REGISTRATION AND FEES
426.201(1)(1) The registration requirements of this section apply to persons who do any of the following in this state:
426.201(1)(a)
(a) Make or solicit consumer credit transactions, except a person who engages in consumer credit transactions solely through honoring credit cards issued by 3rd parties not related to such person.
426.201(1)(b)
(b) Directly collect payments from or enforce rights against customers arising from such transactions, wherever made.
426.201(2)
(2) Each person subject to the registration requirements under
sub. (1) shall file a registration statement with the administrator within 30 days after commencing business in this state, and thereafter, on or before February 28 of each year. The registration statement shall include all of the following information:
426.201(2)(b)
(b) The name under which the person transacts business if different from
par. (a).
426.201(2)(c)
(c) The address of the person's principal office, which may be outside this state.
426.201(2)(d)
(d) The addresses of all of the person's offices or retail stores, if any, in this state.
426.201(2)(e)
(e) If consumer transactions or other business subject to this chapter are made otherwise than at an office or retail store in this state, a brief description of the manner in which they are made.
426.201(2)(f)
(f) The address of the person's designated agent upon whom service of process may be made in this state.
426.201(2)(fm)
(fm) The average monthly outstanding balance of all consumer credit transactions held by the person for the reporting period for which the registration statement is filed. In this paragraph, "average monthly outstanding balance" and "reporting period" have the meanings given under
s. 426.202 (1m) (a).
426.201(2)(g)
(g) Such other similar information as the administrator may require to effectuate the purposes and policies of
chs. 421 to
427 and
429.
426.201(3)
(3) The administrator shall adopt rules governing the filing of changes, additions or modifications of the registration statement required by this section, and shall adopt rules pertaining to form, verification and similar matters pertaining to the registration.
426.201(4)
(4) The following persons shall not be subject to this section solely by reason of their debt collection activities unless they are licensed debt collectors under
s. 218.04:
426.201(4)(a)
(a) Attorneys authorized to practice law in this state or professional service corporations composed of licensed attorneys formed pursuant to
ss. 180.1901 to
180.1921;
426.201(4)(b)
(b) Duly licensed real estate brokers and real estate salespersons; and
426.201(4)(c)
(c) Duly licensed insurance companies subject to the supervision of the office of the commissioner of insurance.
426.201(5)
(5) No person is subject to this section solely by reason of offering the discount described in
s. 422.201 (8).
426.202(1m)(a)1.
1. "Average outstanding monthly balance" means, for any person during any reporting period, the amount calculated as follows:
426.202(1m)(a)1.a.
a. Determining the outstanding balance of all consumer credit transactions that the person has entered into and that originated in this state, as of the last day of each month during the reporting period.
426.202(1m)(a)1.b.
b. Adding the outstanding balance for each month in the reporting period.
426.202(1m)(a)1.c.
c. Dividing the sum determined under
subd. 1. b. by the number of months in the reporting period during which the person had outstanding consumer credit transactions.
426.202(1m)(a)2.
2. "Reporting period" means, for any registration statement, the last full calendar year preceding the date on which the registration statement is due.
426.202(1m)(b)
(b)
Registration fee requirement. Any person required to register under
s. 426.201 shall pay a registration fee to the administrator when the person files the registration statement required under
s. 426.201, except that a person is not required to pay a registration fee under this section if the person's average outstanding monthly balance for that reporting period does not exceed $250,000.
426.202(1m)(c)
(c)
Amount of registration fee. The amount of the registration fee shall be determined in accordance with rates set by the administrator, subject to the maximum and minimum fees under
pars. (d) and
(e). In setting these rates, the administrator shall consider the costs of administering
chs. 421 to
427 and
429, including the costs of enforcement, education and seeking voluntary compliance with
chs. 421 to
427 and
429.Subject to
pars. (d) and
(e), the registration fee for a person shall be based on the person's average monthly outstanding balance during the reporting period.
426.202(1m)(d)
(d)
Minimum fee. Any person required to pay a registration fee under
par. (b) shall pay a registration fee of at least $25 per reporting period.
426.202(1m)(e)
(e)
Maximum fees. Any person required to pay a registration statement under this section may not be required to pay a registration fee that exceeds any of the following:
426.202(1m)(e)2.
2. For the reporting period, 0.005% of the average monthly outstanding balance.
426.202(4)
(4) Submission of data for calculating the amount of fee. A person required to register under
s. 426.201 shall submit such financial and other data as the administrator may require which will support the computation of the amount of the fee.
426.202(5)
(5) Recovery of fees. The administrator shall bring an action in any court of record to recover any fees that the administrator determines are due and owing under this section.
426.203
426.203
Penalties. Whoever fails to comply with the registration requirements under
s. 426.201 or fails to pay a fee required under
s. 426.202 may be required to forfeit not more than $50. Each day that this failure continues constitutes a separate offense. Forfeitures received by the administrator under this section shall be credited to the appropriation account under
s. 20.144 (1) (h) and may be expended from the account only for consumer or merchant education programs.
426.203 History
History: 1995 a. 27.
VIOLATIONS AND ENFORCEMENT
426.301
426.301
Violations and enforcement. 426.301(1)
(1) The administrator may recover in a civil action from a person who violates
chs. 421 to
427 and
429 or any rule made pursuant to any authority granted in
chs. 421 to
427 and
429, a civil penalty of not less than $100 and not more than $1,000 for each violation.
426.301(2)
(2) In addition to the amount to which the administrator shall be entitled under
sub. (1), the administrator may recover in a civil action from a person who knowingly or wilfully violates
chs. 421 to
427 and
429 or any rule made pursuant to any authority granted in
chs. 421 to
427 and
429, a civil penalty of not less than $1,000 and not more than $10,000 for each violation.
