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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 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 s. 49.45 (4m).
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).
224.42(3)(b) (b) Any other action taken in good faith to comply with s. 49.45 (4m).
224.42 History History: 2011 a. 192; 2013 a. 20.
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.
subch. III of ch. 224 SUBCHAPTER III
MORTGAGE BANKERS, LOAN ORIGINATORS
AND MORTGAGE BROKERS
224.71 224.71 Definitions. In this subchapter:
224.71(1bm) (1bm) "Another state" means any state of the United States other than Wisconsin; the District of Columbia; any territory of the United States; Puerto Rico; Guam; American Samoa; the Trust Territory of the Pacific Islands; the Virgin Islands; or the Northern Mariana Islands.
224.71(1c) (1c) "Branch office" means an office or place of business, other than the principal office, located in this state or another state, where a mortgage banker or mortgage broker conducts business with residents of this state.
224.71(1dm) (1dm) "Depository institution" has the meaning given in 12 USC 1813 (c) (1), but also includes any state or federal credit union.
224.71(1e) (1e) "Division" means the division of banking.
224.71(1f) (1f) "Dwelling" has the meaning given in 15 USC 1602 (v).
224.71(1h) (1h) "Federal banking agency" means the board of governors of the federal reserve system, the U.S. office of the comptroller of the currency, the U.S. office of thrift supervision, the national credit union administration, or the federal deposit insurance corporation.
224.71(1m) (1m) "Finds," with respect to a residential mortgage loan, means to assist a residential mortgage loan applicant in locating a lender for the purpose of obtaining a residential mortgage loan and to make arrangements for a residential mortgage loan applicant to obtain a residential mortgage loan, including collecting information on behalf of an applicant and preparing a loan package.
224.71(2) (2) "Loan processor or underwriter" means an individual who, as an employee, performs clerical or support duties at the direction of and subject to the supervision and instruction of a mortgage loan originator licensed under s. 224.725 or exempt from licensing under s. 224.726 (1), which clerical or support duties may include any of the following occurring subsequent to the receipt of a residential mortgage loan application:
224.71(2)(a) (a) The receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan.
224.71(2)(b) (b) Communicating with a residential mortgage loan applicant to obtain the information necessary for the processing or underwriting of a residential mortgage loan, to the extent that the communication does not include offering or negotiating loan rates or terms or providing counseling related to loan rates or terms.
224.71(3) (3)
224.71(3)(a)(a) "Mortgage banker" means a person who is not excluded by par. (b) and who does any of the following:
224.71(3)(a)1. 1. Originates residential mortgage loans for itself, as payee on the note evidencing the residential mortgage loan, or for another person.
224.71(3)(a)2. 2. Sells residential mortgage loans or interests in residential mortgage loans to another person.
224.71(3)(a)3. 3. Services residential mortgage loans or provides escrow services.
224.71(3)(b) (b) "Mortgage banker" does not include any of the following:
224.71(3)(b)7. 7. The department of veterans affairs when administering the veterans housing loan program under subch. III of ch. 45.
224.71(3)(b)8. 8. A depository institution.
224.71(3)(b)9. 9. A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency.
224.71(3)(b)10. 10. An institution regulated by the farm credit administration.
224.71(3)(b)11. 11. A person that only performs real estate brokerage activities and is licensed under s. 452.03, unless the person is compensated by a lender, mortgage broker, or mortgage loan originator or by any agent of a lender, mortgage broker, or mortgage loan originator.
224.71(3)(b)12. 12. A person solely involved in extensions of credit relating to time-share plans, as defined in 11 USC 101 (53D).
224.71(4) (4)
224.71(4)(a)(a) "Mortgage broker" means a person who is not excluded by par. (b) and who, on behalf of a residential mortgage loan applicant or an investor and for commission, money, or other thing of value, finds a residential mortgage loan or negotiates a residential mortgage loan or commitment for a residential mortgage loan or engages in table funding.
224.71(4)(b) (b) "Mortgage broker" does not include any of the following:
224.71(4)(b)4. 4. A depository institution.
224.71(4)(b)5. 5. A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency.
224.71(4)(b)6. 6. An institution regulated by the farm credit administration.
224.71(4)(b)7. 7. A person that performs real estate brokerage activities only and is licensed under s. 452.03, unless the person is compensated by a lender, mortgage broker, or mortgage loan originator or by any agent of a lender, mortgage broker, or mortgage loan originator.
224.71(4)(b)8. 8. A person solely involved in extensions of credit relating to time-share plans, as defined in 11 USC 101 (53D).
224.71(4)(b)9. 9. The department of veterans affairs when administering the veterans housing loan program under subch. III of ch. 45.
224.71(6) (6)
224.71(6)(a)(a) "Mortgage loan originator" means an individual who is not excluded by par. (b) and who, for compensation or gain or in the expectation of compensation or gain, does any of the following:
224.71(6)(a)1. 1. Takes a residential mortgage loan application.
224.71(6)(a)2. 2. Offers or negotiates terms of a residential mortgage loan.
