SB457,20,24 (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.

SB457,21,4 (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:

SB457,21,6 (a) All fees or charges, including any fee schedule, that the independent data processing servicer may impose on the financial institution.

SB457,21,8 (b) Any formula or other grounds that the independent data processing servicer may apply or rely upon to terminate the contract.

SB457,42 Section 42 . 224.725 (1) of the statutes is amended to read:

SB457,21,17 224.725 (1) License required. Except as provided in sub. subs. (1m) and (1r), an individual may not regularly engage in the business of a mortgage loan originator with respect to a residential mortgage loan, or use the title “mortgage loan originator," advertise, or otherwise portray himself or herself as a mortgage loan originator in this state, unless the individual has been issued by the division, and thereafter maintains, a license under this section. Each licensed mortgage loan originator shall register with, and maintain a valid unique identifier issued by, the nationwide mortgage licensing system and registry.

SB457,43 Section 43. 224.725 (1r) of the statutes is created to read:

SB457,21,25 224.725 (1r) Employment transition; temporary authority. (a) An individual who was a registered mortgage loan originator immediately prior to becoming employed by, and who remains employed by, a mortgage banker or mortgage broker licensed under this subchapter and who has applied to the division for a mortgage loan originator license is considered to have temporary authority to act as a mortgage loan originator under this subchapter, for the period specified in par. (c), if all of the following apply:

SB457,22,2 1. The individual has not previously had an application for a mortgage loan originator license denied.

SB457,22,4 2. The individual has not previously had a mortgage loan originator license suspended or revoked in any governmental jurisdiction.

SB457,22,7 3. The individual has not been subject to, or served with, a cease and desist order in any governmental jurisdiction or by the director of the federal bureau of consumer financial protection under 12 USC 5113 (c).

SB457,22,9 4. The individual has not been convicted of any crime that disqualifies the individual under sub. (3) (b) from issuance of a license.

SB457,22,13 5. The individual was registered with the nationwide mortgage licensing system and registry as a loan originator during the one-year period immediately preceding the date on which the individual furnished the information required under sub. (2) (c).

SB457,22,18 (b) An individual who is licensed as a mortgage loan originator in another state, who is employed by a mortgage banker or mortgage broker licensed under this subchapter, and who has applied to the division for a mortgage loan originator license is considered to have temporary authority to act as a mortgage loan originator under this subchapter, for the period specified in par. (c), if all of the following apply:

SB457,22,19 1. The individual meets the requirements of par. (a) 1. to 4.

SB457,22,22 2. The individual was licensed in another state during the 30-day period immediately preceding the date on which the individual furnished the information required under sub. (2) (c).

SB457,23,3 (c) 1. The period during which an individual described in par. (a) or (b) is considered to have temporary authority to act as a mortgage loan originator under this subchapter shall begin on the date on which the individual furnishes to the nationwide mortgage licensing system and registry the information required under sub. (2) (c) in connection with the application for a mortgage loan originator license under this subchapter.

SB457,23,5 2. The period that begins under subd. 1. shall end on the earliest of the following:

SB457,23,7 a. The date on which the individual withdraws the application for a mortgage loan originator license.

SB457,23,9 b. The date on which the division denies, or issues a notice of intent to deny, the application for a mortgage loan originator license.

SB457,23,11 c. The date on which the division grants to the individual a mortgage loan originator license.

SB457,23,14 d. If the individual's application is listed on the nationwide mortgage licensing system and registry as incomplete, the date that is 120 days after the date on which the individual applied for a mortgage loan originator license.

SB457,23,18 (d) 1. Any person employing an individual who is considered to have temporary authority to act as a mortgage loan originator under this subsection shall be subject to the requirements of this subchapter to the same extent as if that individual were a licensed mortgage loan originator.

SB457,23,23 2. Any individual who is considered to have temporary authority to act as a mortgage loan originator under this subsection and who engages in any activity described in s. 224.71 (6) (c) and (d) shall be subject to the requirements of this subchapter to the same extent as if the individual were a licensed mortgage loan originator.

SB457,44 Section 44. 227.52 (3) of the statutes is amended to read:

SB457,24,4 227.52 (3) Those decisions of the division of banking that are subject to review, prior to any judicial review, by the banking institutions review board, and decisions of the division of banking relating to savings banks or savings and loan associations, but no other institutions subject to the jurisdiction of the division of banking.

SB457,45 Section 45. 227.53 (1) (a) 1. of the statutes is amended to read:

SB457,24,13 227.53 (1) (a) 1. Proceedings for review shall be instituted by serving a petition therefor personally or by certified mail upon the agency or one of its officials, and filing the petition in the office of the clerk of circuit court for the county where the judicial review proceedings are to be held. If the agency whose decision is sought to be reviewed is the tax appeals commission, the banking institutions review board, or the credit union review board, or the savings institutions review board, the petition shall be served upon both the agency whose decision is sought to be reviewed and the corresponding named respondent, as specified under par. (b) 1. to 4.

SB457,46 Section 46. 227.53 (1) (b) 2. of the statutes is repealed.