SB111,1317,13 200.57 (title) Minority financial advisers and investment firms and, disabled veteran-owned businesses, lesbian, gay, bisexual, or transgender-owned, and disability-owned financial advisers and investment firms.

SB111,2444 Section 2444 . 200.57 (1) (a) of the statutes is renumbered 200.57 (1) (ah).

SB111,2445 Section 2445 . 200.57 (1) (ae) of the statutes is created to read:

SB111,1317,18 200.57 (1) (ae) “Disability-owned financial adviser" and “disability-owned investment firm" mean a financial adviser and investment firm, respectively, certified by the department of administration under s. 16.289 (3).

SB111,2446 Section 2446 . 200.57 (1) (c) of the statutes is created to read:

SB111,1317,23 200.57 (1) (c) “Lesbian, gay, bisexual, or transgender-owned financial adviser" and “Lesbian, gay, bisexual, or transgender-owned investment firm" mean a financial adviser and investment firm, respectively, certified by the department of administration under s. 16.288 (3).

SB111,2447 Section 2447 . 200.57 (4) of the statutes is created to read:

SB111,1318,5 200.57 (4) The commission shall make efforts to ensure that at least 1 percent of the total funds expended for financial and investment analysis and for common stock and convertible bond brokerage commissions in each fiscal year is expended for the services of lesbian, gay, bisexual, or transgender-owned financial advisers or lesbian, gay, bisexual, or transgender-owned investment firms.

SB111,2448 Section 2448 . 200.57 (5) of the statutes is created to read:

SB111,1318,11 200.57 (5) The commission shall make efforts to ensure that at least 1 percent of the total funds expended for financial and investment analysis and for common stock and convertible bond brokerage commissions in each fiscal year is expended for the services of disability-owned financial advisers or disability-owned investment firms.

SB111,2449 Section 2449 . Subchapter V of chapter 224 [precedes 224.101] of the statutes is created to read:

SB111,1318,14 Chapter 224

SB111,1318,16 Subchapter V STUDENT LOANS

SB111,1318,17 224.101 Definitions. In this subchapter:

SB111,1318,18 (1) “Board” means the higher educational aids board.

SB111,1318,20 (2) “Exempt organization” means the board or a state-regulated financial service provider.

SB111,1318,21 (3) “Licensee” means a person holding a license issued under this subchapter.

SB111,1318,22 (4) “Office” means the office of the student loan ombudsman in the department.

SB111,1318,23 (5) “Servicing" means doing all of the following:

SB111,1318,25 (a) Receiving scheduled periodic payments from a student loan borrower pursuant to the terms of a student education loan.

SB111,1319,3 (b) Applying the payments of principal and interest and any other payments with respect to the amounts received from a student loan borrower as may be required pursuant to the terms of a student education loan.

SB111,1319,5 (c) Performing other administrative services with respect to a student education loan.

SB111,1319,6 (6) “State-regulated financial service provider” means any of the following:

SB111,1319,7 (a) A bank organized under ch. 221.

SB111,1319,8 (b) A savings bank organized under ch. 214.

SB111,1319,9 (c) A savings and loan association organized under ch. 215.

SB111,1319,10 (d) A credit union organized under ch. 186.

SB111,1319,11 (e) A consumer lender licensed under s. 138.09.

SB111,1319,14 (7) “Student education loan" means a loan that is extended to a student loan borrower expressly for postsecondary education expenses or related expenses and does not include open-end credit or any loan that is secured by real property.