AB68: Bill Text

AB68,1331,8 2. If the student loan borrower establishes by a preponderance of the evidence that the violation was willful or intentional, a monetary award equal to 2 times the amount of actual damages.

AB68,1331,11 3. In the case of any successful action by the student loan borrower to enforce the liability set out in this paragraph, the costs of the action, together with reasonable attorney fees, as determined by the court.

AB68,1331,14 (c) For purposes of par. (b), actual damages includes damages caused by emotional distress or mental anguish with or without accompanying physical injury proximately caused by a violation of this section.

AB68,1331,16 (d) The remedies provided in this subsection do not preclude the availability of other remedies that may be available to a student loan borrower.

AB68,1331,18 224.107 Office powers and duties. (1) The office may conduct investigations and examinations as follows:

AB68,1331,23 (a) For purposes of initial licensing, renewal, suspension, or revocation or of investigation to determine compliance with this subchapter, the office may access, receive, and use any books, accounts, records, files, documents, information, or evidence belonging to a licensee or person under examination, including any of the following:

AB68,1331,24 1. Criminal, civil, and administrative history information.

AB68,1332,2 2. Personal history and experience information, including independent credit reports obtained from a consumer reporting agency, as defined in 15 USC 1681a.

AB68,1332,5 3. Any other documents, information, or evidence the office considers relevant to the inquiry or investigation regardless of the location, possession, control, or custody of the documents, information, or evidence.

AB68,1332,14 (b) For the purposes of investigating violations or complaints arising under this subchapter or of examination, the office may review, investigate, or examine any licensee or person subject to this subchapter as often as necessary in order to carry out the purposes of this subchapter. The office may direct, subpoena, or order the attendance of and examine under oath any person whose testimony may be required about the student education loan or the business or subject matter of the examination or investigation and may direct, subpoena, or order the person to produce books, accounts, records, files, and any other documents the office considers relevant to the inquiry.

AB68,1333,2 (c) In making an examination or investigation authorized by this section, the office may control access to any documents and records of the licensee or person under examination or investigation. The office may take possession of the documents and records or place a person in exclusive charge of the documents and records in the place where they are usually kept. During the period of control, a person may not remove or attempt to remove any of the documents and records except pursuant to a court order or with the consent of the office. Unless the office has reasonable grounds to believe the documents or records of the licensee or person have been, or are at risk of being, altered or destroyed for purposes of concealing a violation of this subchapter, the licensee or owner of the documents and records may have access to the documents or records as necessary to conduct its ordinary business affairs.

AB68,1333,4 (d) In order to carry out the purposes of this section, the office may do any of the following:

AB68,1333,7 1. Retain attorneys, accountants, or other professionals and specialists as examiners, auditors, or investigators to conduct or assist in the conduct of examinations or investigations.

AB68,1333,11 2. Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures, and documents, records, information, or evidence obtained under this section.

AB68,1333,14 3. Use, hire, contract for, or employ public or privately available analytical systems, methods, or software to examine or investigate the licensee or person subject to this subchapter.

AB68,1333,16 4. Accept and rely on examination or investigation reports made by other government officials, within or outside this state.

AB68,1333,21 5. Accept audit reports made by an independent certified public accountant for the licensee or person subject to this subchapter in the course of that part of the examination covering the same general subject matter as the audit and may incorporate the audit report in a report of examination, report of investigation, or other writing of the office.

AB68,1333,25 (e) A licensee or person subject to investigation or examination under this section may not knowingly withhold, abstract, remove, mutilate, or destroy any books, physical records, computer records, or other information relating to information regulated under this subchapter.

AB68,1334,3 (f) The costs of an investigation conducted by the office shall be paid by the licensee or person being investigated. Funds received by the office under this paragraph shall be credited to the appropriation account under s. 20.144 (1) (g).

AB68,1334,6 (2) The office may do any of the following to address a violation of this subchapter, any rule promulgated under this subchapter, or any order issued under this subchapter:

AB68,1334,12 (a) Issue an order requiring a student loan servicer to cease and desist from a violation, to correct the conditions resulting from the violation, and to take actions to prevent such violations in the future. As part of the order, the office may require the student loan servicer to reimburse persons injured by the violation. A student loan servicer that violates an order issued under this paragraph shall, for each violation, forfeit not more than $1,000 per day for each day the violation continues.

AB68,1334,17 (b) Commence administrative proceedings on its own initiative, or commence civil actions through the department of justice, to restrain by temporary or permanent injunction a person from violating this subchapter, to recover any fees or penalties owed under this subchapter, or to seek relief available under this subchapter on behalf of student loan borrowers.

AB68,1334,19 (c) Suspend, revoke, or refuse to renew a license issued under s. 224.105 as provided in s. 224.105 (11).

