SB457,3
4Section
3. 15.07 (5) (b) of the statutes is amended to read:
SB457,5,65
15.07
(5) (b) Members of the banking
institutions review board, $25 per day but
6not to exceed $1,500 per year.
SB457,4
7Section
4. 15.07 (5) (g) of the statutes is repealed.
SB457,5
8Section
5. 15.185 (1) of the statutes is amended to read:
SB457,6,8
115.185
(1) Banking institutions review board. There is created in the
2department of financial institutions a banking
institutions review board consisting
3of
5 10 persons
, until May 1, 2020, and consisting of 6 persons after May 1, 2020.
4The members of the board shall be appointed for staggered 5-year terms. At least
53 members shall be experienced bankers
or savings institution employees having at
6least 5 years' experience in the banking
or savings institution business. No member
7is qualified to act in any matter involving a bank
or savings institution in which the
8member is an officer, director
, or stockholder, or to which the member is indebted.
SB457,6
9Section
6
. 15.185 (1) of the statutes, as affected by 2019 Wisconsin Act .... (this
10act), is amended to read:
SB457,6,1811
15.185
(1) Banking institutions review board. There is created in the
12department of financial institutions a banking institutions review board consisting
13of
10 5 persons
until May 1, 2020, and consisting of 6 persons after May 1, 2020. The
14members of the board shall be, appointed for staggered 5-year terms. At least 3
15members shall be experienced bankers or savings institution employees having at
16least 5 years' experience in the banking or savings institution business. No member
17is qualified to act in any matter involving a bank or savings institution in which the
18member is an officer, director, or stockholder, or to which the member is indebted.
SB457,7
19Section
7. 15.185 (3) of the statutes is repealed.
SB457,8
20Section
8. 71.91 (6) (a) 1r. of the statutes is created to read:
SB457,6,2221
71.91
(6) (a) 1r. “Financial institution" has the meaning given in s. 214.01 (1)
22(jn).
SB457,9
23Section
9. 71.91 (6) (c) 1. of the statutes is amended to read:
SB457,7,324
71.91
(6) (c) 1. Except as provided in subd. 2.
and par. (d) 4., any person in
25possession of, or obligated with respect to, property subject to levy upon which a levy
1has been made shall, upon demand of the department, surrender that property
2unless it is subject to attachment or execution under judicial process, or discharge
3that obligation, to the department.
SB457,10
4Section
10. 71.91 (6) (d) 1. of the statutes is amended to read:
SB457,7,145
71.91
(6) (d) 1.
Any Except as provided in subd. 4., any person, including an
6officer or employee, who fails to surrender property that is subject to levy upon
7demand of the department is liable to the department for a sum equal to the value
8of the property not surrendered, but not exceeding the amount of taxes for the
9collection of which that levy was made, together with costs and interest at the rate
10of 18 percent per year from the date of that levy. Any amount, other than costs,
11recovered under this paragraph shall be credited against the tax liability for the
12collection of which that levy was made. The liability under this paragraph may be
13assessed, levied and collected as are additional income or franchise taxes or may be
14recovered by the department in a civil action.
SB457,11
15Section
11. 71.91 (6) (d) 4. of the statutes is created to read:
SB457,7,2016
71.91
(6) (d) 4. If a financial institution is in possession of, or obligated with
17respect to, property subject to levy upon which a levy has been made, the financial
18institution is liable under this paragraph for failure to surrender that property or
19discharge that obligation only upon expiration of a reasonable time to comply with
20the department's demand for the property.
SB457,12
21Section
12. 214.01 (1) (sr) of the statutes is amended to read:
SB457,7,2322
214.01
(1) (sr) “Review board" means the
savings banking institutions review
23board.
SB457,13
24Section
13. 215.01 (22) of the statutes is amended to read:
SB457,8,2
1215.01
(22) “Review board" means the
savings banking institutions review
2board.
SB457,14
3Section
14. 220.02 (5) of the statutes is amended to read:
SB457,8,104
220.02
(5) Except for acts and decisions of the division under chs. 138, 217
, and
5218, any interested person or any bank or banking corporation aggrieved by an act,
6order
, or determination of the division may, within 10 days from the date thereof,
7apply to the banking
institutions review board to review the same. All such
8applications for review shall be considered and disposed of as speedily as possible.
9The banking
institutions review board may require the division to submit any of the
10division's actions subject to such review to said board for its approval.
