224.07
224.07
Checks to clear at par. Checks drawn on any bank or trust company, organized under the laws of this state, shall be cleared at par by the bank or trust company on which they are drawn. Any bank or trust company, or officer or employee thereof, who violates the provisions of this section shall be guilty of a misdemeanor and punished as provided in
s. 939.61.
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.
224.30(4)
(4) Restrictions on recording instruments with social security numbers. 224.30(4)(a)(a) In this subsection, "system" means the department's corporate registration information system.
224.30(4)(b)
(b) The department may not record in the system any instrument offered for recording that contains the social security number of an individual. If the department is presented with an instrument for recording in the system that contains an individual's social security number, the department may, prior to recording the instrument, remove or obscure characters from the social security number such that the social security number is not discernable on the instrument.
224.30(4)(c)
(c) If the department is presented with an instrument for recording in the system that contains an individual's social security number, and if the department records the instrument but does not discover that the instrument contains the individual's social security number until after the instrument is recorded, the department is not liable for the instrument drafter's placement of the individual's social security number on the instrument and the department may remove or obscure characters from the social security number such that the social security number is not discernable on the instrument.
224.30(4)(d)
(d) If the department records an instrument in the system that contains the complete social security number of an individual, the instrument drafter is liable to the individual whose social security number appears in the recorded instrument for any actual damages resulting from the instrument being recorded.
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.
224.42
224.42
Disclosure of financial records for Medical Assistance eligibility. 224.42(2)
(2) Financial record matching agreements. A financial institution is required to enter into an agreement with the department of health services under
s. 49.45 (4m).
224.42(3)
(3) Limited liability. A financial institution is not liable for any of the following:
224.42(3)(a)
(a) Disclosing a financial record of an individual or other information to the department of health services in accordance with an agreement, and its participation in the program, under
s. 49.45 (4m).
224.42 History
History: 2011 a. 192;
2013 a. 20.
224.44
224.44
Disclosure of financial records for collection of unemployment insurance debt. 224.44(2)
(2) Financial record matching agreements. A financial institution is required to enter into an agreement with the department of workforce development under
s. 108.223.
224.44(3)
(3) Limited liability. A financial institution is not liable for any of the following:
224.44(3)(a)
(a) Disclosing a financial record of an individual or other information to the department of workforce development in accordance with an agreement, and its participation in the program, under
s. 108.223.
224.44 History
History: 2013 a. 36.
MORTGAGE BANKERS, LOAN ORIGINATORS
AND MORTGAGE BROKERS
224.71
224.71
Definitions. In this subchapter:
224.71(1bm)
(1bm) "Another state" means any state of the United States other than Wisconsin; the District of Columbia; any territory of the United States; Puerto Rico; Guam; American Samoa; the Trust Territory of the Pacific Islands; the Virgin Islands; or the Northern Mariana Islands.
224.71(1br)
(1br) "Bona fide nonprofit organization" means an organization that is described in section
501 (c) (3) of the Internal Revenue Code and exempt from federal income tax under section
501 (a) of the Internal Revenue Code, that is certified by the federal department of housing and urban development or the Wisconsin Housing and Economic Development Authority, and that does all of the following:
224.71(1br)(a)
(a) Promotes affordable housing or provides home ownership education or similar services.
224.71(1br)(b)
(b) Conducts its activities in a manner that serves public or charitable purposes.
224.71(1br)(c)
(c) Receives funding and revenue and charges fees in a manner that does not create an incentive for itself or its employees to act other than in the best interests of its clients.
224.71(1br)(d)
(d) Compensates its employees in a manner that does not create an incentive for its employees to act other than in the best interests of its clients.
224.71(1br)(e)
(e) Provides to, or identifies for, the borrower residential mortgage loans with terms favorable to the borrower and comparable to residential mortgage loans and housing assistance provided under government housing assistance programs.
224.71(1c)
(1c) "Branch office" means an office or place of business, other than the principal office, located in this state or another state, where a mortgage loan originator, mortgage banker, or mortgage broker engages in the mortgage loan business subject to this subchapter.
224.71(1dm)
(1dm) "Depository institution" has the meaning given in
12 USC 1813 (c) (1), but also includes any state or federal credit union.
224.71(1e)
(1e) "Division" means the division of banking.
224.71(1g)
(1g) "Employee" means an individual whose manner and means of performance of work are subject to the right of control of, or are controlled by, a person, and whose compensation for federal income tax purposes is reported, or required to be reported, on a W-2 form issued by the controlling person.
224.71(1gh)(a)(a) Except as provided in
par. (b), "expungement" means to have stricken or obliterated from a record of criminal conviction all references to the defendant's name and identity.
224.71(1gh)(b)
(b) For a criminal conviction entered in another state, "expungement" has the meaning given under the laws of the state where the criminal conviction is entered.
224.71(1h)
(1h) "Federal banking agency" means the board of governors of the federal reserve system, the U.S. office of the comptroller of the currency, the national credit union administration, or the federal deposit insurance corporation.
224.71(1m)
(1m) "Finds," with respect to a residential mortgage loan, means to assist a residential mortgage loan applicant in locating a lender for the purpose of obtaining a residential mortgage loan and to make arrangements for a residential mortgage loan applicant to obtain a residential mortgage loan, including collecting information on behalf of an applicant and preparing a loan package.
224.71(1r)
(1r) "Housing finance agency" means any authority that is all of the following:
224.71(1r)(a)
(a) Chartered by a state to help meet the affordable housing needs of the residents of the state.
224.71(1r)(b)
(b) Supervised directly or indirectly by the state government.
224.71(1r)(c)
(c) Subject to audit and review by the state in which it operates.
224.71(2)
(2) "Loan processor or underwriter" means an individual who, as an employee, performs clerical or support duties at the direction of and subject to the supervision and instruction of a mortgage loan originator licensed under
s. 224.725 or exempt from licensing under
s. 224.725 (1m), which clerical or support duties may include any of the following occurring subsequent to the receipt of a residential mortgage loan application:
224.71(2)(a)
(a) The receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan.
224.71(2)(b)
(b) Communicating with a residential mortgage loan applicant to obtain the information necessary for the processing or underwriting of a residential mortgage loan, to the extent that the communication does not include offering or negotiating loan rates or terms or providing counseling related to loan rates or terms.
224.71(3)
(3) "Mortgage banker" means a person who does any of the following:
224.71(3)(c)
(c) Originates residential mortgage loans for itself, as payee on the note evidencing the residential mortgage loan, or for another person.
224.71(3)(d)
(d) Sells residential mortgage loans or interests in residential mortgage loans to another person.
224.71(3)(e)
(e) Services residential mortgage loans or provides escrow services.
