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)(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)(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)(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.
Effective date note
NOTE: This section is shown as affected eff. 1-1-25 by
2023 Wis. Act 267.
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(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 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(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).
224.44
224.44
Disclosure of financial records for collection of unemployment insurance debt. 224.44(2)
(2) Financial record matching agreements. A financial institution is required to enter into an agreement with the department of workforce development under s.
108.223.
224.44(3)
(3) Limited liability. A financial institution is not liable for any of the following:
224.44(3)(a)
(a) Disclosing a financial record of an individual or other information to the department of workforce development in accordance with an agreement, and its participation in the program, under s.
108.223.
224.44 History
History: 2013 a. 36.
224.45
224.45
Financial exploitation of vulnerable adults. 224.45(1)(a)
(a) “Account” means funds or assets held by a financial service provider, including a deposit account, savings account, share account, certificate of deposit, trust account, guardianship or conservatorship account, or retirement account, and also including an account associated with a loan or other extension of credit.
224.45(1)(c)
(c) “Financial institution” means a bank, savings bank, savings and loan association, trust company, or credit union chartered under the laws of this state.
224.45(1)(d)
(d) “Financial service provider” means any of the following engaged in or transacting business in this state:
Effective date note
NOTE: Subd. 3. is shown as amended eff. 1-1-25 by
2023 Wis. Act 132. Prior to 1-1-25 it reads:
Effective date text
3. A seller of checks, as defined in s. 217.02 (9).
224.45(1)(e)
(e) “Vulnerable adult” means an adult at risk, as defined in s.
55.01 (1e), or an individual who is at least 65 years of age.
224.45(2)(a)
(a) A financial service provider may offer to a vulnerable adult the opportunity to submit and periodically update a list of persons that the vulnerable adult authorizes the financial service provider to contact when the financial service provider has reasonable cause to suspect that the vulnerable adult is a victim or a target of financial exploitation.
224.45(2)(b)
(b) A financial service provider, or an officer or employee of the financial service provider, that has reasonable cause to suspect that a vulnerable adult is the victim or target of financial exploitation may convey the suspicion to any of the following if the person is not the suspected perpetrator:
224.45(2)(b)1.
1. Any person on the list described in par.
(a) if a list has been provided by the vulnerable adult.
224.45(2)(b)2.
2. Any co-owner, additional authorized signatory, or beneficiary on the account of the vulnerable adult.