SB457,15
11Section
15. 220.035 (title) of the statutes is amended to read:
SB457,8,12
12220.035 (title)
Banking institutions review board.
SB457,16
13Section
16. 220.035 (1) (a) of the statutes is amended to read:
SB457,8,2114
220.035
(1) (a) The banking
institutions review board shall advise the division
15and others in respect to improvement in the condition and service of banks and
16banking business in this state and shall review the acts and decisions of the division
17with respect to banks, except for such acts and decisions of the division under chs.
18138, 217
, and 218, and shall perform such other review functions in relation to
19banking as are provided by law. The banking
institutions review board may require
20the division to submit any of the division's actions to it for its approval. The board
21may make rules of procedure as provided in ch. 227.
SB457,17
22Section
17. 220.035 (2) of the statutes is amended to read:
SB457,8,2523
220.035
(2) The banking
institutions review board may make rules and
24regulations to safeguard the interest of depositors and stockholders generally in
25emergencies.
SB457,18
1Section
18. 220.035 (3) of the statutes is amended to read:
SB457,9,32
220.035
(3) Any final order or determination of the banking
institutions review
3board shall be subject to review in the manner provided in ch. 227.
SB457,19
4Section
19. 220.035 (6) of the statutes is amended to read:
SB457,9,95
220.035
(6) Any bank whose assets, upon the basis of a fair valuation, are equal
6to or in excess of its liabilities exclusive of capital stock, preferred stock, capital notes
, 7and debentures, shall be deemed to be safe and solvent. The banking
institutions 8review board may prescribe schedules, rules
, and regulations for arriving at a fair
9valuation of various classes of assets of banks.
SB457,20
10Section
20. 220.04 (1) (a) of the statutes is amended to read:
SB457,9,2211
220.04
(1) (a) The division shall examine at least once every 18 months the
12cash, bills, collaterals, securities, assets, books of account, condition
, and affairs of
13each bank and trust company bank doing business in this state, except national
14banks. For that purpose the division may examine on oath any of the officers, agents,
15directors, clerks, stockholders, customers
, or depositors thereof, touching the affairs
16and business of such institution. In conducting examinations under this paragraph,
17the division may accept and rely on information collected by other agencies or
18independent 3rd parties in determining whether a bank or trust company bank has
19satisfied any requirement that is part of the examination. In making such
20examinations of banks, the division shall determine the fair valuation of all assets
21in accordance with the schedules, rules
, and regulations prescribed by the banking
22institutions review board.
SB457,21
23Section
21. 220.04 (4) of the statutes is amended to read:
SB457,9,2524
220.04
(4) Whenever the division is of the opinion that the loaning, investing
, 25or other banking policies or practices of any officer or director of any bank have been
1prejudicial to the best interests of such bank or its depositors, or that such policies
2or practices, if put into operation or continued, will endanger the safety or solvency
3of said bank or impair the interests of its depositors, the division may, with the
4approval of the banking
institutions review board, request the removal of such officer
5or director. Such request shall be served on the bank and on such officer or director
6in the manner provided by law for serving a summons in a court of record or shall be
7transmitted to said bank and officer or director by registered mail with return receipt
8requested. If such request for removal is not complied with within a reasonable time
9fixed by the division, the division may by order, with like approval of the banking
10institutions review board, remove such officer or director, but no order of removal
11shall be entered until after an opportunity for hearing before the banking
12institutions review board is given to such officer or director upon not less than 10
13days' notice. An order of removal shall take effect as of the date issued. A copy of such
14order shall be served upon the bank and upon such officer or director in the manner
15provided by law for service of a summons in a court of record or by mailing such copy
16to the bank or officer or director at the bank's or officer's or director's last-known
17post-office address. Any removal under this subsection shall be effective in all
18respects the same as if made by the board of directors or stockholders of said bank.
19Any officer or director removed from office under the provisions of this subsection
20shall not be reelected as an officer or director of any bank without the approval of the
21division and the banking
institutions review board. An order of removal under this
22subsection shall be deemed a final order or determination of the banking
institutions 23review board within the meaning and contemplation of s. 220.035 (3).
SB457,22
24Section
22. 220.04 (6) of the statutes is amended to read:
SB457,11,4
1220.04
(6) (a) The division, with the approval of the banking
institutions review
2board, may establish uniform savings rules which shall be adopted by every bank
3and trust company bank. Such rules may provide the conditions under which banks
4or trust company banks may accept deposits.
