(b) Annual reports. Each licensee shall annually, on or before March 31, submit through the nationwide multistate licensing system and registry 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.
(c) Financial statements. Each licensee shall annually, no later than 90 days following the end of its most recently completed fiscal year, submit through the nationwide multistate licensing system and registry 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.
267,138m
Section 138m. 224.55 of the statutes is created to read:
224.55 Support accounts for individuals with disabilities. (1) Definitions. In this section:
(a) “ABLE account" means an account established under an ABLE program.
(b) “ABLE program” means a qualified ABLE program under section 529A of the Internal Revenue Code.
(2) Department to establish ABLE program. (a) Implementation directly or by agreement. The department shall implement and administer an ABLE program, either directly or by entering into a formal or informal agreement with another state, or with an entity representing an alliance of states, to establish an ABLE program or otherwise administer ABLE program services for the residents of this state.
(b) Review of other states' partnership programs. The department shall review section 529A ABLE state partnership programs offered by other states and, no later than the first day of the 7th month beginning after the effective date of this paragraph .... [LRB inserts date], determine whether, as the best option for Wisconsin residents, the department will implement the ABLE program under par. (a) directly or by entering into an agreement.
(c) Agreement terms. An agreement under par. (a) may require the party contracting with the department, in addition to providing any other services, to do any of the following:
1. Develop and implement an ABLE program in accordance with all requirements under section 529A of the Internal Revenue Code, and modify this ABLE program as necessary for participants in the ABLE program to qualify for the federal income tax benefits or treatment provided under section 529A of the Internal Revenue Code and rules adopted under section 529A.
2. Engage the services of vendors on a contractual basis for rendering professional and technical assistance and advice in developing marketing plans and promotional materials to publicize the ABLE program.
3. Work with organizations with expertise in supporting people with disabilities and their families in administering the agreement and ensuring accessibility of the ABLE program for people with disabilities.
4. Take any other action necessary to implement and administer the ABLE program.
(d) Information about ABLE accounts. The department shall include on its website information concerning ABLE accounts, including current information on each state that offers ABLE accounts, information on how residents of this state may participate in those ABLE accounts, and links to resources to provide information about ABLE accounts in those states. The department shall also provide such information in written materials it prepares about ABLE accounts. The department shall provide a link, on its website, to the website of the department of agriculture, trade and consumer protection to facilitate the filing of complaints related to ABLE accounts.
(3) Confidentiality. The department shall keep confidential any personal and financial information maintained by the department relating to an ABLE account.
(4) Funding; rules. (a) All expenses incurred by the department under this section shall be paid from the appropriation under s. 20.144 (1) (g).
(b) The department may promulgate rules to implement and administer this section.
267,139
Section 139
. 224.71 (7) of the statutes is amended to read:
224.71 (7) “Nationwide mortgage multistate licensing system and registry" means the licensing and registration system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for licensed mortgage loan originators and mortgage loan originators exempt from licensing under s. 224.725 (1m) or, if this system is no longer maintained, any system established by the secretary of the federal department of housing and urban development under P.L. 110-289, Title V, section 1509 has the meaning given in s. 224.35 (1g) (b).
267,140
Section 140
. 224.71 (13g) (b) of the statutes is amended to read:
224.71 (13g) (b) Registered with, and who maintains a unique identifier through, the nationwide mortgage multistate licensing system and registry.
267,141
Section 141
. 224.71 (18) of the statutes is amended to read:
224.71 (18) “Unique identifier" means a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry has the meaning given in s. 224.35 (1g) (e).
267,142
Section 142
. 224.72 (2) (am) of the statutes is amended to read:
224.72 (2) (am) Applicants for a mortgage banker or mortgage broker license shall apply to the division, on forms and in the manner prescribed by the division, and shall pay the fee specified in rules promulgated under sub. (8). The division shall utilize the nationwide multistate licensing system and registry, and the provisions of s. 224.35 shall apply, with respect to mortgage bankers and mortgage brokers. Forms prescribed by the division under this paragraph may contain any content or requirement that the division, in its discretion, determines necessary and these forms may be modified or updated as necessary by the division to carry out the purposes of this subchapter.
