).

SB99, s. 46 Section 46. 218.01 (1) (r) of the statutes is renumbered 218.0101 (30).

SB99, s. 47 Section 47. 218.01 (1) (s) of the statutes is renumbered 218.0101 (31).

SB99, s. 48 Section 48. 218.01 (1) (t) of the statutes is renumbered 218.0101 (32) and amended to read:

SB99,22,15 218.0101 (32) "Retail instalment contract" or "instalment contract" means and includes every contract to sell one or more motor vehicles at retail, in which the price thereof of the motor vehicle is payable in one or more instalments over a period of time and in which the seller has either retained title to the goods or has taken or retained a security interest in the goods under a form of contract designated either as a conditional sale, chattel mortgage or otherwise.

SB99, s. 49 Section 49. 218.01 (1) (u) of the statutes is renumbered 218.0101 (33) and amended to read:

SB99,22,20 218.0101 (33) "Retail seller" means a person, firm or corporation selling or agreeing to sell one or more motor vehicles under a retail instalment contract to a buyer for the latter's buyer's personal use or consumption thereof.

SB99, s. 50 Section 50. 218.01 (1) (v) of the statutes is renumbered 218.0101 (34) (a) and amended to read:

SB99,23,2 218.0101 (34) (a) "Sales finance company" means and includes any person, firm or corporation engaging in the business, in whole or in part, of acquiring by purchase or by loan on the security thereof, or otherwise, retail instalment contracts or consumer leases from retail sellers or lessors in this state, including.

SB99,23,5 (b) "Sales finance company" includes any motor vehicle dealer who sells or leases any motor vehicle on an instalment contract or consumer lease or acquires any retail instalment contracts in the dealer's retail sales or leases of motor vehicles.

SB99, s. 51 Section 51. 218.01 (1) (w) of the statutes is renumbered 218.0101 (35).

SB99, s. 52 Section 52. 218.01 (1) (x) of the statutes is renumbered 218.0101 (36).

SB99, s. 53 Section 53. 218.01 (1) (xm) of the statutes is renumbered 218.0101 (37).

SB99, s. 54 Section 54. 218.01 (1a) (title) of the statutes is renumbered 218.0111 (title).

SB99, s. 55 Section 55. 218.01 (1a) of the statutes is renumbered 218.0111 (1) (intro.) and amended to read:

SB99,23,16 218.0111 (1) (intro.) The department of transportation shall issue the licenses provided for in sub. (2) (d) 1. to 6. s. 218.0114 (14) (a) to (f) and have supervision over the licensees thereunder in respect to all of the provisions of this section ss. 218.0101 to 218.0163, except only as to such matters as that the division of banking shall have jurisdiction and control over all of the following:

SB99,23,19 (a) Matters that relate to the sale of motor vehicles on retail instalment contracts and the financing and servicing of such those retail instalment contracts and as to such matters as.

SB99,23,23 (b) Matters that relate to prelease agreements under sub. (6x) s. 218.0144 and consumer leases under chs. 421 to 427 and 429, over which matter the division of banking shall have jurisdiction and control, and the division of banking shall issue the.

SB99,23,24 (c) The issuance of licenses to sales finance companies.

SB99,24,9 (2) Either licensor hereunder under sub. (1) shall, upon request, furnish the other licensor with any information it may have in respect to any licensee or applicant for license or any transaction in which such a licensee or applicant may be a party or be interested. No license shall be issued under sub. (2) (d) 1. and 8. s. 218.0114 (14) (a) and (g) until both licensors have approved the application. The suspension or revocation of either of such licenses the license issued under s. 218.0114 (14) (a) or (g) shall automatically likewise suspend or revoke the other license; and such. Any suspension or revocation shall be certified by the licensor ordering it to the other licensor.

Note: Text order is changed for improved readability.

SB99, s. 56 Section 56. 218.01 (1b) of the statutes is renumbered 218.0113 and amended to read:

SB99,24,22 218.0113 Licenses for dealers, distributors, manufacturers or transporters of semitrailers and trailers. Subject to ch. 180 where applicable, any dealer, distributor, manufacturer or transporter of semitrailers or trailers designed for use in combination with a truck or truck tractor is deemed considered licensed under this section ss. 218.0101 to 218.0163 where for purposes of chs. 341 and 342 a license under this section ss. 218.0101 to 218.0163 is required. This subsection section is enacted to remove an undue burden on interstate commerce from a class of commercial transactions in which the business character of the parties does not require the protection provided by this section ss. 218.0101 to 218.0163 and to promote the expansion of credit for truck operators who require banking and financing facilities throughout the United States.

SB99, s. 57 Section 57. 218.01 (2) (title) of the statutes is renumbered 218.0114 (title).

