SB21,4527
12Section
4527. 470.07 of the statutes is amended to read:
SB21,1673,19
13470.07 Renewal of licenses. The renewal dates for licenses granted under
14this chapter
are specified shall be as determined under s. 440.08 (2) (a)
and (ag).
15Renewal applications shall be submitted to the department on a form provided by the
16department and shall include the renewal fee determined by the department under
17s. 440.03 (9) (a) and evidence satisfactory to the appropriate section of the examining
18board that the applicant has completed any continuing education requirements
19specified in rules promulgated under s. 470.03 (2).
SB21,4528
20Section
4528. 480.08 (5) of the statutes is amended to read:
SB21,1674,421
480.08
(5) Expiration and renewal. The renewal date for certificates granted
22under this chapter, other than temporary certificates granted under sub. (7),
is
23specified shall be as determined under s. 440.08 (2) (a)
and (ag), and the renewal fee
24for certificates granted under this chapter, other than temporary certificates granted
25under sub. (7), is determined by the department under s. 440.03 (9) (a). Renewal
1applications shall include evidence satisfactory to the department that the applicant
2holds a current permit issued under s. 77.52 (9). A renewal application for an
3auctioneer certificate shall be accompanied by proof of completion of continuing
4education requirements under sub. (6).
SB21,4529
5Section
4529. 551.102 (1m) of the statutes is amended to read:
SB21,1674,96
551.102
(1m) "Administrator" means the
administrator of the division of
7securities in the department secretary of financial institutions
and professional
8standards or an employee of the department of financial institutions and
9professional standards designated by the secretary.
SB21,4530
10Section
4530. 551.102 (4t) of the statutes is created to read:
SB21,1674,1211
551.102
(4t) "Department" means the department of financial institutions and
12professional standards.
SB21,4531
13Section
4531. 551.102 (5m) of the statutes is repealed.
SB21,4532
14Section
4532. 551.202 (26) (f) (intro.) of the statutes is amended to read:
SB21,1674,2015
551.202
(26) (f) (intro.) Not less than 10 days prior to the commencement of an
16offering of securities in reliance on the exemption under this subsection, the issuer
17files a notice with the administrator, in writing or in electronic form as prescribed by
18the administrator, which the administrator shall make available as an electronic
19document on the
department of financial institutions
department's Internet site,
20containing all of the following:
SB21,4533
21Section
4533. 551.202 (27) (h) (intro.) of the statutes is amended to read:
SB21,1675,322
551.202
(27) (h) (intro.) Before the 101st offer of the security, the issuer
23provides a notice to the administrator in writing or in electronic form, accompanied
24by the filing fee specified in s. 551.614 (1m). The administrator shall prescribe the
25form required for the notice and make the form available as an electronic document
1on the
department of financial institutions
department's Internet site.
2Notwithstanding s. 551.204 (1) and (3), the notice shall be limited to all of the
3following:
SB21,4534
4Section
4534. 551.205 (1) (b) 1. (intro.) of the statutes is amended to read:
SB21,1675,95
551.205
(1) (b) 1. (intro.) The Internet site operator shall register with the
6division department by filing a statement, which the administrator shall make
7available as an electronic document on the
department of financial institutions 8department's Internet site, accompanied by the filing fee specified in s. 551.614 (1m),
9that includes all of the following:
SB21,4535
10Section
4535. 551.205 (3) of the statutes is amended to read:
SB21,1675,2211
551.205
(3) If the Securities and Exchange Commission adopts rules under
12authority of section 3 (h) of the Securities Exchange Act of 1934 (
15 USC 78c (h)) and
13P.L.
112-106, section 304, that authorize funding portals to receive commissions
14without registering as broker-dealers under the Securities Exchange Act of 1934,
15the
division department shall promulgate rules authorizing Internet site operators
16registered with the
division department under sub. (1) (b) that are not registered as
17broker-dealers under s. 551.401 to receive commissions. The
division department 18shall ensure that its rules authorizing commissions for Internet site operators are
19consistent with rules adopted by the Securities and Exchange Commission. The
20division's department's rules shall also ensure that Internet site operators that do
21not satisfy rules adopted by the Securities and Exchange Commission have the
22opportunity to operate in compliance with the requirements of this section.
