SB668,171 21Section 171 . 422.202 (3) (c) of the statutes is amended to read:
SB668,105,2422 422.202 (3) (c) A merchant may not, in the same transaction, be subject to the
23penalty in s. 138.09 (9) (b), 218.0161 (1), or 425.305 and the penalty in s. 425.304,
24based on the assessment of the same additional charges.
SB668,172 25Section 172 . 946.79 (1) (a) of the statutes is amended to read:
SB668,106,6
1946.79 (1) (a) “Financial institution" means a bank, savings bank, savings and
2loan association, credit union, loan company, sales finance company, insurance
3premium finance company, community currency exchange, seller of checks money
4transmitter
, insurance company, trust company, securities broker-dealer, as defined
5in s. 551.102 (4), mortgage banker, mortgage broker, pawnbroker, as defined in s.
6134.71 (1) (e), telegraph company, or dealer in precious metals, stones, or jewels.
SB668,173 7Section 173 . DFI-Bkg 74.01 (1) of the administrative code is amended to read:
SB668,106,178 DFI-Bkg 74.01 (1) “Actual process of collection" means regularly receiving
9payments at periodic intervals, or debtor contacted within last 30 days and promise
10of payment received, or an account referred for legal actions where the collection
11agency has advanced legal costs. A collection agency and its client may by written
12contract agree to a different actual process of collection, but this different actual
13process of collection must require more effort on the part of the collection agency than
14merely listing the account, inputting the account into its database, writing one letter
15or making one call, or similar levels of effort
. This subsection first applies to
16contractual relationships entered into between a collection agency and its client after
17March 1, 1993.
SB668,174 18Section 174 . DFI-Bkg 74.01 (2) of the administrative code is repealed.
SB668,175 19Section 175 . DFI-Bkg 74.01 (5m) of the administrative code is created to read:
SB668,106,2120 DFI-Bkg 74.01 (5m) “Licensee” means a person licensed under s. 218.04,
21Stats.
SB668,176 22Section 176 . DFI-Bkg 74.03 (title) of the administrative code is amended to
23read:
SB668,106,2424 DFI-Bkg 74.03 (title) Office relocations and other Other changes.
SB668,177 25Section 177 . DFI-Bkg 74.03 (1) of the administrative code is repealed.
SB668,178
1Section 178. DFI-Bkg 74.03 (2) of the administrative code is amended to read:
SB668,107,192 DFI-Bkg 74.03 (2) Other changes. A licensee shall notify the division of any
3change to the information provided in the licensee's renewal license application or
4provided in a previous notice of change filed by the licensee with the division under
5this section. The notice shall be in writing and, except in the case of a relocation, be
6received by the division within 10 days after the change.
Each licensee shall keep
7current and accurate all material information on file with the division and the
8nationwide multistate licensing system and registry as provided in s. 224.35 (6),
9Stats.
The licensee shall provide any additional information, data, and records
10regarding the a change to the division within 20 days after the division requests the
11information, data, or records. Any change that is subject to the notice requirement
12shall be subject to the approval of the division. In reviewing the change or relocation,
13the division shall apply the same criteria as the criteria for approval of an original
14license application. Except in the case of a relocation, the division shall determine
15the cost of investigating and processing the change. The licensee shall pay the
16division's cost within 30 days after the division demands payment. If so directed by
17the division, the licensee shall provide any notice required under this subsection to
18the nationwide multistate licensing system and registry as provided in s. 224.35,
19Stats.
SB668,179 20Section 179 . DFI-Bkg 74.04 (1) (intro.) of the administrative code is amended
21to read:
SB668,107,2522 DFI-Bkg 74.04 (1) Agreement with creditor. (intro.) Prior to accepting
23accounts for collection from a creditor or earning or collecting a fee or commission,
24the licensee shall enter into a written agreement with the creditor. The agreement
25shall do all of the following:
SB668,180
1Section 180. DFI-Bkg 74.05 (1) (intro.) of the administrative code is amended
2to read:
SB668,108,83 DFI-Bkg 74.05 (1) Remittance statement to be furnished each creditor.
4(intro.) Licensee shall provide a remittance statement and remit any and all money
5due to any and all creditors or forwarders within 30 days from on or before the last
6day of the month following
the close of the month during which the collection was
7effected as provided in s. 218.04 (5) (a) 4., Stats. The remittance statement shall set
8forth all of the following:
SB668,181 9Section 181 . DFI-Bkg 74.06 of the administrative code is renumbered
10DFI-Bkg 74.06 (2) and amended to read:
SB668,108,1511 DFI-Bkg 74.06 (2) Each licensee shall deposit in a trust fund account in any
12approved financial institution promptly after collection, sufficient funds to pay all
13moneys due or owing all creditors or forwarders. The trust fund account shall be used
14only for this purpose.
A licensee may maintain trust funds in an interest bearing
15savings account or instrument provided it is identified as a “trust account". account.”
SB668,108,19 16(3) Sufficient funds shall be maintained in the trust account or trust accounts
17to pay all moneys due or owing all creditors or forwarders. For the purpose of
18determining sufficient funds, amounts collected by a 3rd party, but not yet deposited
19into the licensee's trust account, are not considered trust funds.
SB668,108,22 20(4) Sufficient funds shall be maintained in or made available to the trust
21checking account on which remittance checks or electronic debits are drawn or made
22to pay all checks and debits when presented.
SB668,108,24 23(5) The licensee shall have sufficient documentation from the trust account or
24trust accounts available to make an adequate examination.
SB668,182 25Section 182 . DFI-Bkg 74.06 (1) of the administrative code is created to read:
SB668,109,2
1DFI-Bkg 74.06 (1) A licensee's trust checking account shall be identified as a
2“trust account.”
SB668,183 3Section 183 . DFI-Bkg 74.06 (6) of the administrative code is created to read:
SB668,109,54 DFI-Bkg 74.06 (6) Third party payment processors shall not be given authority
5to withdraw funds from the licensee's trust account or accounts.
SB668,184 6Section 184 . DFI-Bkg 74.07 (1) (j) of the administrative code is created to
7read:
SB668,109,108 DFI-Bkg 74.07 (1) (j) A roster of all collectors and solicitors employed by the
9licensee. The list shall be updated and accurate at all times and set forth all of the
10following: