224.06(5) (5) For reasons which the division deems valid and sufficient the division may waive as to the cancellation or termination of any such bond the 10-day written notice in advance required by sub. (4) and may give written consent to the termination or cancellation being made effective as of a date agreed upon and requested by the surety and the bank.
224.06(6) (6) The provisions required by sub. (4) to be in every such bond shall not in any way modify, impair or otherwise affect or render invalid a provision therein to the effect that the bond shall terminate as to any person covered thereby upon the discovery by the bank of any dishonest act on the part of such person.
224.06(7) (7) Any violation of the provisions contained in subs. (1) and (2) shall subject the bank to a fine of $100 per day for each consecutive day of such violation and it shall be the duty of the attorney general to recover any such penalties by action for and in behalf of the state.
224.07 224.07 Checks to clear at par. Checks drawn on any bank or trust company, organized under the laws of this state, shall be cleared at par by the bank or trust company on which they are drawn. Any bank or trust company, or officer or employee thereof, who violates the provisions of this section shall be guilty of a misdemeanor and punished as provided in s. 939.61.
224.075 224.075 Financially related services tie-ins. In any transaction conducted by a bank, bank holding company or a subsidiary of either with a customer who is also a customer of any other subsidiary of any of them, the customer shall be given a notice in 12-point boldface type in substantially the following form:
NOTICE OF RELATIONSHIP
This company, .... (insert name and address of bank, bank holding company or subsidiary), is related to .... (insert name and address of bank, bank holding company or subsidiary) of which you are also a customer. You may not be compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction.
If you feel that you have been compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction, you should contact the management of either of the above companies at either of the above addresses or the division of banking at .... (insert address).
224.075 History History: 1985 a. 325; 1995 a. 27.
224.10 224.10 Indian loan funds.
224.10(1) (1)Administration in trust as a loan fund. The loan funds of any Indian tribe which are transferred to the custody of such tribe by the United States, including any outstanding loan accounts, shall be administered as follows:
224.10(1)(a) (a) The funds shall be held in trust by the tribe or a legal entity thereof as an Indian loan fund, for the purpose of making loans to members of the tribe.
224.10(1)(b) (b) Management of an Indian loan fund shall be vested in a board of trustees, which may hire necessary personnel to administer the loan fund. The board of trustees shall consist of 5 members of the tribe and shall be appointed annually by the governing body of the tribe.
224.10(1)(c) (c) The Indian loan fund in custody of the Menominee Indian Tribe and administered by a board of trustees appointed by that tribe shall, at the termination of federal control, be administered, subject to this section, by a board of 5 trustees appointed annually by the stockholders of the corporation described in s. 710.05, 1973 stats., and shall be used for making loans to those who were enrolled tribal members as proclaimed by the secretary of the interior as of June 17, 1954, and their spouses and descendants and to any additional classes recommended by the trustees.
224.10(3) (3)Rules of board of trustees. The board of trustees of an Indian loan fund may establish rules for the administration of the fund.
224.10 History History: 1975 c. 422 s. 163; 1987 a. 252.
subch. II of ch. 224 SUBCHAPTER II
FINANCIAL INSTITUTIONS
224.25 224.25 Customer access to appraisals. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in s. 705.01 (3), shall provide that individual with a copy of any written appraisal report which is held by the financial institution, which relates to residential real estate that the individual owns or has agreed to purchase and for which a fee is imposed.
224.25 History History: 1991 a. 78; 1997 a. 191 s. 236; Stats. 1997 s. 224.25.
224.26 224.26 Customer access to credit reports. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in s. 705.01 (3), shall provide that individual, at no additional charge, with a copy of any written credit report which is held by the financial institution, which relates to that individual and for which a fee is imposed.
224.26 History History: 1993 a. 425; 1997 a 191 s. 237; Stats. 1997 s. 224.26.
224.30 224.30 Powers and duties of the department.
224.30(1) (1)Definition. In this section, “department" means the department of financial institutions.
224.30(3) (3)Computer databases, networks and systems; access and use fees. The department may establish fees to be paid by members of the public for accessing or using the department's computer databases, computer networks or computer systems. Every fee established under this paragraph shall be based upon the reasonable cost of the service provided by the department, together with a reasonable share of the costs of developing and maintaining the department's computer databases, computer networks and computer systems.
224.30(4) (4)Restrictions on recording instruments with social security numbers.
