AB504,43 18Section 43. 224.725 (1r) of the statutes is created to read:
AB504,21,2519 224.725 (1r) Employment transition; temporary authority. (a) An individual
20who was a registered mortgage loan originator immediately prior to becoming
21employed by, and who remains employed by, a mortgage banker or mortgage broker
22licensed under this subchapter and who has applied to the division for a mortgage
23loan originator license is considered to have temporary authority to act as a mortgage
24loan originator under this subchapter, for the period specified in par. (c), if all of the
25following apply:
AB504,22,2
11. The individual has not previously had an application for a mortgage loan
2originator license denied.
AB504,22,43 2. The individual has not previously had a mortgage loan originator license
4suspended or revoked in any governmental jurisdiction.
AB504,22,75 3. The individual has not been subject to, or served with, a cease and desist
6order in any governmental jurisdiction or by the director of the federal bureau of
7consumer financial protection under 12 USC 5113 (c).
AB504,22,98 4. The individual has not been convicted of any crime that disqualifies the
9individual under sub. (3) (b) from issuance of a license.
AB504,22,1310 5. The individual was registered with the nationwide mortgage licensing
11system and registry as a loan originator during the one-year period immediately
12preceding the date on which the individual furnished the information required under
13sub. (2) (c).
AB504,22,1814 (b) An individual who is licensed as a mortgage loan originator in another state,
15who is employed by a mortgage banker or mortgage broker licensed under this
16subchapter, and who has applied to the division for a mortgage loan originator license
17is considered to have temporary authority to act as a mortgage loan originator under
18this subchapter, for the period specified in par. (c), if all of the following apply:
AB504,22,1919 1. The individual meets the requirements of par. (a) 1. to 4.
AB504,22,2220 2. The individual was licensed in another state during the 30-day period
21immediately preceding the date on which the individual furnished the information
22required under sub. (2) (c).
AB504,23,323 (c) 1. The period during which an individual described in par. (a) or (b) is
24considered to have temporary authority to act as a mortgage loan originator under
25this subchapter shall begin on the date on which the individual furnishes to the

1nationwide mortgage licensing system and registry the information required under
2sub. (2) (c) in connection with the application for a mortgage loan originator license
3under this subchapter.
AB504,23,54 2. The period that begins under subd. 1. shall end on the earliest of the
5following:
AB504,23,76 a. The date on which the individual withdraws the application for a mortgage
7loan originator license.
AB504,23,98 b. The date on which the division denies, or issues a notice of intent to deny, the
9application for a mortgage loan originator license.
AB504,23,1110 c. The date on which the division grants to the individual a mortgage loan
11originator license.
AB504,23,1412 d. If the individual's application is listed on the nationwide mortgage licensing
13system and registry as incomplete, the date that is 120 days after the date on which
14the individual applied for a mortgage loan originator license.
AB504,23,1815 (d) 1. Any person employing an individual who is considered to have temporary
16authority to act as a mortgage loan originator under this subsection shall be subject
17to the requirements of this subchapter to the same extent as if that individual were
18a licensed mortgage loan originator.
AB504,23,2319 2. Any individual who is considered to have temporary authority to act as a
20mortgage loan originator under this subsection and who engages in any activity
21described in s. 224.71 (6) (c) and (d) shall be subject to the requirements of this
22subchapter to the same extent as if the individual were a licensed mortgage loan
23originator.
AB504,44 24Section 44. 227.52 (3) of the statutes is amended to read:
AB504,24,4
1227.52 (3) Those decisions of the division of banking that are subject to review,
2prior to any judicial review, by the banking institutions review board, and decisions
3of the division of banking relating to savings banks or savings and loan associations,
4but no other institutions subject to the jurisdiction of the division of banking.
AB504,45 5Section 45. 227.53 (1) (a) 1. of the statutes is amended to read:
AB504,24,136 227.53 (1) (a) 1. Proceedings for review shall be instituted by serving a petition
7therefor personally or by certified mail upon the agency or one of its officials, and
8filing the petition in the office of the clerk of circuit court for the county where the
9judicial review proceedings are to be held. If the agency whose decision is sought to
10be reviewed is the tax appeals commission, the banking institutions review board,
11or the credit union review board, or the savings institutions review board, the
12petition shall be served upon both the agency whose decision is sought to be reviewed
13and the corresponding named respondent, as specified under par. (b) 1. to 4.
AB504,46 14Section 46. 227.53 (1) (b) 2. of the statutes is repealed.
AB504,47 15Section 47. 227.53 (1) (b) 4. of the statutes is amended to read:
AB504,24,1916 227.53 (1) (b) 4. The savings banking institutions review board, the division of
17banking, except if the petitioner is the division of banking, the prevailing parties
18before the savings banking institutions review board shall be the named
19respondents.
AB504,48 20Section 48. 227.53 (1) (d) of the statutes is amended to read:
AB504,25,321 227.53 (1) (d) Except in the case of the tax appeals commission, the banking
22institutions review board, and the credit union review board, and the savings
23institutions review board,
the agency and all parties to the proceeding before it shall
24have the right to participate in the proceedings for review. The court may permit
25other interested persons to intervene. Any person petitioning the court to intervene