SB21,4536
23Section
4536. 551.206 of the statutes is amended to read:
SB21,1676,6
24551.206 Adjustments. At 5-year intervals after January 1, 2014, the
25department
of financial institutions shall adjust the monetary amounts specified in
1s. 551.202 (26) (c) 1. a. and b. and (27) (c) 1. a. and b. to reflect changes since January
21, 2014, in the consumer price index for all urban consumers, Milwaukee-Racine
3area average, as determined by the U.S. department of labor. Each adjustment shall
4be rounded to the nearest multiple of $50,000. Each adjustment under this section
5shall be published on the
department of financial institutions department's Internet
6site.
SB21,4537
7Section
4537. 551.601 (5) of the statutes is amended to read:
SB21,1676,128
551.601
(5) Securities investor education and training funding. All moneys
9collected from the administrative assessment under s. 551.604 (4) shall be credited
10to the appropriation under s.
20.144 (1) 20.142 (2) (i). Subject to s.
20.144 (1) 20.142
11(2) (i), the
division department shall use moneys credited to that appropriation for
12the purposes specified in sub. (4) and s.
20.144 (1)
20.142 (2) (i).
SB21,4538
13Section
4538. 551.605 (3) (bm) 1. of the statutes is amended to read:
SB21,1676,1914
551.605
(3) (bm) 1. Except as provided in subd. 2., a financial institution
15holding company whose securities have been registered under this chapter shall not
16be required to prepare or distribute to shareholders or provide to the department
of
17financial institutions, at any time after such registration, any financial statements,
18financial information, annual reports, or other periodic reports except to the extent
19required under ss. 180.1620 and 180.1622.
SB21,4539
20Section
4539. 551.614 (5) of the statutes is amended to read:
SB21,1676,2321
551.614
(5) Fees paid to state. All fees and expenses collected by the
division 22department under this section shall be deposited into the general fund and credited
23to the appropriation account under s.
20.144 (1)
20.142 (2) (g).
SB21,4540
24Section
4540. 552.01 (1) of the statutes is repealed.
SB21,4541
25Section
4541. 552.01 (1m) of the statutes is created to read:
SB21,1677,2
1552.01
(1m) "Department" means the department of financial institutions and
2professional standards.
SB21,4542
3Section
4542. 552.23 (1) of the statutes is amended to read:
SB21,1677,144
552.23
(1) If the target company is an insurance company subject to regulation
5by the commissioner of insurance
, a banking corporation, savings bank, or savings
6and loan association subject to regulation by the division of banking, or a company
7subject to regulation by the public service commission, the department of
8transportation, or the office of the commissioner of railroads, the
division of
9securities department shall promptly furnish a copy of the registration statement
10filed under this chapter to the regulatory agency having supervision of the target
11company. Any hearing under this chapter involving any such target company shall
12be held jointly with the regulatory agency having supervision, and any
13determination following the hearing shall be made jointly with that regulatory
14agency.
SB21,4543
15Section
4543. 553.03 (2m) of the statutes is created to read:
SB21,1677,1716
553.03
(2m) "Department" means the department of financial institutions and
17professional standards.
SB21,4544
18Section
4544. 553.03 (3) of the statutes is repealed.
SB21,4545
19Section
4545. 553.605 (2) of the statutes is amended to read:
SB21,1678,320
553.605
(2) Investor education. All moneys collected from the administrative
21assessment under sub. (1) shall be credited to the appropriation under s.
20.144 (1) 2220.142 (2) (i). Subject to s.
20.144 (1) 20.142 (2) (i), the
division
department shall use
23moneys credited to that appropriation to provide information to residents of this
24state about franchise investments to help investors and potential investors evaluate
25their investment decisions, protect themselves from false, fraudulent or deceptive
1practices in connection with the offer, sale or purchase of a franchise, be alert for false
2or misleading advertising or other harmful practices, and know their rights as
3investors.
