SB62,316,207 234.08 (1) The authority may issue its negotiable notes and bonds in such
8principal amount, as, in the opinion of the authority, is necessary to provide sufficient
9funds for achieving its corporate purposes, including the purchase of certain
10mortgages and securities and the making of secured loans for low- and
11moderate-income housing, for the rehabilitation of existing structures and for the
12construction of facilities appurtenant thereto as provided in this chapter; for the
13making of secured loans to assist eligible elderly homeowners in paying property
14taxes and special assessments; for the payment of interest on notes and bonds of the
15authority during construction; for the awarding of airport development loans under
16s. 234.63 (3);
for the establishment of reserves to secure such notes and bonds; for the
17provision of moneys for the housing development fund in order to make temporary
18loans to sponsors of housing projects as provided in this chapter; and for all other
19expenditures of the authority incident to and necessary or convenient to carry out its
20corporate purposes and powers.
SB62, s. 765 21Section 765. 234.265 (2) of the statutes is amended to read:
SB62,317,422 234.265 (2) Records or portions of records consisting of personal or financial
23information provided by a person seeking a grant or loan under s. 234.63, 2007 stats.,
24or
s. 234.04, 234.08, 234.49, 234.59, 234.592, 234.605, 234.61, 234.63, 234.65, 234.67,
25234.83, 234.84, 234.90, 234.905, 234.907, or 234.91, seeking a loan under ss. 234.621

1to 234.626, seeking financial assistance under s. 234.66, 2005 stats., seeking
2mortgage loan refinancing from a lender under s. 234.605,
seeking investment of
3funds under s. 234.03 (18m), or in which the authority has invested funds under s.
4234.03 (18m), unless the person consents to disclosure of the information.
SB62, s. 766 5Section 766. 234.40 (4) of the statutes is amended to read:
SB62,317,106 234.40 (4) The limitations established in ss. 234.18, 234.50, 234.60, 234.61,
7234.63, and 234.65 are not applicable to bonds issued under the authority of this
8section. The authority may not have outstanding at any one time bonds for veterans
9housing loans in an aggregate principal amount exceeding $61,945,000, excluding
10bonds being issued to refund outstanding bonds.
SB62, s. 767 11Section 767. 234.49 (2) (a) 4. of the statutes is amended to read:
SB62,317,1612 234.49 (2) (a) 4. To designate as an authorized lender the authority or any local
13government agency, housing authority under s. 59.53 (22), 61.73, 66.1201 or 66.1213,
14bank, savings bank, savings and loan institution, mortgage banker registered
15licensed under s. 224.72 or credit union, if the designee has a demonstrated history
16or potential of ability to adequately make and service housing rehabilitation loans.
SB62, s. 768 17Section 768. 234.50 (4) of the statutes is amended to read:
SB62,317,2418 234.50 (4) The limitations established in ss. 234.18, 234.40, 234.60, 234.61,
19234.63, and 234.65 are not applicable to bonds issued under the authority of this
20section. The authority may not have outstanding at any one time bonds for housing
21rehabilitation loans in an aggregate principal amount exceeding $100,000,000,
22excluding bonds being issued to refund outstanding bonds. The authority shall
23consult with and coordinate the issuance of bonds with the building commission prior
24to the issuance of bonds.
SB62, s. 769 25Section 769. 234.59 (1) (h) of the statutes is amended to read:
SB62,318,2
1234.59 (1) (h) "Mortgage banker" means a mortgage banker registered licensed
2under s. 224.72, but does not include a person licensed under s. 138.09.
SB62, s. 770 3Section 770. 234.59 (1) (j) of the statutes is amended to read:
SB62,318,64 234.59 (1) (j) "Principal residence" means an eligible residential real property
5in this state which that an applicant maintains as a full-time residence, but does not
6use as a vacation home or for trade or business purposes.
SB62, s. 771 7Section 771. 234.59 (2) (intro.) of the statutes is amended to read:
SB62,318,118 234.59 (2) Powers and duties of the authority. (intro.) The authority shall
9establish and administer a homeownership mortgage loan program to encourage
10homeownership and to facilitate the acquisition or rehabilitation of eligible property
11by applicants. To implement the program, the authority:
SB62, s. 772 12Section 772. 234.59 (3) (c) of the statutes is amended to read:
SB62,318,1913 234.59 (3) (c) The authority shall notify an eligible authorized lender if a
14person's name appears on the statewide support lien docket under s. 49.854 (2) (b).
15An eligible authorized lender may not make a loan to an applicant if it receives
16notification under this paragraph concerning the applicant, unless the applicant
17provides to the lender a payment agreement that has been approved by the county
18child support agency under s. 59.53 (5) and that is consistent with rules promulgated
19under s. 49.858 (2) (a).
SB62, s. 773 20Section 773. 234.592 of the statutes is created to read:
SB62,318,22 21234.592 Qualified subprime loan refinancing. (1) Definitions. In this
22section:
SB62,318,2323 (a) "Authorized lender" has the meaning given in s. 234.59 (1) (a).
SB62,318,2424 (b) "Eligible property" has the meaning given in s. 234.59 (1) (d) 1.
SB62,318,2525 (c) "Principal residence" has the meaning given in. s. 234.59 (1) (j).
SB62,319,3
1(d) "Qualified subprime loan" means an adjustable rate single-family
2residential mortgage loan made after December 31, 2001, and before January 1,
32008.
SB62,319,7 4(2) Powers and duties of the authority. The authority shall establish and
5administer a qualified subprime loan refinancing program to encourage
6homeownership and to facilitate the retention of eligible property by applicants. To
7implement the program, the authority:
SB62,319,108 (a) May finance the acquisition or replacement of a qualified subprime loan and
9may enter into contracts permitting an authorized lender to finance the acquisition
10or replacement of a qualified subprime loan or both.
SB62,319,1111 (b) Shall maintain a current list of authorized lenders.
SB62,319,1312 (c) May enter into agreements to insure or provide additional security for loans
13or bonds or notes issued under s. 234.60.
SB62,319,18 14(3) Loan conditions. (a) Except as provided in par. (b), the authority may
15finance the acquisition or replacement of or enter into contracts permitting an
16authorized lender to finance the acquisition or replacement of an existing mortgage
17given by an applicant on an eligible property only if all of the following conditions are
18satisfied:
SB62,319,2019 1. The eligible property is and will remain the principal residence of the
20applicant.
SB62,319,2221 2. The existing mortgage was originally financed through a qualified subprime
22loan and has not subsequently been refinanced.
SB62,319,2523 3. The authority makes a determination that the mortgage described in subd.
242. will be reasonably likely to cause financial hardship to the applicant if not
25refinanced.
SB62,320,2
14. The term of any refinancing agreement entered into under this paragraph
2does not exceed 30 years.
SB62,320,63 5. The monthly payments to be made by an applicant under an agreement
4entered into under this paragraph include principal, interest, property taxes, and
5insurance. In this subdivision, "insurance" includes mortgage insurance,
6homeowner's insurance, and, if applicable, flood insurance.
SB62,320,87 6. The authority complies with special rules for subprime refinancing
8established under 26 USC 143 (k) (12).
SB62,320,139 (b) The authority may not enter into an agreement under this subsection if the
10applicant's name appears on the statewide support lien docket under s. 49.854 (2) (b),
11unless the applicant provides to the authority a payment agreement that has been
12approved by the county child support agency under s. 59.53 (5) and that is consistent
13with rules promulgated under s. 49.858 (2) (a).
SB62, s. 774 14Section 774. 234.60 (title) of the statutes is amended to read:
SB62,320,16 15234.60 (title) Bonds for homeownership mortgage loans and qualified
16subprime loan refinancing
.
SB62, s. 775 17Section 775. 234.60 (1) of the statutes is amended to read:
SB62,320,1918 234.60 (1) The authority may issue its bonds or notes to fund homeownership
19mortgage loans or the refinancing of qualified subprime loans under s. 234.592.
SB62, s. 776 20Section 776. 234.60 (2) of the statutes is amended to read:
SB62,320,2221 234.60 (2) The limitations in ss. 234.18, 234.40, 234.50, 234.61, 234.63, and
22234.65 do not apply to bonds or notes issued under this section.
SB62, s. 777 23Section 777. 234.60 (5) (c) of the statutes is created to read:
SB62,321,3
1234.60 (5) (c) The secretary of administration shall determine the date after
2which no bond or note may be issued under this section for the purpose of financing
3the acquisition or replacement of an existing mortgage under s. 234.592.
SB62, s. 778 4Section 778. 234.60 (9) of the statutes is amended to read:
SB62,321,75 234.60 (9) The executive director of the authority shall make every effort to
6encourage participation in the homeownership mortgage loan program and the
7qualified subprime loan refinancing program
by women and minorities.
SB62, s. 779 8Section 779. 234.605 of the statutes is created to read:
SB62,321,10 9234.605 Homeowner eviction and lien protection program. (1) In this
10section:
SB62,321,1111 (a) "Eligible property" has the meaning given in s. 234.59 (1) (d) 1.
SB62,321,1412 (b) "Lender" means any banking institution, savings bank, savings and loan
13association, or credit union organized under the laws of this or any other state or of
14the United States having an office in this state.
SB62,321,1615 (c) "Mortgage loan" means a loan secured by a first lien real estate mortgage
16on the eligible property of an applicant.
SB62,321,20 17(2) Subject to the approval of all members of the authority, the authority may
18establish and administer a homeowner eviction and lien protection program to
19encourage the refinancing of mortgage loans by lenders in order to facilitate the
20retention of eligible property by persons and families.
SB62,321,25 21(3) (a) Except as provided in par. (b), to implement the program, the authority
22may enter into agreements with lenders regarding the refinancing of a mortgage
23loan and may make or participate in the making and enter into commitments for the
24making of loans to refinance a mortgage loan if the authority first determines all of
25the following:
SB62,322,5
11. The applicant has made a reasonable effort to refinance the mortgage loan
2with the existing lender or loan servicer or with an organization approved by the
3authority, but the applicant has been unsuccessful in his or her effort. The authority
4shall designate and maintain a current list of organizations approved under this
5subdivision.
SB62,322,76 2. The lender will not refinance the mortgage loan in the absence of an
7agreement with the authority.
SB62,322,128 (b) The authority may not enter into an agreement with a lender under this
9section if the applicant's name appears on the statewide support lien docket under
10s. 49.854 (2) (b), unless the applicant provides to the authority a payment agreement
11that has been approved by the county child support agency under s. 59.53 (5) and that
12is consistent with rules promulgated under s. 49.858 (2) (a).
SB62,322,17 13(4) The authority shall submit a quarterly report to the joint committee on
14finance. The report shall summarize the progress and performance of the program
15established under this section. The cochairpersons of the joint committee on finance
16may convene a meeting of the committee at any time to review or dissolve the
17program established under this section.
SB62, s. 780 18Section 780. 234.61 (1) of the statutes is amended to read:
SB62,323,219 234.61 (1) Upon the authorization of the department of health services, the
20authority may issue bonds or notes and make loans for the financing of housing
21projects which are residential facilities as defined in s. 46.28 (1) (d) and the
22development costs of those housing projects, if the department of health services has
23approved the residential facilities for financing under s. 46.28 (2). The limitations
24in ss. 234.18, 234.40, 234.50, 234.60, 234.63, and 234.65 do not apply to bonds or

1notes issued under this section. The definition of "nonprofit corporation" in s. 234.01
2(9) does not apply to this section.
SB62, s. 781 3Section 781. 234.63 of the statutes is repealed.
SB62, s. 782 4Section 782. 321.60 (1) (a) 12. of the statutes is amended to read:
SB62,323,85 321.60 (1) (a) 12. A license or certificate of registration issued by the
6department of financial institutions, or a division of it, under ss. 138.09, 138.12,
7217.06, 218.0101 to 218.0163, 218.02, 218.04, 218.05, 224.72, 224.725, or 224.93 or
8subch. IV of ch. 551.
SB62, s. 783 9Section 783. 422.501 (2) (b) 8. of the statutes is amended to read:
SB62,323,1210 422.501 (2) (b) 8. A person registered licensed as a mortgage banker, mortgage
11loan originator, or mortgage broker under s. 224.72 or 224.725 if the person is acting
12within the course and scope of that registration the license.
SB62, s. 784 13Section 784. 428.202 (6) of the statutes is renumbered 428.202 (9) and
14amended to read:
SB62,323,1615 428.202 (9) "Loan Mortgage loan originator" has the meaning given in s. 224.71
16(1r) (6).
SB62, s. 785 17Section 785. 428.203 (9) (title) of the statutes is amended to read:
SB62,323,1818 428.203 (9) (title) Unregistered Unlicensed mortgage bankers and brokers.
SB62, s. 786 19Section 786. 428.204 of the statutes is amended to read:
SB62,323,23 20428.204 False statements. No lender, licensed lender, mortgage loan
21originator, mortgage banker, or mortgage broker may knowingly make, propose, or
22solicit fraudulent, false, or misleading statements on any document relating to a
23covered loan.
SB62, s. 787 24Section 787. 428.206 of the statutes is amended to read:
SB62,324,5
1428.206 Recommending default. No lender, licensed lender, mortgage loan
2originator, mortgage banker, or mortgage broker may recommend or encourage an
3individual to default on an existing loan or other obligation before and in connection
4with the making of a covered loan that refinances all or any portion of that existing
5loan or obligation.
SB62, s. 788 6Section 788. 452.01 (3) (g) of the statutes is amended to read:
SB62,324,87 452.01 (3) (g) A person registered licensed as a mortgage banker under s.
8224.72 who does not engage in activities described under sub. (2).
SB62, s. 789 9Section 789. 560.205 (1) (intro.) of the statutes is amended to read:
SB62,324,1810 560.205 (1) Angel investment tax credits. (intro.) The department shall
11implement a program to certify businesses for purposes of s. 71.07 (5d). A business
12desiring certification shall submit an application to the department in each taxable
13year for which the business desires certification. The business shall specify in its
14application the investment amount it wishes to raise and the department may certify
15the business and determine the amount that qualifies for purposes of s. 71.07 (5d).

16Unless otherwise provided under the rules of the department, a business may be
17certified under this subsection, and may maintain such certification, only if the
18business satisfies all of the following conditions:
SB62, s. 790 19Section 790. 560.205 (1) (f) of the statutes is repealed and recreated to read:
SB62,324,2120 560.205 (1) (f) It has the potential for increasing jobs in this state, increasing
21capital investment in this state, or both, and any of the following apply:
SB62,324,2322 1. It is engaged in, or has committed to engage in, innovation in any of the
23following:
SB62,324,2524 a. Manufacturing, biotechnology, nanotechnology, communications,
25agriculture, or clean energy creation or storage technology.
SB62,325,4
1b. Processing or assembling products, including medical devices,
2pharmaceuticals, computer software, computer hardware, semiconductors, any
3other innovative technology products, or other products that are produced using
4manufacturing methods that are enabled by applying proprietary technology.
SB62,325,55 c. Services that are enabled by applying proprietary technology.
SB62,325,96 2. It is undertaking pre-commercialization activity related to proprietary
7technology that includes conducting research, developing a new product or business
8process, or developing a service that is principally reliant on applying proprietary
9technology.
SB62, s. 791 10Section 791. 560.205 (1) (g) of the statutes is amended to read:
SB62,325,1611 560.205 (1) (g) It is not primarily engaged in real estate development,
12insurance, banking, lending, lobbying, political consulting, professional services
13provided by attorneys, accountants, business consultants, physicians, or health care
14consultants, wholesale or retail trade, leisure, hospitality, transportation, or
15construction, except construction of power production plants that derive energy from
16a renewable resource, as defined in s. 196.378 (1) (h).
SB62, s. 792 17Section 792. 560.205 (1) (k) of the statutes is amended to read:
SB62,325,2018 560.205 (1) (k) It For taxable years beginning before January 1, 2008, it has
19not received more than $1,000,000 in investments that have qualified for tax credits
20under s. 71.07 (5d).
SB62, s. 793 21Section 793. 560.205 (1) (kn) of the statutes is created to read:
SB62,325,2522 560.205 (1) (kn) For taxable years beginning after December 31, 2007 and
23before January 1, 2011, it has not received more than $4,000,000 in investments that
24have qualified for tax credits under ss. 71.07 (5b) and (5d), 71.28 (5b), 71.47 (5b), and
2576.638.
SB62, s. 794
1Section 794. 560.205 (1) (L) of the statutes is created to read:
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