1shall serve a copy of the petition on each party who appeared before the agency and
2any additional parties to the judicial review at least 5 days prior to the date set for
3hearing on the petition.
AB504,49 4Section 49. 403.312 (2) (c) 1. of the statutes is amended to read:
AB504,25,85 403.312 (2) (c) 1. The claim becomes enforceable at the later of the time that
6the claim is asserted, or the 90th 14th day following the date of the check, in the case
7of a cashier's check or teller's check, or the 90th 14th day following the date of the
8acceptance, in the case of a certified check.
AB504,50 9Section 50. 705.04 (2) (intro.) of the statutes is amended to read:
AB504,25,1210 705.04 (2) (intro.) If Except as provided in s. 705.06 (2m), if the account is a
11P.O.D. account, on the death of the original payee or the survivor of 2 or more original
12payees, all of the following apply:
AB504,51 13Section 51 . 705.04 (2g) of the statutes, as affected by 2019 Wisconsin Act 9,
14is amended to read:
AB504,25,2215 705.04 (2g) Notwithstanding subs. (1) and (2) and s. 705.06 (2m), the
16department of health services may collect, from funds of a decedent that are held by
17the decedent immediately before death in a joint account or a P.O.D. account, an
18amount equal to the medical assistance that is recoverable under s. 49.496 (3) (a), an
19amount equal to aid under s. 49.68, 49.683, 49.685, or 49.785 that is recoverable
20under s. 49.682 (2) (a) or (am), or an amount equal to long-term community support
21services under s. 46.27, 2017 stats., that is recoverable under s. 46.27 (7g) (c) 1., 2017
22stats., and that was paid on behalf of the decedent or the decedent's spouse.
AB504,52 23Section 52. 705.06 (2m) of the statutes is created to read:
AB504,26,824 705.06 (2m) If a financial institution has any lien right, right to setoff, or
25security interest in a P.O.D. account resulting from the financial institution's loan