SB21,4546
4Section
4546. 553.73 of the statutes is amended to read:
SB21,1678,23
5553.73 Service of process. When any person, including any nonresident of
6this state, engages in conduct prohibited or made actionable by this chapter or any
7rule or order under this chapter, whether or not the person has filed a consent to
8service of process under s. 553.27 (10), and personal jurisdiction over the person
9cannot otherwise be obtained in this state, that conduct shall be considered
10equivalent to the person's appointment of the
division
department to be the person's
11attorney to receive service of any lawful process in any noncriminal suit, action, or
12proceeding against the person or the person's successor or personal representative
13that grows out of that conduct and that is brought under this law or any rule or order
14under this chapter, with the same force and validity as if served on the person
15personally. Service may be made by leaving a copy of the process at the office of the
16division secretary of the department, but it is not effective unless the plaintiff, who
17may be the
division department in a suit, action, or proceeding instituted by the
18division department, immediately sends notice of the service and a copy of the
19process by registered or certified mail to the defendant or respondent at his or her
20last-known address or takes other steps that are reasonably calculated to give actual
21notice, and the plaintiff's affidavit of compliance with this section is filed in the case
22on or before the return day of the process, if any, or within any further time that the
23court allows.
SB21,4547
24Section
4547. 565.01 (4d) of the statutes is amended to read:
SB21,1679,2
1565.01
(4d) "Minority business" means a business certified
by the department
2of administration under s.
16.287 203.07 (2).
SB21,4548
3Section
4548. 565.01 (4e) of the statutes is amended to read:
SB21,1679,54
565.01
(4e) "Minority group member" has the meaning given in s.
16.287 5203.07 (1) (f).
SB21,4549
6Section
4549. 600.01 (1) (b) 8. of the statutes is amended to read:
SB21,1679,137
600.01
(1) (b) 8. Guarantees of the Wisconsin Housing and Economic
8Development Authority under s. 234.68, 1995 stats., s. 234.69, 1995 stats., s.
9234.765, 1995 stats., s. 234.82, 1995 stats., s. 234.87, 1995 stats.,
and ss. s. 234.67,
102013 stats., s. 234.83,
2013 stats., s. 234.84,
2013 stats., s. 234.90,
2013 stats., s. 11234.905,
2013 stats., s. 234.907
, 2013 stats., and
s. 234.91
, 2013 stats., and
12guarantees of the Forward Wisconsin Development Authority under ss. 235.67,
13235.83, 235.84, 235.90, 235.905, 235.907, and 235.91.
SB21,4550
14Section
4550. 600.01 (1) (b) 10. of the statutes is repealed.
SB21,4551
15Section
4551. 600.03 (25) (a) 5. of the statutes is created to read:
SB21,1679,1716
600.03
(25) (a) 5. Services provided by a care management organization, as
17defined in s. 46.2805 (1) (dm).
SB21,4552
18Section
4552. 601.41 (1) of the statutes is amended to read:
SB21,1679,2219
601.41
(1) Duties. The commissioner shall administer and enforce chs.
102 and 20600 to 655 and ss. 59.52 (11) (c), 66.0137 (4) and (4m), 100.203, and 120.13 (2) (b) to
21(g) and shall act as promptly as possible under the circumstances on all matters
22placed before the commissioner.
SB21,4553
23Section
4553. 601.41 (12) of the statutes is created to read:
SB21,1680,324
601.41
(12) Care management organizations. The commissioner may apply
25the provisions of chs. 600 to 646 to a care management organization, as defined in
1s. 46.2805 (1) (dm). The commissioner may promulgate rules to license care
2management organizations, as defined in s. 46.2805 (1) (dm), as insurers and to
3otherwise regulate care management organizations.
SB21,4554
4Section
4554. 601.415 (9) of the statutes is amended to read:
SB21,1680,105
601.415
(9) Consumer credit law. The commissioner shall cooperate with the
6division of banking department of financial institutions and professional standards 7in the administration of ch. 424, shall determine the method for computation of
8refunds under s. 424.205, shall approve forms, schedules of premium rates
, and
9charges under s. 424.209
, and shall issue rules or orders of compliance to insurers
10under s. 424.602.
