(3) Contract disclosures by independent data processing servicers. No independent data processing servicer may enter into a contract with a financial institution, or renew or amend such a contract, unless the contract discloses, in separate contract provisions, all of the following:
(a) All fees or charges, including any fee schedule, that the independent data processing servicer may impose on the financial institution.
(b) Any formula or other grounds that the independent data processing servicer may apply or rely upon to terminate the contract.
65,42
Section 42
. 224.725 (1) of the statutes is amended to read:
224.725 (1) License required. Except as provided in sub. subs. (1m) and (1r), an individual may not regularly engage in the business of a mortgage loan originator with respect to a residential mortgage loan, or use the title “mortgage loan originator," advertise, or otherwise portray himself or herself as a mortgage loan originator in this state, unless the individual has been issued by the division, and thereafter maintains, a license under this section. Each licensed mortgage loan originator shall register with, and maintain a valid unique identifier issued by, the nationwide mortgage licensing system and registry.
65,43
Section
43. 224.725 (1r) of the statutes is created to read:
224.725 (1r) Employment transition; temporary authority. (a) An individual who was a registered mortgage loan originator immediately prior to becoming employed by, and who remains employed by, a mortgage banker or mortgage broker licensed under this subchapter and who has applied to the division for a mortgage loan originator license is considered to have temporary authority to act as a mortgage loan originator under this subchapter, for the period specified in par. (c), if all of the following apply:
1. The individual has not previously had an application for a mortgage loan originator license denied.
2. The individual has not previously had a mortgage loan originator license suspended or revoked in any governmental jurisdiction.
3. The individual has not been subject to, or served with, a cease and desist order in any governmental jurisdiction or by the director of the federal bureau of consumer financial protection under 12 USC 5113 (c).
4. The individual has not been convicted of any crime that disqualifies the individual under sub. (3) (b) from issuance of a license.
5. The individual was registered with the nationwide mortgage licensing system and registry as a loan originator during the one-year period immediately preceding the date on which the individual furnished the information required under sub. (2) (c).
(b) An individual who is licensed as a mortgage loan originator in another state, who is employed by a mortgage banker or mortgage broker licensed under this subchapter, and who has applied to the division for a mortgage loan originator license is considered to have temporary authority to act as a mortgage loan originator under this subchapter, for the period specified in par. (c), if all of the following apply:
1. The individual meets the requirements of par. (a) 1. to 4.
2. The individual was licensed in another state during the 30-day period immediately preceding the date on which the individual furnished the information required under sub. (2) (c).
(c) 1. The period during which an individual described in par. (a) or (b) is considered to have temporary authority to act as a mortgage loan originator under this subchapter shall begin on the date on which the individual furnishes to the nationwide mortgage licensing system and registry the information required under sub. (2) (c) in connection with the application for a mortgage loan originator license under this subchapter.
2. The period that begins under subd. 1. shall end on the earliest of the following:
a. The date on which the individual withdraws the application for a mortgage loan originator license.
b. The date on which the division denies, or issues a notice of intent to deny, the application for a mortgage loan originator license.
c. The date on which the division grants to the individual a mortgage loan originator license.
d. If the individual's application is listed on the nationwide mortgage licensing system and registry as incomplete, the date that is 120 days after the date on which the individual applied for a mortgage loan originator license.
(d) 1. Any person employing an individual who is considered to have temporary authority to act as a mortgage loan originator under this subsection shall be subject to the requirements of this subchapter to the same extent as if that individual were a licensed mortgage loan originator.
2. Any individual who is considered to have temporary authority to act as a mortgage loan originator under this subsection and who engages in any activity described in s. 224.71 (6) (c) and (d) shall be subject to the requirements of this subchapter to the same extent as if the individual were a licensed mortgage loan originator.
65,44
Section
44. 227.52 (3) of the statutes is amended to read:
227.52 (3) Those decisions of the division of banking that are subject to review, prior to any judicial review, by the banking institutions review board, and decisions of the division of banking relating to savings banks or savings and loan associations, but no other institutions subject to the jurisdiction of the division of banking.
65,45
Section
45. 227.53 (1) (a) 1. of the statutes is amended to read:
227.53 (1) (a) 1. Proceedings for review shall be instituted by serving a petition therefor personally or by certified mail upon the agency or one of its officials, and filing the petition in the office of the clerk of circuit court for the county where the judicial review proceedings are to be held. If the agency whose decision is sought to be reviewed is the tax appeals commission, the banking institutions review board, or the credit union review board, or the savings institutions review board, the petition shall be served upon both the agency whose decision is sought to be reviewed and the corresponding named respondent, as specified under par. (b) 1. to 4.
65,46
Section
46. 227.53 (1) (b) 2. of the statutes is repealed.