SB457,11,85
(b) In times of financial distress, the commissioner with the approval of the
6banking
institutions review board may by order restrict the withdrawal of any class
7of deposits in any bank or trust company bank. The pendency of any proceeding for
8review of such order shall not stay or suspend the operation of such order.
SB457,11,169
(d) The division, with the approval of the banking
institutions review board,
10may establish rules regulating the kind and amount of foreign bonds or bonds and
11securities offered for sale by the international bank for reconstruction and
12development, the inter-American development bank, the international finance
13corporation, the African development bank and the Asian development bank which
14state banks and trust company banks may purchase, except that such rules shall not
15apply to bonds and securities of the Canadian government and Canadian provinces,
16which are payable in American funds.
SB457,23
17Section
23. 220.04 (7) (b) (intro.) of the statutes is amended to read:
SB457,11,2018
220.04
(7) (b) (intro.) The division may, with the approval of the banking
19institutions review board, establish uniform rules regulating organizations
20engaging in fiduciary operations. Such rules may:
SB457,24
21Section
24. 220.04 (8) of the statutes is amended to read:
SB457,12,722
220.04
(8) Unless the division is expressly restricted by statute from acting
23under this subsection with respect to a specific power, right
, or privilege, the division
24by rule may, with the approval of the banking
institutions review board, authorize
25state banks to exercise any power under the notice, disclosure
, or procedural
1requirements governing national banks or to make any loan or investment or
2exercise any right, power
, or privilege permitted national banks under federal law,
3regulation
, or interpretation. Notice, disclosure
, and procedures prescribed by
4statute which may be modified by a rule adopted under this subsection include, but
5are not limited to, those provided under s. 138.056. A rule adopted under this
6subsection may not affect s. 138.041 or chs. 421 to 428 or restrict powers specifically
7granted state banks under this chapter or ch. 221 or 224.
SB457,25
8Section
25. 220.04 (9) (f) 2. of the statutes is amended to read:
SB457,12,149
220.04
(9) (f) 2. An official or regulated entity who violates an order issued
10under par. (d) shall, for each violation, forfeit not more than $1,000 per day for each
11day the violation continues. Assessment of a forfeiture under this subdivision shall
12commence on the latest of 10 days after the date of delivery of the order or, if an appeal
13is taken under s. 220.035, 10 days after the date of the decision of the banking
14institutions review board.
SB457,26
15Section
26. 220.04 (12) of the statutes is amended to read:
SB457,13,816
220.04
(12) If the division has information that causes the division to believe
17that any bank, trust company bank, or any other person subject in whole or in part
18to supervision or control by the division, or any officer, employee, member
, or
19manager thereof, has violated any law, rule
, or order that subjects the person to
20prosecution for a criminal offense or to a penalty, the division shall bring such
21information to the attention of the banking
institutions review board, with the
22division's recommendation in writing as to action to be taken. The banking
23institutions review board shall, if in its judgment probable cause exists for believing
24that a criminal offense has been committed, or a penalty incurred, call the facts and
25information to the attention of the attorney general whose duty it shall be to cause
1prosecution or other action to be instituted if, in the attorney general's judgment, the
2facts warrant. This subsection does not prevent the institution of any prosecution
3by any district attorney of this state with or without any advice or act on the part of
4the attorney general. This subsection does not preclude the division, in any case
5where the division deems it important to act immediately, from causing any arrest
6and prosecution where the division is satisfied that there is reason to believe the
7offense has been committed and that prosecution should be immediately
8commenced.
SB457,27
9Section
27. 220.05 (2) of the statutes is amended to read:
SB457,13,1510
220.05
(2) On or before July 15 of each year, each state bank and trust company
11bank shall pay to the division an annual assessment for the maintenance of the
12functions of the division in an amount to be determined by the banking
institutions 13review board, but which shall not exceed 8 cents per $1,000 of resources, or part
14thereof, for the first $5,000,000 and shall not exceed 6 cents per $1,000, or part
15thereof, for all resources over $5,000,000.
SB457,28
16Section
28. 220.06 (1m) of the statutes is amended to read:
SB457,14,1117
220.06
(1m) No division employee may examine a bank or licensee in which
18that person is interested as a stockholder, officer
, or employee. No division employee
19may examine a bank or licensee located in the same village, city
, or county with any
20bank or licensee in which that person is so interested. Employees in the division, and
21each member and employee of the banking
institutions review board, shall keep
22secret all facts and information obtained in the course of examinations or from
23reports not under s. 221.1002 (1) filed by a bank or licensee with the division, except
24so far as the public duty of the person requires reporting upon or taking special action
25regarding the affairs of any bank or licensee, and except when called as a witness in
1any criminal proceeding or trial in a court of justice. The division may furnish to the
2federal deposit insurance corporation, to a federal home loan bank, or to any
3regulatory authority for state or federal financial institutions, insurance
, or
4securities a copy of any examination made of any such bank or licensee or of any
5report made by such bank or licensee and may give access to and disclose to the
6corporation or to any regulatory authority for state or federal financial institutions,
7insurance
, or securities any information possessed by the division, or to a federal
8home loan bank any information created by the division, with reference to the
9conditions or affairs of any such insured bank or licensee if the regulatory authority
10agrees to treat all information received with the same degree of confidentiality as
11applies to reports of examination that are in the custody of the division.
SB457,29
12Section
29. 220.06 (2) of the statutes is amended to read:
SB457,14,1813
220.06
(2) If any employee in the division or any member of the banking
14institutions review board or any employee thereof discloses the name of any debtor
15of any bank or licensee, or anything relative to the private account or transactions
16of such bank or licensee, or any fact obtained in the course of any examination of any
17bank or licensee, except as herein provided, that person is guilty of a Class I felony
18and shall be subject, upon conviction, to forfeiture of office or position.
SB457,30
19Section
30. 220.07 (2) of the statutes is amended to read:
SB457,15,320
220.07
(2) Review of order. In any case where the division has made an order
21requiring capital to be made good, the bank may within 10 days after the making of
22said order secure a review of same by the banking
institutions review board by filing
23with the division a statement requesting such review and stating the grounds of
24objection to the order of the division. Said board shall promptly conduct a hearing
25thereon after affording reasonable notice to the bank and shall affirm, modify
, or set
1aside the order of the division. No such review or hearing shall extend the time for
2compliance with the order of the division unless the banking
institutions review
3board shall so direct.
SB457,31
4Section
31. 220.08 (1) of the statutes is amended to read:
SB457,16,145
220.08
(1) Whenever it shall appear to the division that any bank or banking
6corporation to which this chapter is applicable has violated its charter or any law of
7the state, or is conducting its business in an unsafe or unauthorized manner, or if the
8capital of any such bank or banking corporation is impaired, or if any such bank or
9banking corporation shall refuse to submit its books, papers, and concerns to the
10inspection of any examiner, or if any officer thereof shall refuse to be examined upon
11oath touching the concerns of any such bank or banking corporation, or if any such
12bank or banking corporation shall suspend payment of its obligations, or if from any
13examination or report provided for by this chapter the division shall have reason to
14conclude that such bank or banking corporation is in an unsound or unsafe condition
15to transact the business for which it is organized, or that it is unsafe and inexpedient
16for it to continue business, or if any such bank or banking corporation shall neglect
17or refuse to observe an order of the division, specified in s. 220.07, or if the division
18shall find that the management of the bank or the manner in which the work of any
19of its officers or employees is done, if continued, is such as to endanger the safety or
20solvency of the bank and the division shall have made written recommendations for
21change in management or officers and employees and such recommendation shall
22not have been complied with after the expiration of a reasonable time therefor fixed
23by the division, the division may take possession of the property and business of such
24bank or banking corporation, and retain such possession until such bank or banking
25corporation shall resume business, or its affairs be finally liquidated as herein
1provided. Whenever facts have come to the attention of the division which cause the
2division to believe that it may be necessary or advisable to take possession of a bank,
3or if the division has reasonable cause to believe that any of the grounds for taking
4possession of a bank, specified in this section, exist, the division shall bring the
5matter to the attention of the banking
institutions review board, reporting to them
6in writing the situation and the division's recommendation as to action to be taken.
7The banking
institutions review board shall promptly consider the matter and
8promptly decide whether or not the division should take possession of the bank. If
9the review board decides that the division should take possession, the division shall
10forthwith take possession as hereinbefore provided. If at any time the division is
11confronted with an emergency situation where in the division's opinion it is
12imperative in order to protect the public or for other reasons that possession of the
13bank be at once taken, the division may do so forthwith without referring the matter
14to the banking
institutions review board.
