SB579,,4444(3) The division has the same power to conduct hearings, take testimony, and secure evidence as is provided in ss. 217.17 and 217.18.
SB579,,4545(4) The division for the purpose of discovering violations of this chapter may investigate the business of a licensee that is transacted under this chapter and shall investigate convictions reported to the division by any district attorney for violation by a provider of this chapter. The place of business, if any, books of account, papers, records, safes, and vaults of a licensee shall be open to inspection and examination by the division for the purpose of such investigation, and the division may examine under oath all persons whose testimony the division may require relative to such investigation.
SB579,,4646(5) The cost of any investigation, examination, or hearing, including witness fees or any other expenses, conducted by the division under this chapter involving a provider shall be paid by the provider within 30 days after demand therefor by the division, and the state may maintain an action for the recovery of such costs and expenses.
SB579,,4747(6) Actual costs incurred by the division to examine books and records maintained outside this state shall be paid by the provider.
SB579,,4848203.03 Licensure. (1) (a) Subject to par. (b), a provider, including a provider that is not physically located in this state, may not provide earned wage access services in this state unless the provider has been issued a license by the division.
SB579,,4949(b) This section does not apply to banks, savings banks, savings and loan associations, trust companies, credit unions, or any of their affiliates.
SB579,,5050(2) A provider required to be licensed under sub. (1) shall apply to the division for a license on a form and in the manner prescribed by the division. The application shall include all of the following information:
SB579,,5151(a) The name of the provider.
SB579,,5252(b) The name under which the provider transacts business, if different from par. (a).
SB579,,5353(c) The address of the provider’s principal office, which may be outside this state.
SB579,,5454(d) The addresses of all of the provider’s offices or retail stores, if any, in this state.
SB579,,5555(e) If the provider provides earned wage access services at a location that is not an office or retail store in this state, a brief description of the manner in which the provider provides earned wage access services.
SB579,,5656(f) The address of the provider’s designated agent upon whom service of process may be made in this state.
SB579,,5757(g) The provider’s federal employer identification number.
SB579,,5858(h) Any other similar information the division requires to administer this chapter.
SB579,,5959(3) In addition to the application under sub. (2), each licensee shall register with, and maintain a valid unique identifier issued by, the nationwide mortgage licensing system and registry.
SB579,,6060(4) Each provider required to be licensed under sub. (1) shall update any information provided in its license application within 15 business days after a material change in that information.
SB579,,6161(5) A provider that submits an application for a license under sub. (2) shall pay a nonrefundable fee to the division determined in accordance with rates set by the division. In setting the rates, the division shall determine the amount of fees needed to provide sufficient funds for the division to meet the budget requirements of administering and enforcing this chapter in each fiscal year.
SB579,,6262(6) (a) A provider required to be licensed under sub. (1) shall file with the division, and maintain in force, a surety bond that is issued by a surety company admitted to do business in this state that meets all of the following requirements:
SB579,,63631. The bond is in an amount equal to $25,000.
SB579,,64642. The bond is in favor of the state for the benefit of any person that is damaged by a violation of this chapter.
SB579,,65653. The bond is in favor of any person that is damaged by a violation of this chapter.
SB579,,6666(b) A person claiming against a bond described under this subsection for a violation of this chapter may maintain an action at law against the provider that obtained the bond and against the surety that issued the bond. The surety is liable only for actual damages and not for punitive damages. The aggregate liability of the surety to all persons damaged by a provider’s violation of this chapter does not exceed the amount of the bond.
SB579,,6767(7) (a) In this subsection:
SB579,,68681. “Applicant” means a provider that has submitted an application for a license under sub. (2).
SB579,,69692. “Director” means a member of the applicant’s or licensee’s board of directors.
SB579,,70703. Except in subd. 2., “member” means a person that has the right to receive upon dissolution, or has contributed, 10 percent or more of the capital of an applicant or licensee that is organized as a limited liability company or association.
SB579,,71714. “Officer” means a person who participates or has authority to participate, other than in the capacity of a director, in major policymaking functions of an applicant or licensee, whether or not the person has an official title. “Officer” includes the chief executive officer, chief financial officer, chief operations officer, chief legal officer, chief credit officer, chief compliance officer, each executive vice president or senior vice president, and any other person meeting the standard under this subdivision.
SB579,,72725. “Partner” means a person that has the right to receive upon dissolution, or has contributed, 10 percent or more of the capital of an applicant or licensee that is organized as a partnership.