65,47
Section
47. 227.53 (1) (b) 4. of the statutes is amended to read:
227.53 (1) (b) 4. The savings
banking institutions review board, the division of banking, except if the petitioner is the division of banking, the prevailing parties before the savings banking institutions review board shall be the named respondents.
65,48
Section
48. 227.53 (1) (d) of the statutes is amended to read:
227.53 (1) (d) Except in the case of the tax appeals commission, the banking institutions review board,
and the credit union review board, and the savings institutions review board, the agency and all parties to the proceeding before it shall have the right to participate in the proceedings for review. The court may permit other interested persons to intervene. Any person petitioning the court to intervene shall serve a copy of the petition on each party who appeared before the agency and any additional parties to the judicial review at least 5 days prior to the date set for hearing on the petition.
65,49
Section
49. 403.312 (2) (c) 1. of the statutes is amended to read:
403.312 (2) (c) 1. The claim becomes enforceable at the later of the time that the claim is asserted, or the 90th 30th day following the date of the check, in the case of a cashier's check or teller's check, or the 90th
30th day following the date of the acceptance, in the case of a certified check.
65,54
Section
54. 812.18 (1) of the statutes is amended to read:
812.18 (1) From Subject to s. 812.19 (4), from the time of service upon the garnishee, the garnishee shall be liable to the creditor for the property then in the garnishee's possession or under his or her control belonging to the debtor or in which the debtor is interested to the extent of his or her right or interest therein and for all the garnishee's debts due or to become due to the debtor, except such as are exempt from execution, or are required by a court to be paid by the debtor as restitution under s. 973.20, but not in excess of the amount of the creditor's claim.
65,55
Section
55. 812.19 (4) of the statutes is created to read:
812.19 (4) If a garnishee is a financial institution, as defined in s. 214.01 (1) (jn), in possession of, or obligated with respect to, property subject to garnishment, the financial institution is liable to the creditor for the property in its possession, in an amount up to the garnishable amount in the account or accounts, as of the time the financial institution is first reasonably able to put the garnishment into effect, but no later than the end of the 2nd business day after the business day on which the garnishee summons and complaint is received by the financial institution. Any property that leaves the possession of the financial institution within that time frame, but before the financial institution is able to put the garnishment into effect, shall not be subject to the garnishment and the financial institution shall have no responsibility to attempt to secure the return of such property and no liability to the creditor for such property.
65,56
Section
56.
Nonstatutory provisions.
(1) Board membership; transition provision. On the effective date of this subsection, each member of the savings institutions review board under s. 15.185 (3), 2017 stats., serving an unexpired term on that board shall become a member of the banking institutions review board for a term that expires on the member's expiration date previously established for the savings institutions review board.
(2)
Consolidation of banking review board and savings institutions review board; transfer provisions.
(a) Banking review board renamed. On the effective date of this paragraph, the banking review board is renamed the banking institutions review board.
(b) Tangible personal property. On the effective date of this paragraph, all tangible personal property, including records, of the savings institutions review board is transferred to the banking institutions review board.
(c) Pending matters. Any matter pending with the savings institutions review board on the effective date of this paragraph is transferred to the banking institutions review board. All materials submitted to or actions taken by the savings institutions review board are considered as having been submitted to or taken by the banking institutions review board.
(d) Orders. All orders issued by the savings institutions review board in effect on the effective date of this paragraph remain in effect until their specified expiration dates or until modified or rescinded by the banking institutions review board.
(e) Secretary to resolve transition disagreements. In the case of disagreement between the savings institutions review board and the banking institutions review board with respect to any provision of this subsection, the secretary of financial institutions shall determine the matter and shall develop a plan for an orderly transfer.
65,57
Section
57
.
Initial applicability.
(1) Payment of lost, destroyed, or stolen instruments. The treatment of s. 403.312 (2) (c) 1. first applies to claims asserted on the effective date of this subsection.
(2) Federal Home Loan Bank loans; retroactive applicability. The treatment of s. 221.0324 (9) first applies retroactively to loans made or credit extended before, and applies to loans made or credit extended on or after, the effective date of this subsection.
(3)
Independent data processing servicers. The treatment of s. 224.46 (3) first applies to contracts entered into, renewed, or amended on the effective date of this subsection.
65,58
Section
58.
Effective dates. This act takes effect on the day after publication, except as follows:
(1) Banking institutions review board. The treatment of s. 15.185 (1) (by Section 6
) takes effect on May 2, 2021, or on the day after publication, whichever is later.
(2) Mortgage loan originators. The treatment of s. 224.725 (1) and (1r) takes effect on November 28, 2019, or on the day after publication, whichever is later.
(3) Independent data processing servicers. The treatment of s. 224.46 and Section 57 (3) of this act take effect on the first day of the 4th month beginning after publication.