SB457,32
15Section
32. 220.08 (3a) of the statutes is amended to read:
SB457,16,2216
220.08
(3a) That in addition to the authority conferred by sub. (3), the division
17with the approval of the banking
institutions review board may, for purposes of
18collection or liquidation, sell, assign, convey
, and transfer or approve the sale,
19assignment, conveyance
, and transfer of the assets of a closed bank or bank operating
20under a stabilization and readjustment agreement to any other bank or trust
21company under such terms and conditions as the division may deem for the best
22interests of the depositors and unsecured creditors of such bank.
SB457,33
23Section
33. 220.08 (9) of the statutes is amended to read:
SB457,17,1624
220.08
(9) Whenever any such bank or banking corporation, of whose property
25and business the division has taken possession, as aforesaid, deems itself aggrieved
1thereby, it may, at any time within 10 days after such taking possession, apply to the
2circuit court for the county in which such bank or banking corporation is located to
3enjoin further proceedings; and said court, after citing the division to show cause why
4further proceedings should not be enjoined and hearing the allegations and proofs
5of the parties and determining the facts may, upon the merits dismiss such
6application or enjoin the division from further proceedings, and direct the division
7to surrender such business and property to such bank or banking corporation. Said
8bank or banking corporation may, if it desires so to do, within 10 days after taking
9possession apply to the banking
institutions review board to review the action of the
10division in taking possession. The banking
institutions review board shall act
11speedily on such application. Within 10 days after notice of the decision of the
12banking
institutions review board, said bank or banking corporation may apply to
13said circuit court of the county in which such bank or banking corporation is located
14to enjoin further proceedings. The proceedings on such application shall be on notice
15to the division and shall be the same as where the application to the court is made
16as above provided without application to the review board.
SB457,34
17Section
34. 220.085 of the statutes is amended to read:
SB457,17,22
18220.085 Federal aid to banks. On approval of the banking
institutions 19review board, any state bank or trust company, or the receiver of any insolvent or
20delinquent state bank or trust company, may take advantage of any act that may be
21enacted by the congress of the United States for the relief of any state banks or trust
22companies.
SB457,35
23Section
35. 221.0202 (5) of the statutes is amended to read:
SB457,18,824
221.0202
(5) Decision. After completing the investigation under sub. (4), the
25division shall make a written report to the banking
institutions review board stating
1the results of the investigation and the division's recommendation. The board shall
2consider the matter, conduct any necessary hearing
, and promptly make its decision
3approving or disapproving the application. The decision shall be final except
4pursuant to s. 220.035 (1) and (3). If the application is approved, the division shall
5endorse on each of the original applications the word “Approved". If the application
6is disapproved, the division shall endorse the word “Disapproved". One of the
7duplicate originals shall be filed in the division's office and one shall be returned by
8mail to the applicants.
SB457,36
9Section
36. 221.0205 of the statutes is amended to read:
SB457,18,15
10221.0205 Capital stock. Immediately following a bank's organization under
11this chapter, the division shall determine the required capital of the bank, subject to
12review by the banking
institutions review board. In addition to the required capital
13stock, a contingent fund and paid-in surplus each in an amount equal to at least 25
14percent of the aggregate amount of the capital stock, shall be subscribed at the time
15the subscription list of shareholders is prepared by the incorporators.
SB457,37
16Section
37. 221.0324 (9) of the statutes is amended to read:
SB457,18,2317
221.0324
(9) Pledges to and loans from the federal home loan bank. 18Notwithstanding sub. (3), a bank that is a member of the federal home loan bank may
19borrow money from the federal home loan bank
for a term not to exceed 20 years and
20may pledge bank assets
having a value that does not exceed 2 times the amount of
21the loan as collateral to secure the loan
. Total assets pledged under this subsection
22may not exceed 4 times the amount of the bank's capital or any other extension of
23credit from the federal home loan bank.
