Chapter 224

NOTICE OF RELATIONSHIP

This company, .... (insert name and address of bank, bank holding company or subsidiary), is related to .... (insert name and address of bank, bank holding company or subsidiary) of which you are also a customer. You may not be compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction.

If you feel that you have been compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction, you should contact the management of either of the above companies at either of the above addresses or the division of banking at .... (insert address).

224.075 History History: 1985 a. 325; 1995 a. 27.

224.10 224.10 Indian loan funds.

224.10(1) (1) Administration in trust as a loan fund. The loan funds of any Indian tribe which are transferred to the custody of such tribe by the United States, including any outstanding loan accounts, shall be administered as follows:

224.10(1)(a) (a) The funds shall be held in trust by the tribe or a legal entity thereof as an Indian loan fund, for the purpose of making loans to members of the tribe.

224.10(1)(b) (b) Management of an Indian loan fund shall be vested in a board of trustees, which may hire necessary personnel to administer the loan fund. The board of trustees shall consist of 5 members of the tribe and shall be appointed annually by the governing body of the tribe.

224.10(1)(c) (c) The Indian loan fund in custody of the Menominee Indian Tribe and administered by a board of trustees appointed by that tribe shall, at the termination of federal control, be administered, subject to this section, by a board of 5 trustees appointed annually by the stockholders of the corporation described in s. 710.05, 1973 stats., and shall be used for making loans to those who were enrolled tribal members as proclaimed by the secretary of the interior as of June 17, 1954, and their spouses and descendants and to any additional classes recommended by the trustees.

224.10(3) (3) Rules of board of trustees. The board of trustees of an Indian loan fund may establish rules for the administration of the fund.

224.10 History History: 1975 c. 422 s. 163; 1987 a. 252.

subch. II of ch. 224 SUBCHAPTER II

FINANCIAL INSTITUTIONS

224.25 224.25 Customer access to appraisals. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in s. 705.01 (3), shall provide that individual with a copy of any written appraisal report which is held by the financial institution, which relates to residential real estate that the individual owns or has agreed to purchase and for which a fee is imposed.

224.25 History History: 1991 a. 78; 1997 a. 191 s. 236; Stats. 1997 s. 224.25.

224.26 224.26 Customer access to credit reports. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in s. 705.01 (3), shall provide that individual, at no additional charge, with a copy of any written credit report which is held by the financial institution, which relates to that individual and for which a fee is imposed.

224.26 History History: 1993 a. 425; 1997 a. 191 s. 237; Stats. 1997 s. 224.26.

224.30 224.30 Powers and duties of the department.

224.30(1) (1) Definition. In this section, “department” means the department of financial institutions.

224.30(3) (3) Computer databases, networks and systems; access and use fees. The department may establish fees to be paid by members of the public for accessing or using the department’s computer databases, computer networks or computer systems. Every fee established under this paragraph shall be based upon the reasonable cost of the service provided by the department, together with a reasonable share of the costs of developing and maintaining the department’s computer databases, computer networks and computer systems.

224.30(4) (4) Restrictions on recording instruments with social security numbers.

224.30(4)(a) (a) In this subsection, “system” means the department’s corporate registration information system.

224.30(4)(b) (b) The department may not record in the system any instrument offered for recording that contains the social security number of an individual. If the department is presented with an instrument for recording in the system that contains an individual’s social security number, the department may, prior to recording the instrument, remove or obscure characters from the social security number such that the social security number is not discernable on the instrument.

224.30(4)(c) (c) If the department is presented with an instrument for recording in the system that contains an individual’s social security number, and if the department records the instrument but does not discover that the instrument contains the individual’s social security number until after the instrument is recorded, the department is not liable for the instrument drafter’s placement of the individual’s social security number on the instrument and the department may remove or obscure characters from the social security number such that the social security number is not discernable on the instrument.

224.30(4)(d) (d) If the department records an instrument in the system that contains the complete social security number of an individual, the instrument drafter is liable to the individual whose social security number appears in the recorded instrument for any actual damages resulting from the instrument being recorded.

224.30(5) (5) Electronic filing.

224.30(5)(a) (a) In this subsection, “filing” means the submission to the department of any form, instrument, application, report, notice, or other information required or permitted to be submitted to the department for retention in the department’s records.

