2023 - 2024 LEGISLATURE
February 20, 2024 - Introduced by Law Revision Committee. Referred to
Committee on Rules.
AB1099,1,10 1An Act to repeal 422.402 and 422.421 (8); to renumber and amend 140.17;
2to amend 140.02 (1) (e), 140.02 (2) (a), 140.02 (3), 140.02 (4) (b), 140.02 (6) (a),
3428.202 (2) (d) 1. and 551.406 (3) (a) 2.; and to create 140.17 (2m) and (3) of the
4statutes; relating to: updating an obsolete reference to the National
5Association of Securities Dealers, Inc.; eliminating an obsolete provision in the
6Wisconsin Consumer Act; updating a cross-reference to a federal law definition
7of high-cost mortgage; information included on a notary public's stamp and
8clarifying terminology and removing statutory duplication relating to notaries
9public (suggested as remedial legislation by the Department of Financial
10Institutions).
Analysis by the Legislative Reference Bureau
This bill updates an obsolete reference to the National Association of Securities
Dealers, Inc., (NASD) in the Wisconsin Uniform Securities Law. In 2007, NASD
consolidated with another organization, and the survivor organization changed its
name to the Financial Industry Regulatory Authority, Inc., commonly known as
FINRA. FINRA operates under U.S. Securities and Exchange Commission oversight

and is responsible for, among other things, regulating securities firms that do
business with the public, including with respect to professional training, testing, and
licensing of registered persons. The bill changes the statutory reference from NASD
to FINRA.
The bill also eliminates an obsolete provision in the Wisconsin Consumer Act.
Current law restricts a merchant's ability to require balloon payments in certain
consumer credit transactions. However, current law specifies that those restrictions
do not apply to a transaction entered into on or after November 1, 1984. The bill
eliminates those restrictions.
The bill also updates a cross-reference to federal law in a Wisconsin law
regulating high cost mortgage lending. The Wisconsin statute defines “covered loan”
by, among other things, a cross-reference to a definition under federal law for
“high-cost mortgage.” The federal law provision was renumbered and amended in
2010, resulting in the cross-reference in Wisconsin law becoming outdated. The bill
changes the cross-reference to refer to the current federal law definition.
Additionally, the bill clarifies the information to be included on a notary public's
stamp. The bill also clarifies certain terms and removes statutory duplication
relating to notaries public.
Under current law, the Department of Financial Institutions issues
commissions to notaries public. A notary public's notarial act must be evidenced by
a certificate to which an official stamp is affixed or embossed if the notarial act
relates to a tangible record or is attached to or logically associated with if the notarial
act relates to an electronic record. An “official stamp” is defined as a physical image
affixed to or embossed on a tangible record or an electronic image attached to or
logically associated with an electronic record. Current law specifies that the official
stamp of a notary public must include the notary public's name, jurisdiction,
commission expiration date if applicable, and other information required by DFI.
Current law also requires a notary public applicant to provide to DFI an
impression of his or her official seal or an imprint of his or her official rubber stamp.
Except with respect to an “official stamp,” the seal or rubber stamp may include only
the following: “Notary Public," “State of Wisconsin," and the name of the notary.
Except when a notary public properly uses an “official stamp,” the notary public must
attest certain instruments by a clear impression of his or her seal or imprint of his
or her rubber stamp, along with a written or stamped date of the notary public's
commission expiration or statement that the commission is permanent.
The bill makes various changes to reconcile a substantive inconsistency, to
create consistency in the use of terms, and to eliminate statutory duplication. The
bill specifies that the “official stamp” of a notary public may, but is not required to,
include the notary public's commission expiration date if applicable. Because the
definition of “official stamp” includes what is elsewhere referred to in current law as
a seal or rubber stamp, the bill harmonizes these terms, consistently adopting the
term “official stamp.” Finally, the bill clarifies current law by eliminating
duplication in certain statutory provisions.

For further information, see the Notes provided by the Law Revision
Committee of the Joint Legislative Council.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
Law Revision Committee prefatory note: This bill is a remedial legislation
proposal, requested by the Department of Financial Institutions and introduced by the
Law Revision Committee under s. 13.83 (1) (c) 4. and 5., stats. After careful consideration
of the various provisions of the bill, the Law Revision Committee has determined that this
bill makes minor substantive changes in the statutes, and that these changes are
desirable as a matter of public policy.
AB1099,1 1Section 1. 140.02 (1) (e) of the statutes is amended to read:
AB1099,3,42 140.02 (1) (e) The qualified applicant shall file his or her signature, post-office
3address, and an impression of his or her official seal, or imprint on a tangible record
4of his or her official rubber stamp, with the department.
Note: This Section replaces a reference to a notary public's seal or rubber stamp
with a reference to the notary public's official stamp, which is defined to include both a
seal and rubber stamp.
AB1099,2 5Section 2. 140.02 (2) (a) of the statutes is amended to read:
AB1099,3,126 140.02 (2) (a) Except as provided in par. (am), any United States resident who
7is licensed to practice law in this state is entitled to a permanent commission as a
8notary public upon application to the department and payment of a $50 fee. The
9application shall include a certificate of good standing from the supreme court, the
10signature and post-office address of the applicant and an impression of the
11applicant's official seal,
or imprint on a tangible record of the applicant's official
12rubber stamp.
Note: This Section replaces a reference to a notary public's seal or rubber stamp
with a reference to the notary public's official stamp, which is defined to include both a
seal and rubber stamp.
AB1099,3 13Section 3. 140.02 (3) of the statutes is amended to read:
AB1099,4,614 140.02 (3) Notarial seal or Official stamp. (a) Except as authorized in s.
15137.19, and except as provided in s. 140.17, every
Every notary public shall provide

