224.075
224.075
Financially related services tie-ins. In any transaction conducted by a bank, bank holding company or a subsidiary of either with a customer who is also a customer of any other subsidiary of any of them, the customer shall be given a notice in 12-point boldface type in substantially the following form:
NOTICE OF RELATIONSHIP
This company, .... (insert name and address of bank, bank holding company or subsidiary), is related to .... (insert name and address of bank, bank holding company or subsidiary) of which you are also a customer. You may not be compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction.
If you feel that you have been compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction, you should contact the management of either of the above companies at either of the above addresses or the division of banking at .... (insert address).
224.075 History
History: 1985 a. 325;
1995 a. 27.
224.10
224.10
Indian loan funds. 224.10(1)(1)
Administration in trust as a loan fund. The loan funds of any Indian tribe which are transferred to the custody of such tribe by the United States, including any outstanding loan accounts, shall be administered as follows:
224.10(1)(a)
(a) The funds shall be held in trust by the tribe or a legal entity thereof as an Indian loan fund, for the purpose of making loans to members of the tribe.
224.10(1)(b)
(b) Management of an Indian loan fund shall be vested in a board of trustees, which may hire necessary personnel to administer the loan fund. The board of trustees shall consist of 5 members of the tribe and shall be appointed annually by the governing body of the tribe.
224.10(1)(c)
(c) The Indian loan fund in custody of the Menominee Indian Tribe and administered by a board of trustees appointed by that tribe shall, at the termination of federal control, be administered, subject to this section, by a board of 5 trustees appointed annually by the stockholders of the corporation described in s.
710.05, 1973 stats., and shall be used for making loans to those who were enrolled tribal members as proclaimed by the secretary of the interior as of June 17, 1954, and their spouses and descendants and to any additional classes recommended by the trustees.
224.10(3)
(3) Rules of board of trustees. The board of trustees of an Indian loan fund may establish rules for the administration of the fund.
224.10 History
History: 1975 c. 422 s.
163;
1987 a. 252.
FINANCIAL INSTITUTIONS
224.25
224.25
Customer access to appraisals. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in
s. 705.01 (3), shall provide that individual with a copy of any written appraisal report which is held by the financial institution, which relates to residential real estate that the individual owns or has agreed to purchase and for which a fee is imposed.
224.25 History
History: 1991 a. 78;
1997 a. 191 s.
236; Stats. 1997 s. 224.25.
224.26
224.26
Customer access to credit reports. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in
s. 705.01 (3), shall provide that individual, at no additional charge, with a copy of any written credit report which is held by the financial institution, which relates to that individual and for which a fee is imposed.
224.26 History
History: 1993 a. 425; 1997 a 191 s. 237; Stats. 1997 s. 224.26.
224.30
224.30
Powers and duties of the department. 224.30(1)
(1)
Definition. In this section, "department" means the department of financial institutions.
224.30(3)
(3) Computer databases, networks and systems; access and use fees. The department may establish fees to be paid by members of the public for accessing or using the department's computer databases, computer networks or computer systems. Every fee established under this paragraph shall be based upon the reasonable cost of the service provided by the department, together with a reasonable share of the costs of developing and maintaining the department's computer databases, computer networks and computer systems.
224.40
224.40
Disclosure of financial records for child support enforcement. 224.40(2)
(2) Financial record matching agreements. A financial institution is required to enter into an agreement with the department of children and families in accordance with rules promulgated under
s. 49.853 (2).
224.40(3)
(3) Limited liability. A financial institution is not liable for any of the following:
224.40(3)(a)
(a) Disclosing a financial record of an individual to the county child support agency attempting to establish, modify or enforce a child support obligation of the individual.
224.40(3)(b)
(b) Disclosing information to the department of children and families or a county child support agency pursuant to the financial record matching program under
s. 49.853.
224.40(3)(c)
(c) Encumbering or surrendering any assets held by the financial institution in response to instructions provided by the department of children and families or a county child support agency for the purpose of enforcing a child support obligation.
224.40 History
History: 1997 a. 191;
2007 a. 20.
MORTGAGE BANKERS, LOAN ORIGINATORS
AND MORTGAGE BROKERS
224.71
224.71
Definitions. In this subchapter:
224.71(1ag)
(1ag) "Affiliate," when used in reference to any person, means another person who controls, is controlled by, or is under common control with the person.
224.71(1b)
(1b) "Bona fide office" of a mortgage banker or mortgage broker means an office that meets all of the following conditions:
224.71(1b)(d)
(d) Serves as an office for the transaction of business.
224.71(1b)(e)
(e) Is staffed by an individual registered under this subchapter who is an employee of the mortgage banker or mortgage broker and is not shared with another business.
224.71(1b)(f)
(f) Is separate from the offices of other entities.
224.71(1b)(g)
(g) Contains the books and records of the mortgage banker or mortgage broker, or copies of the books and records, unless the mortgage banker or mortgage broker has agreed to furnish copies of its books and records, as soon as practicable, upon the request of the division.
224.71(1d)
(1d) "Consumer" means a person other than an organization, as defined in
s. 421.301 (28), who seeks or acquires mortgage brokerage services for personal, family, or household purposes.
224.71(1e)
(1e) "Division" means the division of banking.