224.30(5)(b) (b) Subject to par. (c), the department may require any filing to be made electronically in a manner prescribed by the department. Subject to par. (c), if the department requires that a filing be made electronically, the department may require that any fee associated with the filing be paid using a suitable method prescribed by the department.

224.30(5)(c) (c) The department may waive any requirement imposed under par. (b) if all of the following apply:

224.30(5)(c)1. 1. The person affected by the requirement makes a written request to the department, in a manner prescribed by the department, that the requirement be waived and clearly states in the request why the requirement causes the person undue hardship.

224.30(5)(c)2. 2. The department determines, in its discretion, that the requirement, if imposed on the person, would cause the person undue hardship.

224.30 History History: 1997 a. 306; 1999 a. 9; 2003 a. 294; 2009 a. 347; 2015 a. 55.

224.35 224.35 Nationwide multistate licensing system and registry and cooperative arrangements.

224.35(1g) (1g) Definitions. In this section:

224.35(1g)(a) (a) “Division” means the division of banking.

224.35(1g)(b) (b) “Nationwide multistate licensing system and registry” 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.

224.35(1g)(c) (c) “Reinstatement period” means the period beginning on the first day of January and ending on the last day of February of the year following the expiration of a license, or such other period prescribed by the division.

224.35(1g)(d) (d) “Renewal period” means the period beginning on November 1 and ending on December 31, or such other period prescribed by the division.

224.35(1g)(e) (e) “Unique identifier” means a number or other identifier assigned by protocols established by the nationwide multistate licensing system and registry.

224.35(1m) (1m) Participation.

224.35(1m)(a) (a) The division shall participate in the nationwide multistate licensing system and registry. The division may establish relationships or contracts with the nationwide multistate licensing system and registry or other entities designated by the nationwide multistate licensing system and registry to collect and maintain records and process transaction fees or other fees related to 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 license identified in sub. (1r), the division may require that any applicant submit such form, fee, or other information directly to the nationwide multistate licensing system and registry and may authorize the nationwide multistate licensing system and registry to perform any function under 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 any person with respect to a license identified in sub. (1r).

224.35(1m)(b) (b) The division may require an applicant or licensee to provide, and may provide to the nationwide multistate licensing system and registry, any information relating to an applicant for initial issuance or renewal of a license identified in sub. (1r) that the division and the nationwide multistate licensing system and registry determine to be relevant to the application or to any responsibility administered or conducted through the nationwide multistate licensing system and registry related to the licensed activity.

224.35(1m)(bm) (bm) 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.

224.35(1m)(c) (c) The division may rely on the nationwide multistate licensing system and registry to establish any dates relating to application or reporting deadlines for persons holding or applying for licenses identified in sub. (1r), to establish requirements for amending or surrendering licenses identified in sub. (1r), or to establish any other requirements applicable to persons holding licenses identified in sub. (1r) to the extent the requirements are a condition of the state’s participation in the nationwide multistate licensing system and registry.

224.35(1r) (1r) Applicable licensed activities. The division shall utilize the nationwide multistate licensing system and registry, as provided in this section, with respect to applicants and licensees under ss. 138.09, 138.12, 138.14, 217.05, and 218.0114 except for motor vehicle dealers within the meaning of ss. 218.0101 (23), 218.02, 218.04, 218.05, 224.72, and 224.725 and with respect to applicants and registrants under s. 224.722.

224.35(2) (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 a social security number or federal employer identification number, fingerprints, credit reports, or other personal history, the division may use the nationwide 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.

224.35(3) (3) Challenge process. The division shall establish a process whereby persons holding licenses identified in sub. (1r) may challenge information maintained by the nationwide multistate licensing system and registry on behalf of the division.

224.35(4) (4) Confidential information.

224.35(4)(a) (a) If any information or material is considered confidential or privileged under federal or state law before it is provided or disclosed to the nationwide 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 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:

224.35(4)(a)1. 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.

224.35(4)(a)2. 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.

224.35(4)(b) (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 to which licenses identified in sub. (1r) apply without losing any right or protection of confidentiality or privilege under federal or state law.