SB21,4555
11Section
4555. 601.42 (1g) (intro.) of the statutes is amended to read:
SB21,1680,1312
601.42
(1g) Reports. (intro.) The commissioner may require any of the
13following from any person subject to regulation under chs.
102 and 600 to 655:
SB21,4556
14Section
4556. 601.64 (3) (c) of the statutes is amended to read:
SB21,1680,2215
601.64
(3) (c)
Forfeiture for violation of statute or rule. Whoever violates an
16insurance statute or rule
, s. 102.35 (2), or s. 149.13, 2011 stats., intentionally aids a
17person in violating an insurance statute or rule
, s. 102.35 (2), or s. 149.13, 2011 stats.,
18or knowingly permits a person over whom he or she has authority to violate an
19insurance statute or rule
, s. 102.35 (2), or s. 149.13, 2011 stats., shall forfeit to the
20state not more than $1,000 for each violation. If the statute or rule imposes a duty
21to make a report to the commissioner, each week of delay in complying with the duty
22is a new violation.
SB21,4557
23Section
4557. 601.72 (1) (intro.) of the statutes is amended to read:
SB21,1681,524
601.72
(1) General. (intro.) Under procedures specified in s. 601.73, the
25commissioner is by law constituted attorney, except in cases in which the proceeding
1is to be brought by the state against an insurer or intermediary other than a risk
2retention group or risk purchasing group, in which event the department of financial
3institutions
and professional standards is by law constituted attorney, to receive
4service of summons, notices, orders, pleadings and all other legal process relating to
5any court or administrative agency in this state for all of the following:
SB21,4558
6Section
4558. 601.72 (2) of the statutes is amended to read:
SB21,1681,127
601.72
(2) Appointment of attorney. Except as provided in sub. (2m), every
8licensed insurer by applying for and receiving a certificate of authority, every surplus
9lines insurer by entering into a contract subject to the surplus lines law, and every
10unauthorized insurer by doing an insurance business in this state, is deemed to have
11irrevocably appointed the commissioner and department of financial institutions
12and professional standards as the insurer's attorneys in accordance with sub. (1).
SB21,4559
13Section
4559. 601.72 (3) of the statutes is amended to read:
SB21,1681,1714
601.72
(3) Others affected. The commissioner and department of financial
15institutions
and professional standards shall also be attorneys for the personal
16representatives, receivers, trustees, or other successors in interest of the persons
17specified in sub. (1).
SB21,4560
18Section
4560. 601.73 (1) (intro.) of the statutes is amended to read:
SB21,1681,2119
601.73
(1) Requirements for effective service. (intro.) Service upon the
20commissioner or department of financial institutions
and professional standards 21under s. 601.72 is service on the principal, if:
SB21,4561
22Section
4561. 601.73 (1) (a) of the statutes is amended to read:
SB21,1681,2523
601.73
(1) (a) Two copies of the process are left in the hands or office of the
24commissioner or department of financial institutions
and professional standards 25respectively; and
SB21,4562
1Section
4562. 601.73 (1) (b) of the statutes is amended to read:
SB21,1682,42
601.73
(1) (b) The commissioner or department of financial institutions
and
3professional standards mails a copy of the process to the person served according to
4sub. (2) (b).
SB21,4563
5Section
4563. 601.73 (2) (a) of the statutes is amended to read:
SB21,1682,86
601.73
(2) (a)
Records. The commissioner and department of financial
7institutions
and professional standards shall give receipts for and keep records of all
8process served through them.
SB21,4564
9Section
4564. 601.73 (2) (b) of the statutes is amended to read:
SB21,1682,1410
601.73
(2) (b)
Process mailed. The commissioner or department of financial
11institutions
and professional standards shall send immediately by certified mail to
12the person served, at the person's last-known principal place of business, residence
13or post-office address or at an address designated in writing by the person, one copy
14of any process received and shall retain the other copy.