SB457,38
24Section
38. 221.0702 (3) of the statutes is amended to read:
SB457,19,12
1221.0702
(3) Role of division. After consultation with the banking
institutions 2review board, the division may make recommendations to any bank within this state
3as to the advisability of consolidation or merger with other banks and may make
4recommendations as to terms for consolidation or merger of banks in order to avoid
5a condition of oversupply of banks in any community or area of the state. The division
6may also, if requested so to do, act as mediator or arbitrator to fix any of the terms
7of any such consolidation or merger. The board of directors of any bank organized
8under the laws of this state may use a reasonable amount of the assets of the bank
9toward assisting in bringing about a consolidation or merger of banks or to aid in
10reorganization or in avoiding the closing of a bank, if the board considers it to be in
11the interests of safe banking and the maintenance of credit and banking facilities in
12the county in which the bank is located.
SB457,39
13Section
39. 221.1006 of the statutes is amended to read:
SB457,19,17
14221.1006 Fees for certified copies. If a certified copy of a record filed in the
15division is lawfully required to be furnished by the division, the division may assess
16a reasonable fee as determined by the banking
institutions review board. These fees
17shall be deposited in the general fund.
SB457,40
18Section
40. 223.01 of the statutes is amended to read:
SB457,19,25
19223.01 Trust company banks, capital. Trust company banks may be
20organized pursuant to ch. 221 and shall be subject to all the provisions,
21requirements, and liabilities of chs. 220 and 221, so far as applicable, except that
22trust company banks may not accept deposits other than trust deposits and except
23as otherwise hereinafter provided. The division may, with the approval of the
24banking
institutions review board, establish minimum capital requirements for a
25trust company bank.
SB457,41
1Section
41. 224.46 of the statutes is created to read:
SB457,20,3
2224.46 Independent data processing servicers. (1) Definitions. In this
3section:
SB457,20,44
(a) “Financial institution" has the meaning given in s. 214.01 (1) (jn).
SB457,20,105
(b) “Independent data processing servicer" means an entity that provides to a
6financial institution electronic data processing services, but not including the
7exchange of data and settlement of funds between 2 or more unaffiliated financial
8institutions resulting from transactions involving remote terminals under s. 186.113
9(15), remote service units under s. 214.04 (21) or 215.13 (46), or customer bank
10communications terminals under s. 221.0303 (2).
SB457,20,1311
(c) “Interface agreement" means a written agreement specifying the terms and
12conditions under which an interface of communications, data, or systems between
13independent data processing servicers shall be accomplished.
SB457,20,24
14(2) Ownership of financial institution data. If a financial institution
15transfers or otherwise makes available to an independent data processing servicer
16any data from the financial institution's records, this data shall remain the property
17of the financial institution. The independent data processing servicer has no right,
18title, or interest in, or claim to legal ownership of, the data. The transfer of the data
19by the financial institution authorizes the independent data processing servicer only
20to exercise temporary control of the data for the limited purpose of performing the
21contracted services requested by the financial institution. This subsection also
22applies with respect to an independent data processing servicer that receives a
23financial institution's data under an interface agreement or other agreement with
24another independent data processing servicer.
SB457,21,4
1(3) Contract disclosures by independent data processing servicers. No
2independent data processing servicer may enter into a contract with a financial
3institution, or renew or amend such a contract, unless the contract discloses, in
4separate contract provisions, all of the following:
SB457,21,65
(a) All fees or charges, including any fee schedule, that the independent data
6processing servicer may impose on the financial institution.
SB457,21,87
(b) Any formula or other grounds that the independent data processing servicer
8may apply or rely upon to terminate the contract.
SB457,42
9Section 42
. 224.725 (1) of the statutes is amended to read:
SB457,21,1710
224.725
(1) License required. Except as provided in
sub. subs. (1m)
and (1r),
11an individual may not regularly engage in the business of a mortgage loan originator
12with respect to a residential mortgage loan, or use the title “mortgage loan
13originator," advertise, or otherwise portray himself or herself as a mortgage loan
14originator in this state, unless the individual has been issued by the division, and
15thereafter maintains, a license under this section. Each licensed mortgage loan
16originator shall register with, and maintain a valid unique identifier issued by, the
17nationwide mortgage licensing system and registry.
SB457,43
18Section
43. 224.725 (1r) of the statutes is created to read:
SB457,21,2519
224.725
(1r) Employment transition; temporary authority. (a) An individual
20who was a registered mortgage loan originator immediately prior to becoming
21employed by, and who remains employed by, a mortgage banker or mortgage broker
22licensed under this subchapter and who has applied to the division for a mortgage
23loan originator license is considered to have temporary authority to act as a mortgage
24loan originator under this subchapter, for the period specified in par. (c), if all of the
25following apply: