SB457,39 Section 39. 221.1006 of the statutes is amended to read:

SB457,19,17 221.1006 Fees for certified copies. If a certified copy of a record filed in the division is lawfully required to be furnished by the division, the division may assess a reasonable fee as determined by the banking institutions review board. These fees shall be deposited in the general fund.

SB457,40 Section 40. 223.01 of the statutes is amended to read:

SB457,19,25 223.01 Trust company banks, capital. Trust company banks may be organized pursuant to ch. 221 and shall be subject to all the provisions, requirements, and liabilities of chs. 220 and 221, so far as applicable, except that trust company banks may not accept deposits other than trust deposits and except as otherwise hereinafter provided. The division may, with the approval of the banking institutions review board, establish minimum capital requirements for a trust company bank.

SB457,41 Section 41. 224.46 of the statutes is created to read:

SB457,20,3 224.46 Independent data processing servicers. (1) Definitions. In this section:

SB457,20,4 (a) “Financial institution" has the meaning given in s. 214.01 (1) (jn).

SB457,20,10 (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).

SB457,20,13 (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.

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.