224.30(4)(a)(a) In this subsection, “system" means the department's corporate registration information system.
224.30(4)(b) (b) The department may not record in the system any instrument offered for recording that contains the social security number of an individual. If the department is presented with an instrument for recording in the system that contains an individual's social security number, the department may, prior to recording the instrument, remove or obscure characters from the social security number such that the social security number is not discernable on the instrument.
224.30(4)(c) (c) If the department is presented with an instrument for recording in the system that contains an individual's social security number, and if the department records the instrument but does not discover that the instrument contains the individual's social security number until after the instrument is recorded, the department is not liable for the instrument drafter's placement of the individual's social security number on the instrument and the department may remove or obscure characters from the social security number such that the social security number is not discernable on the instrument.
224.30(4)(d) (d) If the department records an instrument in the system that contains the complete social security number of an individual, the instrument drafter is liable to the individual whose social security number appears in the recorded instrument for any actual damages resulting from the instrument being recorded.
224.30(5) (5)Electronic filing.
224.30(5)(a)(a) In this subsection, “filing" means the submission to the department of any form, instrument, application, report, notice, or other information required or permitted to be submitted to the department for retention in the department's records.
224.30(5)(b) (b) Subject to par. (c), the department may require any filing to be made electronically in a manner prescribed by the department. Subject to par. (c), if the department requires that a filing be made electronically, the department may require that any fee associated with the filing be paid using a suitable method prescribed by the department.
224.30(5)(c) (c) The department may waive any requirement imposed under par. (b) if all of the following apply:
224.30(5)(c)1. 1. The person affected by the requirement makes a written request to the department, in a manner prescribed by the department, that the requirement be waived and clearly states in the request why the requirement causes the person undue hardship.
224.30(5)(c)2. 2. The department determines, in its discretion, that the requirement, if imposed on the person, would cause the person undue hardship.
224.40 224.40 Disclosure of financial records for child support enforcement.
224.40(1)(1)Definitions. In this section:
224.40(1)(a) (a) “County child support agency" means a county child support agency under s. 59.53 (5).
224.40(1)(b) (b) “Financial institution" has the meaning given in s. 49.853 (1) (c).
224.40(1)(c) (c) “Financial record" has the meaning given in 12 USC 3401.
224.40(2) (2)Financial record matching agreements. A financial institution is required to enter into an agreement with the department of children and families in accordance with rules promulgated under s. 49.853 (2).
224.40(3) (3)Limited liability. A financial institution is not liable for any of the following:
224.40(3)(a) (a) Disclosing a financial record of an individual to the county child support agency attempting to establish, modify or enforce a child support obligation of the individual.
224.40(3)(b) (b) Disclosing information to the department of children and families or a county child support agency pursuant to the financial record matching program under s. 49.853.
224.40(3)(c) (c) Encumbering or surrendering any assets held by the financial institution in response to instructions provided by the department of children and families or a county child support agency for the purpose of enforcing a child support obligation.
224.40(3)(d) (d) Any other action taken in good faith to comply with s. 49.853 or 49.854.
224.40 History History: 1997 a. 191; 2007 a. 20.
224.42 224.42 Disclosure of financial records for Medical Assistance and food stamp program eligibility.
224.42(1) (1)Definitions. In this section:
224.42(1)(a) (a) “Financial institution" has the meaning given in s. 49.45 (4m) (a) 3.
224.42(1)(b) (b) “Financial record" has the meaning given in 12 USC 3401 (2).
224.42(2) (2)Financial record matching agreements. A financial institution is required to enter into an agreement with the department of health services under ss. 49.45 (4m) and 49.79 (1t).
224.42(3) (3)Limited liability. A financial institution is not liable for any of the following:
224.42(3)(a) (a) Disclosing a financial record of an individual or other information to the department of health services in accordance with an agreement, and its participation in the program, under s. 49.45 (4m) or 49.79 (1t).
224.42(3)(b) (b) Any other action taken in good faith to comply with s. 49.45 (4m) or 49.79 (1t).
224.42 History History: 2011 a. 192; 2013 a. 20; 2017 a. 59.
224.44 224.44 Disclosure of financial records for collection of unemployment insurance debt.
224.44(1) (1)Definitions. In this section:
224.44(1)(a) (a) “Financial institution" has the meaning given in 12 USC 3401 (1).
