SB27-SSA1, s. 1616 Section 1616. 137.01 (2) (b) of the statutes is amended to read:

SB27-SSA1,1123,9 137.01 (2) (b) The secretary of state financial institutions shall issue a certificate of appointment as a notary public to persons who qualify under the requirements of this subsection. The certificate shall state that the notary commission is permanent or is for 4 years.

SB27-SSA1, s. 1617 Section 1617. 137.01 (2) (c) of the statutes is amended to read:

SB27-SSA1,1123,14 137.01 (2) (c) The supreme court shall file with the secretary of state department of financial institutions notice of the surrender, suspension or revocation of the license to practice law of any attorney who holds a permanent commission as a notary public. Such notice shall be deemed a revocation of said commission.

SB27-SSA1, s. 1618 Section 1618. 137.01 (6) (a) of the statutes is amended to read:

SB27-SSA1,1123,18 137.01 (6) (a) The secretary of state financial institutions may certify to the official qualifications of any notary public and to the genuineness of the notary public's signature and seal or rubber stamp.

SB27-SSA1, s. 1619 Section 1619. 137.01 (6m) of the statutes is amended to read:

SB27-SSA1,1123,23 137.01 (6m) Change of residence. A notary public does not vacate his or her office by reason of his or her change of residence within the United States. Written notice of any change of address shall be given to the secretary of state department of financial institutions within 10 days of the change.

SB27-SSA1, s. 1620 Section 1620. 137.01 (7) of the statutes is amended to read:

SB27-SSA1,1124,11 137.01 (7) Official records to be filed. When any notary public ceases to hold office, the notary public, or in case of the notary public's death the notary public's personal representative, shall deposit the notary public's official records and papers in the office of the secretary of state with the department of financial institutions. If the notary or personal representative, after the records and papers come to his or her hands, neglects for 3 months to deposit them, he or she shall forfeit not less than $50 nor more than $500. If any person knowingly destroys, defaces, or conceals any records or papers of any notary public, the person shall forfeit not less than $50 nor more than $500, and shall be liable for all damages resulting to the party injured. The secretary of state department of financial institutions shall receive and safely keep all such papers and records.

SB27-SSA1, s. 2637b Section 2637b. 138.045 of the statutes is created to read:

SB27-SSA1,1124,18 138.045 Method of calculating interest. Interest on any note, bond, or other instrument computed on the declining unpaid principal balance from time to time outstanding may be computed and charged on actual unpaid balances at 1/360 of the annual rate for the actual number of days outstanding if the use of this calculation method is disclosed in the note, bond, or other instrument. This section does not apply to pawnbrokers' loans under s. 138.10.

SB27-SSA1, s. 2637d Section 2637d. 138.09 (1a) (a) of the statutes is amended to read:

SB27-SSA1,1124,21 138.09 (1a) (a) Banks, savings banks, savings and loan associations, trust companies, credit unions, or any of their affiliates.

SB27-SSA1, s. 2637gc Section 2637gc. 138.14 (1) (bd) of the statutes is created to read:

SB27-SSA1,1124,23 138.14 (1) (bd) "Consumer report" has the meaning given in 15 USC 1681a (d).

SB27-SSA1, s. 2637gd Section 2637gd. 138.14 (1) (be) of the statutes is created to read:

SB27-SSA1,1125,2 138.14 (1) (be) "Consumer reporting agency" has the meaning given in 15 USC 1681a (f).

SB27-SSA1, s. 2637gf Section 2637gf. 138.14 (1) (k) 1. of the statutes is amended to read:

SB27-SSA1,1125,10 138.14 (1) (k) 1. A transaction between an individual with an account at a financial establishment and another person, including a person who is not physically located in this state, in which the person agrees to accept from the individual one or more checks, to hold the check or checks for a period of time before negotiating or presenting the check or checks for payment, and to loan to the individual, for a term of 90 days or less, before negotiating or presenting the check or checks for payment, an amount that is agreed to by the individual.

SB27-SSA1, s. 2637gg Section 2637gg. 138.14 (1) (k) 2. of the statutes is amended to read:

SB27-SSA1,1125,18 138.14 (1) (k) 2. A transaction between an individual with an account at a financial establishment and another person, including a person who is not physically located in this state, in which the person agrees to accept the individual's authorization to initiate one or more electronic fund transfers from the account, to wait a period of time before initiating the electronic fund transfer or transfers, and to loan to the individual, for a term of 90 days or less, before initiating the electronic fund transfer or transfers, an amount that is agreed to by the individual.

SB27-SSA1, s. 2637gi Section 2637gi. 138.14 (3) of the statutes is amended to read:

SB27-SSA1,1125,22 138.14 (3) Exemptions. This section does not apply to banks, savings banks, savings and loan associations, trust companies, credit unions, or any of their affiliates.

SB27-SSA1, s. 2637gk Section 2637gk. 138.14 (7) (e) 6. of the statutes is amended to read:

SB27-SSA1,1125,25 138.14 (7) (e) 6. The number of payday loans made during the preceding year that resulted in repayment under sub. (11g) (a).

SB27-SSA1, s. 2637gm Section 2637gm. 138.14 (9g) (a) 6. of the statutes is amended to read:

SB27-SSA1,1126,3 138.14 (9g) (a) 6. Disclose to the applicant the payment requirements that may apply under sub. (11g) (a) if the loan is not paid in full at the end of the loan term.

SB27-SSA1, s. 2637go Section 2637go. 138.14 (9m) of the statutes is created to read: