AB739-ASA1,42 Section 42. 224.30 (6) of the statutes is created to read:

AB739-ASA1,21,20 224.30 (6) Student lending transparency. (a) In this subsection:

AB739-ASA1,21,21 1. "Higher education expenses" includes all of the following:

AB739-ASA1,21,22 a. Tuition and fees.

AB739-ASA1,21,23 b. Books and supplies

AB739-ASA1,21,24 c. Room and board.

AB739-ASA1,22,2 2. "Private student loan" means a loan issued by a private lending institution for the purpose of paying for or financing higher education expenses.

AB739-ASA1,22,5 3. "Private lending institution" means any private entity that itself or through an affiliate makes available student loans to pay for or finance higher education expenses.

AB739-ASA1,22,7 4. "Student borrower" means any individual who borrows money from a private lending institution to finance higher education expenses.

AB739-ASA1,22,10 (b) The department shall compile data related to private student loans for the purpose of comparing private lending institutions' student loan interest rates and repayment plans, including all of the following:

AB739-ASA1,22,11 1. Policies relating to deferment and forbearance.

AB739-ASA1,22,12 2. Loan default policies and penalties.

AB739-ASA1,22,15 3. Any other information that the department deems relevant for the purpose of creating a list of private lending institutions that provide the lowest rates and best repayment options on student loans.

AB739-ASA1,22,18 (c) 1. Using the data compiled under par. (b), the department shall create and maintain a list of private lending institutions that provide the lowest rates and best repayment options on student loans.

AB739-ASA1,22,24 2. In addition to the list under subd. 1., the department shall compile a list of the 10 best private lending institutions based on rates and policies that are most favorable to the student borrower. The department may also consider the private lending institutions' policies for allowing a student borrower to borrow more than 10 percent over the student borrower's total cost of higher education expenses when determining if a private lending institution should be placed on this list.

AB739-ASA1,23,7 (d) The department shall place the lists created and compiled under par. (c) at an easily accessible location on the department's Internet site. The department shall update its Internet site on a monthly basis to ensure that the student loan information in these lists is current and accurate. Information pertaining to lending institutions that do not make the list compiled under par. (c) 2. shall also be posted on the department's Internet site and those lending institutions that provide the worst rates and strictest repayment options shall be clearly indicated.

AB739-ASA1,23,10 (e) The department shall make any list or other data under this subsection that appears on the department's Internet site available to be linked as provided in ss. 39.28 (7) and 39.54 (3).

AB739-ASA1,23,12 (f) The department may satisfy its duties under this subsection through a designee or 3rd-party contractor.

AB739-ASA1,43 Section 43. 230.03 (3) of the statutes, as affected by 2013 Wisconsin Act 20, is amended to read:

AB739-ASA1,23,24 230.03 (3) "Agency" means any board, commission, committee, council, or department in state government or a unit thereof created by the constitution or statutes if such board, commission, committee, council, department, unit, or the head thereof, is authorized to appoint subordinate staff by the constitution or statute, except the Board of Regents of the University of Wisconsin System, a legislative or judicial board, commission, committee, council, department, or unit thereof or an authority created under subch. II of ch. 114 or under ch. 231, 232, 233, 234, 237, 238, 239, or 279. "Agency" does not mean any local unit of government or body within one or more local units of government that is created by law or by action of one or more local units of government.

AB739-ASA1,44 Section 44. Chapter 239 of the statutes is created to read:

AB739-ASA1,24,1 Chapter 239

AB739-ASA1,24,3 Wisconsin Student Loan REFINANCING Authority

AB739-ASA1,24,4 239.01 Definitions. In this chapter:

AB739-ASA1,24,5 (1) "Authority" means the Wisconsin Student Loan Refinancing Authority.

AB739-ASA1,24,6 (2) "Board" means the governing board of the authority.

AB739-ASA1,24,7 (3) "Qualified education loan" has the meaning given in 26 USC 221 (d).

AB739-ASA1,24,11 239.02 Creation and organization of authority. (1) (a) There is created an authority, which is a public body corporate and politic, to be known as the "Wisconsin Student Loan Refinancing Authority." The members of the board shall consist of all of the following:

AB739-ASA1,24,12 1. One member of the majority party in each house of the legislature.