SB21,4565
15Section
4565. 601.73 (3) of the statutes is amended to read:
SB21,1682,2016
601.73
(3) Proof of service. A certificate by the commissioner or the
17department of financial institutions
and professional standards, showing service
18made upon the commissioner or department of financial institutions
and
19professional standards, and attached to a copy of the process presented for that
20purpose is sufficient evidence of the service.
SB21,4566
21Section
4566. 601.93 (2) of the statutes is amended to read:
SB21,1683,822
601.93
(2) Every insurer doing a fire insurance business in this state shall,
23before March 1 in each year, file with the commissioner a statement, showing the
24amount of premiums upon fire insurance due for the preceding calendar year.
25Return premiums may be deducted in determining the premium on which the fire
1department dues are computed. Payments of quarterly installments of the total
2estimated payment for the then current calendar year under this subsection are due
3on or before April 15, June 15, September 15 and December 15. On March 1 the
4insurer shall pay any additional amounts due for the preceding calendar year.
5Overpayments will be credited on the amount due April 15. The commissioner shall,
6prior to May 1 each year, report to the department of
safety and professional services 7financial institutions and professional standards the amount of dues paid under this
8subsection and to be paid under s. 101.573 (1).
SB21,4567
9Section
4567. 605.03 (1) (a) of the statutes is amended to read:
SB21,1683,1310
605.03
(1) (a)
Mandatory coverage.
The Subject to par. (f), the property fund
11shall provide protection against fire and extended coverage perils. The coverage
12shall be at least as favorable as that customarily provided by policies filed with the
13commissioner for the use of private insurers in insuring comparable property.
SB21,4568
14Section
4568. 605.03 (1) (d) of the statutes is amended to read:
SB21,1683,1615
605.03
(1) (d)
Term of policy. The Subject to par. (f) 1., the manager may
16prescribe the time periods for which coverage is to be provided.
SB21,4569
17Section
4569. 605.03 (1) (f) of the statutes is created to read:
SB21,1683,2118
605.03
(1) (f)
Limits on issuance, renewal, and filing claims; final distribution. 191. No coverage under the property fund may be issued on or after July 1, 2015. No
20coverage may be renewed after December 31, 2015. No coverage may terminate later
21than December 31, 2016.
SB21,1683,2322
2. All claims must be filed with the property fund by no later than July 1, 2017.
23No claim filed after July 1, 2017, will be covered by the fund.
SB21,1684,3
13. Upon the cessation of all operations of the property fund, the manager shall
2distribute any moneys remaining in the fund among the local governmental units
3that were insured under the fund on July 1, 2015.
SB21,4570
4Section
4570. 605.21 (1) of the statutes is amended to read:
SB21,1684,145
605.21
(1) Placing insurance. The Subject to s. 605.03 (1) (f), the property fund
6shall insure property described in s. 605.02 after receipt from the clerk of the local
7governmental unit of a certified copy of the resolution authorizing insurance in the
8property fund. The clerk shall report to the manager each policy then in force upon
9such property, stating the property covered by the policy and the dates of issue and
10of expiration, the amounts and rates of insurance and the premiums. Property
11already insured shall become insured by the property fund as existing policies expire
12or are canceled. Thereafter the insurance on all property described in s. 605.02 shall
13be provided. Premiums shall be certified by the manager to the clerk of the
14appropriate unit.
SB21,4571
15Section
4571. 605.23 (1) of the statutes is amended to read:
SB21,1684,2116
605.23
(1) Payment for losses. The Subject to s. 605.03 (1) (f) 2., the manager
17shall determine within a reasonable time any loss on insured property owned by a
18local governmental unit or for which the unit is liable and promptly certify the
19amount to the department of administration, which shall issue a warrant on the
20property fund payable to the treasurer of the local governmental unit for the amount
21of the loss less any applicable amounts under s. 605.03 (2) or (3).
SB21,4572
22Section
4572. 605.35 of the statutes is repealed.