MDK:lmk:ch
2005 - 2006 LEGISLATURE
December 20, 2005 - Introduced by Representatives Van Roy, Gard, Bies,
Gunderson, Gundrum, Ballweg, Hines, Nass, Owens, McCormick, Vos and
Pettis, cosponsored by Senators A. Lasee and Hansen. Referred to Committee
on Financial Institutions.
AB883,1,3
1An Act to amend 79.10 (5);
to repeal and recreate 708.10 (title); and
to create
2708.10 (3) of the statutes;
relating to: requiring real estate mortgage lenders
3to provide borrowers with lottery and gaming property tax credit information.
Analysis by the Legislative Reference Bureau
This bill requires lenders who make real estate mortgage loans to provide
borrowers with a form that describes the lottery and gaming property tax credit and
includes an application for the credit. Under current law, a person who has his or
her principal dwelling in this state may claim the credit against the property taxes
imposed on that dwelling.
The bill requires the Department of Revenue to prescribe the form and make
the form available without charge to lenders. A lender must provide the form to a
borrower at the loan settlement. However, if the borrower does not attend the loan
settlement, the lender must mail the form to the borrower no later than 10 business
days after the loan settlement is completed.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB883, s. 1
4Section
1. 79.10 (5) of the statutes is amended to read:
AB883,2,9
179.10
(5) Lottery and gaming credit. Each municipality shall receive, from the
2appropriation under s. 20.835 (3) (q), an amount determined by multiplying the
3school tax rate by the estimated fair market value, not exceeding the value
4determined under sub. (11), of every principal dwelling that is located in the
5municipality and for which a claim for the credit under sub. (9) (bm) is made by the
6owner of the principal dwelling.
The department shall prescribe a form that
7describes the credit and includes an application for the credit. The department shall
8make the form available without charge for lenders to provide to borrowers under s.
9708.10 (3) (b).
AB883, s. 2
10Section
2. 708.10 (title) of the statutes is repealed and recreated to read:
AB883,2,11
11708.10 (title)
Closings.
AB883, s. 3
12Section
3. 708.10 (3) of the statutes is created to read:
AB883,2,1313
708.10
(3) Lottery credit notice. (a) In this subsection:
AB883,2,1514
1. "Business day" means a business day, as defined in s. 421.301 (6), that is not
15a legal holiday under s. 895.20 or a federal legal holiday.
AB883,2,1716
2. "Lender" includes any federal, state, or local unit of government or any
17agency, political subdivision, or instrumentality of such a unit of government.
AB883,2,2118
(b) At a loan settlement, a lender shall provide the borrower with the form
19prescribed by the department of revenue under s. 79.10 (5), except that, if the
20borrower does not attend the loan settlement, the lender shall mail the form to the
21borrower no later than 10 business days after the loan settlement is completed.
AB883,2,2423
(1)
This act takes effect on the first day of the 6th month beginning after
24publication.
