AB68-SSA1,2490 Section 2490. 200.57 (5) of the statutes is created to read:

AB68-SSA1,1141,14 200.57 (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.

AB68-SSA1,2491 Section 2491 . Subchapter V of chapter 224 [precedes 224.101] of the statutes is created to read:

AB68-SSA1,1141,17 Chapter 224

AB68-SSA1,1141,19 Subchapter V STUDENT LOANS

AB68-SSA1,1141,20 224.101 Definitions. In this subchapter:

AB68-SSA1,1141,21 (1) “Board” means the higher educational aids board.

AB68-SSA1,1141,23 (2) “Exempt organization” means the board or a state-regulated financial service provider.

AB68-SSA1,1141,24 (3) “Licensee” means a person holding a license issued under this subchapter.

AB68-SSA1,1141,25 (4) “Office” means the office of the student loan ombudsman in the department.

AB68-SSA1,1142,1 (5) “Servicing" means doing all of the following:

AB68-SSA1,1142,3 (a) Receiving scheduled periodic payments from a student loan borrower pursuant to the terms of a student education loan.

AB68-SSA1,1142,6 (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.

AB68-SSA1,1142,8 (c) Performing other administrative services with respect to a student education loan.

AB68-SSA1,1142,9 (6) “State-regulated financial service provider” means any of the following:

AB68-SSA1,1142,10 (a) A bank organized under ch. 221.

AB68-SSA1,1142,11 (b) A savings bank organized under ch. 214.

AB68-SSA1,1142,12 (c) A savings and loan association organized under ch. 215.

AB68-SSA1,1142,13 (d) A credit union organized under ch. 186.

AB68-SSA1,1142,14 (e) A consumer lender licensed under s. 138.09.

AB68-SSA1,1142,17 (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.

AB68-SSA1,1142,18 (8) “Student loan borrower" means any of the following:

AB68-SSA1,1142,20 (a) A resident of this state who has received or agreed to pay a student education loan.

AB68-SSA1,1142,22 (b) A person who shares legal responsibility with a resident under par. (a) for repaying the student education loan.

AB68-SSA1,1142,25 (9) “Student loan servicer" means a person, wherever located, responsible for the servicing of a student education loan, but does not include the board or any state-regulated financial service provider.

AB68-SSA1,1143,1 224.102 Ombudsman services. The office shall do all of the following:

AB68-SSA1,1143,2 (1) Provide timely assistance to student loan borrowers.

AB68-SSA1,1143,3 (2) Receive, review, and attempt to resolve complaints from all of the following:

AB68-SSA1,1143,4 (a) Student loan borrowers.