reglab/statecodes huggingface dataset:
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 47 - Transition to license system › Section DFI-Bkg 47.03 - Expiration

Current through June 24, 2024
(1) The certificate of registration or
				license for any new application approved between September 1, 2009 and December
				31, 2010 shall expire on December 31, 2010.
(2) The certificate of registration or
				license for any approved renewal application submitted for the renewal of
				certificates expiring between September 1, 2009 and December 1, 2010 shall
				expire on December 31, 2010.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 47 - Transition to license system › Section DFI-Bkg 47.04 - Fees

Current through June 24, 2024
(1) The fee for new applications approved
				between September 1, 2009 and December 31, 2010 are as follows:
Date Approved
Mortgage Loan
Originator
Fee
Mortgage Banker
Fee
Mortgage Broker
Fee
9/1/09 - 9/30/09
$291.67
$1,166.67
$875.00
10/1/09 - 10/31/09
$281.25
$1,125.00
$843.75
11/1/09 - 11/30/09
$270.83
$1,083.33
$812.50
12/1/09 - 12/31/09
$260.42
$1,041.67
$781.25
1/1/10 - 12/31/10
$250.00
$1,000.00
$750.00
(2)
				The fee for renewal applications to renew certificates that expire between
				September 1, 2009 and December 1, 2010 are as follows:
Expiration Date
Mortgage Loan Originator Renewal
								Fee
Mortgage Banker Renewal Fee
Mortgage Broker Renewal Fee
09/01/2009
$291.67
$1,166.67
$875.00
10/01/2009
$281.25
$1,125.00
$843.75
11/01/2009
$270.83
$1,083.33
$812.50
12/01/2009
$260.42
$1,041.67
$781.25
01/01/2010
$250.00
$1,000.00
$750.00
02/01/2010
$229.17
$916.67
$687.50
03/01/2010
$208.33
$833.33
$625.00
04/01/2010
$187.50
$750.00
$562.50
05/01/2010
$166.67
$666.67
$500.00
06/01/2010
$145.83
$583.33
$437.50
07/01/2010
$125.00
$500.00
$375.00
08/01/2010
$104.17
$416.67
$312.50
09/01/2010
$83.33
$333.33
$250.00
10/01/2010
$62.50
$250.00
$187.50
11/01/2010
$41.67
$166.67
$125.00
12/01/2010
$20.83
$83.33
$62.50
(3)
				An application for renewal received by the division after the expiration of the
				certificate and prior to 31 days after the expiration of the certificate shall
				be accompanied by an additional fee of $100. A registrant whose application for
				renewal is not received by the division within 30 days after the expiration of
				the certificate shall submit an application for a new license, and no business
				for which the license is required shall be conducted after the certificate
				expires and before a new license is issued by the division.
(4) No fee paid under sub. (1) or (2) shall
				be refunded unless a request to withdraw the application is received in writing
				by the division before the division begins its investigation of the applicant.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 47 - Transition to license system › Section DFI-Bkg 47.05 - Transition of license information

Current through June 24, 2024
(1) All licensed
				mortgage bankers and mortgage brokers shall transition their license
				information onto the Nationwide Mortgage Licensing System between January 2,
				2010 and March 31, 2010. The division may suspend the license of any mortgage
				banker or mortgage broker that has not transitioned their license information
				onto the Nationwide Mortgage Licensing System by March 31, 2010.
(2) All licensed mortgage loan originators
				shall transition their license information onto the Nationwide Mortgage
				Licensing System between January 2, 2010 and March 31, 2010. Any mortgage loan
				originator who does not transition their license information onto the
				Nationwide Mortgage Licensing System by March 31, 2010 shall pay a late
				transition fee of $100, if the license information is transitioned between
				April 1, 2010 and May 31, 2010, and a late transition fee of $200, if the
				license information is transitioned between June 1, 2010 and December 31,
				2010.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 47 - Transition to license system › Section DFI-Bkg 47.06 - Requirements

