224.50(7)(a)
(a) An account established under this section is not subject to garnishment, lien, levy, attachment, execution or other process of law.
224.50(7)(b)
(b) No interest in a college savings account may be pledged as security for a loan.
224.50(8)
(8) Financial aid calculations. The balance of a college savings account shall not be included in the calculation of a beneficiary's eligibility for state financial aid for higher education if the beneficiary notifies the higher educational aids board and the eligible educational institution that the beneficiary is planning to attend that he or she is a beneficiary of a college savings account and if the account owner agrees to release to the higher educational aids board and the eligible educational institution information necessary for the calculation under this subsection.
224.50 History
History: 1999 a. 44;
2001 a. 7,
38;
2011 a. 32 s.
76; Stats. 2011 s. 16.641;
2013 a. 227;
2015 a. 55;
2017 a. 59 ss.
149,
1705; Stats. 2017 s. 224.50;
2017 a. 231.
224.50 Cross-reference
Cross-reference: See also ch.
DFI-CSP 1, Wis. adm. code.
224.51
224.51
College savings program vendor. 224.51(1g)(1g)
In this section, “department” means the department of financial institutions.
224.51(1m)
(1m) The department shall determine the factors to be considered in selecting a vendor of the program under s.
224.50, which shall include:
224.51(1m)(a)
(a) The person's ability to satisfy record-keeping and reporting requirements.
224.51(1m)(b)
(b) The fees, if any, that the person proposes to charge account owners.
224.51(1m)(c)
(c) The person's plan for promoting the college savings program and the investment that the person is willing to make to promote the program.
224.51(1m)(d)
(d) The minimum initial contribution or minimum contributions that the person will require.
224.51(1m)(e)
(e) The ability and willingness of the person to accept electronic contributions.
224.51(1m)(f)
(f) The ability of the person to augment the college savings program with additional, beneficial services related to the program.
224.51(2)
(2) The department shall solicit competitive sealed proposals under s.
16.75 (2m) from nongovernmental persons to serve as vendor of the college savings program. The department shall select the vendor based upon factors determined by the department under sub.
(1m).
224.51(3)
(3) The contract between the department and the vendor shall ensure all of the following:
224.51(3)(a)
(a) That the vendor reimburses the state for all administrative costs that the state incurs for the college savings program.
224.51(3)(b)
(b) That a firm of certified public accountants selected by the vendor annually audits the college savings program and provides a copy of the audit to the college savings program board.
224.51(3)(c)
(c) That each account owner receives a quarterly statement that identifies the contributions to the college savings account during the preceding quarter, the total contributions to and the value of the college savings account through the end of the preceding quarter and any distributions made during the preceding quarter.
224.51(3)(d)
(d) That the vendor communicate to the beneficiary and account owner the requirements of s.
224.50 (8).
224.51 History
History: 1999 a. 44;
2001 a. 38 s.
12;
2011 a. 32;
2017 a. 59 ss.
114 to
117,
1706; Stats. 2017 s. 224.51.
224.52
224.52
Repayment to the general fund. 224.52(1)(1)
The secretary of administration shall transfer from the tuition trust fund, the college savings program trust fund, the college savings program bank deposit trust fund, or the college savings program credit union deposit trust fund to the general fund an amount equal to the amount expended from the appropriations under s.
20.505 (9) (a), 1995 stats., s.
20.585 (2) (a), 2001 stats., and s.
20.585 (2) (am), 2001 stats., when the secretary of administration determines, after consultation with the secretary of financial institutions, that funds in those trust funds are sufficient to make the transfer. The secretary of administration may make the transfer in installments.
224.52(2)
(2) Annually, by June 1, the secretary of financial institutions, after consultation with the secretary of administration, shall submit a report to the joint committee on finance on the amount available for repayment under sub.
(1), the amount repaid under sub.
(1), and the outstanding balance under sub.
(1).
224.52 History
History: 2001 a. 16;
2003 a. 33;
2005 a. 478;
2011 a. 32 s.
77; Stats. 2011 s. 16.642;
2017 a. 59 s.
150; Stats. 2017 s. 224.52.
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.
224.71(4)
(4) “Mortgage broker" means a person who, for compensation or gain or in the expectation of compensation or gain, does any of the following but does not make an underwriting decision or close a residential mortgage loan:
224.71(4)(a)
(a) Assists a person in obtaining or applying to obtain a residential mortgage loan.
