Chapter 224, MISCELLANEOUS BANKING AND FINANCIAL INSTITUTIONS PROVISIONS

224.02 Banking, defined. The soliciting, receiving, or accepting of money or its equivalent on deposit as a regular business by any person, partnership, association, or corporation, shall be deemed to be doing a banking business, whether such deposit is made subject to check or i…

224.03 Banking, unlawful, without charter; penalty. It shall be unlawful for any person, partnership, association, or corporation to do a banking business without having been regularly organized and chartered as a national bank, a state bank or a trust company bank. Any person or…

224.05 Municipality not preferred creditor. If any bank, banking institution or trust company, being indebted to the state 224.72 224.722 224.725 224.73 224.74 224.75 224.755 224.76 224.77 224.79 224.80 224.81 224.82 224.90 224.92 224.923 224.927 224.93 224.935 224.94 224.95 224.…

224.06 Fidelity bonds for bank officers and employees. (1) As a condition precedent to qualification or entry upon the discharge of his or her duties, every person appointed or elected to any position requiring the receipt, payment or custody of money or other personal property o…

224.07 Checks to clear at par. Checks drawn on any bank or trust company, organized under the laws of this state, shall be cleared at par by the bank or trust company on which they are drawn. Any bank or trust company, or officer or employee thereof, who violates the provisions o…

224.075 Financially related services tie-ins. In any transaction conducted by a bank, bank holding company or a subsidiary of either with a customer who is also a customer of any other subsidiary of any of them, the customer shall be given a notice in 12-point boldface type in su…

224.10 Indian loan funds. 224.10(1)(1) Administration in trust as a loan fund. The loan funds of any Indian tribe which are transferred to the custody of such tribe by the United States, including any outstanding loan accounts, shall be administered as follows: 224.10(1)(a)(a) Th…

224.25 Customer access to appraisals. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in s. 705.01 (3), shall provide that individual with a copy of any written appraisal report which is held by the financia…

224.26 Customer access to credit reports. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in s. 705.01 (3), shall provide that individual, at no additional charge, with a copy of any written credit report wh…

224.30 Powers and duties of the department. (1) DEFINITION. In this section, “department” means the department of financial institutions. (3) COMPUTER DATABASES, NETWORKS AND SYSTEMS; ACCESS AND USE FEES. The department may establish fees to be paid by members of the public for a…

224.35 Nationwide multistate licensing system and registry and cooperative arrangements. (1g) DEFINITIONS. In this section: (a) “Division” means the division of banking. (b) “Nationwide multistate licensing system and registry” means the multistate system developed by the Confere…

224.40 Disclosure of financial records for child support enforcement. (1) DEFINITIONS. In this section: (a) “County child support agency” means a county child support agency under s. 59.53 (5). (b) “Financial institution” has the meaning given in s. 49.853 (1) (c). (c) “Financial…

224.42 Disclosure of financial records for Medical Assistance and food stamp program eligibility. (1) DEFINITIONS. In this section: (a) “Financial institution” has the meaning given in s. 49.45 (4m) (a) 3. (b) “Financial record” has the meaning given in 12 USC 3401 (2). (2) FINAN…

224.44 Disclosure of financial records for collection of unemployment insurance debt. (1) DEFINITIONS. In this section: (a) “Financial institution” has the meaning given in 12 USC 3401 (1). (b) “Financial record” has the meaning given in 12 USC 3401 (2). (2) FINANCIAL RECORD MATC…

224.45 Financial exploitation of vulnerable adults. (1) DEFINITIONS. In this section: (a) “Account” means funds or assets held by a financial service provider, including a deposit account, savings account, share account, certificate of deposit, trust account, guardianship or cons…

224.46 Independent data processing servicers. (1) DEFINITIONS. In this section: (a) “Financial institution” has the meaning given in s. 214.01 (1) (jn). (b) “Independent data processing servicer” means an entity that provides to a financial institution electronic data processing …

224.48 College tuition and expenses program. (1) DEFINITIONS. In this section: (a) “Board” means the board of regents of the University of Wisconsin System. (am) “Department” means the department of financial institutions. (b) “Institution of higher education” means an eligible e…

224.50 College savings program. (1) DEFINITIONS. In this section: (a) “Account owner” means a person who establishes a college savings account under this section. (b) “Board” means the college savings program board. (c) “Department” means the department of financial institutions.…

224.51 College savings program vendor. (1g) In this section, “department” means the department of financial institutions. (1m) The department shall determine the factors to be considered in selecting a vendor of the program under s. 224.50, which shall include: (a) The person’s a…

224.52 Repayment to the general fund. (1) The secretary of administration shall transfer from the tuition trust fund, the college savings program trust fund, the college savings program bank deposit trust fund, or the college savings program credit union deposit trust fund to the…

224.55 Support accounts for individuals with disabilities. (1) DEFINITIONS. In this section: (a) “ABLE account” means an account established under an ABLE program. (b) “ABLE program” means a qualified ABLE program under section 529A of the Internal Revenue Code. (2) DEPARTMENT TO…

224.71 Definitions. In this subchapter: (1bm) “Another state” means any state of the United States other than Wisconsin; the District of Columbia; any territory of the United States; Puerto Rico; Guam; American Samoa; the Trust Territory of the Pacific Islands; the Virgin Islands…

224.72 Licensing of mortgage bankers and mortgage brokers. (1m) LICENSE REQUIRED. Except as provided in sub. (1r), a person may not conduct business or act as a mortgage banker or mortgage broker, use the title “mortgage banker” or “mortgage broker,” or advertise or otherwise por…