AB68,1334,20 (3) The office may promulgate rules to implement this subchapter.

AB68,2450 Section 2450. 224.30 (6) of the statutes is created to read:

AB68,1335,2 224.30 (6) Public service loan forgiveness program information. The department shall collect and maintain information regarding loan forgiveness programs available to individuals employed by the state or a local unit of government. The department shall make the information available to the state, local units of governments, and employees of the state and local units of government on the Internet or by other means.

AB68,2451 Section 2451 . 224.55 of the statutes is created to read:

AB68,1335,5 224.55 Support accounts for individuals with disabilities. (1) Definitions. In this section:

AB68,1335,6 (a) “ABLE account" means an account established under an ABLE program.

AB68,1335,8 (b) “ABLE program” means a qualified ABLE program under section 529A of the Internal Revenue Code.

AB68,1335,13 (2) Department to establish ABLE program. (a) Implementation directly or by agreement. The department shall implement and administer an ABLE program, either directly or by entering into a formal or informal agreement with another state, or with an entity representing an alliance of states, to establish an ABLE program or otherwise administer ABLE program services for the residents of this state.

AB68,1335,19 (b) Review of other states' partnership programs. The department shall review section 529A ABLE state partnership programs offered by other states and, no later than the first day of the 10th month beginning after the effective date of this subsection, determine whether, as the best option for Wisconsin residents, the department will implement the ABLE program under par. (a) directly or by entering into an agreement.

AB68,1335,22 (c) Agreement terms. An agreement under par. (a) may require the party contracting with the department, in addition to providing any other services, to do any of the following:

AB68,1336,2 1. Develop and implement an ABLE program in accordance with all requirements under section 529A of the Internal Revenue Code, and modify this ABLE program as necessary for participants in the ABLE program to qualify for the federal income tax benefits or treatment provided under section 529A of the Internal Revenue Code and rules adopted under section 529A.

AB68,1336,5 2. Engage the services of vendors on a contractual basis for rendering professional and technical assistance and advice in developing marketing plans and promotional materials to publicize the ABLE program.

AB68,1336,8 3. Work with organizations with expertise in supporting people with disabilities and their families in administering the agreement and ensuring accessibility of the ABLE program for people with disabilities.

AB68,1336,10 4. Take any other action necessary to implement and administer the ABLE program.

AB68,1336,12 (d) Information about ABLE accounts. The department shall include on its Internet site information concerning ABLE accounts.

AB68,1336,14 (3) Confidentiality. The department shall keep confidential any personal and financial information maintained by the department relating to an ABLE account.

AB68,1336,16 (4) Funding; rules. (a) All expenses incurred by the department under this section shall be paid from the appropriation under s. 20.144 (1) (g).

AB68,1336,18 (b) The department may promulgate rules to implement and administer this section.

AB68,2452 Section 2452 . 224.56 of the statutes is created to read:

AB68,1336,21 224.56 Small business retirement savings program. (1) Definitions. In this section:

AB68,1336,23 (a) “Account" means a retirement savings account established for an eligible employee under the program under this section.

AB68,1336,24 (b) “Board" means the small business retirement savings board.

AB68,1337,2 (c) “Eligible employee” means an individual who resides in this state and who is any of the following:

AB68,1337,4 1. Employed by a private employer that does not offer a retirement savings plan.

AB68,1337,6 2. Employed by a private employer and not eligible to participate in a retirement savings plan offered by the private employer.

AB68,1337,8 (d) “Investment administrator” means the vendor with which the board has contracted under sub. (2) (b).

AB68,1337,10 (e) “Participating employer” means a private employer that qualifies for and has elected to participate in the program as provided in sub. (4) (a).

AB68,1337,11 (f) “Roth IRA” has the meaning given in 26 USC 408A (b).

AB68,1337,14 (2) Establishment of program. (a) Subject to par. (b), the board shall establish and oversee a small business retirement savings program that meets the requirements specified in this section.

AB68,1337,17 (b) After soliciting competitive sealed proposals under s. 16.75 (2m), the board shall select and contract with a vendor to provide the following services in administering the small business retirement savings program:

AB68,1337,18 1. Investment services.

AB68,1337,19 2. Accounting and record-keeping services.

AB68,1337,20 3. Any other professional services considered necessary by the board.

AB68,1337,22 (3) General program requirements. The board shall design the program under this section so that it meets all of the following requirements:

AB68,1338,2 (a) The program allows eligible employees to contribute to their accounts through payroll deductions and requires participating employers to withhold from employees' wages, through payroll deductions, employees' account contributions and remit those contributions directly to the investment administrator.

