AB617,174 Section 174. DFI-Bkg 74.01 (2) of the administrative code is repealed.

AB617,175 Section 175. DFI-Bkg 74.01 (5m) of the administrative code is created to read:

AB617,,746 DFI-Bkg 74.01 (5m) “Licensee” means a person licensed under s. 218.04, Stats.

AB617,176 Section 176. DFI-Bkg 74.03 (title) of the administrative code is amended to read:

AB617,,748 DFI-Bkg 74.03 (title) Office relocations and other Other changes.

AB617,177 Section 177. DFI-Bkg 74.03 (1) of the administrative code is repealed.

AB617,178 Section 178. DFI-Bkg 74.03 (2) of the administrative code is amended to read:

AB617,,751 DFI-Bkg 74.03 (2) Other changes. A licensee shall notify the division of any change to the information provided in the licensee’s renewal license application or provided in a previous notice of change filed by the licensee with the division under this section. The notice shall be in writing and, except in the case of a relocation, be received by the division within 10 days after the change. Each licensee shall keep current and accurate all material information on file with the division and the nationwide multistate licensing system and registry as provided in s. 224.35 (6), Stats. The licensee shall provide any additional information, data, and records regarding the a change to the division within 20 days after the division requests the information, data, or records. Any change that is subject to the notice requirement shall be subject to the approval of the division. In reviewing the change or relocation, the division shall apply the same criteria as the criteria for approval of an original license application. Except in the case of a relocation, the division shall determine the cost of investigating and processing the change. The licensee shall pay the division’s cost within 30 days after the division demands payment. If so directed by the division, the licensee shall provide any notice required under this subsection to the nationwide multistate licensing system and registry as provided in s. 224.35, Stats.

AB617,179 Section 179. DFI-Bkg 74.04 (1) (intro.) of the administrative code is amended to read:

AB617,,753 DFI-Bkg 74.04 (1) Agreement with creditor. (intro.) Prior to accepting accounts for collection from a creditor or earning or collecting a fee or commission, the licensee shall enter into a written agreement with the creditor. The agreement shall do all of the following:

AB617,180 Section 180. DFI-Bkg 74.05 (1) (intro.) of the administrative code is amended to read:

AB617,,755 DFI-Bkg 74.05 (1) Remittance statement to be furnished each creditor. (intro.) Licensee shall provide a remittance statement and remit any and all money due to any and all creditors or forwarders within 30 days from on or before the last day of the month following the close of the month during which the collection was effected as provided in s. 218.04 (5) (a) 4., Stats. The remittance statement shall set forth all of the following:

AB617,181 Section 181. DFI-Bkg 74.06 of the administrative code is renumbered DFI-Bkg 74.06 (2) and amended to read:

AB617,,757 DFI-Bkg 74.06 (2) Each licensee shall deposit in a trust fund account in any approved financial institution promptly after collection, sufficient funds to pay all moneys due or owing all creditors or forwarders. The trust fund account shall be used only for this purpose. A licensee may maintain trust funds in an interest bearing savings account or instrument provided it is identified as a “trust account”. account.”

AB617,,758 (3) Sufficient funds shall be maintained in the trust account or trust accounts to pay all moneys due or owing all creditors or forwarders. For the purpose of determining sufficient funds, amounts collected by a 3rd party, but not yet deposited into the licensee’s trust account, are not considered trust funds.

AB617,,759 (4) Sufficient funds shall be maintained in or made available to the trust checking account on which remittance checks or electronic debits are drawn or made to pay all checks and debits when presented.

AB617,,760 (5) The licensee shall have sufficient documentation from the trust account or trust accounts available to make an adequate examination.

AB617,182 Section 182. DFI-Bkg 74.06 (1) of the administrative code is created to read:

AB617,,762 DFI-Bkg 74.06 (1) A licensee’s trust checking account shall be identified as a “trust account.”

AB617,183 Section 183. DFI-Bkg 74.06 (6) of the administrative code is created to read:

AB617,,764 DFI-Bkg 74.06 (6) Third party payment processors shall not be given authority to withdraw funds from the licensee’s trust account or accounts.

AB617,184 Section 184. DFI-Bkg 74.07 (1) (j) of the administrative code is created to read:

AB617,,766 DFI-Bkg 74.07 (1) (j) A roster of all collectors and solicitors employed by the licensee. The list shall be updated and accurate at all times and set forth all of the following:

AB617,,767 1. The individual’s first and last name, home address, and indication of whether the individual works from the individual’s residence.

AB617,,768 2. The first and last name of any alias that is used by the individual, the date the individual started to use the alias, and, if applicable, the date the individual stopped using the alias.

AB617,,769 3. The date the individual was hired by the licensee.

AB617,,770 4. The date the individual’s employment with the licensee was terminated, if applicable.

AB617,185 Section 185. DFI-Bkg 74.10 (1) (c) of the administrative code is created to read:

AB617,,772 DFI-Bkg 74.10 (1) (c) A licensee may not contract for or assess a fee, commission, or any other charge to a creditor for returning any account to the creditor that is not in the actual process of collection, other than a contracted fee for reasonable costs incurred by the licensee for each account placed in error by the creditor.