The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB456,1 1Section 1. 73.0301 (1) (a) of the statutes is amended to read:
AB456,8,2
173.0301 (1) (a) "Credential" has the meaning given in s. 440.01 (2) (a), but does
2not include a registration as an inactive licensee under s. 452.12 (6) (b)
.
AB456,2 3Section 2. 108.227 (1) (b) of the statutes is amended to read:
AB456,8,54 108.227 (1) (b) "Credential" has the meaning given in s. 440.01 (2) (a), but does
5not include a registration as an inactive licensee under s. 452.12 (6) (b)
.
AB456,3 6Section 3. 186.113 (19) of the statutes is amended to read:
AB456,8,127 186.113 (19) Client fund accounts. Maintain real estate broker trust accounts
8under s. 452.13 for brokers who firms, as defined in s. 452.01 (4w), that are eligible
9for membership in the credit union, attorney trust accounts under s. 757.293 for
10attorneys who are eligible for membership in the credit union, and collection agency
11trust accounts under s. 218.04 (9g) for persons who are eligible for membership in
12the credit union.
AB456,4 13Section 4. 440.03 (11m) (a) (intro.) and 1. of the statutes are consolidated,
14renumbered 440.03 (11m) (a) and amended to read:
AB456,8,2215 440.03 (11m) (a) Each application form for a credential issued or renewed
16under chs. 440 to 480 shall provide a space for the department to require each of the
17following
an applicant for the initial credential or credential renewal, other than an
18individual who does not have a social security number and who submits a statement
19made or subscribed under oath or affirmation as required under par. (am), to provide
20his or her social security number: 1. An applicant for an initial credential or
21credential renewal
. If the applicant is not an individual, the department shall
22require the applicant to provide its federal employer identification number.
AB456,5 23Section 5. 440.03 (11m) (a) 2. of the statutes is repealed.
AB456,6 24Section 6. 440.03 (11m) (am) of the statutes is amended to read:
AB456,9,6
1440.03 (11m) (am) If an applicant specified in par. (a) 1. or 2. is an individual
2who does not have a social security number, the applicant shall submit a statement
3made or subscribed under oath that the applicant does not have a social security
4number. The form of the statement shall be prescribed by the department of children
5and families. A credential or license issued in reliance upon a false statement
6submitted under this paragraph is invalid.
AB456,7 7Section 7. 440.03 (11m) (b) of the statutes is amended to read:
AB456,9,138 440.03 (11m) (b) The real estate examining board shall deny an application for
9an initial credential or deny an application for credential renewal or for
10reinstatement of an inactive license under s. 452.12 (6) (e)
if any information
11required under par. (a) is not included in the application form or, in the case of an
12applicant who is an individual and who does not have a social security number, if the
13statement required under par. (am) is not included with the application form.
AB456,8 14Section 8. 440.03 (11m) (c) of the statutes is amended to read:
AB456,9,2215 440.03 (11m) (c) The department of safety and professional services may not
16disclose a social security number obtained under par. (a) to any person except the
17coordinated licensure information system under s. 441.50 (7); the department of
18children and families for purposes of administering s. 49.22; and, for a social security
19number obtained under par. (a) 1., the department of revenue for the purpose of
20requesting certifications under s. 73.0301 and administering state taxes and the
21department of workforce development for the purpose of requesting certifications
22under s. 108.227.
AB456,9 23Section 9. 440.03 (13) (b) 72. of the statutes is repealed.
AB456,10 24Section 10. 440.08 (2) (a) 69. of the statutes is repealed.
AB456,11 25Section 11. 440.13 (2) (c) of the statutes is amended to read:
AB456,10,4
1440.13 (2) (c) With respect to a credential granted by a credentialing board, a
2credentialing board shall restrict, limit, or suspend a credential held by a person or
3deny an application for an initial credential or for reinstatement of an inactive
4license under s. 452.12 (6) (e)
when directed to do so by the department.
AB456,12 5Section 12. 452.01 (1m) of the statutes is amended to read:
AB456,10,86 452.01 (1m) "Agency agreement" means a written agreement between a broker
7firm and a client in which the client authorizes the broker firm to provide brokerage
8services to the client.
AB456,13 9Section 13. 452.01 (1o) of the statutes is created to read:
AB456,10,1310 452.01 (1o) "Associated with a firm" means to have been engaged by a firm to
11provide brokerage services to the firm's clients and customers on behalf of the firm
12and under the firm's supervision, including as an employee of the firm or as an
13independent contractor.