1or other extension of credit to an original payee, on the death of the original payee
2or the survivor of 2 or more original payees, the financial institution may retain
3control of all sums on deposit in the P.O.D. account to the extent necessary to exercise
4its lien right or right to setoff or to protect its security interest or may tender such
5sums to a court and seek a court determination, but shall pay any remaining balance
6of the sums on deposit to the P.O.D. beneficiary or beneficiaries as provided in s.
7705.04 (2). This subsection applies notwithstanding any limitation on the rights of
8creditors under s. 705.07 (1).
AB504,53 9Section 53. 705.06 (3) of the statutes is amended to read:
AB504,26,1210 705.06 (3) The protection provided by this section subs. (1) and (2) shall have
11no bearing on the rights of parties or their successors in disputes concerning the
12beneficial ownership of funds in or withdrawn from an account.
AB504,54 13Section 54. 812.18 (1) of the statutes is amended to read:
AB504,26,2014 812.18 (1) From Subject to s. 812.19 (4), from the time of service upon the
15garnishee, the garnishee shall be liable to the creditor for the property then in the
16garnishee's possession or under his or her control belonging to the debtor or in which
17the debtor is interested to the extent of his or her right or interest therein and for all
18the garnishee's debts due or to become due to the debtor, except such as are exempt
19from execution, or are required by a court to be paid by the debtor as restitution under
20s. 973.20, but not in excess of the amount of the creditor's claim.
AB504,55 21Section 55. 812.19 (4) of the statutes is created to read:
AB504,27,222 812.19 (4) If a garnishee is a financial institution, as defined in s. 214.01 (1)
23(jn), in possession of, or obligated with respect to, property subject to garnishment,
24the financial institution is liable for the surrender of that property only upon

1expiration of a reasonable time to comply with or respond to the garnishee summons
2and complaint.
AB504,56 3Section 56. Nonstatutory provisions.
AB504,27,84 (1) Board membership; transition provision. On the effective date of this
5subsection, each member of the savings institutions review board under s. 15.185 (3),
62017 stats., serving an unexpired term on that board shall become a member of the
7banking institutions review board for a term that expires on the member's expiration
8date previously established for the savings institutions review board.
AB504,27,109 (2) Consolidation of banking review board and savings institutions review
10board; transfer provisions.
AB504,27,1211 (a) Banking review board renamed. On the effective date of this paragraph, the
12banking review board is renamed the banking institutions review board.
AB504,27,1513 (b) Tangible personal property. On the effective date of this paragraph, all
14tangible personal property, including records, of the savings institutions review
15board is transferred to the banking institutions review board.
AB504,27,2016 (c) Pending matters. Any matter pending with the savings institutions review
17board on the effective date of this paragraph is transferred to the banking
18institutions review board. All materials submitted to or actions taken by the savings
19institutions review board are considered as having been submitted to or taken by the
20banking institutions review board.
AB504,27,2321 (d) Orders. All orders issued by the savings institutions review board in effect
22on the effective date of this paragraph remain in effect until their specified expiration
23dates or until modified or rescinded by the banking institutions review board.
AB504,28,324 (e) Secretary to resolve transition disagreements. In the case of disagreement
25between the savings institutions review board and the banking institutions review

1board with respect to any provision of this subsection, the secretary of financial
2institutions shall determine the matter and shall develop a plan for an orderly
3transfer.
AB504,57 4Section 57 . Initial applicability.
AB504,28,75 (1) Payment of lost, destroyed, or stolen instruments. The treatment of s.
6403.312 (2) (c) 1. first applies to claims asserted on the effective date of this
7subsection.
AB504,28,118 (2) Federal Home Loan Bank loans; retroactive applicability. The treatment
9of s. 221.0324 (9) first applies retroactively to loans made or credit extended before,
10and applies to loans made or credit extended on or after, the effective date of this
11subsection.
AB504,28,1412 (3) Independent data processing servicers. The treatment of s. 224.46 (3) first
13applies to contracts entered into, renewed, or amended on the effective date of this
14subsection.
AB504,58 15Section 58. Effective dates. This act takes effect on the day after publication,
16except as follows:
AB504,28,1917 (1) Banking institutions review board. The treatment of s. 15.185 (1) (by
18Section 6) takes effect on May 2, 2021, or on the day after publication, whichever is
19later.
AB504,28,2120 (2) Mortgage loan originators. The treatment of s. 224.725 (1) and (1r) takes
21effect on November 28, 2019, or on the day after publication, whichever is later.
AB504,28,2422 (3) Independent data processing servicers. The treatment of s. 224.46 and
23Section 57 (3) of this act take effect on the first day of the 4th month beginning after
24publication.
AB504,28,2525 (End)
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