Trans 100.16 Note Note: Unencumbered Assets = Net Worth – (Contingencies + Reserved Capital).

Trans 100.16(4)(b)2. 2. “Contingencies” means events that have occurred, or that are likely to occur, that if included in the financial statements of the person, would have a material effect on the financial position of that person.

Trans 100.16 Note Note: Examples of contingencies include a lawsuit that could result in the payment of damages, fines or forfeitures that have not been reflected or disclosed on the financial statements or investment losses not yet realized and not reflected or disclosed on the financial statements.

Trans 100.16(4)(b)3. 3. “Reserved capital” means any amount reserved by management as required by contract or reserved for a specific activity.

Trans 100.16 Note Note: Examples of reserved capital include established reserves required by loan agreements, planned purchases of company stock, and planned distributions of capital.

Trans 100.16(4)(c) (c) Evidence that a person has the ability to pay judgments shall be provided in the form of audited financial statements or on a United States securities and exchange commission form 10K filing.

Trans 100.16 Note Note: The provisions of sub. (4) are drawn from the Insurance Industry Committee on Motor Vehicle Administration’s recommendations to the American Association of Motor Vehicle Administrators.

Trans 100.16 History History: Cr. Register, October, 1985, No. 358, eff. 11-1-85; CR 01-156: am. (2), cr. (4) Register October 2005 No. 598, eff. 11-1-05; CR 10-070: am. (4) (a) Register November 2010 No. 659, eff. 12-1-10.

Trans 100.17 Trans 100.17 Transfer of vehicle ownership.

Trans 100.17(1) (1) A transfer of ownership of any motor vehicle that has its registration suspended or revoked or is subject to suspension or revocation under s. 344.14, Stats., may not be allowed under any of the following circumstances:

Trans 100.17(1)(a) (a) The owner whose registration is suspended, revoked or subject to suspension continues to have possession of, use of, or receive any benefit from the operation of the motor vehicle.

Trans 100.17(1)(b) (b) The transferee resides at the same address as the transferor.

Trans 100.17(1)(c) (c) The transferee is unable to prove that adequate consideration was paid for the motor vehicle.

Trans 100.17(1m) (1m) The department may not issue a title in the name of a purported purchaser for a motor vehicle if the transaction is impermissible under sub. (1).

Trans 100.17(2) (2) A person’s registration shall be considered subject to suspension or revocation under s. 344.14, Stats., when written notice of a security requirement under s. 344.13, Stats., is issued by the department.

Trans 100.17(3) (3) An application for transfer of ownership may be accepted and a title may be issued in the name of the purchaser, when either of the following occur:

Trans 100.17(3)(a) (a) The motor vehicle is repossessed by a person who, pursuant to the terms or conditions of any written instrument, is given a right of repossession.

Trans 100.17(3)(b) (b) The purchaser does not reside at the same address as the seller and the full value of the motor vehicle has been paid to the seller. The department may require proof of payment, an affidavit from the buyer or seller, or other evidence that the proposed transfer is in good faith.

Trans 100.17(4) (4) If the department refuses to acknowledge an alleged transfer of ownership and to issue a title in the name of the alleged purchaser, the department shall do all of the following:

Trans 100.17(4)(a) (a) Create a new title, without charge, in the name of the seller and send it to the seller with a letter explaining why the transfer of ownership was refused.

Trans 100.17(4)(b) (b) Return all fees submitted with the application to the purchaser with an explanation as to why the transfer of ownership was refused.

Trans 100.17(5) (5) If the department issues a title in violation of s. 344.46, Stats., after it issues a notice of security requirement under s. Trans 100.10 (1), the department shall suspend any outstanding title and registration, shall notify the transferee and transferor of that fact, and shall demand return of the mistakenly issued title. Upon return of the title to the department, the department shall provide a duplicate title to the transferor, without fee. A vehicle that is transferred as a gift, is sold for inadequate consideration, that remains in the possession of the transferor, that continues to be used by the transferor, or that is transferred to a spouse, parent, child, spouse’s parent, child’s spouse, step parent, step child, or any person residing at the same address as the transferor, shall be presumed to have been transferred for the purpose or with the effect of defeating the purpose of ch. 344, Stats.

Trans 100.17(6) (6) The department may notify any lien holders of record or appearing on alleged purchaser’s title application of the department’s actions under this section and the reasons for those actions and may provide copies of any materials sent by the department to the alleged purchaser or seller.

Trans 100.17 History History: Cr. Register, October, 1985, No. 358, eff. 11-1-85; am. (1), (2) and (4) (b), Register, April, 1994, No. 460, eff. 5-1-94; CR 01-156: am. (1), (2), (3) (intro.), (a) and (b), and (4) (intro.) and (b), cr. (1m), (5) and (6), r. (4) (c), Register October 2005 No. 598, eff. 11-1-05.

Trans 100.18 Trans 100.18 Damage judgments.

Trans 100.18(1) (1) Suspension. Upon receipt of a certified damage judgment from a Wisconsin court, the department shall immediately suspend the judgment debtor’s operating privilege and the registration of the judgment debtor’s motor vehicles. The suspension shall remain in effect until the person meets the criteria of sub. (5), and until one of the following conditions is met:

Trans 100.18(1)(a) (a) The person files with the department a certified or court stamped copy of a satisfaction of judgment.

Trans 100.18(1)(b) (b) The person files with the department a court ordered installment payment schedule meeting the requirements of s. 344.27, Stats.

Trans 100.18 Note Note: Section 128.21, Stats., voluntary proceeding orders do not stay Ch. 344 license suspension or revocation actions, and are therefore inadequate to resolve a damage judgment suspension or revocation.