Current through June 24, 2024
(1) No mortgage banker, mortgage broker or
				mortgage loan originator license shall be renewed for the period beginning
				January 1, 2011 unless the applicant has met all of the requirements of subch.
				III of ch. 224, Stats., as affected by 2009 Wisconsin Act 2.
(2) The division may hold certain
				requirements of subch. III of ch. 224, Stats., as affected by 2009 Wisconsin
				Act 2, in abeyance if the lack of functionality of the Nationwide Mortgage
				Licensing System makes compliance with those provisions
				impracticable.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 60 - Charitable Solicitations (Repealed) › Section DFI-Bkg 60.04 - Affidavits relating to exemptions (Repealed)

Current through June 24, 2024
A copy of the affidavit form may be obtained from the
					 Department of Financial Institutions, Division of Banking, 201 West Washington
					 Avenue, P.O. Box 7876, Madison, Wisconsin 53707-7876.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 60 - Charitable Solicitations (Repealed) › Section DFI-Bkg 60.06 - Registration of a central organization (Repealed)

Current through June 24, 2024
A copy of the application form may be obtained from the
					 Department of Financial Institutions, Division of Banking, 201 West Washington
					 Avenue, P.O. Box 7876, Madison, Wisconsin 53707-7876.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 60 - Charitable Solicitations (Repealed) › Section DFI-Bkg 60.07 - Procedures for registering as a professional fund-raiser or fund-raising counsel (Repealed)

Current through June 24, 2024
A copy of the application form and 3 bond forms, each of
					 which provides for a different level of coverage, may be obtained from the
					 Department of Financial Institutions, Division of Banking, 201 West Washington
					 Avenue, P.O. Box 7876, Madison, Wisconsin 53707-7876.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 60 - Charitable Solicitations (Repealed) › Section DFI-Bkg 60.075 - Criteria relating to registration as a professional fund-raiser or a fund-raising counsel (Repealed)

Current through June 24, 2024
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 60 - Charitable Solicitations (Repealed) › Section DFI-Bkg 60.08 - Annual reports (Repealed)

Current through June 24, 2024
Annual report forms may be obtained from the current
					 Internet site of the Department of Financial
					 Institutions.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 73 - Adjustment Service Companies › Section DFI-Bkg 73.001 - Definitions

Current through June 24, 2024
In this chapter:
(1)
				"Applicant" means an applicant for a license under s.
				218.02, Stats.
(2) "Division" means the division of
				banking.
(3) "Licensee" means a
				holder of a license issued under s.
				218.02, Stats.
(4) "Nationwide multistate licensing system
				and registry" or "NMLS" means the multistate system developed by the Conference
				of State Bank Supervisors and the American Association of Residential Mortgage
				Regulators and owned and operated by the State Regulatory Registry, LLC or any
				successor or affiliate entity, for the licensing and registration of persons in
				financial services industries.
(5)
				"Reinstatement period" means the period beginning January 1 and ending on the
				last day of February, or such other period prescribed by the
				division.
(6) "Renewal period"
				means the period beginning November 1 and ending December 31, or such other
				period prescribed by the division.
(7) "Unique identifier" means a number or
				other identifier assigned by protocols established by the NMLS.
This section is created eff. 9-1-23 by CR
					 22-020.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 73 - Adjustment Service Companies › Section DFI-Bkg 73.01 - Fees of licensees

Current through June 24, 2024
The fees permitted in this section are the only fees that may
				  be assessed the debtor and include all charges of any kind or nature
				  whatsoever. The fees shall be agreed upon in advance and stated in the contract
				  or agreement established between the licensee and debtor. The fees for
				  distributing funds may not be assessed the debtor until the debtor has made
				  payment to the licensee for distribution to a creditor or creditors.
(1) Both of the 2 alternative fee plans set
				forth below may be used when contracting services with a debtor:
(a) The maximum monthly fee charged the
				debtor shall not exceed 10% of the amount of money paid to the licensee to be
				distributed to a creditor or creditors or $120 in any one calendar month,
				whichever is less.
(b) A licensee
				may accept voluntary fees or contributions from the creditor or creditors in an
				amount not to exceed 15% of the funds disbursed to the individual creditor or
				creditors. The disbursements may not show discrimination based upon the
				creditors' willingness to make voluntary contributions to the licensee. If the
				fee is deducted from the disbursement, remittance records shall disclose the
				total amount credited to the individual accounts of the debtor. This amount
				must also be reflected in the disbursement record furnished the creditor or
				creditors.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 73 - Adjustment Service Companies › Section DFI-Bkg 73.02 - Requirements of contract between debtor and licensee