1an engraved official seal which makes a distinct and legible impression or official
2rubber stamp which makes a distinct and legible imprint on paper. The impression
3of the seal or the imprint of the rubber stamp shall state only the following: “Notary
4Public," “State of Wisconsin" and the name of the notary. But any notarial seal in use
5on August 1, 1959, shall be considered in compliance
stamp that satisfies the
6requirements under s. 140.17
.
AB1099,4,127 (b) The impression or imprint of the notarial seal upon any instrument or
8writing
official stamp on a tangible record, or the impression upon wafer, wax, or
9other adhesive substance and affixed to any instrument or writing or embossed on
10a tangible record,
shall be deemed an affixation or embossing of the seal, and the
11imprint of the notarial rubber stamp upon any instrument or writing shall be deemed
12an affixation of the rubber
official stamp under s. 140.15 (2).
Note: This Section replaces the requirements for a notary public's official seal that
creates an impression or rubber stamp imprint with a stamp that may, but need not,
include the expiration date of the notary public's commission and establishes that the
imprint of an official stamp on a tangible record constitutes an embossment of an official
notary public seal.
AB1099,4 13Section 4. 140.02 (4) (b) of the statutes is amended to read:
AB1099,5,414 140.02 (4) (b) Except as authorized in s. 137.19, and except when a notary
15public properly uses an official stamp under s. 140.17, all certificates of
16acknowledgments of deeds and other conveyances, or any written instrument
17required or authorized by law to be acknowledged or sworn to before any notary
18public,
In addition to satisfying the applicable requirement under s. 140.15 (2), a
19notary public who performs a notarial act
within this state, shall be attested by a
20clear impression of the official seal or imprint of the rubber stamp of said officer, and

21in addition thereto shall be written or stamped shall include on the certificate either
22the day, month, and year when the notary public's commission of said notary public

1will expire,
expires or that such commission is permanent. This information may be
2part of the official stamp affixed to or embossed on the certificate, written on the
3certificate if it is a tangible record, or attached to or logically associated with the
4certificate.
Note: This Section states that a notary public who performs a notarial act must
include a certificate that states the day, month, and year that notary public's commission
expires or that the commission is permanent and establishes that this information may
be part of the notary public's official stamp affixed to or embossed on the certificate,
written on the certificate if it is a tangible record, or attached to or otherwise logically
associated with the certificate.
AB1099,5 5Section 5. 140.02 (6) (a) of the statutes is amended to read:
AB1099,5,86 140.02 (6) (a) The department may certify to the official qualifications of any
7notary public and to the genuineness of the notary public's signature and seal or
8rubber
official stamp.
Note: This Section replaces a reference to a notary public's seal or rubber stamp
with a reference to the notary public's official stamp, which is defined to include both a
seal and rubber stamp.
AB1099,6 9Section 6 . 140.17 of the statutes is renumbered 140.17 (1m), and 140.17 (1m)
10(a), as renumbered, is amended to read:
AB1099,5,1311 140.17 (1m) (a) Include the notary public's name, jurisdiction, commission
12expiration date if applicable,
the words “Notary Public” and “State of Wisconsin,” and
13other information required by the department.
Note: This Section replaces a requirement that the official stamp of a notary
public must include, in addition to the notary public's name and other information
required by the Department of Financial Institutions, the notary public's jurisdiction and
commission expiration date with a requirement that the official stamp include the words
“Notary Public” and “State of Wisconsin.”
AB1099,7 14Section 7 . 140.17 (2m) and (3) of the statutes are created to read:
AB1099,5,1615 140.17 (2m) The official stamp of a notary public may include the notary
16public's commission expiration date if applicable.
AB1099,6,2
1(3) The official stamp of a notary public may not include information other than
2the information required under sub. (1m) or permitted under sub. (2m).
Note: This Section establishes that the official stamp of a notary public may, but
need not, include the date that the notary public's commission expires and may not
include information that is not either required or expressly permitted in state law.
AB1099,8 3Section 8. 422.402 of the statutes is repealed.
Note: This Section repeals an obsolete restriction affecting certain transactions
entered into before November 1, 1984.
AB1099,9 4Section 9. 422.421 (8) of the statutes is repealed.
Note: This Section eliminates a statutory subsection that references another
statute repealed in this bill.
AB1099,10 5Section 10. 428.202 (2) (d) 1. of the statutes is amended to read:
AB1099,6,86 428.202 (2) (d) 1. That the loan transaction, at the time that the loan is
7consummated, is considered a mortgage under 15 USC 1602 (aa) (bb) and regulations
8adopted thereunder, including 12 CFR 226.32.
Note: This Section updates a reference to a federal statute that was renumbered
and amended in 2010.
AB1099,11 9Section 11. 551.406 (3) (a) 2. of the statutes is amended to read:
AB1099,6,1310 551.406 (3) (a) 2. The date that approval of registration status is transmitted
11by the administrator to the applicant through the central registration depository of
12the National Association of Securities Dealers, Inc. Financial Industry Regulatory
13Authority, Inc.
Note: This Section updates the name of the National Association of Securities
Dealers, Inc., to the Financial Industry Regulatory Authority, Inc.
AB1099,6,1414 (End)
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