AB456,14 14Section 14. 452.01 (1p) of the statutes is created to read:
AB456,10,1615 452.01 (1p) "Associated with a subagent" means to be associated with a firm
16that is engaged as a subagent.
AB456,15 17Section 15. 452.01 (3) (d) of the statutes is amended to read:
AB456,10,1918 452.01 (3) (d) Employees of persons enumerated in pars. (a) to (c) and, (f), and
19(i)
when engaged in the specific performance of their duties as such employees.
AB456,16 20Section 16. 452.01 (3) (i) of the statutes is created to read:
AB456,10,2221 452.01 (3) (i) A developer, as defined in s. 707.02 (11), negotiating a transaction
22involving a time share.
AB456,17 23Section 17. 452.01 (3e) of the statutes is amended to read:
AB456,11,3
1452.01 (3e) "Brokerage service" means any service described under sub. (2)
2provided to a person by a broker to another person firm and any licensees associated
3with the firm
.
AB456,18 4Section 18. 452.01 (3m) of the statutes is amended to read:
AB456,11,65 452.01 (3m) "Client" means a party to a transaction who has an agency
6agreement with a broker firm for brokerage services.
AB456,19 7Section 19. 452.01 (3s) of the statutes is amended to read:
AB456,11,108 452.01 (3s) "Customer" means a party to a transaction who is provided
9brokerage services by a broker firm and any licensees associated with the firm but
10who is not a client.
AB456,20 11Section 20. 452.01 (3w) of the statutes is amended to read:
AB456,11,1612 452.01 (3w) "Designated agency" means a multiple representation
13relationship in which each client of the broker firm in the multiple representation
14relationship receives negotiation services from the broker firm only from employees
15of
licensees associated with the broker firm who are not providing negotiation
16services to any other client of the broker firm in the transaction.
AB456,21 17Section 21. 452.01 (4) of the statutes is amended to read:
AB456,11,2118 452.01 (4) "Disciplinary proceeding" means a proceeding against one or more
19licensees or registrants in which the board may revoke, suspend, or limit a license
20or registration, reprimand a licensee or registrant, or assess a forfeiture or require
21education or training under s. 452.14 (4m) or (4r).
AB456,22 22Section 22. 452.01 (4d) of the statutes is repealed.
AB456,23 23Section 23. 452.01 (4h) of the statutes is repealed.
AB456,24 24Section 24. 452.01 (4p) of the statutes is repealed.
AB456,25 25Section 25. 452.01 (4t) of the statutes is repealed.
AB456,26
1Section 26. 452.01 (4w) of the statutes is created to read:
AB456,12,32 452.01 (4w) "Firm" means a licensed individual broker acting as a sole
3proprietorship or a licensed broker business entity.
AB456,27 4Section 27. 452.01 (4x) of the statutes is created to read:
AB456,12,65 452.01 (4x) "Licensed broker business entity" means a broker licensed under
6s. 452.12 that is a business entity.
AB456,28 7Section 28. 452.01 (4y) of the statutes is created to read:
AB456,12,98 452.01 (4y) "Licensed individual broker" means a broker licensed under s.
9452.12 who is an individual.
AB456,29 10Section 29. 452.01 (5) of the statutes is amended to read:
AB456,12,1211 452.01 (5) "Licensee" means any person licensed or registered under this
12chapter, other than an inactive licensee registered under s. 452.12 (6).
AB456,30 13Section 30 . 452.01 (5) of the statutes, as affected by 2015 Wisconsin Act ....
14(this act), is amended to read:
AB456,12,1615 452.01 (5) "Licensee" means any person licensed or registered under this
16chapter.
AB456,31 17Section 31 . 452.01 (5c) of the statutes is created to read:
AB456,12,1918 452.01 (5c) "License number" means a number assigned to a person under s.
19452.05 (1) (j).
AB456,32 20Section 32. 452.01 (5j) of the statutes is amended to read:
AB456,12,2321 452.01 (5j) "Multiple representation relationship" means a relationship
22between a broker firm and 2 or more of the broker's firm's clients in which the clients
23are parties in the same transaction.
AB456,33 24Section 33. 452.01 (5m) (b) of the statutes is amended to read:
AB456,13,3
1452.01 (5m) (b) Completing, when requested by a party, appropriate
2department-approved board-approved forms or other writings to document the
3party's proposal consistent with the party's intent.
AB456,34 4Section 34 . 452.01 (5p) of the statutes is amended to read:
AB456,13,85 452.01 (5p) "Out-of-state salesperson" means a person who is not licensed
6under this chapter and who is employed or engaged as an independent contractor by
7an out-of-state broker. "Out-of-state salesperson" includes a time-share
8salesperson employed by an out-of-state broker.