Current through June 24, 2024
(1) A copy of the
				contract or agreement must be given to the debtor at the time it is
				executed.
(2) The form of contract
				or agreement shall be signed by the parties and shall contain at least the
				following:
(a) The names and addresses of the
				licensee and the debtor.
(b)
				Provide in clear and precise terms payments and time of payments reasonably
				within the ability of the debtor to pay.
(c) The licensees fee as set forth in s. DFI-
				Bkg 73.01. No other amounts may be charged or collected.
(d) The amount of each payment to be paid by
				or in behalf of the debtor.
(e) A
				statement to the effect that the debtor will be permitted to examine his or her
				accounts in the office of the licensee during regular office hours.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 73 - Adjustment Service Companies › Section DFI-Bkg 73.03 - Business procedure

Current through June 24, 2024
(1) OFFICE REQUIREMENTS.
(a)
Shared office space.
The
				office of an adjustment service company shall not be shared or have a common
				waiting room with a practicing attorney, collection agency, justice of the
				peace, loan or finance company. Before any other business is conducted in the
				same office with the licensee, prior approval must be granted by the office of
				administrator of the division of banking. The office shall not be located in a
				private residence unless the adjustment service office is used solely for
				business purposes, has an outside entrance and can be isolated from the
				remainder of the residence. If other approved business is conducted in the same
				office, the accounting records of such other business shall be kept separate
				from the account records of the adjustment service company.
(b)
Office hours.
Every
				licensee shall maintain regular office hours on designated business days from
				Monday through Friday and must be open for business at least 4 hours each
				designated business day. Whenever an office is not open for business at least 6
				hours a day, or if the licensee maintains irregular office hours, a written
				notice must be filed with the office of the administrator of the division of
				banking setting forth the schedule of minimum office hours.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 73 - Adjustment Service Companies › Section DFI-Bkg 73.04 - Prohibited practices

Current through June 24, 2024
No licensee shall:
(1) Purchase from a creditor any obligation
				of a debtor or make or arrange for the making of a loan to any debtor for the
				purpose of paying off the indebtedness unless no fee is charged.
(2) Have a direct or indirect interest in a
				collection agency either as owner, partner or as a stockholder.
(3) Pay any compensation or other
				consideration to any person for the referral of other customers to the
				licensee.
(4) Accept or receive any
				bonus, commission or other consideration for referring any debtor to any person
				for any reason or for the use of a list of delinquent debtors.
(5) Use any advertising whatsoever in the
				conduct of the adjustment service business which is false, misleading or
				deceptive or which might infer that a loan business is conducted by the
				licensee.
(6) Take a note or
				evidence of indebtedness or require a debtor to give an order or an assignment
				of wages. Licensee may take such an order or an assignment of wages if
				requested to do so in writing by the customer for his or her
				convenience.
(7) Sell insurance or
				any other item to a customer.
(8)
				Act as a trustee under s.
				128.21, Stats., for any debtor
				whose accounts have been or are being handled by the licensee under s.
				218.02, Stats.
(9) Accept any fee, voluntary contribution,
				discount or reduction on an account of the debtor in excess or 15% of the
				amount owed unless the full amount received in excess of the 15% is for the
				benefit of the debtor as a reduction of the obligation owed the
				creditor.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 73 - Adjustment Service Companies › Section DFI-Bkg 73.05 - Office records and procedures

Current through June 24, 2024
Office records shall be kept in the individual offices and
				  shall include the following:
(1)
				Debtor ledger sheet or card on which at least the following data will be
				included:
(a) Name, address and account
				number of debtor.
(b) Name, address
				and account number of each creditor. (Each account to be numbered
				consecutively.)
(c) Total amount of
				accounts to be prorated as indicated by debtor.
(d) Reduction in amount of account as result
				of compromise or discount effected by licensee.
(e) Increase or decrease in amount of account
				as a result of verification with creditor.
(f) Corrected balance of amount due creditor
				after adjustment resulting from pars. (d) and (e).
(g) Amount and date each payment is received
				from the debtor.
(h) Actual fee
				taken from each payment made by the debtor.
(i) Actual fee earned from each payment made
				by the debtor but not received.
(j)
				Current balance due each creditor.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 73 - Adjustment Service Companies › Section DFI-Bkg 73.06 - Nationwide Multistate Licensing System and Registry

