SB668,89,3 218.05 (3) (c) Before any license is issued to a community currency exchange the applicant shall file annually with and have approved by the division a surety bond in a form acceptable to the division in the principal sum of $5,000, issued by an insurer authorized to do business in this state. The bond shall run to the state of Wisconsin and shall be for the benefit of any creditors of the community currency exchange for any liability incurred for any sum due to any payee of any check, draft or money order left with the community currency exchange for collection, and also for any penalties that may be imposed under this section. If the division finds at any time the bond is insecure or exhausted or otherwise doubtful, an additional bond in like amount to be approved by the division shall be filed by the licensee within 30 days after written demand by the division.

SB668,125 Section 125. 218.05 (3) (d), (e) and (f) of the statutes are created to read:

SB668,89,7 218.05 (3) (d) The division shall utilize the nationwide multistate licensing system and registry, and the provisions of s. 224.35 shall apply, with respect to applicants and licensees under this section.

SB668,89,10 (e) An applicant or licensee under this section shall register with, and maintain a valid unique identifier issued by, the nationwide multistate licensing system and registry.

SB668,89,13 (f) Each licensee shall keep current and accurate all material information on file with the division and the nationwide multistate licensing system and registry as provided in s. 224.35 (6).

SB668,126 Section 126. 218.05 (10) (a) and (c) of the statutes are amended to read:

SB668,89,18 218.05 (10) (a) Such The license shall state the name of the licensee and the address at which the business is to be conducted. Such The license shall be kept conspicuously posted in the place of business of the licensee and shall not be transferable or assignable.

SB668,90,2 (c) Whenever a licensee shall wish to change the licensee's place of business to any location other than that originally set forth in the license, the licensee shall give written notice thereof to the division and if the change is approved the division shall attach to the license, in writing, a rider stating the new address or location of the community currency exchange in a form and manner acceptable to the division. If so directed by the division, the licensee shall provide any notice required under this subsection to the nationwide multistate licensing system and registry as provided in s. 224.35.

SB668,127 Section 127. 218.05 (11) (intro.) of the statutes is amended to read:

SB668,90,15 218.05 (11) Renewal License expiration; renewal; reinstatement. (intro.) Every licensee shall, on or before December 20, pay to the division the sum of $300 as an A license expires annually on December 31 of the calendar year in which the initial license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run through December 31 of the following year. The annual license fee for the next succeeding calendar year and, at the same time, shall file with the division is $300 and shall be paid to the division in a form and manner acceptable to the division, together with the annual bond and insurance policy or policies in the same amount and of the same character as required by subs. (3) (c) and (6). Licenses may be renewed and reinstated as provided in s. 224.35 (7). The division may not renew a license under this section if any of the following applies:

SB668,128 Section 128 . 218.05 (12) (title) of the statutes is amended to read:

SB668,90,18 218.05 (12) (title) Revocation; restriction and suspension; reporting violations.

SB668,129 Section 129. 218.05 (12) (a) 1. of the statutes is amended to read:

SB668,90,22 218.05 (12) (a) 1. The licensee has failed to pay the annual license fee or to maintain in effect the required bond or insurance policy or policies or to comply with any order, decision or finding of the division made pursuant to this section.

SB668,130 Section 130. 218.05 (12) (a) 4. of the statutes is created to read:

SB668,91,3 218.05 (12) (a) 4. The licensee made a material misstatement, or knowingly omitted a material fact, in an application for a license or in information furnished to the division or the nationwide multistate licensing system and registry.

SB668,131 Section 131. 218.05 (12) (f) of the statutes is created to read:

SB668,91,10 218.05 (12) (f) The division may report any enforcement action, any violation of this section or of an administrative rule or order, or other relevant information to the nationwide multistate licensing system and registry. Except as provided in s. 224.35 (4) (b) and (c), these reports to the nationwide multistate licensing system and registry shall be confidential and are not subject to public copying or inspection under s. 19.35 (1).

SB668,132 Section 132. 218.05 (14) (a) of the statutes is repealed and recreated to read:

SB668,91,13 218.05 (14) (a) A licensee shall make an annual report and submit financial statements as provided in s. 224.35 (8).

SB668,133 Section 133 . 220.02 (2) (c) of the statutes is amended to read:

SB668,91,15 220.02 (2) (c) Sellers of checks Money transmitters under ch. 217.

SB668,134 Section 134 . 220.02 (3) of the statutes is amended to read:

SB668,92,2 220.02 (3) It is the intent of sub. (2) to give the division jurisdiction to enforce and carry out all laws relating to banks or banking in this state, including those relating to state banks, savings banks, savings and loan associations, and trust company banks, and also all laws relating to small loan companies or other loan companies or agencies, finance companies, insurance premium finance companies, motor vehicle dealers, adjustment service companies, community currency exchanges, mortgage bankers, mortgage loan originators, mortgage brokers, and collection agencies and those relating to sellers of checks money transmitters under ch. 217, whether doing business as corporations, individuals, or otherwise, but to exclude laws relating to credit unions.

SB668,135 Section 135. 220.06 (1m) of the statutes is amended to read:

SB668,93,2 220.06 (1m) No division employee may examine a bank or licensee in which that person is interested as a stockholder, officer, or employee. No division employee may examine a bank or licensee located in the same village, city, or county with any bank or licensee in which that person is so interested. Employees in the division, and each member and employee of the banking institutions review board, shall keep secret all facts and information obtained in the course of examinations or from reports not under s. 221.1002 (1) filed by a bank or licensee with the division, except so far as the public duty of the person requires reporting upon or taking special action regarding the affairs of any bank or licensee, and except when called as a witness in any criminal proceeding or trial in a court of justice. The division may furnish to the federal deposit insurance corporation, to a federal home loan bank, or to any regulatory authority for state or federal financial institutions, insurance, or securities, or to any organization the membership of which is made up of regulatory authorities for state or federal financial institutions, insurance, or securities, a copy of any examination made of any such bank or licensee or of any report made by such bank or licensee and may give access to and disclose to the corporation or, to any regulatory authority for state or federal financial institutions, insurance, or securities, or to any organization the membership of which is made up of regulatory authorities for state or federal financial institutions, insurance, or securities, any information possessed by the division, or to a federal home loan bank any information created by the division, with reference to the conditions or affairs of any such insured bank or licensee if the regulatory authority agrees to treat all information received with the same degree of confidentiality as applies to reports of examination that are in the custody of the division.

SB668,136 Section 136 . 224.35 (1g) of the statutes is created to read:

SB668,93,4 224.35 (1g) Definitions. In this section:

SB668,93,5 (a) “Division” means the division of banking.