Chapter 224

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.

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(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).

224.42(3)(b) (b) Any other action taken in good faith to comply with s. 49.45 (4m) or 49.79 (1t).

224.42 History History: 2011 a. 192; 2013 a. 20; 2017 a. 59.

224.44 224.44 Disclosure of financial records for collection of unemployment insurance debt.

224.44(1) (1) Definitions. In this section:

224.44(1)(a) (a) “Financial institution” has the meaning given in 12 USC 3401 (1).

224.44(1)(b) (b) “Financial record” has the meaning given in 12 USC 3401 (2).

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(3)(b) (b) Any other action taken in good faith to comply with s. 108.223.

224.44 History History: 2013 a. 36.

224.45 224.45 Financial exploitation of vulnerable adults.

224.45(1) (1) Definitions. In this section:

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)(b) (b) “Financial exploitation” has the meaning given in s. 46.90 (1) (ed).

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:

224.45(1)(d)1. 1. A financial institution.

224.45(1)(d)2. 2. A mortgage banker, mortgage broker, or mortgage loan originator, as defined in s. 224.71 (3), (4), or (6).

224.45(1)(d)3. 3. A money transmitter under ch. 217.

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)(d)4. 4. A community currency exchange, as defined in s. 218.05 (1) (b).

224.45(1)(d)5. 5. A payday loan licensee under s. 138.14.

224.45(1)(d)6. 6. A title loan licensee under s. 138.16.

224.45(1)(d)7. 7. A lender licensed under s. 138.09.

224.45(1)(d)8. 8. An insurance premium finance company, as defined in s. 138.12 (1) (b).

224.45(1)(d)9. 9. A sales finance company, as defined in s. 218.0101 (34).

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) (2) List of authorized contacts.

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.

224.45(2)(b)3. 3. Any person known by the financial service provider to be a family member, including a parent, spouse, adult child, or sibling.

224.45(2)(c) (c) When providing information under this subsection, the financial service provider may limit the information and disclose only that the financial service provider has reasonable cause to suspect that the vulnerable adult may be a victim or target of financial exploitation without disclosing any other details or confidential personal information regarding the financial affairs of the vulnerable adult.

224.45(2)(d) (d) The financial service provider may choose not to contact any person on the list provided under par. (a) if the financial service provider suspects that the person is engaged in financial exploitation.

224.45(2)(e) (e) The financial service provider may rely on information provided by the customer in compiling a list of contact persons.

224.45(2)(f) (f) A financial service provider, or an employee of a financial service provider, acting in good faith is immune from all criminal, civil, and administrative liability for contacting a person or electing not to contact a person under this subsection and for actions taken in furtherance of that determination if the determination was made based on reasonable suspicion.

224.45 History History: 2023 a. 132.

224.46 224.46 Independent data processing servicers.

224.46(1) (1) Definitions. In this section:

224.46(1)(a) (a) “Financial institution” has the meaning given in s. 214.01 (1) (jn).

224.46(1)(b) (b) “Independent data processing servicer” means an entity that provides to a financial institution electronic data processing services, but not including the exchange of data and settlement of funds between 2 or more unaffiliated financial institutions resulting from transactions involving remote terminals under s. 186.113 (15), remote service units under s. 214.04 (21) or 215.13 (46), or customer bank communications terminals under s. 221.0303 (2).

224.46(1)(c) (c) “Interface agreement” means a written agreement specifying the terms and conditions under which an interface of communications, data, or systems between independent data processing servicers shall be accomplished.

224.46(2) (2) Ownership of financial institution data. If a financial institution transfers or otherwise makes available to an independent data processing servicer any data from the financial institution’s records, this data shall remain the property of the financial institution. The independent data processing servicer has no right, title, or interest in, or claim to legal ownership of, the data. The transfer of the data by the financial institution authorizes the independent data processing servicer only to exercise temporary control of the data for the limited purpose of performing the contracted services requested by the financial institution. This subsection also applies with respect to an independent data processing servicer that receives a financial institution’s data under an interface agreement or other agreement with another independent data processing servicer.

224.46(3) (3) Contract disclosures by independent data processing servicers. No independent data processing servicer may enter into a contract with a financial institution, or renew or amend such a contract, unless the contract discloses, in separate contract provisions, all of the following:

224.46(3)(a) (a) All fees or charges, including any fee schedule, that the independent data processing servicer may impose on the financial institution.

224.46(3)(b) (b) Any formula or other grounds that the independent data processing servicer may apply or rely upon to terminate the contract.

224.46 History History: 2019 a. 65.

224.48 224.48 College tuition and expenses program.

224.48(1) (1) Definitions. In this section:

224.48(1)(a) (a) “Board” means the board of regents of the University of Wisconsin System.

224.48(1)(am) (am) “Department” means the department of financial institutions.

224.48(1)(b) (b) “Institution of higher education” means an eligible educational institution, as defined under 26 USC 529.

224.48(2) (2) Weighted average tuition; tuition unit cost. Annually, the department and the board jointly shall determine all of the following:

224.48(2)(a) (a) The weighted average tuition of bachelor’s degree-granting institutions within the University of Wisconsin System for the academic year that begins on or after the first day of August of the current year. The amount shall be calculated as follows:

224.48(2)(a)1. 1. For each such institution, multiply the tuition charged a full-time undergraduate who is a resident of this state by the number of full-time equivalent resident undergraduates attending the institution.

224.48(2)(a)2. 2. Add the products under subd. 1.

224.48(2)(a)3. 3. Divide the sum under subd. 2. by the total number of full-time equivalent resident undergraduates attending such institutions.

224.48(2)(b) (b) The price of a tuition unit, which shall be valid for a period determined jointly by the department and the board. The price shall be sufficient to ensure the ability of the department to meet its obligations under this section. To the extent possible, the price shall be set so that the value of the tuition unit in the anticipated academic year of its use will be equal to 1 percent of the weighted average tuition for that academic year plus the costs of administering the program under this section attributable to the unit.

224.48(3) (3) College tuition and expenses contracts.

224.48(3)(a) (a) An individual, trust, legal guardian, or entity described under 26 USC 529 (e) (1) (C) may enter into a contract with the department for the sale of tuition units on behalf of a beneficiary.

224.48(3)(b) (b) The contract shall specify the anticipated academic year of the beneficiary’s initial enrollment in an institution of higher education.