Amendment SA1-SB219

LRBa0282/1

MPG:cjs

2019 - 2020 LEGISLATURE

SENATE AMENDMENT 1, TO SENATE BILL 219

June 4, 2019 - Offered by Senator Marklein.

SB219-SA1,1,1 At the locations indicated, amend the bill as follows:

SB219-SA1,1,2 1. Page 3, line 3: delete “permanent".

SB219-SA1,1,3 2. Page 3, line 5: delete lines 5 to 7 and substitute:

SB219-SA1,1,4 “ Section 5m. 234.907 (2m) of the statutes is created to read:

SB219-SA1,1,9 234.907 (2m) Origination fees. The authority may charge a guarantee origination fee on every loan guaranteed under this section. The amount of the fee may not exceed 1.5 percent of a loan's guaranteed principal. The participating lender shall collect the fee and remit it to the authority. The authority shall deposit all fees received under this subsection in the Wisconsin development reserve fund.

SB219-SA1,5s Section 5s. 234.907 (3) of the statutes is amended to read:

SB219-SA1,2,4 234.907 (3) Guarantee of collection. The authority may guarantee collection of up to 90 percent of the disbursed principal of any loan eligible for a guarantee under sub. (2). The authority shall establish the percentage of the unpaid principal of an eligible loan that will be guaranteed, using the procedures described in the guarantee agreement under s. 234.93 (2) (a). The authority may establish a single percentage for all guaranteed loans or establish different percentages for eligible loans on an individual basis.”.

SB219-SA1,2,5 3. Page 3, line 11: after “of the" insert “disbursed".

SB219-SA1,2,6 4. Page 3, line 13: delete lines 13 to 15 and substitute:

SB219-SA1,2,11 “(b) In the event of default, the amount guaranteed under par. (a) shall be payable in full to the authorized lender regardless of the amount due after all available collateral securing the loan has been liquidated and applied to the loan, except that if that amount due is less than the amount guaranteed under par. (a), the amount due shall be payable to the authorized lender.”.

SB219-SA1,2,12 (End)