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10(4) (a) A student loan borrower injured by violation of this section may bring
11an action in any court of competent jurisdiction and recover the damages, fees, and
12penalties set forth in par. (b).
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(b) A student loan servicer that fails to comply with any requirement imposed
14under this section with respect to a student loan borrower is liable in an amount
15equal to the sum of all of the following:
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1. Any actual damages sustained by the student loan borrower as result of the
17violation.
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2. If the student loan borrower establishes by a preponderance of the evidence
19that the violation was willful or intentional, a monetary award equal to 2 times the
20amount of actual damages.
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3. In the case of any successful action by the student loan borrower to enforce
22the liability set out in this paragraph, the costs of the action, together with
23reasonable attorney fees, as determined by the court.
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1(c) For purposes of par. (b), actual damages includes damages caused by
2emotional distress or mental anguish with or without accompanying physical injury
3proximately caused by a violation of this section.
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(d) The remedies provided in this subsection do not preclude the availability
5of other remedies that may be available to a student loan borrower.
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6224.107 Office powers and duties.
(1) The office may conduct
7investigations and examinations as follows:
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(a) For purposes of initial licensing, renewal, suspension, or revocation or of
9investigation to determine compliance with this subchapter, the office may access,
10receive, and use any books, accounts, records, files, documents, information, or
11evidence belonging to a licensee or person under examination, including any of the
12following:
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1. Criminal, civil, and administrative history information.
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2. Personal history and experience information, including independent credit
15reports obtained from a consumer reporting agency, as defined in
15 USC 1681a.
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3. Any other documents, information, or evidence the office considers relevant
17to the inquiry or investigation regardless of the location, possession, control, or
18custody of the documents, information, or evidence.
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(b) For the purposes of investigating violations or complaints arising under this
20subchapter or of examination, the office may review, investigate, or examine any
21licensee or person subject to this subchapter as often as necessary in order to carry
22out the purposes of this subchapter. The office may direct, subpoena, or order the
23attendance of and examine under oath any person whose testimony may be required
24about the student education loan or the business or subject matter of the
25examination or investigation and may direct, subpoena, or order the person to
1produce books, accounts, records, files, and any other documents the office considers
2relevant to the inquiry.
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(c) In making an examination or investigation authorized by this section, the
4office may control access to any documents and records of the licensee or person
5under examination or investigation. The office may take possession of the
6documents and records or place a person in exclusive charge of the documents and
7records in the place where they are usually kept. During the period of control, a
8person may not remove or attempt to remove any of the documents and records
9except pursuant to a court order or with the consent of the office. Unless the office
10has reasonable grounds to believe the documents or records of the licensee or person
11have been, or are at risk of being, altered or destroyed for purposes of concealing a
12violation of this subchapter, the licensee or owner of the documents and records may
13have access to the documents or records as necessary to conduct its ordinary business
14affairs.
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(d) In order to carry out the purposes of this section, the office may do any of
16the following:
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1. Retain attorneys, accountants, or other professionals and specialists as
18examiners, auditors, or investigators to conduct or assist in the conduct of
19examinations or investigations.
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2. Enter into agreements or relationships with other government officials or
21regulatory associations in order to improve efficiencies and reduce regulatory
22burden by sharing resources, standardized or uniform methods or procedures, and
23documents, records, information, or evidence obtained under this section.
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13. Use, hire, contract for, or employ public or privately available analytical
2systems, methods, or software to examine or investigate the licensee or person
3subject to this subchapter.
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4. Accept and rely on examination or investigation reports made by other
5government officials, within or outside this state.
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5. Accept audit reports made by an independent certified public accountant for
7the licensee or person subject to this subchapter in the course of that part of the
8examination covering the same general subject matter as the audit and may
9incorporate the audit report in a report of examination, report of investigation, or
10other writing of the office.
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(e) A licensee or person subject to investigation or examination under this
12section may not knowingly withhold, abstract, remove, mutilate, or destroy any
13books, physical records, computer records, or other information relating to
14information regulated under this subchapter.
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(f) The costs of an investigation conducted by the office shall be paid by the
16licensee or person being investigated. Funds received by the office under this
17paragraph shall be credited to the appropriation account under s. 20.144 (1) (g).
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18(2) The office may do any of the following to address a violation of this
19subchapter, any rule promulgated under this subchapter, or any order issued under
20this subchapter:
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(a) Issue an order requiring a student loan servicer to cease and desist from a
22violation, to correct the conditions resulting from the violation, and to take actions
23to prevent such violations in the future. As part of the order, the office may require
24the student loan servicer to reimburse persons injured by the violation. A student
1loan servicer that violates an order issued under this paragraph shall, for each
2violation, forfeit not more than $1,000 per day for each day the violation continues.
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(b) Commence administrative proceedings on its own initiative, or commence
4civil actions through the department of justice, to restrain by temporary or
5permanent injunction a person from violating this subchapter, to recover any fees or
6penalties owed under this subchapter, or to seek relief available under this
7subchapter on behalf of student loan borrowers.
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(c) Suspend, revoke, or refuse to renew a license issued under s. 224.105 as
9provided in s. 224.105 (11).
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10(3) The office may promulgate rules to implement this subchapter.
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11Section
5
.
Nonstatutory provisions.
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(1) (a) No later than the 90th day after the effective date of this paragraph, the
13department of financial institutions shall determine whether it can fully implement
14the provisions created in this act as subch. V of ch. 224 by the 90th day after the
15effective date of this paragraph, and shall provide notice of this determination to the
16legislative reference bureau by that date.
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(b) If the notice of the department of financial institutions under par. (a) states
18that the department cannot fully implement the provisions created in this act as
19subch. V of ch. 224 by the 90th day after the effective date of this paragraph, the
20department shall provide notice to the legislative reference bureau of the date on
21which the provisions created in this act as subch. V of ch. 224 will be fully
22implemented, which date may not be later than January 1, 2023, and the legislative
23reference bureau shall publish a notice in the Wisconsin Administrative Register
24that specifies this date.
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1Section
6.
Effective dates. This act takes effect on the day after publication,
2except as follows:
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(1)
The treatment of ss. 15.01 (6), 15.02 (3) (c) 1., and 15.185 (6) and subch. V
4of ch. 224 takes effect on the 90th day after the day of publication, or on the date
5specified in the notice published in the Wisconsin Administrative Register under
6Section 5 (1) (b
) of this act, whichever is later.