b. The foreign depository institution must bear an eligible rating, be registered under the Foreign Account Tax Compliance Act, and not be located in a country that is subject to sanctions from the office of foreign assets control in the U.S. treasury department or designated a high-risk or noncooperative jurisdiction by the Financial Action Task Force established at the G7 summit in Paris on July 14, 1989.
c. Cash maintained at a foreign depository institution may not exceed 10 percent of the aggregate value of the licensee’s total permissible investments.
12. Any other investment authorized as a permissible investment by rule or written determination of the division.
(c) Permissible investments, even if commingled with other assets of the licensee, are held in trust for the benefit of the purchasers and holders of the licensee’s outstanding money transmission obligations on an equitable basis in the event of insolvency, the filing of a petition by or against the licensee for bankruptcy or reorganization, the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the licensee’s dissolution or reorganization, or an action by a creditor against the licensee who is not a beneficiary of the trust. Permissible investments held in trust pursuant to this section are not subject to attachment, levy of execution, or sequestration, except for a beneficiary of the trust. Any statutory trust established hereunder shall be terminated upon extinguishment of all the licensee’s outstanding money transmission obligations.
(d) Following the issuance of a notice of expiration or nonextension of a letter of credit under par. (b) 8. e., and no later than 15 days prior to the expiration date of the letter of credit, the licensee shall demonstrate to the satisfaction of the division that the licensee will continue to comply with sub. (1) after the letter of credit expires. If the licensee fails to do so, the division may draw on the letter of credit up to an amount necessary to meet the licensee’s requirements under sub. (1), which shall be offset against the licensee’s outstanding money transmission obligations. The drawn funds shall be held in trust by the division or its agent for the benefit of the purchasers and holders of the licensee’s outstanding money transmission obligations.
217.11 Powers of the division. In addition to the powers granted in other sections of this chapter or other applicable law, the division may do any of the following:
(1) Investigate, at any time, the business and examine the books, accounts, records, and files used in the business of every licensee or authorized delegate of a licensee. The cost of each examination shall be paid by each licensee so examined within 30 days after demand by the division.
(2) Issue subpoenas and take testimony of any person in relation to any matter within the division’s powers and require the person to produce records regarding any matter related to the condition or business of a person engaged in activity regulated under this chapter.
(3) Require any person to provide written reports or answers to questions, in a form and manner acceptable to the division, concerning any matter related to the condition or business of a person engaged in activity regulated under this chapter.
(4) Use, contract for, or employ analytical systems, methods, or software to examine or investigate any person subject to this chapter.
(5) Accept an audit report made by an independent certified public accountant or other qualified 3rd-party auditor for an applicant or licensee and incorporate the audit report in any report of examination or investigation.
(6) Promulgate rules or issue orders to administer, enforce, or carry out the purposes of this chapter, including such rules or orders as may be necessary to protect the public from oppressive or deceptive practices of licensees and to prevent evasions of this chapter.
(7) Take possession of any insolvent licensee under the circumstances and utilizing the procedures prescribed in s. 218.04 (9m), so far as applicable.
(8) Enter into a consent order at any time with a person to resolve a matter arising under this chapter or any rule promulgated under this chapter.
267,61Section 61. 218.0101 (24m) and (37m) of the statutes are created to read: 218.0101 (24m) “Nationwide multistate licensing system and registry” has the meaning given in s. 224.35 (1g) (b).
(37m) “Unique identifier” has the meaning given in s. 224.35 (1g) (e).
267,62Section 62. 218.0111 (2) of the statutes is amended to read: 218.0111 (2) Either licensor under sub. (1) shall, upon request, furnish the other licensor with any information it may have, including such information as may be available to the division of banking through the nationwide multistate licensing system and registry, in respect to any licensee or applicant for license or any transaction in which such a licensee or applicant may be a party or be interested. No license shall be issued under s. 218.0114 (14) (a) and (g) until both licensors have approved the application. The suspension or revocation of either the license issued under s. 218.0114 (14) (a) or (g) shall automatically suspend or revoke the other license. Any suspension or revocation shall be certified by the licensor ordering it to the other licensor.