AB68,1338,6 (b) Subject to the record-keeping requirement under sub. (6) (b), the program allows the investment administrator to pool accounts for investment purposes and designates the investment administrator as the trustee of account contributions and earnings.

AB68,1338,9 (c) The administrative costs of the program are low, and the fee that the investment administrator may charge an eligible employee is limited to a fixed monthly fee in an amount approved by the board.

AB68,1338,11 (d) The program does not require an eligible employee to maintain a minimum account balance if the employee makes contributions to the account each pay period.

AB68,1338,14 (e) The program allows account consolidation and roll over, including roll over to a retirement savings option not part of the program to the extent allowed under the Internal Revenue Code.

AB68,1338,17 (f) The program allows an eligible employee who has established an account to continue the account after separating from employment with a participating employer if the account is maintained with a positive balance.

AB68,1338,19 (4) Participating employers; eligible employees. (a) A private employer may participate in the program under this section if all of the following apply:

AB68,1338,20 1. The employer does not offer a retirement savings plan to all employees.

AB68,1338,24 2. The employer provides notice to the board, in the form and manner prescribed by the board, of the employer's election to participate in the program and the employer certifies that, on the date of this notice, the employer had 50 or fewer employees.

AB68,1338,25 3. The employer has at least one employee who is a resident of this state.

AB68,1339,6 (b) After a private employer has elected under par. (a) to participate in the program, the employer shall provide notice to each of its eligible employees of the eligible employee's right to decline participation in the program. After providing this notice, the employer shall enroll the eligible employee in the program unless the eligible employee informs the employer of the eligible employee's decision not to participate in the program.

AB68,1339,9 (5) Specific program requirements. (a) 1. Except as provided in subd. 2., the program under this section shall provide for an eligible employee who has enrolled in the program to make contributions to a Roth IRA account.

AB68,1339,13 2. The program may also offer options for account types other than a Roth IRA, and if other options are offered, the program shall allow an enrolled eligible employee to select any of these other account types for investing contributions under the program.

AB68,1339,16 (b) 1. The program under this section shall provide an eligible employee who has enrolled in the program with at least 5 investment options within each account type, including all of the following investment options:

AB68,1339,17 a. A stable value or capital preservation fund.

AB68,1339,19 b. A target date index fund or age-based fund that automatically rebalances asset allocations based on the eligible employee's age.

AB68,1339,20 c. A low-cost fund focused on income generation.

AB68,1339,21 d. A low-cost fund focused on asset growth.

AB68,1339,22 e. A low-cost fund focused on balancing risk and return.

AB68,1340,2 2. The program under this section shall require the investment administrator to offer to each enrolled eligible employee, before the employee makes his or her investment selections, a tool allowing the employee to identify the employee's risk tolerance and projected retirement date as an aid to the employee in selecting suitable investments under the program.

AB68,1340,6 3. The program under this section shall require that the first $1,000 of an enrolled eligible employee's contributions be deposited in a fund described in subd. 1. a. and thereafter, unless the employee selects a different investment option, the employee's contributions be deposited in a fund described in subd. 1. b.

AB68,1340,11 (c) 1. Except as provided in subd. 3., during an eligible employee's first year of enrollment in the program, the participating employer's payroll deduction each pay period shall be at a rate of 5 percent of the employee's gross wages, and this deducted amount shall be remitted to the investment administrator as the employee's account contribution.

AB68,1340,14 2. Except as provided in subd. 3., a participating employer shall increase the payroll deduction rate under subd. 1. by 1 percent per year until a maximum payroll deduction rate of 10 percent is reached.

AB68,1340,17 3. An enrolled eligible employee may elect a different payroll deduction rate than that provided for in subds. 1. and 2., except the rate may not be less than 1 percent nor more than 10 percent.

AB68,1340,21 (6) Record-keeping requirements. (a) Subject to par. (b), the board shall establish the record-keeping requirements for the investment administrator, including the nature and extent of the record-keeping services and performance metrics for measuring compliance with these requirements.

AB68,1340,23 (b) The program shall require the maintenance of separate records and accounting for each account.

AB68,1340,25 (7) Abandoned accounts. (a) An account is considered abandoned if any of the following applies:

AB68,1341,2 1. There has been no account activity for at least 6 months and the account balance is less than $250.

AB68,1341,3 2. There has been no account activity for at least 2 years.

AB68,1341,6 (b) If an account is considered abandoned under par. (a), the investment administrator shall close the account and disburse the account balance to the individual who established the account.

AB68,1341,8 (8) Powers of board; departmental assistance; rules. (a) The board may do any of the following:

AB68,1341,11 1. In establishing the program under this section, create or impose any requirement or condition not inconsistent with this section that the board considers necessary for the effective functioning and widespread utilization of the program.