224.44(1)(b) (b) “Financial record" has the meaning given in 12 USC 3401 (2).
224.44(2) (2)Financial record matching agreements. A financial institution is required to enter into an agreement with the department of workforce development under s. 108.223.
224.44(3) (3)Limited liability. A financial institution is not liable for any of the following:
224.44(3)(a) (a) Disclosing a financial record of an individual or other information to the department of workforce development in accordance with an agreement, and its participation in the program, under s. 108.223.
224.44(3)(b) (b) Any other action taken in good faith to comply with s. 108.223.
224.44 History History: 2013 a. 36.
224.48 224.48 College tuition and expenses program.
224.48(1)(1)Definitions. In this section:
224.48(1)(a) (a) “Board" means the board of regents of the University of Wisconsin System.
224.48(1)(am) (am) “Department” means the department of financial institutions.
224.48(1)(b) (b) “Institution of higher education" means an eligible educational institution, as defined under 26 USC 529.
224.48(2) (2)Weighted average tuition; tuition unit cost. Annually, the department and the board jointly shall determine all of the following:
224.48(2)(a) (a) The weighted average tuition of bachelor's degree-granting institutions within the University of Wisconsin System for the academic year that begins on or after the first day of August of the current year. The amount shall be calculated as follows:
224.48(2)(a)1. 1. For each such institution, multiply the tuition charged a full-time undergraduate who is a resident of this state by the number of full-time equivalent resident undergraduates attending the institution.
224.48(2)(a)2. 2. Add the products under subd. 1.
224.48(2)(a)3. 3. Divide the sum under subd. 2. by the total number of full-time equivalent resident undergraduates attending such institutions.
224.48(2)(b) (b) The price of a tuition unit, which shall be valid for a period determined jointly by the department and the board. The price shall be sufficient to ensure the ability of the department to meet its obligations under this section. To the extent possible, the price shall be set so that the value of the tuition unit in the anticipated academic year of its use will be equal to 1 percent of the weighted average tuition for that academic year plus the costs of administering the program under this section attributable to the unit.
224.48(3) (3)College tuition and expenses contracts.
224.48(3)(a)(a) An individual, trust, legal guardian, or entity described under 26 USC 529 (e) (1) (C) may enter into a contract with the department for the sale of tuition units on behalf of a beneficiary.
224.48(3)(b) (b) The contract shall specify the anticipated academic year of the beneficiary's initial enrollment in an institution of higher education.
224.48(3)(c) (c) The department may charge a purchaser an enrollment fee.
224.48(3)(d) (d) The department shall promulgate rules authorizing a person who has entered into a contract under this subsection to change the beneficiary named in the contract.
224.48(4) (4)Number of tuition units purchased. A person who enters into a contract under sub. (3) may purchase tuition units at any time and in any number, or may authorize a parent, grandparent, great-grandparent, aunt, or uncle of the beneficiary to purchase tuition units, except that the total number of tuition units purchased on behalf of a single beneficiary may not exceed the number necessary to cover tuition, fees and the costs of room and board, books, supplies and equipment required for enrollment or attendance of the beneficiary at an institution of higher education.
224.48(5) (5)Payment of tuition.
224.48(5)(a)(a) Except as provided in sub. (7m), if an individual named as beneficiary in a contract under sub. (3) attends an institution of higher education in the United States, each tuition unit purchased on his or her behalf entitles that beneficiary to apply toward the payment of tuition, fees and the costs of room and board, books, supplies and equipment required for enrollment or attendance at the institution an amount equal to 1 percent of the anticipated weighted average tuition of bachelor's degree-granting institutions within the University of Wisconsin System for the year of attendance, as estimated under sub. (2) in the year in which the tuition unit was purchased.
224.48(5)(b) (b) Upon request by the beneficiary, the department shall pay to the institution or beneficiary, whichever is appropriate, in each semester of attendance the lesser of the following:
224.48(5)(b)1. 1. An amount equal to the value of each tuition unit, as determined under par. (a), multiplied by the number of tuition units purchased on behalf of the beneficiary and not used.
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2015-16 Wisconsin Statutes updated through 2017 Wis. Act 135 and all Supreme Court and Controlled Substances Board Orders effective on or before December 14, 2017. Published and certified under s. 35.18. Changes effective after December 14, 2017 are designated by NOTES. (Published 12-14-17)