267,143
Section 143
. 224.72 (2) (c) 2. c. of the statutes is created to read:
224.72 (2) (c) 2. c. The division may disclose information to the nationwide multistate licensing system and registry as provided in s. 224.35.
267,144
Section
144. 224.72 (7) (title) of the statutes is amended to read:
224.72 (7) (title) License renewal
and reinstatement.
267,145
Section
145. 224.72 (7) (am) of the statutes is renumbered 224.72 (7) and amended to read:
224.72 (7) A mortgage broker or mortgage banker may apply to renew or reinstate a license issued under this section by timely submitting, on forms and in the manner prescribed by the division, a completed renewal application and all required renewal fees. The division may not renew a license issued under this section unless the division finds that the mortgage broker or mortgage banker continues to meet the minimum standards for license issuance under this section as provided in s. 224.35 (7).
267,146
Section
146. 224.72 (7) (bm) of the statutes is repealed.
267,147
Section
147. 224.725 (1) of the statutes is amended to read:
224.725 (1) License required. Except as provided in 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 multistate licensing system and registry.
267,148
Section
148. 224.725 (1r) (a) 5. of the statutes is amended to read:
224.725 (1r) (a) 5. The individual was registered with the nationwide mortgage multistate 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).
267,149
Section
149. 224.725 (1r) (c) 1. of the statutes is amended to read:
224.725 (1r) (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
multistate 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.
267,150
Section
150. 224.725 (1r) (c) 2. d. of the statutes is amended to read:
224.725 (1r) (c) 2. d. If the individual's application is listed on the nationwide mortgage multistate 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.
267,151
Section 151
. 224.725 (2) (a) of the statutes is amended to read:
224.725 (2) (a) Applicants for a mortgage loan originator license shall apply to the division, on forms and in the manner prescribed by the division, and shall pay the fee specified in rules promulgated under sub. (8). The division shall require utilize the nationwide multistate licensing system and registry, and the provisions of s. 224.35 shall apply, with respect to mortgage loan originators to be licensed and registered through the nationwide mortgage licensing system and registry. Forms prescribed by the division under this paragraph may contain any content or requirement that the division, in its discretion, determines necessary and these forms may be modified or updated as necessary by the division to carry out the purposes of this subchapter.
267,152
Section
152. 224.725 (2) (b) 1. c. of the statutes is created to read:
224.725 (2) (b) 1. c. The division may disclose information to the nationwide multistate licensing system and registry as provided in s. 224.35.
267,153
Section 153
. 224.725 (2) (c) (intro.) and 2. (intro.) of the statutes are amended to read:
224.725 (2) (c) (intro.) Any applicant for a license under this section shall furnish to the nationwide mortgage multistate licensing system and registry information concerning the applicant's identity, including all of the following:
2. (intro.) Personal history and experience in a form prescribed by the nationwide mortgage multistate licensing system and registry, including the submission of authorization for the nationwide mortgage multistate licensing system and registry and the division to obtain all of the following:
267,154
Section
154. 224.725 (5) (title) of the statutes is amended to read:
224.725 (5) (title) License renewal
and reinstatement.
267,155
Section
155. 224.725 (5) (a) (intro.) of the statutes is renumbered 224.725 (5) and amended to read:
224.725 (5) A mortgage loan originator may apply to renew or reinstate a license issued under this section by timely submitting, on forms and in the manner prescribed by the division, a completed renewal application and all required renewal fees. The division may not renew a license issued under this section unless the division finds that all of the following apply: as provided in s. 224.35 (7).
267,156
Section
156. 224.725 (5) (a) 1. and 2. of the statutes are repealed.
267,157
Section
157. 224.725 (5) (b) of the statutes is repealed.
267,158
Section 158
. 224.728 (title) of the statutes is renumbered 224.35 (title) and amended to read:
224.35 (title) Nationwide mortgage multistate licensing system and registry and cooperative arrangements.
