AB617,,729 (d) Except as provided in any rule promulgated under s. 224.72 (7) (bm) Unless expressly authorized by the division, a licensed mortgage loan originator may receive credit for a continuing education course only in the year in which the course is taken and may not take the same approved course in the same or successive years to meet the requirements under sub. (2).

AB617,167 Section 167. 224.755 (4) (b) 1. of the statutes is amended to read:

AB617,,731 224.755 (4) (b) 1. No test may satisfy the requirement under par. (a) unless the test is developed by the nationwide mortgage multistate licensing system and registry and administered by a test provider approved by the nationwide mortgage multistate licensing system and registry based upon reasonable standards.

AB617,168 Section 168. 224.77 (1) (a) of the statutes is amended to read:

AB617,,733 224.77 (1) (a) Make a material misstatement, or knowingly omit a material fact, in a license application or in other information or reports furnished to the division, to the nationwide mortgage multistate licensing system and registry, or to any other governmental agency, including failing to disclose a criminal conviction or any disciplinary action taken by a state or federal regulatory agency.

AB617,169 Section 169. 224.77 (9) of the statutes is amended to read:

AB617,,735 224.77 (9) Reporting violations. The division shall report regularly violations of this subchapter or of rules promulgated under this subchapter, as well as enforcement actions and other relevant information, to the nationwide mortgage multistate licensing system and registry. Except as provided in s. 224.728 224.35 (4) (b) and (c), these reports shall be confidential and are not subject to public copying or inspection under s. 19.35 (1).

AB617,170 Section 170. 321.60 (1) (a) 12. of the statutes is amended to read:

AB617,,737 321.60 (1) (a) 12. A license or certificate of registration issued by the department of financial institutions, or a division of it, under ss. 138.09, 138.12, 138.14, 202.13, 202.14, 217.06 217.05, 218.0101 to 218.0163, 218.02, 218.04, 218.05, 224.72, 224.725, or 224.93 or subch. IV of ch. 551.

AB617,171 Section 171. 422.202 (3) (c) of the statutes is amended to read:

AB617,,739 422.202 (3) (c) A merchant may not, in the same transaction, be subject to the penalty in s. 138.09 (9) (b), 218.0161 (1), or 425.305 and the penalty in s. 425.304, based on the assessment of the same additional charges.

AB617,172 Section 172. 946.79 (1) (a) of the statutes is amended to read:

AB617,,741 946.79 (1) (a) “Financial institution” means a bank, savings bank, savings and loan association, credit union, loan company, sales finance company, insurance premium finance company, community currency exchange, seller of checks money transmitter, insurance company, trust company, securities broker-dealer, as defined in s. 551.102 (4), mortgage banker, mortgage broker, pawnbroker, as defined in s. 134.71 (1) (e), telegraph company, or dealer in precious metals, stones, or jewels.

AB617,173 Section 173. DFI-Bkg 74.01 (1) of the administrative code is amended to read:

AB617,,743 DFI-Bkg 74.01 (1) “Actual process of collection” means regularly receiving payments at periodic intervals, or debtor contacted within last 30 days and promise of payment received, or an account referred for legal actions where the collection agency has advanced legal costs. A collection agency and its client may by written contract agree to a different actual process of collection, but this different actual process of collection must require more effort on the part of the collection agency than merely listing the account, inputting the account into its database, writing one letter or making one call, or similar levels of effort. This subsection first applies to contractual relationships entered into between a collection agency and its client after March 1, 1993.

AB617,174 Section 174. DFI-Bkg 74.01 (2) of the administrative code is repealed.

AB617,175 Section 175. DFI-Bkg 74.01 (5m) of the administrative code is created to read:

AB617,,746 DFI-Bkg 74.01 (5m) “Licensee” means a person licensed under s. 218.04, Stats.

AB617,176 Section 176. DFI-Bkg 74.03 (title) of the administrative code is amended to read:

AB617,,748 DFI-Bkg 74.03 (title) Office relocations and other Other changes.

AB617,177 Section 177. DFI-Bkg 74.03 (1) of the administrative code is repealed.

AB617,178 Section 178. DFI-Bkg 74.03 (2) of the administrative code is amended to read:

AB617,,751 DFI-Bkg 74.03 (2) Other changes. A licensee shall notify the division of any change to the information provided in the licensee’s renewal license application or provided in a previous notice of change filed by the licensee with the division under this section. The notice shall be in writing and, except in the case of a relocation, be received by the division within 10 days after the change. Each licensee shall keep current and accurate all material information on file with the division and the nationwide multistate licensing system and registry as provided in s. 224.35 (6), Stats. The licensee shall provide any additional information, data, and records regarding the a change to the division within 20 days after the division requests the information, data, or records. Any change that is subject to the notice requirement shall be subject to the approval of the division. In reviewing the change or relocation, the division shall apply the same criteria as the criteria for approval of an original license application. Except in the case of a relocation, the division shall determine the cost of investigating and processing the change. The licensee shall pay the division’s cost within 30 days after the division demands payment. If so directed by the division, the licensee shall provide any notice required under this subsection to the nationwide multistate licensing system and registry as provided in s. 224.35, Stats.

AB617,179 Section 179. DFI-Bkg 74.04 (1) (intro.) of the administrative code is amended to read:

AB617,,753 DFI-Bkg 74.04 (1) Agreement with creditor. (intro.) Prior to accepting accounts for collection from a creditor or earning or collecting a fee or commission, the licensee shall enter into a written agreement with the creditor. The agreement shall do all of the following:

AB617,180 Section 180. DFI-Bkg 74.05 (1) (intro.) of the administrative code is amended to read:

AB617,,755 DFI-Bkg 74.05 (1) Remittance statement to be furnished each creditor. (intro.) Licensee shall provide a remittance statement and remit any and all money due to any and all creditors or forwarders within 30 days from on or before the last day of the month following the close of the month during which the collection was effected as provided in s. 218.04 (5) (a) 4., Stats. The remittance statement shall set forth all of the following:

AB617,181 Section 181. DFI-Bkg 74.06 of the administrative code is renumbered DFI-Bkg 74.06 (2) and amended to read:

AB617,,757 DFI-Bkg 74.06 (2) Each licensee shall deposit in a trust fund account in any approved financial institution promptly after collection, sufficient funds to pay all moneys due or owing all creditors or forwarders. The trust fund account shall be used only for this purpose. A licensee may maintain trust funds in an interest bearing savings account or instrument provided it is identified as a “trust account”. account.”