AB456,35 9Section 35 . 452.01 (5p) of the statutes, as affected by 2015 Wisconsin Act ....
10(this act), is amended to read:
AB456,13,1411 452.01 (5p) "Out-of-state salesperson" means a person who is not licensed
12under this chapter and who is employed or engaged as an independent contractor by
13an out-of-state broker. "Out-of-state salesperson" includes a time-share
14salesperson employed by an out-of-state broker.
AB456,36 15Section 36. 452.01 (5w) of the statutes is amended to read:
AB456,13,1716 452.01 (5w) "Principal broker firm" means a broker who firm that engages a
17subagent to provide brokerage services in a transaction.
AB456,37 18Section 37 . 452.01 (7) of the statutes is repealed and recreated to read:
AB456,13,2119 452.01 (7) "Salesperson" means any individual who is associated with a firm,
20other than a broker, a time-share salesperson, or an individual who is not required
21to hold a license under this chapter as provided under s. 452.03 (2).
AB456,38 22Section 38 . 452.01 (7) of the statutes, as affected by 2015 Wisconsin Act ....
23(this act), is amended to read:
AB456,14,3
1452.01 (7) "Salesperson" means any individual who is associated with a firm,
2other than a broker, a time-share salesperson, or an individual who is not required
3to hold a license under this chapter as provided under s. 452.03 (2).
AB456,39 4Section 39. 452.01 (7r) of the statutes is amended to read:
AB456,14,75 452.01 (7r) "Subagent" means a broker who firm that is engaged by another
6broker
a principal firm to provide brokerage services in a transaction, but who that
7is not the other broker's employee associated with the principal firm.
AB456,40 8Section 40. 452.01 (9) of the statutes is amended to read:
AB456,14,139 452.01 (9) "Time-share salesperson" means a person, other than a person
10licensed under s. 452.09, who is employed by a licensed broker to sell or offer or
11attempt
associated with a firm for the purpose of selling or offering or attempting to
12negotiate an initial sale or purchase of a time share but who may not perform any
13other acts authorized by this chapter to be performed by a broker or salesperson.
AB456,41 14Section 41. 452.01 (9) of the statutes, as affected by 2015 Wisconsin Act ....
15(this act), is repealed.
AB456,42 16Section 42 . 452.025 of the statutes, as affected by 2015 Wisconsin Act .... (this
17act), is repealed.
AB456,43 18Section 43. 452.025 (1) (b) 3. of the statutes is amended to read:
AB456,14,2119 452.025 (1) (b) 3. Certification from the licensed broker employing firm with
20which
the applicant is associated that the applicant is competent to act as a
21time-share salesperson.
AB456,44 22Section 44. 452.025 (3) (a) of the statutes is amended to read:
AB456,14,2523 452.025 (3) (a) A time-share salesperson registered under this section may act
24as a time-share salesperson only when employed by a licensed broker associated
25with a firm
.
AB456,45
1Section 45. 452.025 (3) (b) 2. g. of the statutes is amended to read:
AB456,15,32 452.025 (3) (b) 2. g. The signature of the time-share salesperson and the name
3of the employing broker firm with which the time-share salesperson is associated.
AB456,46 4Section 46. 452.025 (4) of the statutes is repealed.
AB456,47 5Section 47. 452.03 of the statutes is renumbered 452.03 (1) and amended to
6read:
AB456,15,137 452.03 (1) No Except as provided in s. 452.137, no person may engage in or
8follow the business or occupation of, or advertise or hold himself or herself out as, or
9act temporarily or otherwise as a broker or salesperson without a license issued
10under this chapter
. The board may grant a license only to a person who is competent
11to transact such businesses that business or occupation in a manner that safeguards
12the interests of the public, and only after satisfactory proof of the person's
13competence has been presented to the board.
AB456,48 14Section 48. 452.03 (2) of the statutes is created to read:
AB456,15,1815 452.03 (2) No license under this chapter is required for an individual who, on
16behalf of and under the direction of a firm or one or more licensees associated with
17a firm, provides the firm or licensee with services that are limited to those that are
18purely administrative, clerical, or personal in nature.
AB456,49 19Section 49. 452.05 (1) (a) of the statutes is amended to read:
AB456,15,2220 452.05 (1) (a) Grant and issue licenses to individuals and business entities to
21act as
brokers and to individuals to act salespersons and grant and issue
22registrations to time-share salespersons.
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