224.71(6)(b) (b) "Mortgage loan originator" does not include any of the following:
224.71(6)(b)1. 1. An individual engaged solely as a loan processor or underwriter, unless the individual represents to the public, through advertising or another means of communication such as the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.
224.71(6)(b)2. 2. An individual who performs real estate brokerage activities only and is licensed under s. 452.03, unless the individual is compensated by a lender, mortgage broker, or another mortgage loan originator or by any agent of a lender, mortgage broker, or another mortgage loan originator.
224.71(6)(b)3. 3. An individual solely involved in extensions of credit relating to time-share plans, as defined in 11 USC 101 (53D).
224.71(6)(b)4. 4. An employee of the department of veterans affairs when engaged in duties related to administering the veterans housing loan program under subch. III of ch. 45.
224.71(7) (7) "Nationwide mortgage licensing system and registry" means the licensing and registration system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for licensed mortgage loan originators and mortgage loan originators exempt from licensing under s. 224.726 (1) or, if this system is no longer maintained, any system established by the secretary of the federal department of housing and urban development under P.L. 110-289, Title V, section 1509.
224.71(8) (8) "Negotiate," with respect to a residential mortgage loan, means to discuss, explain, or present the terms and conditions, including rates, fees, and other costs, of a residential mortgage loan with or to a residential mortgage loan applicant, but does not include making an underwriting decision on a residential mortgage loan or closing a residential mortgage loan.
224.71(9) (9) "Net worth" means total tangible assets less total liabilities of a person, or, if the person is an individual, total tangible assets less total liabilities exclusive of the person's principal residence and its furnishings and personal use vehicles.
224.71(10) (10) "Nontraditional mortgage product" means any mortgage product other than a 30-year fixed rate mortgage.
224.71(11) (11) "Originate," with respect to a residential mortgage loan, means to make an underwriting decision on the residential mortgage loan and close the loan.
224.71(12) (12) "Principal office," with respect to a mortgage banker or mortgage broker, means the place of business designated by the mortgage banker or mortgage broker as its principal place of business, as identified in the records of the division.
224.71(13) (13) "Real estate brokerage activity" means any activity that involves offering or providing to the public real estate brokerage services involving residential real property in this state, including all of the following:
224.71(13)(a) (a) Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property.
224.71(13)(b) (b) Bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property.
224.71(13)(c) (c) Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property, other than in connection with providing financing for the transaction.
224.71(13)(d) (d) Engaging in any activity for which a person engaged in the activity is required to be licensed under s. 452.03.
224.71(13)(e) (e) Offering to engage in any activity, or act in any capacity, described in pars. (a) to (d).
224.71(14) (14) "Residential mortgage loan" means any loan primarily for personal, family, or household use that is secured by a lien or mortgage, or equivalent security interest, on a dwelling or residential real property located in this state.
224.71(15) (15) "Residential real property" means real property on which a dwelling is constructed or intended to be constructed.
224.71(16) (16) "Services," with respect to a residential mortgage loan, means to receive payments on a note from the borrower and distribute these payments in accordance with the terms of the note or servicing agreement.
224.71(17) (17) "Table funding" means a transaction in which a person conducts a residential mortgage loan closing in the person's name with funds provided by a 3rd party and the person assigns the residential mortgage loan to the 3rd party within 24 hours of the residential mortgage loan closing.
224.71(18) (18) "Unique identifier" means a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry.
224.71 History History: 1987 a. 359; 1987 a. 403 s. 182; Stats. 1987 s. 440.71; 1989 a. 45; 1995 a. 27 s. 6590; Stats. 1995 s. 224.71; 1997 a. 27, 145; 2001 a. 16; 2003 a. 33, 260; 2005 a. 22; 2007 a. 211; 2009 a. 2 ss. 565 to 594, 597.
224.71 Cross-reference Cross-reference: See also ch. DFI-Bkg 40, Wis. adm. code.
224.71 Annotation Wisconsin's new mortgage banking law. Thompson. Wis. Law. March 1989.
224.72 224.72 Licensing of mortgage bankers and mortgage brokers.
224.72(1m)(1m) License required. A person may not conduct business or act as a mortgage banker or mortgage broker, use the title "mortgage banker" or "mortgage broker," or advertise or otherwise portray himself, herself, or itself as a mortgage banker or mortgage broker, unless the person has been issued a mortgage banker or mortgage broker license by the division.
224.72(2) (2)License applications.
224.72(2)(am)(am) Applicants for a mortgage banker or mortgage broker license shall apply to the division, on forms and in the manner prescribed by the division, and shall pay the fee specified in rules promulgated under sub. (8). Forms prescribed by the division under this paragraph may contain any content or requirement that the division, in its discretion, determines necessary and these forms may be modified or updated as necessary by the division to carry out the purposes of this subchapter.
224.72(2)(c)1.1. Except as provided in par. (d), an application shall include the following:
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2011-12 Wisconsin Statutes updated though 2013 Wis. Act 200 and all Supreme Court Orders entered before April 11, 2014. Published and certified under s. 35.18. Changes effective after April 11, 2014 are designated by NOTES. (Published 4-11-14)