224.722 Registered entities. (1) A depository institution may apply for registered entity status with the division. The application shall be on forms and in the manner prescribed by the division and the applicant shall pay the same fee as that established by rule under s. 224.72 …

224.725 Licensing of mortgage loan originators. (1) LICENSE REQUIRED. Except as provided in 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 origi…

224.73 Relationship between mortgage loan originator and a mortgage banker, mortgage broker, or registered entity; branch offices. (1) RESPONSIBILITY FOR MORTGAGE LOAN ORIGINATOR. A mortgage banker, mortgage broker, or registered entity is responsible for, and shall supervise the…

224.74 Division’s review of the operations of a mortgage loan originator, mortgage broker, mortgage banker, or registered entity. (1) CALL REPORTS; AUDITS. (a) Mortgage call report. Each mortgage banker, mortgage broker, and mortgage loan originator licensed under this subchapter…

224.75 Record-keeping requirements for licensees. (1) REQUIRED RECORDS; LOAN APPLICATION OR SERVICING DOCUMENTS. (a) Fee record system. A mortgage banker or mortgage broker shall establish and maintain a record system which shows all fees which a mortgage banker or mortgage broke…

224.755 Education and testing requirements for mortgage loan originators. (1) EDUCATION REQUIREMENTS APPLICABLE PRIOR TO LICENSE ISSUANCE. Subject to sub. (3) (a) and (c), an applicant for a license under s. 224.725 (1), prior to the division’s issuance of the license, shall comp…

224.76 Mortgage banker, mortgage loan originator, and mortgage broker trust accounts. A mortgage banker, mortgage loan originator, or mortgage broker shall deposit in one or more trust accounts all funds other than nonrefundable fees which it receives on behalf of any person, pen…

224.77 Prohibited acts and practices, and discipline, of mortgage bankers, mortgage loan originators, mortgage brokers, and registered entities. (1) PROHIBITED ACTS AND PRACTICES. No mortgage banker, mortgage loan originator, mortgage broker, or, with respect to pars. (f), (fg), …

224.79 Mortgage brokerage agreements and disclosures; mortgage broker agency relationship and duties. (1) FORM AND CONTENT OF MORTGAGE BROKERAGE AGREEMENTS. Every contract between a mortgage broker and an individual under which the mortgage broker agrees to provide brokerage serv…

224.80 Penalties and private cause of action. (1) PENALTIES. A person who violates any provision of this subchapter or any rule promulgated under this subchapter may be fined not more than $25,000 or imprisoned for not more than 9 months or both. The district attorney of the coun…

224.81 Limitation on actions for commissions and other compensation. A person who is engaged in the business or acting in the capacity of a mortgage banker, mortgage loan originator, or mortgage broker in this state may not bring or maintain an action in this state to collect a c…

224.82 Compensation presumed. In a prosecution arising from a violation of this subchapter, proof that a person acted as a mortgage banker, mortgage loan originator, or mortgage broker is sufficient, unless rebutted, to establish that compensation was received by, or promised to,…

224.90 Definitions. In this subchapter: (1) “Division” means the division of banking. (2) “In control” means any of the following: (a) Owning 10 percent or more of the outstanding voting stock of a nondepository lender. (b) Possessing, directly or indirectly, alone or in concert …

224.92 License required. No person may engage in business as a nondepository lender in this state without a license issued under this subchapter. History: 1999 a. 9.

224.923 License application. An application for a license under this subchapter shall be made to the division in writing on a form to be prescribed by the division. An application for a license under this subchapter shall state the full name and business address of the applicant …

224.927 Disclosure of certain application information. The division may not disclose an applicant’s federal employer identification number received under s. 224.923, except as follows: (1) The division may disclose the information to the department of revenue for the sole purpose…

224.93 License approval. After a review of information regarding the directors, officers and controlling persons of the applicant for a license, a review of the applicant’s business plan, including at least three years of detailed financial projections and other information consi…

224.935 Expiration of license. (1) GENERALLY. Except as provided under sub. (2), a license issued under this subchapter expires on the June 30 following the date on which the license was issued. (2) CHANGE IN CONTROL OF LICENSEE. A change in the identity or number of individuals …

224.94 Renewal of license. Except as provided under s. 224.935 (2), a licensee shall renew its license by submitting to the division a renewal application and the renewal fee as prescribed by the division not less than 60 days before the date on which the license expires. A renew…

224.95 Denial of or disciplinary action relating to license. (1) MANDATORY DENIAL. The division shall deny an application for issuance or renewal of a license under this subchapter if any of the following applies: (a) The applicant has failed to provide its federal employer ident…

224.96 Required loan loss reserve. Each licensee shall provide for a loan loss reserve sufficient to cover projected loan losses that are not guaranteed by the U.S. government or any agency of the U.S. government. History: 1999 a. 9. 224.97 Division review of nondepository lender…

224.97 Division review of nondepository lender operations. The division may, at any reasonable time, examine the books of account, records, condition and affairs of a nondepository lender licensed under this subchapter. The division shall examine the books of account, records, co…

224.98 Powers of licensee. A licensee may do any of the following: (1) Participate in the loan guaranty program under 15 USC 636 (a). (2) Participate in any other government program for which the licensee is eligible and which has as its function the provision or facilitation of …

224.985 Required records and reports. (1) RECORD KEEPING. A licensee shall keep books, accounts, and other records in such a form and manner as required by rule of the division. These records shall be kept at a location and shall be preserved for a length of time as prescribed by…

224.99 Rule making. The division may promulgate rules for the efficient administration of this subchapter. History: 1999 a. 9.