AB617,,464464217.11 Powers of the division. In addition to the powers granted in other sections of this chapter or other applicable law, the division may do any of the following:

AB617,,465465(1) Investigate, at any time, the business and examine the books, accounts, records, and files used in the business of every licensee or authorized delegate of a licensee. The cost of each examination shall be paid by each licensee so examined within 30 days after demand by the division.

AB617,,466466(2) Issue subpoenas and take testimony of any person in relation to any matter within the division’s powers and require the person to produce records regarding any matter related to the condition or business of a person engaged in activity regulated under this chapter.

AB617,,467467(3) Require any person to provide written reports or answers to questions, in a form and manner acceptable to the division, concerning any matter related to the condition or business of a person engaged in activity regulated under this chapter.

AB617,,468468(4) Use, contract for, or employ analytical systems, methods, or software to examine or investigate any person subject to this chapter.

AB617,,469469(5) Accept an audit report made by an independent certified public accountant or other qualified 3rd-party auditor for an applicant or licensee and incorporate the audit report in any report of examination or investigation.

AB617,,470470(6) Promulgate rules or issue orders to administer, enforce, or carry out the purposes of this chapter, including such rules or orders as may be necessary to protect the public from oppressive or deceptive practices of licensees and to prevent evasions of this chapter.

AB617,,471471(7) Take possession of any insolvent licensee under the circumstances and utilizing the procedures prescribed in s. 218.04 (9m), so far as applicable.

AB617,,472472(8) Enter into a consent order at any time with a person to resolve a matter arising under this chapter or any rule promulgated under this chapter.

AB617,,474474218.0101 (24m) “Nationwide multistate licensing system and registry” has the meaning given in s. 224.35 (1g) (b).

AB617,,475475(37m) “Unique identifier” has the meaning given in s. 224.35 (1g) (e).

AB617,,477477218.0111 (2) Either licensor under sub. (1) shall, upon request, furnish the other licensor with any information it may have, including such information as may be available to the division of banking through the nationwide multistate licensing system and registry, in respect to any licensee or applicant for license or any transaction in which such a licensee or applicant may be a party or be interested. No license shall be issued under s. 218.0114 (14) (a) and (g) until both licensors have approved the application. The suspension or revocation of either the license issued under s. 218.0114 (14) (a) or (g) shall automatically suspend or revoke the other license. Any suspension or revocation shall be certified by the licensor ordering it to the other licensor.

AB617,,479479218.0114 (4) (a) Application for a license under this section shall be made to the licensor, at such time, in such form and with such information as the licensor shall require and shall be accompanied by the required fees. The division of banking shall utilize the nationwide multistate licensing system and registry, and the provisions of s. 224.35 shall apply, with respect to sales finance company applicants and licensees, other than motor vehicle dealers.

AB617,,480480(b) An applicant for a sales finance company license, other than a motor vehicle dealer, shall pay to the division of banking a nonrefundable $300 investigation fee in addition to the license fee under sub. (16). If the cost of an investigation exceeds $300, the applicant shall, upon demand of the division of banking, pay the amount by which the cost of the investigation exceeds the nonrefundable fee. A licensee is not required to pay an investigation fee for the renewal of a license.

AB617,,481481(c) The licensor may require the applicant to provide information relating to any pertinent matter that is commensurate with the safeguarding of the public interest in the locality in which the applicant proposes to engage in business, except that information relating to the applicant’s solvency and financial standing may not be required for motor vehicle dealers except as provided in sub. (20) (a). The information provided may be considered by the licensor in determining the fitness of the applicant to engage in business as set forth in ss. 218.0101 to 218.0163.

AB617,,483483218.0114 (4g) A sales finance company, other than a motor vehicle dealer, shall keep current and accurate all material information on file with the division of banking and the nationwide multistate licensing system and registry as provided in s. 224.35 (6).

AB617,,484484(4m) A sales finance company, other than a motor vehicle dealer, shall submit financial statements as provided in s. 224.35 (8).

AB617,,486486218.0114 (5) (b) A sales finance company or an applicant for a sales finance company license shall provide and maintain in force a bond or irrevocable letter of credit of in a form acceptable to the division of banking in an amount that is not less than $25,000 issued by a surety company licensed to do business in this state or a federally insured financial institution, as defined in s. 705.01 (3). The bond or letter of credit shall be payable to the state of Wisconsin for the use of the state and of any person who sustains a loss because of an act of a sales finance company that constitutes grounds for the suspension or revocation of a license under ss. 218.0101 to 218.0163.

AB617,,488488218.0114 (13) (a) Licenses A license described in sub. (16) expire expires on December 31 of the calendar year for which the licenses are granted in which the initial license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run through December 31 of the following year. A license may be renewed or reinstated as provided in s. 224.35 (7).

AB617,,490490218.0114 (17) (a) The licenses of dealers, manufacturers, factory branches, distributors, and distributor branches and sales finance companies shall specify the location of the office or branch and must be conspicuously displayed at that location. In case the location of the office or branch is changed, the licensor shall endorse the change of location on the license, without charge, if the new location is within the same municipality as the previous location. A change of location to another municipality shall require a new license, except for sales finance companies.

AB617,,492492218.0114 (17) (b) A sales finance company, other than a motor vehicle dealer, shall give written notice to the division of banking, in a form and manner acceptable to the division of banking, within 10 days of any change of location of the office or branch specified in the license.