224.71(4)(b)
(b) Holds himself, herself, or itself out as being able to assist a person in obtaining or applying to obtain a residential mortgage loan.
224.71(6)
(6) “Mortgage loan originator" means an individual who, for compensation or gain or in the expectation of compensation or gain, does any of the following:
224.71(6)(c)
(c) Takes a residential mortgage loan application.
224.71(6)(d)
(d) Offers or negotiates terms of a residential mortgage loan.
224.71(7)
(7) “Nationwide mortgage licensing system and registry" means the licensing and registration system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for licensed mortgage loan originators and mortgage loan originators exempt from licensing under s.
224.725 (1m) or, if this system is no longer maintained, any system established by the secretary of the federal department of housing and urban development under P.L.
110-289, Title V, section 1509.
224.71(8)
(8) “Negotiate," with respect to a residential mortgage loan, means to discuss, explain, or present the terms and conditions, including rates, fees, and other costs, of a residential mortgage loan with or to a residential mortgage loan applicant, but does not include making an underwriting decision on a residential mortgage loan or closing a residential mortgage loan.
224.71(9)
(9) “Net worth" means total tangible assets less total liabilities of a person, or, if the person is an individual, total tangible assets less total liabilities exclusive of the person's principal residence and its furnishings and personal use vehicles.
224.71(10)
(10) “Nontraditional mortgage product" means any mortgage product other than a 30-year fixed rate mortgage.
224.71(11)
(11) “Originate," with respect to a residential mortgage loan, means to make an underwriting decision on the residential mortgage loan and close the loan.
224.71(12)
(12) “Principal office," with respect to a mortgage banker or mortgage broker, means the place of business designated by the mortgage banker or mortgage broker as its principal place of business, as identified in the records of the division.
224.71(13)
(13) “Real estate brokerage activity" means any activity that involves offering or providing to the public real estate brokerage services involving residential real property in this state, including all of the following:
224.71(13)(a)
(a) Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property.
224.71(13)(b)
(b) Bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property.
224.71(13)(c)
(c) Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property, other than in connection with providing financing for the transaction. For purposes of this paragraph, providing financing for the transaction does not include use by a licensee under s.
452.03 of forms approved under s.
REEB 16.03, Wis. Adm. Code.
224.71(13)(d)
(d) Engaging in any activity for which a person engaged in the activity is required to be licensed under s.
452.03.
224.71(13)(e)
(e) Offering to engage in any activity, or act in any capacity, described in pars.
(a) to
(d).
224.71(13c)
(13c) “Registered entity" means a depository institution that voluntarily registers with the division for the purpose of sponsoring licensed mortgage loan originators that are under the depository institution's direct supervision and control.
224.71(13g)
(13g) “Registered mortgage loan originator" means any individual who is all of the following:
224.71(13g)(a)
(a) An employee of, and acting for, a depository institution, a subsidiary owned and controlled by a depository institution and regulated by a federal banking agency, or an institution regulated by the farm credit administration.
224.71(13g)(b)
(b) Registered with, and who maintains a unique identifier through, the nationwide mortgage licensing system and registry.
224.71(13m)
(13m) “Regularly engage," with respect to an individual, means that any of the following applies:
224.71(13m)(a)
(a) The individual engaged in the business of a mortgage loan originator on more than 5 residential mortgage loans, in this state or another state, in the previous calendar year or expects to engage in the business of a mortgage loan originator on more than 5 residential mortgage loans, in this state or another state, in the current calendar year.
224.71(13m)(b)
(b) The individual is acting on behalf of a person who is, or is required to be, licensed as a mortgage lender, mortgage banker, or mortgage broker in this state or another state.
224.71(13m)(c)
(c) The individual is acting on behalf of a registered entity.
224.71(14)
(14) “Residential mortgage loan" means any loan primarily for personal, family, or household use that is secured by a lien or mortgage, or equivalent security interest, on a dwelling or residential real property located in this state.
224.71(15)
(15) “Residential real property" means real property on which a dwelling is constructed or intended to be constructed.
224.71(16)
(16) “Services," with respect to a residential mortgage loan, means to receive payments on a note from the borrower and distribute these payments in accordance with the terms of the note or servicing agreement.
224.71(17)
(17) “Table funding" means a transaction in which a person conducts a residential mortgage loan closing in the person's name with funds provided by a 3rd party and the person assigns the residential mortgage loan to the 3rd party within 24 hours of the residential mortgage loan closing.
224.71(18)
(18) “Unique identifier" means a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry.