224.71(1g)
(1g) "Loan" means a loan for personal, family, or household purposes that is secured by a lien or mortgage, or equivalent security interest, on real property located in this state. For purposes of this subsection, a loan secured by real property consisting of 1 to 4 dwelling units, including individual condominium units, is a loan for household purposes, but a loan made by a landlord to a tenant as described in
sub. (3) (b) 4. is not a loan for household purposes.
224.71(1r)
(1r) "Loan originator" means a person who, on behalf of a mortgage banker or mortgage broker, finds a loan or negotiates a land contract, loan or commitment for a loan.
224.71(1u)
(1u) "Loan solicitor" means a type of loan originator as defined by rule by the division under
s. 224.72 (7p) (a).
224.71(3)(a)(a) "Mortgage banker" means a person who is not excluded by
par. (b) and who does any of the following:
224.71(3)(a)1.
1. Originates loans for itself, as payee on the note evidencing the loan, or for another person.
224.71(3)(a)2.
2. Sells loans or interests in loans to another person.
224.71(3)(a)3.
3. Services loans or land contracts or provides escrow services.
224.71(3)(b)
(b) "Mortgage banker" does not include any of the following:
224.71(3)(b)1.
1. A bank, trust company, savings bank, savings and loan association, insurance company, or a land mortgage or farm loan association organized under the laws of this state or of the United States, when engaged in the transaction of business within the scope of its corporate powers as provided by law.
224.71(3)(b)2.
2. A credit union which negotiates loans or any licensee under
ch. 138 which negotiates loans or any licensed attorney who, incidental to the general practice of law, negotiates or offers or attempts to negotiate a loan.
224.71(3)(b)3.
3. Employees of persons described in
subds. 1. to
2. if the employee is performing his or her duties as an employee.
224.71(3)(b)4.
4. A landlord who, in connection with leasing real property, makes a loan to a tenant that is secured by leasehold improvements that are fixtures or improvements to real property.
224.71(3)(b)5.
5. An employee or agent of persons described in
subd. 4. if the employee or agent is performing his or her duties in making leasehold improvement loans in connection with leasing real property.
224.71(3)(b)6.
6. A person who originates, sells, or services loans only with the person's own funds for the person's own investment and the person has originated, sold or serviced no more than 4 loans during the previous 12 months.
224.71(3)(b)7.
7. The department of veterans affairs when administering the veterans housing loan program under
subch. III of ch. 45.
224.71(4)(a)(a) "Mortgage broker" means a person who is not excluded by
par. (b) and who, on behalf of a loan applicant or an investor and for commission, money or other thing of value, finds a loan or negotiates a land contract, loan or commitment for a loan or engages in table funding.
224.71(4)(b)
(b) "Mortgage broker" does not include any of the following:
224.71(4)(b)1.
1. A bank, trust company, savings bank, savings and loan association, insurance company, or a land mortgage or farm loan association organized under the laws of this state or of the United States, when engaged in the transaction of business within the scope of its corporate powers as provided by law.
224.71(4)(b)2.
2. A credit union which negotiates loans or any licensee under
ch. 138 which negotiates loans or any licensed attorney who, incidental to the general practice of law, negotiates or offers or attempts to negotiate a loan.
224.71(4)(b)3.
3. Employees of persons described in
subds. 1. to
2. if the employee is performing his or her duties as an employee.
224.71(5)
(5) "Table funding" means a transaction in which a person conducts a loan closing in the person's name with funds provided by a 3rd party and the person assigns the loan to the 3rd party within 24 hours of the loan closing.
224.71 Cross-reference
Cross Reference: See also ch.
DFI-Bkg 40, Wis. adm. code.
224.71 Annotation
Wisconsin's new mortgage banking law. Thompson. Wis. Law. March 1989.
224.72
224.72
Registration of mortgage bankers, loan originators and mortgage brokers. 224.72(1)(a)
(a) "Net worth" means total tangible assets less total liabilities of a person, or, if the person is a natural person, total tangible assets less total liabilities exclusive of the person's principal residence and its furnishings and personal use vehicles.
224.72(1)(b)
(b) "Warehouse line of credit" means a line of credit to fund loans held for sale to other persons.
224.72(1m)
(1m) Registration required. A person may not act as a mortgage banker, loan originator or mortgage broker, use the title "mortgage banker", "loan originator" or "mortgage broker", or advertise or otherwise portray himself or herself as a mortgage banker, loan originator or mortgage broker, unless the person has been issued a certificate of registration from the division.
224.72(2)
(2) Applying for registration. A person desiring to act as a mortgage banker, loan originator or mortgage broker shall apply for a certificate of registration to the division on forms prescribed by the division and shall pay the fee specified in rules promulgated under
sub. (8). An application shall satisfy all of the following:
224.72(2)(a)
(a)
Verified. The applicant shall verify the application, and if the applicant is a partnership, limited liability company or corporation, the application shall be verified as follows:
224.72(2)(a)2.
2. By at least 2 officers of the corporation who have authority to verify the application.
224.72(2)(a)3.
3. By at least 2 members of the limited liability company.
224.72(2)(b)
(b)
Identity of partner, member or officer. If the applicant is a partnership, limited liability company or corporation, the application shall identify each partner, member or officer who will use the title "mortgage banker", "loan originator" or "mortgage broker".
224.72(2)(c)
(c)
Social security and federal employer identification numbers. 224.72(2)(c)1.1. Except as provided in
par. (d), an application shall include the following:
