Rule Text
SECTION 1. DFI-Bkg 73.001 is created to read:
DFI-Bkg 73.001 Definitions. In this chapter:
(1) “Applicant” means an applicant for a license under s. 218.02, Stats. (2) “Division” means the division of banking.
(3) “Licensee” means a holder of a license issued under s. 218.02, Stats. (4) “Nationwide multistate licensing system and registry” or “NMLS” means the multistate system developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC or any successor or affiliate entity, for the licensing and registration of persons in financial services industries.
(5) “Reinstatement period” means the period beginning January 1 and ending on the last day of February, or such other period prescribed by the division.
(6) “Renewal period” means the period beginning November 1 and ending December 31, or such other period prescribed by the division.
(7) “Unique identifier” means a number or other identifier assigned by protocols established by the NMLS.
SECTION 2. DFI-Bkg 73.06 is created to read:
DFI-Bkg 73.06 Nationwide Multistate Licensing System and Registry. (1) Participation. (a) The division shall utilize the NMLS with respect to applicants and licensees. The division may establish relationships or contracts with the NMLS or other entities designated by the NMLS to collect and maintain records and process transaction fees or other fees. With respect to any form, fee, or other information required to be submitted to the division by an applicant or licensee, the division may require the applicant or licensee to submit such form, fee, or other information directly to the NMLS.
(b) Each applicant and licensee shall register with, and maintain a valid unique identifier issued by, the NMLS.
(c) The division may require an applicant or licensee to provide to the NMLS any information that the division determines to be relevant to the application or to any responsibility administered or conducted through the NMLS that is related to the licensed activity.
(d) The division may require an applicant or licensee, or an individual with the power to direct the management or policies of the applicant or licensee, to submit an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, fingerprints, or any other personal or professional history information deemed necessary by the division. The division may require fingerprints for the purposes of identifying the individual and to determine whether the individual has a record of warrants, arrests, or convictions in any jurisdiction. Fingerprints may be submitted, directly or as provided in sub. (2), to the federal bureau of investigation and any government agency or entity authorized to receive this information for a state and national criminal history record check.
(e) The division may rely on the NMLS to establish any dates relating to application or reporting deadlines for applicants and licensees, to establish requirements for amending or surrendering licenses, or to establish any other requirements applicable to applicants and licensees to the extent the requirements are a condition of the state’s participation in the NMLS.
(f) Applicants and licensees are responsible for any service, access, or other fees charged by the NMLS for use of the system. Whenever the division requires fingerprinting, an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, or any other information in connection with an application or other filing, any associated costs shall be paid by the applicant or the parties to the application.
(2) Channeling information. To reduce the points of contact that the division may have to maintain, and to facilitate compliance with any requirement that an applicant provide identity information, including social security number or federal employer identification number, fingerprints, credit reports, or other personal history, the division may use the NMLS as a channeling agent for requesting and distributing information to and from any source so directed by the division, including the federal bureau of investigation, any state or federal department of justice, or any other governmental agency.
(3) Confidential Information. (a) (intro.) If any information or material is considered confidential or privileged under federal or state law before it is provided or disclosed to the NMLS, it shall continue to be confidential or privileged after it is provided or disclosed to, and while maintained by, the NMLS, except to the extent federal or state law expressly provides otherwise and except as provided in par. (c). Confidential or privileged information or material under this paragraph is not subject to any of the following:
1. Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of federal or state government.
2. Subpoena or discovery, or admission into evidence, in any private civil action or administrative proceeding, unless the person to whom the information or material pertains waives any right or protection of confidentiality or privilege in the information or material.
(b) Confidential or privileged information or material under par. (a) may be shared with any state or federal regulatory agency having supervisory authority over activities governed by s. 218.02, Stats., without losing any right or protection of confidentiality or privilege under federal or state law. (c) This subsection does not prohibit the NMLS from providing public access to information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, licensees.
(4) Cooperative arrangements. The division may enter into cooperative, coordinating, or information-sharing arrangements or agreements with other governmental agencies or with associations representing other governmental agencies, including the Conference of State Bank Supervisors, subject to the requirements of s. 220.06, Stats. SECTION 3. DFI-Bkg 73.07 is created to read:
DFI-Bkg 73.07 Changes to information. A licensee shall keep current and accurate all material information on file with the division and the NMLS. If the information changes in any material respect, the licensee shall notify the division and the NMLS of the change within 10 days after the change.
SECTION 4. DFI-Bkg 73.08 is created to read:
DFI-Bkg 73.08 License renewal and reinstatement. (1) During the renewal period, a licensee may seek to renew a license by submitting all fees owed to the division or the NMLS, along with any additional documentation required by the division or applicable law, through the NMLS or in such other manner as directed by the division.
(2) During the reinstatement period, a licensee may reinstate a license by submitting all the items in sub. (1), plus an additional non-refundable fee of $100, through the NMLS or in such other manner as directed by the division.
SECTION 5. DFI-Bkg 73.09 is created to read:
DFI-Bkg 73.09 Annual reports and financial statements. (1) Annual reports. Each licensee shall annually, on or before March 15, submit through the NMLS or in such other manner as directed by the division, a report giving such reasonable and relevant information as the division may require concerning the business transacted by the licensee. This report shall be made in the form and manner prescribed by the division.
(2) Financial statements. Each licensee shall annually, no later than 90 days following the end of its most recently completed fiscal year, submit through the NMLS or in such other manner as directed by the division, a copy of the licensee’s financial statements for that fiscal year. The financial statements shall include a balance sheet and income statement and shall be prepared in accordance with generally accepted accounting principles.
SECTION 6. DFI-Bkg 75.01 (1) of the administrative code is renumbered DFI-Bkg 75.01 (1m).
SECTION 7. DFI-Bkg 75.01 (1g), (1r), (6m), (7m), (8g), (8m), and (10) of the administrative code are created to read:
DFI-Bkg 75.01 (1g) “Applicant” means an applicant for a license under s. 138.14, Stats. (1r) “Customer identification number” means a unique number assigned to a customer in a manner specified by the division, or by the database provider acting at the direction of the division.
(6m) “Licensee” means a holder of a license issued under s. 138.14 (5), Stats. (7m) “Nationwide multistate licensing system and registry” or “NMLS” means the multistate system developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC or any successor or affiliate entity, for the licensing and registration of persons in financial services industries.
(8g) “Reinstatement period” means the period beginning January 1 and ending on the last day of February, or such other period prescribed by the division.
(8m) “Renewal period” means the period beginning November 1 and ending December 31, or such other period prescribed by the division.
(10) “Unique identifier” means a number or other identifier assigned by protocols established by the NMLS.
SECTION 8. DFI-Bkg 75.08 (1) (c) 3. of the administrative code is amended to read:
DFI-Bkg 75.08 (1) (c) 3. Identify the name, address, telephone number, and unique identification number of the customer identification number.
SECTION 9. DFI-Bkg 75.08 (2) (a) 4. of the administrative code is amended to read:
DFI-Bkg 75.08 (2) (a) 4. Identify the name, address, telephone number, and unique identification number of the customer identification number.
SECTION 10. DFI-Bkg 75.11 is created to read:
DFI-Bkg 75.11 Nationwide Multistate Licensing System and Registry; Licensing and Renewal. (1) Participation. (a) The division shall utilize the NMLS with respect to applicants and licensees. The division may establish relationships or contracts with the NMLS or other entities designated by the NMLS to collect and maintain records and process transaction fees or other fees. With respect to any form, fee, or other information required to be submitted to the division by an applicant or licensee, the division may require the applicant or licensee to submit such form, fee, or other information directly to the NMLS.
(b) Each applicant and licensee shall register with, and maintain a valid unique identifier issued by, the NMLS.
(c) The division may require an applicant or licensee to provide to the NMLS any information that the division determines to be relevant to the application or to any responsibility administered or conducted through the NMLS that is related to the licensed activity.
(d) The division may require an applicant or licensee, or an individual with the power to direct the management or policies of the applicant or licensee, to submit an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, fingerprints, or any other personal or professional history information deemed necessary by the division. The division may require fingerprints for the purposes of identifying the individual and to determine whether the individual has a record of warrants, arrests, or convictions in any jurisdiction. Fingerprints may be submitted, directly or as provided in sub. (2), to the federal bureau of investigation and any government agency or entity authorized to receive this information for a state and national criminal history record check.
(e) The division may rely on the NMLS to establish any dates relating to application or reporting deadlines for applicants and licensees, to establish requirements for amending or surrendering licenses, or to establish any other requirements applicable to applicants and licensees to the extent the requirements are a condition of the state’s participation in the NMLS.
(f) Applicants and licensees are responsible for any service, access, or other fees charged by the NMLS for use of the system. Whenever the division requires fingerprinting, an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, or any other information in connection with an application or other filing, any associated costs shall be paid by the applicant or the parties to the application.
(2) Channeling information. To reduce the points of contact that the division may have to maintain, and to facilitate compliance with any requirement that an applicant provide identity information, including social security number or federal employer identification number, fingerprints, credit reports, or other personal history, the division may use the NMLS as a channeling agent for requesting and distributing information to and from any source so directed by the division, including the federal bureau of investigation, any state or federal department of justice, or any other governmental agency.
(3) Confidential Information. (a) (intro.) If any information or material is considered confidential or privileged under federal or state law before it is provided or disclosed to the NMLS, it shall continue to be confidential or privileged after it is provided or disclosed to, and while maintained by, the NMLS, except to the extent federal or state law expressly provides otherwise and except as provided in par. (c). Confidential or privileged information or material under this paragraph is not subject to any of the following:
1. Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of federal or state government.
2. Subpoena or discovery, or admission into evidence, in any private civil action or administrative proceeding, unless the person to whom the information or material pertains waives any right or protection of confidentiality or privilege in the information or material.
(b) Confidential or privileged information or material under par. (a) may be shared with any state or federal regulatory agency having supervisory authority over activities governed by s. 138.14, Stats., without losing any right or protection of confidentiality or privilege under federal or state law. (c) This subsection does not prohibit the NMLS from providing public access to information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, licensees.
(4) Cooperative arrangements. The division may enter into cooperative, coordinating, or information-sharing arrangements or agreements with other governmental agencies or with associations representing other governmental agencies, including the Conference of State Bank Supervisors, subject to the requirements of s. 220.06, Stats. SECTION 11. DFI-Bkg 75.12 is created to read:
DFI-Bkg 75.12 Changes to information. A licensee shall keep current and accurate all material information on file with the division and the NMLS. If the information changes in any material respect, the licensee shall notify the division and the NMLS of the change within 10 days after the change.
SECTION 12. DFI-Bkg 75.13 is created to read:
DFI-Bkg 75.13 License renewal and reinstatement. (1) During the renewal period, a licensee may seek to renew a license by submitting all fees owed to the division or the NMLS, along with any additional documentation required by the division or applicable law, through the NMLS or in such other manner as directed by the division.
(2) During the reinstatement period, a licensee may reinstate a license by submitting all the items in sub. (1), plus an additional non-refundable fee of $100, through the NMLS or in such other manner as directed by the division.
SECTION 13. DFI-Bkg 76.001 is created to read:
DFI-Bkg 76.001 Definitions. In this chapter:
(1) “Applicant” means an applicant for a license as a sales finance company under s. 218.0114, Stats., other than a motor vehicle dealer within the meaning of s. 218.0101 (23), Stats. (2) “Business license” means a license issued by the division of banking under ch. 218, Stats., to a motor vehicle dealer. (3) “Division” means the division of banking.
(4) “Initial license” means a license issued to a person or business who does not have such a license at the time of application.
(5) “Licensee” means a holder of a sales finance company license issued under s. 218.0114, Stats., other than a motor vehicle dealer within the meaning of s. 218.0101 (23), Stats. (6) “Nationwide multistate licensing system and registry” or “NMLS” means the multistate system developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC or any successor or affiliate entity, for the licensing and registration of persons in financial services industries.
(7) “Reinstatement period” means the period beginning January 1 and ending on the last day of February, or such other period prescribed by the division.
(8) “Renewal license” means a license issued to a person or business who has such license at the time of application.
(9) “Renewal period” means the period beginning November 1 and ending December 31, or such other period prescribed by the division.
(10) “Unique identifier” means a number or other identifier assigned by protocols established by the NMLS.
SECTION 14. DFI-Bkg 76.11 is repealed.
SECTION 15. DFI-Bkg 76.14 is created to read:
DFI-Bkg 76.14 Nationwide Multistate Licensing System and Registry. (1) Participation. (a) The division shall utilize the NMLS with respect to applicants and licensees. The division may establish relationships or contracts with the NMLS or other entities designated by the NMLS to collect and maintain records and process transaction fees or other fees. With respect to any form, fee, or other information required to be submitted to the division by an applicant or licensee, the division may require the applicant or licensee to submit such form, fee, or other information directly to the NMLS.
(b) Each applicant and licensee shall register with, and maintain a valid unique identifier issued by, the NMLS.
(c) The division may require an applicant or licensee to provide to the NMLS any information that the division determines to be relevant to the application or to any responsibility administered or conducted through the NMLS that is related to the licensed activity.
(d) The division may require an applicant or licensee, or an individual with the power to direct the management or policies of the applicant or licensee, to submit an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, fingerprints, or any other personal or professional history information deemed necessary by the division. The division may require fingerprints for the purposes of identifying the individual and to determine whether the individual has a record of warrants, arrests, or convictions in any jurisdiction. Fingerprints may be submitted, directly or as provided in sub. (2), to the federal bureau of investigation and any government agency or entity authorized to receive this information for a state and national criminal history record check.
(e) The division may rely on the NMLS to establish any dates relating to application or reporting deadlines for applicants and licensees, to establish requirements for amending or surrendering licenses, or to establish any other requirements applicable to applicants and licensees to the extent the requirements are a condition of the state’s participation in the NMLS.
(f) Applicants and licensees are responsible for any service, access, or other fees charged by the NMLS for use of the system. Whenever the division requires fingerprinting, an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, or any other information in connection with an application or other filing, any associated costs shall be paid by the applicant or the parties to the application.
(2) Channeling information. To reduce the points of contact that the division may have to maintain, and to facilitate compliance with any requirement that an applicant provide identity information, including social security number or federal employer identification number, fingerprints, credit reports, or other personal history, the division may use the NMLS as a channeling agent for requesting and distributing information to and from any source so directed by the division, including the federal bureau of investigation, any state or federal department of justice, or any other governmental agency.
(3) Confidential Information. (a) (intro.) If any information or material is considered confidential or privileged under federal or state law before it is provided or disclosed to the NMLS, it shall continue to be confidential or privileged after it is provided or disclosed to, and while maintained by, the NMLS, except to the extent federal or state law expressly provides otherwise and except as provided in par. (c). Confidential or privileged information or material under this paragraph is not subject to any of the following:
1. Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of federal or state government.