267,63Section 63. 218.0114 (4) of the statutes is renumbered 218.0114 (4) (a) and amended to read: 218.0114 (4) (a) Application for a license under this section shall be made to the licensor, at such time, in such form and with such information as the licensor shall require and shall be accompanied by the required fees. The division of banking shall utilize the nationwide multistate licensing system and registry, and the provisions of s. 224.35 shall apply, with respect to sales finance company applicants and licensees, other than motor vehicle dealers.
(b) An applicant for a sales finance company license, other than a motor vehicle dealer, shall pay to the division of banking a nonrefundable $300 investigation fee in addition to the license fee under sub. (16). If the cost of an investigation exceeds $300, the applicant shall, upon demand of the division of banking, pay the amount by which the cost of the investigation exceeds the nonrefundable fee. A licensee is not required to pay an investigation fee for the renewal of a license.
(c) The licensor may require the applicant to provide information relating to any pertinent matter that is commensurate with the safeguarding of the public interest in the locality in which the applicant proposes to engage in business, except that information relating to the applicant’s solvency and financial standing may not be required for motor vehicle dealers except as provided in sub. (20) (a). The information provided may be considered by the licensor in determining the fitness of the applicant to engage in business as set forth in ss. 218.0101 to 218.0163.
267,64Section 64. 218.0114 (4g) and (4m) of the statutes are created to read: 218.0114 (4g) A sales finance company, other than a motor vehicle dealer, shall keep current and accurate all material information on file with the division of banking and the nationwide multistate licensing system and registry as provided in s. 224.35 (6).
(4m) A sales finance company, other than a motor vehicle dealer, shall submit financial statements as provided in s. 224.35 (8).
267,65Section 65. 218.0114 (5) (b) of the statutes is amended to read: 218.0114 (5) (b) A sales finance company or an applicant for a sales finance company license shall provide and maintain in force a bond or irrevocable letter of credit of in a form acceptable to the division of banking in an amount that is not less than $25,000 issued by a surety company licensed to do business in this state or a federally insured financial institution, as defined in s. 705.01 (3). The bond or letter of credit shall be payable to the state of Wisconsin for the use of the state and of any person who sustains a loss because of an act of a sales finance company that constitutes grounds for the suspension or revocation of a license under ss. 218.0101 to 218.0163.
267,66Section 66. 218.0114 (13) (a) of the statutes is amended to read: 218.0114 (13) (a) Licenses A license described in sub. (16) expire expires on December 31 of the calendar year for which the licenses are granted in which the initial license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run through December 31 of the following year. A license may be renewed or reinstated as provided in s. 224.35 (7).
267,67Section 67. 218.0114 (17) of the statutes is renumbered 218.0114 (17) (a) and amended to read: 218.0114 (17) (a) The licenses of dealers, manufacturers, factory branches, distributors, and distributor branches and sales finance companies shall specify the location of the office or branch and must be conspicuously displayed at that location. In case the location of the office or branch is changed, the licensor shall endorse the change of location on the license, without charge, if the new location is within the same municipality as the previous location. A change of location to another municipality shall require a new license, except for sales finance companies.
267,68Section 68. 218.0114 (17) (b) of the statutes is created to read: 218.0114 (17) (b) A sales finance company, other than a motor vehicle dealer, shall give written notice to the division of banking, in a form and manner acceptable to the division of banking, within 10 days of any change of location of the office or branch specified in the license.
267,69Section 69. 218.0114 (20) (c) of the statutes is amended to read: 218.0114 (20) (c) An applicant or licensee furnishing information under par. (a) may designate the information as a trade secret, as defined in s. 134.90 (1) (c), or as confidential business information. The licensor shall notify the applicant or licensee providing the information 15 days before any information designated as a trade secret or as confidential business information is disclosed to the legislature, a state agency, as defined in s. 13.62 (2), a local governmental unit, as defined in s. 605.01 (1), or any other person. The applicant or licensee furnishing the information may seek a court order limiting or prohibiting the disclosure, in which case the court shall weigh the need for confidentiality of the information against the public interest in the disclosure. A designation under this paragraph does not prohibit the disclosure of a person’s name or address, of the name or address of a person’s employer or of financial information that relates to a person when requested under s. 49.22 (2m) by the department of children and families or a county child support agency under s. 59.53 (5). A designation under this paragraph does not prohibit the disclosure of sales finance company application information to the nationwide multistate licensing system and registry, but, except as provided in s. 224.35 (4) (b) and (c), this information shall remain confidential and is not subject to public copying or inspection under s. 19.35 (1).