267,159
Section 159
. 224.728 (1) of the statutes is renumbered 224.35 (1m) and amended to read:
224.35 (1m) Participation. (a) The division shall participate in the nationwide mortgage multistate licensing system and registry. The division may establish relationships or contracts with the nationwide mortgage
multistate licensing system and registry or other entities designated by the nationwide mortgage multistate licensing system and registry to collect and maintain records and process transaction fees or other fees related to licensees under this subchapter persons holding licenses identified in sub. (1r). With respect to any form, fee, or other information related to the initial issuance, transition, or renewal of a mortgage loan originator license under this subchapter license identified in sub. (1r), the division may require that any applicant submit such form, fee, or other information directly to the nationwide mortgage multistate licensing system and registry and may authorize the nationwide mortgage multistate licensing system and registry to perform any function under this subchapter subch. III, s. 138.09, 138.12, 138.14, 218.0101 to 218.0163, 218.02, 218.04, or 218.05, or ch. 217 related to the licensing of mortgage loan originators in this state any person with respect to a license identified in sub. (1r).
(b) The division may require an applicant or licensee to provide, and may provide to the nationwide mortgage multistate licensing system and registry, any information relating to an applicant for initial issuance or renewal of a mortgage loan originator license identified in sub. (1r) that the division and the nationwide mortgage
multistate licensing system and registry determine to be relevant to the application or to any mortgage loan originator responsibility administered or conducted through the nationwide mortgage multistate licensing system and registry related to the licensed activity.
(c) The division may rely on the nationwide mortgage multistate licensing system and registry to establish any dates relating to application or reporting deadlines for mortgage loan originators persons holding or applying for licenses identified in sub. (1r), to establish requirements for amending or surrendering mortgage loan originator licenses identified in sub. (1r), or to establish any other requirements applicable to mortgage loan originators licensed under this subchapter persons holding licenses identified in sub. (1r) to the extent the requirements are a condition of the state's participation in the nationwide mortgage multistate licensing system and registry.
267,160
Section 160
. 224.728 (2) of the statutes is renumbered 224.35 (2) and amended to read:
224.35 (2) Channeling information. To reduce the points of contact that the division may have to maintain, and to facilitate compliance with the requirements under s. 224.725 (2) (c) any requirement that an applicant provide identity information, including a social security number or federal employer identification number, fingerprints, credit reports, or other personal history, the division may use the nationwide mortgage multistate licensing system and registry 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.
267,161
Section 161
. 224.728 (3) of the statutes is renumbered 224.35 (3) and amended to read:
224.35 (3) Challenge process. The division shall establish a process whereby mortgage loan originators persons holding licenses identified in sub. (1r) may challenge information maintained by the nationwide mortgage multistate licensing system and registry on behalf of the division.
267,162
Section 162
. 224.728 (4) of the statutes is renumbered 224.35 (4), and 224.35 (4) (a) (intro.), (b) and (c), as renumbered, are amended to read:
224.35 (4) (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 nationwide mortgage multistate licensing system and registry, it shall continue to be confidential or privileged after it is provided or disclosed to, and while maintained by, the nationwide mortgage multistate licensing system and registry, 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:
(b) Confidential or privileged information or material under par. (a) may be shared with any state or federal regulatory agency having supervisory authority over mortgage lending activities to which licenses identified in sub. (1r) apply without losing any right or protection of confidentiality or privilege under federal or state law.
(c) This subsection does not prohibit the nationwide mortgage multistate licensing system and registry from providing public access to information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators persons holding licenses identified in sub. (1r).
267,163
Section 163
. 224.728 (5) of the statutes is renumbered 224.35 (5) and amended to read:
224.35 (5) 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 and the American Association of Residential Mortgage Regulators.
267,164
Section 164
. 224.74 (1) (a) of the statutes is amended to read:
224.74 (1) (a) Mortgage call report. Each mortgage banker, mortgage broker, and mortgage loan originator licensed under this subchapter, and each registered entity, shall submit to the nationwide mortgage multistate licensing system and registry reports of condition, which shall be in such form and contain such information as the nationwide mortgage multistate licensing system and registry may require.
