AB150-ASA,1771,5 218.05 (1) (d) "Division" means the division of banking.

AB150-ASA, s. 5946 Section 5946. 218.05 (2) of the statutes is amended to read:

AB150-ASA,1771,10 218.05 (2) Licenses required. After July 1, 1945, no person, firm, association, partnership or corporation shall engage in the business of a community currency exchange without first securing a license to do so from the commissioner division as required by this section.

AB150-ASA, s. 5947 Section 5947. 218.05 (3) (a) (intro.) of the statutes is amended to read:

AB150-ASA,1771,14 218.05 (3) (a) (intro.) Application for such license shall be in writing, under oath, on a form to be prescribed by the commissioner division. Each application shall contain the following information:

AB150-ASA, s. 5948 Section 5948. 218.05 (3) (a) 3. of the statutes is amended to read:

AB150-ASA,1771,17 218.05 (3) (a) 3. Such other information as the commissioner division may require.

AB150-ASA, s. 5949 Section 5949. 218.05 (3) (b) of the statutes is amended to read:

AB150-ASA,1771,25 218.05 (3) (b) Such An application shall be accompanied by a nonrefundable fee of $100 $300 for the cost of investigating the applicant. When the application has been approved by the commissioner and the applicant so advised If the cost of an investigation exceeds $300, the applicant shall, upon demand of the commissioner, pay the excess cost. At the time of the application, the applicant shall pay an additional $100 $300 as an annual license fee for a period terminating ending on the last day of the current calendar year.

AB150-ASA, s. 5950 Section 5950 . 218.05 (3) (b) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:

AB150-ASA,1772,7 218.05 (3) (b) An application shall be accompanied by a nonrefundable fee of $300 for the cost of investigating the applicant. If the cost of an investigation exceeds $300, the applicant shall, upon demand of the commissioner division, pay the excess cost. At the time of the application, the applicant shall pay an additional $300 as an annual license fee for a period ending on the last day of the current calendar year.

AB150-ASA, s. 5951 Section 5951. 218.05 (3) (c) of the statutes is amended to read:

AB150-ASA,1772,19 218.05 (3) (c) Before any license is issued to a community currency exchange the applicant shall file annually with and have approved by the commissioner division a surety bond in the principal sum of $5,000, issued by an insurer authorized to do business in this state. The bond shall run to the state of Wisconsin and shall be for the benefit of any creditors of the community currency exchange for any liability incurred for any sum due to any payee of any check, draft or money order left with the community currency exchange for collection, and also for any penalties that may be imposed under this section. If the commissioner division finds at any time the bond is insecure or exhausted or otherwise doubtful, an additional bond in like amount to be approved by the commissioner division shall be filed by the licensee within 30 days after written demand by the commissioner division.

AB150-ASA, s. 5952 Section 5952. 218.05 (4) of the statutes is amended to read:

AB150-ASA,1773,15 218.05 (4) Licenses; issuance; denial. If the commissioner division shall find after investigation that the applicant (a) is trustworthy and reputable, (b) has business experience qualifying the applicant to competently conduct, operate, own, or become associated with a community currency exchange, and (c) has a good business reputation and is worthy of a license, the commissioner division shall issue to the applicant qualifying hereunder, a license to operate a community currency exchange at the location specified in the application, which license shall remain in full force and effect until it is surrendered by the licensee or revoked by the commissioner division. If the commissioner division shall not so find, the commissioner division shall not issue such license and shall notify the applicant of such denial, retaining the investigation fee to cover the cost of investigating the applicant. The commissioner division shall approve or deny every application within 30 days from the filing thereof. No application shall be denied unless the applicant has had notice of a hearing on said application and an opportunity to be heard thereon. If the application is denied, the commissioner division shall, within 20 days thereafter, prepare and keep on file in the commissioner's office with the division a written order of denial which shall contain the commissioner's division's findings with respect thereto and the reasons supporting the denial, and shall mail a copy thereof to the applicant at the address set forth in the application, within 5 days after the filing of such order.

AB150-ASA, s. 5953 Section 5953. 218.05 (6) of the statutes is amended to read:

AB150-ASA,1773,24 218.05 (6) Insurance. Every applicant for a license under this section shall, after the application for a license has been approved, submit a policy or policies of insurance to be approved by the commissioner division, issued by an insurer authorized to do business in this state, which insures the applicant against loss by burglary, larceny, robbery, forgery or embezzlement in a principal sum determined by the commissioner division. Any such policy, with respect to forgery, may carry a condition that the community currency exchange assumes the first $50 of each claim thereunder.

AB150-ASA, s. 5954 Section 5954. 218.05 (8) of the statutes is amended to read:

AB150-ASA,1774,10 218.05 (8) Other business forbidden. A community currency exchange shall not be conducted as a department unit of another business. It must be an entity, financed and conducted as a separate business unit. This shall not prevent a community currency exchange from leasing a part of the premises of another business for the conduct of this business on the same premises; provided, that no community currency exchange shall be conducted on the same premises with a business whose chief source of revenue is derived from the sale of alcohol beverages for consumption on the premises. This subsection shall not apply when such other business is subject to any statute which provides for supervision and examination by the commissioner division.

AB150-ASA, s. 5955 Section 5955. 218.05 (10) (b) of the statutes is amended to read:

AB150-ASA,1774,15 218.05 (10) (b) No more than one place of business shall be maintained under the same license, but the commissioner division may issue more than one license to the same licensee upon the compliance with the provisions of this section governing an original issuance of a license, for each new license.

AB150-ASA, s. 5956 Section 5956. 218.05 (10) (c) of the statutes is amended to read:

AB150-ASA,1774,21 218.05 (10) (c) Whenever a licensee shall wish to change the licensee's place of business to any location other than that originally set forth in the license, the licensee shall give written notice thereof to the commissioner division and if the change is approved the commissioner division shall attach to the license, in writing, a rider stating the new address or location of the community currency exchange.

AB150-ASA, s. 5957 Section 5957. 218.05 (11) of the statutes is amended to read:

AB150-ASA,1775,2 218.05 (11) Renewal. Every licensee shall, on or before December 20, pay to the commissioner the sum of $50 $300 as an annual license fee for the next succeeding calendar year and shall, at the same time, shall file with the commissioner the annual bond and insurance policy or policies in the same amount and of the same character as required by subs. (3) (c) and (6).

AB150-ASA, s. 5958 Section 5958 . 218.05 (11) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:

AB150-ASA,1775,9 218.05 (11) Renewal. Every licensee shall, on or before December 20, pay to the commissioner division the sum of $300 as an annual license fee for the next succeeding calendar year and, at the same time, shall file with the commissioner division the annual bond and insurance policy or policies in the same amount and of the same character as required by subs. (3) (c) and (6).