267,70Section 70. 218.0114 (21g) (b) 3. of the statutes is created to read: 218.0114 (21g) (b) 3. The division of banking may disclose information to the nationwide multistate licensing system and registry as provided in s. 224.35.
267,71Section 71. 218.0114 (25) of the statutes is created to read: 218.0114 (25) A sales finance company, other than a motor vehicle dealer, shall register with, and maintain a valid unique identifier issued by, the nationwide multistate licensing system and registry.
267,72Section 72. 218.0116 (1) (am) of the statutes is amended to read: 218.0116 (1) (am) Material Making a material misstatement, or knowingly omitting a material fact, in an application for a license or, in the case of a sales finance company other than a motor vehicle dealer, in information furnished to the nationwide multistate licensing system and registry.
267,73Section 73. 218.0161 (title) of the statutes is amended to read: 218.0161 (title) Penalties; reporting violations.
267,74Section 74. 218.0161 of the statutes is renumbered 218.0161 (1). 267,75Section 75. 218.0161 (2) of the statutes is created to read: 218.0161 (2) The division of banking may report any enforcement action, any violation of this chapter or of an administrative rule or order, or other relevant information to the nationwide multistate licensing system and registry. Except as provided in s. 224.35 (4) (b) and (c), these reports to the nationwide multistate licensing system and registry shall be confidential and are not subject to public copying or inspection under s. 19.35 (1).
267,76Section 76. 218.0162 of the statutes is amended to read: 218.0162 Commencement of action. Upon the request of the licensor, the department of justice or the district attorney may commence an action in the name of the state to recover a forfeiture under s. 218.0161. An action under s. 218.0161 (1) shall be commenced within 3 years after the occurrence of the unlawful act or practice which is the subject of the action.
267,77Section 77. 218.02 (1) (e) and (f) of the statutes are created to read: 218.02 (1) (e) “Nationwide multistate licensing system and registry” has the meaning given in s. 224.35 (1g) (b).
(f) “Unique identifier” has the meaning given in s. 224.35 (1g) (e).
267,78Section 78. 218.02 (2) (a) 1. (intro.) of the statutes is amended to read: 218.02 (2) (a) 1. (intro.) Each adjustment service company shall apply to the division for a license to engage in such business. Application for a separate license for each office of a company to be operated under this section shall be made to the division in writing, under oath, in a form to be prescribed by and manner acceptable to the division. The division may issue more than one license to the same licensee. Except as provided in subd. 3., an application for a license under this section shall include the following:
267,79Section 79. 218.02 (2) (a) 2. c. of the statutes is created to read: 218.02 (2) (a) 2. c. The division may disclose information to the nationwide multistate licensing system and registry as provided in s. 224.35.
267,80Section 80. 218.02 (2) (d), (e) and (f) of the statutes are created to read: 218.02 (2) (d) The division shall utilize the nationwide multistate licensing system and registry, and the provisions of s. 224.35 shall apply, with respect to applicants and licensees under this section.
(e) An applicant or licensee under this section shall register with, and maintain a valid unique identifier issued by, the nationwide multistate licensing system and registry.
(f) Each licensee shall keep current and accurate all material information on file with the division and the nationwide multistate licensing system and registry as provided in s. 224.35 (6).
267,81Section 81. 218.02 (5) (a) and (b) of the statutes are amended to read: 218.02 (5) (a) Every A license issued shall state the address of the office at which the business is to be conducted, the name of the licensee, and if the licensee is a partnership, limited liability company or association, the names of the members thereof, and if a corporation the date and place of its incorporation. Such license shall be kept conspicuously posted in the office of the licensee and under this section shall not be transferable or assignable.
(b) Whenever a licensee shall contemplate a change of the licensee’s place of business to another location within the same city, village, or town, the licensee shall give written notice thereof to the division, in a form and manner acceptable to the division, which shall attach to the license the division’s authorization of such removal, specifying the date thereof and the new location. Such authorization shall be authority for the operation of such business under the same license at the specified new location. No change in the place of business of a licensee to a location outside of the original city, village, or town shall be permitted under the same license. If so directed by the division, the licensee shall provide any notice required under this subsection to the nationwide multistate licensing system and registry as provided in s. 224.35.
267,82Section 82. 218.02 (5) (c) of the statutes is repealed and recreated to read: 218.02 (5) (c) A license issued under this section expires on December 31 of the calendar year in which the initial license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run through December 31 of the following year. A license may be renewed or reinstated as provided in s. 224.35 (7).
267,83Section 83. 218.02 (6) (a) (intro.) of the statutes is amended to read: 218.02 (6) (a) (intro.) The division, after complaint, notice and hearings as provided in s. 217.19 hearing, shall revoke any license in the following cases:
267,84Section 84. 218.02 (6) (a) 1. of the statutes is amended to read: 218.02 (6) (a) 1. If the licensee has failed to pay the annual license fee or to maintain in effect the bond required under the provisions of this section;
267,85Section 85. 218.02 (6) (a) 5. of the statutes is created to read: 218.02 (6) (a) 5. If the licensee made a material misstatement, or knowingly omitted a material fact, in an application for a license or in information furnished to the division or the nationwide multistate licensing system and registry.
267,86Section 86. 218.02 (9) (title) of the statutes is amended to read: 218.02 (9) (title) Rules and reports; fees; enforcement; reporting violations.
267,87Section 87. 218.02 (9) (a) (intro.) of the statutes is amended to read: 218.02 (9) (a) (intro.) A licensee shall make an annual report and submit financial statements as provided in s. 224.35 (8). The division may make such rules and require such further reports as the division deems necessary for the enforcement of this section. Sections 217.17, 217.18 and 217.21 (1) and (2) The licensee shall keep such books and records as will enable the division to determine whether licensees are in compliance with this section and any rules or orders issued thereunder. The powers granted under s. 217.11 apply to and are available for the purposes of this section. This paragraph does not apply to any of the following:
267,88Section 88. 218.02 (9) (c) of the statutes is amended to read: 218.02 (9) (c) The division shall investigate, ascertain and determine whether this chapter or the lawful orders issued hereunder are being violated and for such purposes the division shall have all of the powers conferred by ss. 217.17 and 217.18 granted under s. 217.11. The division shall report all violations to the district attorney of the proper county for prosecution.
267,89Section 89. 218.02 (9) (d) of the statutes is created to read: 218.02 (9) (d) The division may report any enforcement action, any violation of this section or of an administrative rule or order, or other relevant information to the nationwide multistate licensing system and registry. Except as provided in s. 224.35 (4) (b) and (c), these reports to the nationwide multistate licensing system and registry shall be confidential and are not subject to public copying or inspection under s. 19.35 (1).
267,90Section 90. 218.04 (1) (a) of the statutes is amended to read: 218.04 (1) (a) “Collection agency” means any person engaging in the business of collecting or receiving for payment for others of any account, bill, or other indebtedness. “Collection agency” does not include attorneys at law authorized to practice in this state and resident herein, banks, express companies, credit unions, health care billing companies, state savings banks, state savings and loan associations, insurers and their agents, trust companies, mortgage bankers licensed and operating under subch. III of ch. 224, district attorneys acting under s. 971.41, persons contracting with district attorneys under s. 971.41 (5), real estate brokers, and real estate salespersons.
267,91Section 91. 218.04 (1) (b) of the statutes is renumbered 218.04 (1) (b) (intro.) and amended to read: 218.04 (1) (b) (intro.) “Collector” or “solicitor” means any person employed by a collection agency to collect or receive payment or to solicit the receiving or collecting of payment who, on behalf of a collection agency licensed under this section, does any of the following:
1. Collects, or attempts to collect, for others of any account, bill, or other indebtedness outside of the office or the person’s home.
267,92Section 92. 218.04 (1) (b) 2. and 3. of the statutes are created to read: 218.04 (1) (b) 2. Receives payment for others of any account, bill, or other indebtedness.
3. Solicits any account, bill, or other indebtedness for collection by the collection agency.
267,93Section 93. 218.04 (1) (em) and (h) of the statutes are created to read: 218.04 (1) (em) “Nationwide multistate licensing system and registry” has the meaning given in s. 224.35 (1g) (b).