267,165
Section 165
. 224.74 (2) (b) of the statutes is amended to read:
224.74 (2) (b) The division shall prepare a report for each investigation or examination conducted under this subsection. These reports, and correspondence regarding these reports, are confidential, except that the division may release these reports and correspondence in connection with a disciplinary proceeding conducted by the division, a liquidation proceeding, or a criminal investigation or proceeding. In addition, any information from these reports or correspondence may be provided to the nationwide mortgage multistate licensing system and registry and is not confidential to the extent specified in s. 224.728 224.35 (4) (b) and (c).
267,166
Section 166
. 224.755 (3) (a), (c) and (d) of the statutes are amended to read:
224.755 (3) (a) No education course may count toward the requirement under sub. (1) or (2) unless the course has been reviewed and approved by the nationwide mortgage multistate licensing system and registry based upon reasonable standards, including review and approval of the course provider.
(c) Subject to any rule promulgated under s. 224.72 (7) (bm) or 224.725 (5) (b), if If an individual was previously registered as a loan originator under s. 224.72, 2007 stats., or previously licensed as a mortgage loan originator under s. 224.725, the division may not issue or renew a mortgage loan originator license for the individual under s. 224.725 unless the individual satisfies the requirements under sub. (1) or (2) or demonstrates to the division's satisfaction that the individual has completed all education requirements applicable to the individual in the last year in which the individual's license or registration was valid.
(d) Except as provided in any rule promulgated under s. 224.72 (7) (bm) Unless expressly authorized by the division, a licensed mortgage loan originator may receive credit for a continuing education course only in the year in which the course is taken and may not take the same approved course in the same or successive years to meet the requirements under sub. (2).
267,167
Section 167
. 224.755 (4) (b) 1. of the statutes is amended to read:
224.755 (4) (b) 1. No test may satisfy the requirement under par. (a) unless the test is developed by the nationwide mortgage multistate licensing system and registry and administered by a test provider approved by the nationwide mortgage multistate licensing system and registry based upon reasonable standards.
267,168
Section 168
. 224.77 (1) (a) of the statutes is amended to read:
224.77 (1) (a) Make a material misstatement, or knowingly omit a material fact, in a license application or in other information or reports furnished to the division, to the nationwide mortgage multistate licensing system and registry, or to any other governmental agency, including failing to disclose a criminal conviction or any disciplinary action taken by a state or federal regulatory agency.
267,169
Section 169
. 224.77 (9) of the statutes is amended to read:
224.77 (9) Reporting violations. The division shall report regularly violations of this subchapter or of rules promulgated under this subchapter, as well as enforcement actions and other relevant information, to the nationwide mortgage multistate licensing system and registry. Except as provided in s. 224.728 224.35 (4) (b) and (c), these reports shall be confidential and are not subject to public copying or inspection under s. 19.35 (1).
267,170
Section 170
. 321.60 (1) (a) 12. of the statutes is amended to read:
321.60 (1) (a) 12. A license or certificate of registration issued by the department of financial institutions, or a division of it, under ss. 138.09, 138.12, 138.14, 202.13, 202.14, 217.06 217.05, 218.0101 to 218.0163, 218.02, 218.04, 218.05, 224.72, 224.725, or 224.93 or subch. IV of ch. 551.
267,171
Section 171
. 422.202 (3) (c) of the statutes is amended to read:
422.202 (3) (c) A merchant may not, in the same transaction, be subject to the penalty in s. 138.09 (9) (b), 218.0161 (1), or 425.305 and the penalty in s. 425.304, based on the assessment of the same additional charges.
267,172
Section 172
. 946.79 (1) (a) of the statutes is amended to read:
946.79 (1) (a) “Financial institution" means a bank, savings bank, savings and loan association, credit union, loan company, sales finance company, insurance premium finance company, community currency exchange, seller of checks money transmitter, insurance company, trust company, securities broker-dealer, as defined in s. 551.102 (4), mortgage banker, mortgage broker, pawnbroker, as defined in s. 134.71 (1) (e), telegraph company, or dealer in precious metals, stones, or jewels.
