SB170: Bill Text

SB170, s. 22 Section 22. 45.356 (10) of the statutes is created to read:

SB170,9,18 45.356 (10) Subject to the limit established in subs. (2) and (3), the department may periodically adjust the maximum loan amount based upon financial market conditions, funds available, needs of the veterans trust funds, or other factors that the department considers relevant.

SB170, s. 23 Section 23. 45.356 (11) of the statutes is created to read:

SB170,9,23 45.356 (11) The department may periodically adjust the interest rates for loans made under this section, which may vary based upon the term of the loan, the type of security offered, the method of payment, or other factors that the department considers relevant.

SB170, s. 24 Section 24. 45.356 (12) of the statutes is created to read:

SB170,10,9 45.356 (12) Each loan made under this section, except a loan of $5,000 or less made to an applicant whose total indebtedness for loans made under this section is $5,000 or less, shall be evidenced by a promissory note and secured by a mortgage on real estate located in this state. A loan of $5,000 or less made to an applicant whose total indebtedness for loans made under this section is $5,000 or less shall be evidenced by a promissory note and secured by a guarantor or by a mortgage on real estate located in this state. A mortgage securing a loan made under this section is acceptable if the applicant has equity in the property subject to the mortgage equal to or exceeding a minimum amount that the department establishes by rule.

SB170, s. 25 Section 25. 45.358 (1) (b) of the statutes is amended to read:

SB170,10,12 45.358 (1) (b) "Veteran" means a person who has served on active duty, except service on active duty for training purposes, in the U.S. armed forces.

SB170, s. 26 Section 26. 45.396 (2m) of the statutes is created to read:

SB170,10,19 45.396 (2m) A course at the institution or school that the veteran attends that has been approved for credit through the department's Academic Credit for Military Experience Program, which evaluates military experience and determines the academic credit for that experience, is not eligible for reimbursement under this section if the veteran is eligible to obtain those credits through the Academic Credit for Military Experience Program.

SB170, s. 27 Section 27. 45.396 (5) of the statutes is amended to read:

SB170,11,3 45.396 (5) Except as provided in sub. (9), the The amount of the reimbursement may not exceed 85% of the total cost of the individual's veteran's tuition and fees, minus any grants or scholarships that the veteran receives specifically for the payment of tuition or fees or 85% 100% of the standard cost for a state resident for tuition and fees for an equivalent undergraduate course at the University of Wisconsin-Madison per course, whichever is less, and. Reimbursement under this section may not be provided to an individual a veteran more than 4 times during any consecutive 12-month period.

SB170, s. 28 Section 28. 45.396 (7) (a) (intro.) of the statutes is renumbered 45.396 (7) (a) and amended to read:

SB170,11,10 45.396 (7) (a) No veteran may receive a grant under this section if the department determines, after disregarding any payment described under s. 45.85, 1997 stats., that the income of the veteran and his or her spouse exceeds $500 $50,000 plus $1,000 for each dependent in excess of 2 dependents plus whichever of the following applies:.

SB170, s. 29 Section 29. 45.396 (7) (a) 1. and 2. of the statutes are repealed.

SB170, s. 30 Section 30. 45.396 (9) of the statutes is repealed.

SB170, s. 31 Section 31. 45.43 (7) (c) of the statutes is amended to read:

SB170,11,16 45.43 (7) (c) Notwithstanding par. (b), an eligible county with a part-time county veterans' service officer office shall be eligible for an annual grant not exceeding $500.

SB170, s. 32 Section 32. 45.71 (2) of the statutes is amended to read:

SB170,11,19 45.71 (2) "Authorized lender" means any lender or servicer authorized under s. 45.79 (5) (a) 5. to make or service loans under s. 45.79.

SB170, s. 33 Section 33. 45.71 (16) (a) 2m. (intro.) of the statutes is amended to read:

SB170,11,24 45.71 (16) (a) 2m. (intro.) The person is either a resident of and living in this state at the time of making application, is serving on active duty in the U.S. armed forces at the time of making application, or is deceased, and meets one of the following conditions:

SB170, s. 34 Section 34. 45.79 (5) (a) 11. of the statutes is created to read:

SB170,12,2 45.79 (5) (a) 11. Enter into contracts with persons other than authorized lenders for the servicing of loans made under this section.

SB170, s. 35 Section 35. 45.79 (7) (a) 12. of the statutes is created to read:

SB170,12,5 45.79 (7) (a) 12. To make payments of obligations arising from the acquisition of a headquarters building for the department under s. 45.35 (20).

SB170, s. 36 Section 36. 45.79 (13) of the statutes is created to read:

SB170,12,11 45.79 (13) Repayment of loan. Any money appropriated or transferred by law from the veterans mortgage loan repayment fund for purposes other than those listed in sub. (7), other than moneys made temporarily available to other funds under s. 20.002 (11), shall be repaid from the general fund with interest at a rate of 5% per year from the the date of the appropriation or transfer to the date of repayment.

SB170, s. 37 Section 37. 230.36 (2m) (a) 19. of the statutes is repealed.

SB170,12,13 (End)