SB70,225,2019 5. “Woman-owned financial adviser” means a financial adviser that fulfills all
20of the following requirements:
SB70,225,2121 a. It is at least 51 percent owned, controlled, and actively managed by a woman.
SB70,225,2222 b. It has its principal place of business in this state.
SB70,225,2423 6. “Woman-owned investment firm” means an investment firm that fulfills all
24of the following requirements:
SB70,225,2525 a. It is at least 51 percent owned, controlled, and actively managed by a woman.
SB70,226,1
1b. It has its principal place of business in this state.
SB70,99 2Section 99. 16.285 (1) (b) of the statutes is amended to read:
SB70,226,163 16.285 (1) (b) The department shall implement a program for the certification
4of woman-owned businesses, woman-owned financial advisers, and woman-owned
5investment firms
. The department may, without conducting an investigation, certify
6a business currently performing a useful business function, financial adviser, or
7investment firm that has its principal place of business
in this state as a
8woman-owned business, woman-owned financial adviser, or woman-owned
9investment firm
if the business, financial adviser, or investment firm is certified, or
10otherwise classified, as a woman-owned business, woman-owned financial adviser,
11or woman-owned investment firm
by an agency or municipality of this or another
12state, a federally recognized American Indian tribe, or the federal government, or by
13a private business with expertise in certifying woman-owned businesses ,
14woman-owned financial advisers, or woman-owned investment firms
if the
15business uses substantially the same process as the department promulgates by rule
16for implementing this subsection.
SB70,100 17Section 100 . 16.285 (1) (bm) of the statutes is repealed.
SB70,101 18Section 101. 16.285 (2) of the statutes is amended to read:
SB70,227,219 16.285 (2) The department shall develop, maintain, and keep current a
20computer database of businesses, financial advisers, and investment firms certified
21under sub. (1)
in the state that are owned by women, containing demographic
22statistics and information on the types of industries represented, sales volume and
23growth rates, generation of jobs by both new and existing businesses, and any other
24relevant characteristics. The department shall compile and periodically update a list

1of businesses, financial advisers, and investment firms certified under sub. (1) and
2make the list available to the public on the Internet.
SB70,102 3Section 102 . 16.287 (2) (dm) of the statutes is repealed.
SB70,103 4Section 103. 16.287 (4) of the statutes is created to read:
SB70,227,75 16.287 (4) Minority business database. The department shall develop,
6maintain, and keep current a computer database of all minority businesses, minority
7financial advisers, and minority investment firms certified under this section.
SB70,104 8Section 104 . 16.288 of the statutes is created to read:
SB70,227,10 916.288 Lesbian, gay, bisexual, or transgender-owned businesses. (1)
10Definitions. In this section:
SB70,227,1211 (a) “Business" means a sole proprietorship, partnership, limited liability
12company, joint venture, or corporation.
SB70,227,1413 (b) “Duly authorized representative" means any person authorized in writing
14by the business to act on behalf of the business.
SB70,227,1615 (c) “Financial adviser" means a business that serves as an adviser with regard
16to the sale of evidences of indebtedness or other obligations.
SB70,227,1917 (d) “Investment firm" means a business that serves as a manager, comanager,
18or in any other underwriting capacity with regard to the sale of evidences of
19indebtedness or other obligations or as a broker-dealer, as defined in s. 551.102 (4).
SB70,227,2120 (e) “Useful business function" means the provision of materials, supplies,
21equipment, or services to customers, including the state.
SB70,227,24 22(2) Lesbian, gay, bisexual, or transgender-owned business database. The
23department shall develop, maintain, and keep current a computer database of all
24businesses, financial advisers, and investment firms certified under this section.
SB70,228,3
1(3) Lesbian, gay, bisexual, or transgender-owned business, financial adviser,
2and investment firm certification.
(a) Any business, financial adviser, or
3investment firm may apply to the department for certification under this section.
SB70,228,74 (b) 1. The department shall certify a business, financial adviser, or investment
5firm under this section if, after conducting an investigation, the department
6determines that the business, financial adviser, or investment firm fulfills all of the
7following requirements:
SB70,228,128 a. One or more lesbian, gay, bisexual, or transgender individuals own at least
951 percent of the business, financial adviser, or investment firm or, in the case of any
10publicly owned business, financial adviser, or investment firm, one or more lesbian,
11gay, bisexual, or transgender individuals own at least 51 percent of the stock of the
12business, financial adviser, or investment firm.
SB70,228,1613 b. One or more lesbian, gay, bisexual, or transgender individuals or one or more
14duly authorized representatives of one or more lesbian, gay, bisexual, or transgender
15individuals control the management and daily business operations of the business,
16financial adviser, or investment firm.
SB70,228,2017 c. The business, financial adviser, or investment firm is currently performing
18a useful business function. Acting as a conduit for the transfer of funds to a business
19that is not certified under this section does not constitute a useful business function,
20unless doing so is a normal industry practice.
SB70,229,221 2. The department may, without conducting an investigation, certify a
22business, financial adviser, or investment firm having its principal place of business
23in this state and currently performing a useful business function if the business,
24financial adviser, or investment firm is certified, or otherwise classified, as a lesbian,
25gay, bisexual, or transgender-owned business, financial adviser, or investment firm

1by an agency or municipality of this or another state, a federally recognized
2American Indian tribe or band, or the federal government.
SB70,229,103 (c) If a business, financial adviser, or investment firm applying for certification
4under this section fails to provide the department with sufficient information to
5enable the department to conduct an investigation under par. (b) 1. or does not
6qualify for certification under par. (b), the department shall deny the application.
7A business, financial adviser, or investment firm whose application is denied may,
8within 30 days after the date of the denial, appeal in writing to the secretary. The
9secretary shall enter his or her final decision within 30 days after receiving the
10appeal.