AB133-ASA1-AA2,465,12 435.302 Registration fees. (1) When due. Any rental-purchase company required to register under s. 435.301 shall pay a registration fee to the department when the rental-purchase company files the registration statement required under s. 435.301.

AB133-ASA1-AA2,465,16 (2) Amount. The amount of the registration fee shall be $25 per store or other retail location in this state at which the rental-purchase company offers rent-to-own agreements to potential lessees. However, the registration fee shall not be less than $50 nor more than $750.

AB133-ASA1-AA2,465,19 435.303 Examination of books and records. (1) Purpose of examination. The department may examine the books and records of any rental-purchase company for the purpose of determining compliance with this chapter.

AB133-ASA1-AA2,466,2 (2) Availability of books and records. A rental-purchase company shall make its books and records reasonably available for inspection by the department. If the rental-purchase company's books and records are located outside of this state, the rental-purchase company shall, at the rental-purchase company's option, either make the books and records available to the department at a convenient location in this state or pay the reasonable and necessary expenses for the department to examine the books and records at the location where they are maintained.

AB133-ASA1-AA2,466,6 (3) Method of bookkeeping. A rental-purchase company shall use generally accepted accounting principles and practices in keeping its books and records so that the department may determine if the rental-purchase company is in compliance with this chapter.

AB133-ASA1-AA2,466,11 (4) Destruction of records; when authorized. A rental-purchase company shall keep records relating to each rent-to-own agreement entered into by the rental-purchase company and the payments made under each rent-to-own agreement for at least 2 years after the date on which the rent-to-own agreement is terminated.

AB133-ASA1-AA2,466,14 435.304 Suspension or revocation of registration. (1) Grounds. The department may issue an order suspending or revoking a rental-purchase company's registration if any of the following conditions is met:

AB133-ASA1-AA2,466,17 (a) The rental-purchase company has violated any provision of this chapter, the violation is not isolated or inadvertent, and the department determines that the violation justifies the suspension or revocation of the registration.

AB133-ASA1-AA2,466,21 (b) The department becomes aware that any fact or condition exists which, if it had existed at the time that the rental-purchase company first filed the registration statement, would have warranted the department's refusal to honor the registration.

AB133-ASA1-AA2,466,23 (c) The rental-purchase company has failed to pay the registration fee under s. 435.302.

AB133-ASA1-AA2,466,25 (2) Procedure. The following procedure applies to every order of the department that suspends or revokes a registration under this chapter:

AB133-ASA1-AA2,467,4 (a) The department shall provide a written notice to the rental-purchase company registered under s. 435.301 of the department's intent to issue an order suspending or revoking the rental-purchase company's registration. The notice shall specify the grounds for and the effective date of the proposed order.

AB133-ASA1-AA2,467,9 (b) The rental-purchase company shall file with the department a written response to the allegations contained in the notice within 20 days after receiving the notice. The rental-purchase company's written response may contain a request for a hearing pursuant to s. 227.42. If the written response does not contain a request for a hearing pursuant to s. 227.42, the right to a hearing is waived.

AB133-ASA1-AA2,467,14 (c) If a written response containing a request for a hearing pursuant to s. 227.42 is received by the department within the time provided under par. (b) and if, in the opinion of the department, the matter satisfies one of the conditions under s. 227.42 (1) (a) to (d), the matter shall be scheduled for a contested hearing to commence within 60 days after the date on which the department receives the written response.

AB133-ASA1-AA2,467,22 (d) If the rental-purchase company fails to file a written response within the time provided under par. (b) or if the rental-purchase company files a timely written response but fails to request a hearing pursuant to s. 227.42, the department may issue an order suspending or revoking the rental-purchase company's registration under sub. (1). If the rental-purchase company files a timely written response containing a request for a hearing pursuant to s. 227.42, any order of the department suspending or revoking the rental-purchase company's registration shall be stayed pending completion of proceedings under ch. 227.

AB133-ASA1-AA2,467,25 435.401 General requirements of disclosure. (1) Form, location, size and time of disclosure. All information required under s. 435.402 shall satisfy all of the following:

AB133-ASA1-AA2,468,1 (a) The information shall be clearly and conspicuously disclosed.

AB133-ASA1-AA2,468,2 (b) The information shall be disclosed in writing.

AB133-ASA1-AA2,468,4 (c) The information shall be disclosed on the face of the rent-to-own agreement above the line for the lessee's signature.

AB133-ASA1-AA2,468,5 (d) The information shall be disclosed in not less than 8-point standard type.

AB133-ASA1-AA2,468,7 (e) The information shall be disclosed at or before the time that the lessee becomes legally obligated under the rent-to-own agreement.

AB133-ASA1-AA2,468,11 (2) Accuracy of disclosure. All information required under s. 435.402 must be accurate as of the time that it is disclosed. If any information subsequently becomes inaccurate as a result of any act, occurrence or agreement by the lessee, the resulting inaccuracy is not a violation of this chapter.

AB133-ASA1-AA2,468,16 (3) Copy of rent-to-own agreement. The rental-purchase company shall provide the lessee with a copy of the completed rent-to-own agreement signed by the lessee. If more than one lessee is legally obligated under the same rent-to-own agreement, delivery of a copy of the completed rent-to-own agreement to one of the lessees shall satisfy this subsection.

AB133-ASA1-AA2,468,19 435.402 Required provisions of rent-to-own agreement. A rental-purchase company shall include all of the following information, to the extent applicable, in every rent-to-own agreement:

AB133-ASA1-AA2,468,24 (1) Description. A brief description of the rental property, sufficient to identify the rental property to the lessee and the rental-purchase company, including an identification number, and a statement indicating whether the rental property is new or used. A statement that incorrectly indicates that new rental property is used is not a violation of this chapter.

AB133-ASA1-AA2,469,3 (2) Cash price. The price at which the rental-purchase company would have sold the rental property to the lessee for cash on the date on which the rent-to-own agreement is executed.

AB133-ASA1-AA2,469,4 (3) Rental Payment. The periodic rental payment for the rental property.

AB133-ASA1-AA2,469,9 (4) Up-front payment. The payment required of the lessee at the time that the agreement is executed or the rental property is delivered, whichever is later, including the initial rental payment, any application or processing charge, any delivery fee, any charge for a liability damage waiver or for other optional services agreed to by the lessee, and the applicable tax.

AB133-ASA1-AA2,469,11 (5) Payment to acquire ownership. The total number, total dollar amount and due date of all rental payments necessary to acquire ownership of the rental property.