AB447: Bill Text Engrossed

AB447-engrossed,12,16 2. The customer's identification number that is assigned by the database.

AB447-engrossed,12,18 3. The principal amount, interest, and all other fees and charges for the payday loan.

AB447-engrossed,12,19 4. The date on which the payday loan agreement is signed.

AB447-engrossed,12,20 5. The date of maturity of the payday loan.

AB447-engrossed,12,21 6. The customer's pay period.

AB447-engrossed,12,24 7. Any other information required by the division by rule, except that the division may not require the submission of, and a payday loan provider may not submit, a customer's financial establishment account or routing numbers.

AB447-engrossed,13,3 (c) At any time a payday loan provider offers a customer the opportunity to agree to repay a payday loan under sub. (7) (a), the payday loan provider shall submit the date of the offer to the database under par. (a).

AB447-engrossed,13,7 (d) At the time the outstanding balance of a payday loan is repaid in full, the payday loan provider shall submit to the database under par. (a), in the form and manner prescribed by the division, information specifying that the payday loan has terminated, including the date and time that the payday loan terminated.

AB447-engrossed,13,10 (e) The division shall impose on a payday loan provider a fee in an amount specified by rule each time the payday loan provider submits data required under pars. (b), (c), and (d).

AB447-engrossed,13,13 (f) A payday loan provider may rely on the information contained in the database under par. (a) as accurate and is not subject to any penalty or liability due to its reliance on inaccurate information contained in the database.

AB447-engrossed,13,17 (g) Information maintained in the database under par. (a) is not subject to inspection or copying under s. 19.35 (1) and shall remain confidential except as needed by payday loan providers to satisfy the requirements of this section and by the division to enforce this section.

AB447-engrossed,13,21 (h) If the division contracts with a person for the development or administration of the database under par. (a), the division shall ensure that the contract requires the person to maintain the confidentiality of information contained in the database.

AB447-engrossed,13,24 (i) The division shall establish procedures monitoring use of the database by payday loan providers, including procedures for determining compliance with par. (b) 2.

AB447-engrossed,14,6 (9) Customer information. No payday loan provider or person with whom the division contracts for development or administration of the database under sub. (8) (a) may sell or provide to another person any information regarding a customer or a payday loan made to a customer, except that the prohibition on providing information does not apply to information that is provided to satisfy the requirements of this section or to enforce this section.

AB447-engrossed,14,13 (10) Private cause of action. If a payday loan provider makes a payday loan to a customer that violates this section, the customer may bring an action against the payday loan provider for an amount equal to twice the interest and all other fees and charges charged for the loan, or the actual damages, including any incidental and consequential damages, sustained by the customer by reason of the violation, whichever is greater, and, notwithstanding s. 814.04 (1), the costs of the action, including reasonable attorney fees.

AB447-engrossed,14,15 (11) Penalty. Whoever violates this section may be fined not less than $500 nor more than $1,000, imprisoned for not more than 6 months, or both.

AB447-engrossed,14,18 (12) Rules. The division shall promulgate rules necessary to implement, administer, and enforce this section, including prescribing the form and content of any report required under sub. (5) and the method of filing such a report.

AB447-engrossed, s. 7 Section 7. 138.15 of the statutes is created to read:

AB447-engrossed,14,20 138.15 Motor vehicle title loans. (1) Definitions. In this section:

AB447-engrossed,14,22 (a) "Borrower" means an individual who obtains or seeks to obtain a motor vehicle title loan for personal, family, or household purposes.

AB447-engrossed,14,25 (b) "Motor vehicle title loan" means a loan of $25,000 or less to a borrower that is, or is to be, secured by an interest, other than a purchase money security interest, in the borrower's motor vehicle.

AB447-engrossed,15,2 (2) Title loans prohibited. No person required to be licensed under s. 138.09 may make or offer any motor vehicle title loan.

AB447-engrossed, s. 8 Section 8 . Nonstatutory provisions.

AB447-engrossed,15,5 (1) In this Section, "division" means the division of banking in the department of financial institutions.

AB447-engrossed,15,9 (2) The division shall submit in proposed form the rules required under section 138.14 (8) (b) 7. and (e) and (12) of the statutes, as created by this act, to the legislative council staff under section 227.15 (1) of the statutes no later than the first day of the 6th month beginning after the effective date of this subsection.

AB447-engrossed,15,22 (3) Using the emergency rules procedure under section 227.24 of the statutes, the division shall promulgate the rules required under section 138.14 (8) (b) 7. and (e) and (12) of the statutes, as created by this act, for purposes of implementing this act, for the period before the effective date of the rules submitted under subsection (2). The division shall promulgate these emergency rules no later than the first day of the 6th month beginning after the effective date of this subsection. Notwithstanding section 227.24 (1) (c) and (2) of the statutes, these emergency rules may remain in effect until July 1, 2011, or the date on which permanent rules take effect, whichever is sooner. Notwithstanding section 227.24 (1) (a) and (3) of the statutes, the division is not required to provide evidence that promulgating a rule under this subsection as an emergency rule is necessary for the preservation of the public peace, health, safety, or welfare and is not required to provide a finding of emergency for a rule promulgated under this subsection.

AB447-engrossed, s. 9 Section 9. Initial applicability.

AB447-engrossed,15,25 (1) The treatment of section 138.09 (8) (g) and (h) of the statutes first applies to loans made on the effective date of this subsection.

AB447-engrossed,16,2 (2) The treatment of section 138.14 of the statutes first applies to payday loans made or offered on the effective date of this subsection.

AB447-engrossed,16,4 (3) The treatment of section 138.15 of the statutes first applies to motor vehicle title loans made or offered on the effective date of this subsection.

AB447-engrossed, s. 10 Section 10. Effective dates. This act takes effect on the first day of the 6th month beginning after publication, except as follows:

AB447-engrossed,16,7 (1) Section 8 of this act takes effect on the day after publication.

AB447-engrossed,16,8 (End)