224.35(4)(c) (c) This subsection does not prohibit the nationwide 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, persons holding licenses identified in sub. (1r).

224.35(5) (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.

224.35(6) (6) Changes to information. A licensee shall keep current and accurate all material information on file with the division and the nationwide multistate licensing system and registry. If the information changes in any material respect, the licensee must notify the division and the nationwide multistate licensing system of the change within 10 days after the change.

224.35(7) (7) License renewal and reinstatement.

224.35(7)(a) (a) During the renewal period, a licensee may renew a license by submitting all of the following through the nationwide multistate licensing system and registry or in such other manner as directed by the division:

224.35(7)(a)1. 1. A renewal application, in a form and manner acceptable to the division.

224.35(7)(a)2. 2. The annual fee required to maintain the license, if applicable.

224.35(7)(a)3. 3. The bond or insurance information required to maintain the license, if applicable.

224.35(7)(a)4. 4. Certification of the completion of continuing education courses required to maintain the license, if applicable.

224.35(7)(b) (b) During the reinstatement period, a licensee may reinstate a license by submitting all the items in par. (a) 1. to 4., plus an additional nonrefundable fee of $100, through the nationwide multistate licensing system and registry or in such other manner as directed by the division.

224.35(7)(c) (c) After the reinstatement period, an expired license may not be reinstated.

224.35(7)(d) (d) The division may deny an application to renew a license if any fact or condition exists that would warrant revocation or suspension of the license.

224.35(7)(e) (e) The renewal term is for a period of one year, beginning January 1 of each year after the initial term.

224.35(8) (8) Annual reports and financial statements.

224.35(8)(a) (a) Applicability. Paragraphs (b) and (c) apply to licensees under ss. 138.09, 138.12, 138.14, 218.02, 218.04, and 218.05. Licensees under s. 218.0114, except for motor vehicle dealers within the meaning of s. 218.0101 (23), must submit financial statements under par. (c), but they are not required to submit annual reports under par. (b).

224.35(8)(b) (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.

224.35(8)(c) (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.

224.35 History History: 2009 a. 2; 2023 a. 267 ss. 136 to 138, 158 to 163; Stats. 2023 s. 224.35; s. 35.17 correction in (1m) (bm).

224.40 224.40 Disclosure of financial records for child support enforcement.

224.40(1) (1) Definitions. In this section:

224.40(1)(a) (a) “County child support agency” means a county child support agency under s. 59.53 (5).

224.40(1)(b) (b) “Financial institution” has the meaning given in s. 49.853 (1) (c).

224.40(1)(c) (c) “Financial record” has the meaning given in 12 USC 3401.

224.40(2) (2) Financial record matching agreements. A financial institution is required to enter into an agreement with the department of children and families in accordance with rules promulgated under s. 49.853 (2).

224.40(3) (3) Limited liability. A financial institution is not liable for any of the following:

224.40(3)(a) (a) Disclosing a financial record of an individual to the county child support agency attempting to establish, modify or enforce a child support obligation of the individual.

224.40(3)(b) (b) Disclosing information to the department of children and families or a county child support agency pursuant to the financial record matching program under s. 49.853.

224.40(3)(c) (c) Encumbering or surrendering any assets held by the financial institution in response to instructions provided by the department of children and families or a county child support agency for the purpose of enforcing a child support obligation.

224.40(3)(d) (d) Any other action taken in good faith to comply with s. 49.853 or 49.854.

224.40 History History: 1997 a. 191; 2007 a. 20.

224.42 224.42 Disclosure of financial records for Medical Assistance and food stamp program eligibility.

224.42(1) (1) Definitions. In this section:

224.42(1)(a) (a) “Financial institution” has the meaning given in s. 49.45 (4m) (a) 3.

224.42(1)(b) (b) “Financial record” has the meaning given in 12 USC 3401 (2).

224.42(2) (2) Financial record matching agreements. A financial institution is required to enter into an agreement with the department of health services under ss. 49.45 (4m) and 49.79 (1t).

224.42(3) (3) Limited liability. A financial institution is not liable for any of the following:

224.42(3)(a) (a) Disclosing a financial record of an individual or other information to the department of health services in accordance with an agreement, and its participation in the program, under s. 49.45 (4m) or 49.79 (1t).