SB99, s. 58 Section 58. 218.01 (2) (a) of the statutes is renumbered 218.0114 (1) and amended to read:

SB99,25,11 218.0114 (1) No motor vehicle dealer, motor vehicle salesperson or sales finance company shall may engage in business as such a motor vehicle dealer, motor vehicle salesperson or sales finance company in this state without a license therefor as provided in this section ss. 218.0101 to 218.0163. If any motor vehicle dealer acts as a motor vehicle salesperson, he or she shall secure a motor vehicle salesperson's license in addition to a license for motor vehicle dealer license. Every motor vehicle dealer shall be responsible for the licensing of every motor vehicle salesperson in his or her employ. Any person violating this paragraph subsection may be fined not less than $500 nor more than $5,000.

SB99, s. 59 Section 59. 218.01 (2) (am) of the statutes is renumbered 218.0114 (2) and amended to read:

SB99,25,16 218.0114 (2) No manufacturer, importer or distributor shall may engage in business as such a manufacturer, importer or distributor in this state without a license therefor as provided in this section ss. 218.0101 to 218.0163.

SB99, s. 60 Section 60. 218.01 (2) (an) of the statutes is renumbered 218.0114 (3) and amended to read:

SB99,25,22 218.0114 (3) No factory representative or distributor representative shall may engage in business as such a factory representative or distributor representative in this state without a license therefor as provided in this section ss. 218.0101 to 218.0163.

SB99, s. 61 Section 61. 218.01 (2) (b) of the statutes is renumbered 218.0114 (4) and amended to read:

SB99,26,16 218.0114 (4) Application for a license under this section shall be made to the licensor, at such time, in such form and with such information as the licensor shall require and shall be accompanied by the required fees. An applicant for a sales finance company license, other than a motor vehicle dealer, shall pay to the division of banking a nonrefundable $300 investigation fee in addition to the license fee under par. (dr) sub. (16). If the cost of an investigation exceeds $300, the applicant shall, upon demand of the division of banking, pay the amount by which the cost of the investigation exceeds the nonrefundable fee. A licensee is not required to pay an investigation fee for the renewal of a license. The licensor may require the applicant to provide information relating to any pertinent matter that is commensurate with the safeguarding of the public interest in the locality in which the applicant proposes to engage in business, except that information relating to the applicant's solvency and financial standing may not be required for motor vehicle dealers except as provided in par. (h) 1. sub. (20) (a). The information provided may be considered by the licensor in determining the fitness of the applicant to engage in business as set forth in this section ss. 218.0101 to 218.0163.

SB99, s. 62 Section 62. 218.01 (2) (bb) of the statutes is renumbered 218.0114 (5) and amended to read:

SB99,27,2 218.0114 (5) (a) A motor vehicle dealer or an applicant for a motor vehicle dealer license shall provide and maintain in force a bond or irrevocable letter of credit of not less than $25,000 or, if the dealer or applicant sells or proposes to sell motorcycles and not other types of motor vehicles, a bond or irrevocable letter of credit of not less than $5,000. The bond or letter of credit shall be executed in the name of the department of transportation for the benefit of any person who sustains a loss because of an act of a motor vehicle dealer that constitutes grounds for the suspension or revocation of a license under this section ss. 218.0101 to 218.0163.

SB99,27,10 (b) A sales finance company or an applicant for a sales finance company license shall provide and maintain in force a bond or irrevocable letter of credit of not less than $25,000 issued by a surety company licensed to do business in this state or a federally insured financial institution, as defined in s. 705.01 (3). The bond or letter of credit shall be payable to the state of Wisconsin for the use of the state and of any person who sustains a loss because of an act of a sales finance company that constitutes grounds for the suspension or revocation of a license under this section ss. 218.0101 to 218.0163.

SB99, s. 63 Section 63. 218.01 (2) (bc) of the statutes is renumbered 218.0114 (6) and amended to read:

SB99,28,2 218.0114 (6) Except as provided in this subsection section every dealer and distributor of new motor vehicles shall, at the time of application for a license, file with the department of transportation a certified copy of the applicant's written agreement and a certificate of appointment as dealer or distributor, respectively. The certificate of appointment shall be signed by an authorized agent of the manufacturer of domestic vehicles on direct manufacturer-dealer agreements; or, where the manufacturer is wholesaling through an appointed distributorship, by an authorized agent of the distributor on indirect distributor-dealer agreements. The certificate shall be signed by an authorized agent of the importer on direct importer-dealer agreements of foreign-made vehicles; or by an authorized agent of the distributor on indirect distributor-dealer agreements. The distributor's certificate of appointment shall be signed by an authorized agent of the manufacturer; or by an agent of the manufacturer or importer of foreign manufactured vehicles.

SB99, s. 64 Section 64. 218.01 (2) (bd) 1. of the statutes is renumbered 218.0114 (7) (a) 1. (intro.) and amended to read:

SB99,28,9 218.0114 (7) (a) 1. (intro.) A written agreement need not be filed for each dealer or distributor if the manufacturer on or importer, for direct dealerships, or distributor on, for indirect dealerships or importer on direct dealerships, utilizes the identical basic agreement for all its dealers or distributors in Wisconsin and certifies all of the following in the certificate of appointment that such:

SB99,28,11 a. That the blanket agreement is on file and such written with the department of transportation.