Current through June 24, 2024
(1) PARTICIPATION.
(a) The division shall utilize the NMLS with
				respect to applicants and licensees. The division may establish relationships
				or contracts with the NMLS or other entities designated by the NMLS to collect
				and maintain records and process transaction fees or other fees. With respect
				to any form, fee, or other information required to be submitted to the division
				by an applicant or licensee, the division may require the applicant or licensee
				to submit such form, fee, or other information directly to the NMLS.
(b) Each applicant and licensee shall
				register with, and maintain a valid unique identifier issued by, the
				NMLS.
(c) The division may require
				an applicant or licensee to provide to the NMLS any information that the
				division determines to be relevant to the application or to any responsibility
				administered or conducted through the NMLS that is related to the licensed
				activity.
(d) The division may
				require an applicant or licensee, or an individual with the power to direct the
				management or policies of the applicant or licensee, to submit an independent
				credit report from a consumer reporting agency, an investigative background
				report prepared by an independent search firm, fingerprints, or any other
				personal or professional history information deemed necessary by the division.
				The division may require fingerprints for the purposes of identifying the
				individual and to determine whether the individual has a record of warrants,
				arrests, or convictions in any jurisdiction. Fingerprints may be submitted,
				directly or as provided in sub. (2), to the federal bureau of investigation and
				any government agency or entity authorized to receive this information for a
				state and national criminal history record check.
(e) The division may rely on the NMLS to
				establish any dates relating to application or reporting deadlines for
				applicants and licensees, to establish requirements for amending or
				surrendering licenses, or to establish any other requirements applicable to
				applicants and licensees to the extent the requirements are a condition of the
				state's participation in the NMLS.
(f) Applicants and licensees are responsible
				for any service, access, or other fees charged by the NMLS for use of the
				system. Whenever the division requires fingerprinting, an independent credit
				report from a consumer reporting agency, an investigative background report
				prepared by an independent search firm, or any other information in connection
				with an application or other filing, any associated costs shall be paid by the
				applicant or the parties to the application.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 73 - Adjustment Service Companies › Section DFI-Bkg 73.07 - Changes to information

Current through June 24, 2024
A licensee shall keep current and accurate all material
				  information on file with the division and the NMLS. If the information changes
				  in any material respect, the licensee shall notify the division and the NMLS of
				  the change within 10 days after the change.
This section is created eff. 9-1-23 by CR
					 22-020.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 73 - Adjustment Service Companies › Section DFI-Bkg 73.08 - License renewal and reinstatement

Current through June 24, 2024
(1) During the
				renewal period, a licensee may seek to renew a license by submitting all fees
				owed to the division or the NMLS, along with any additional documentation
				required by the division or applicable law, through the NMLS or in such other
				manner as directed by the division.
(2) During the reinstatement period, a
				licensee may reinstate a license by submitting all the items in sub. (1), plus
				an additional non-refundable fee of $100, through the NMLS or in such other
				manner as directed by the division.
This section is created eff. 9-1-23 by CR
					 22-020.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 73 - Adjustment Service Companies › Section DFI-Bkg 73.09 - Annual reports and financial statements

Current through June 24, 2024
(1) ANNUAL REPORTS.
				Each licensee shall annually, on or before March 15, submit through the NMLS or
				in such other manner as directed by the division, a report giving such
				reasonable and relevant information as the division may require concerning the
				business transacted by the licensee. This report shall be made in the form and
				manner prescribed by the division.
(2) FINANCIAL STATEMENTS
.
Each licensee shall annually, no later than 90 days following the end of its
				most recently completed fiscal year, submit through the NMLS or in such other
				manner as directed by the division, a copy of the licensee's financial
				statements for that fiscal year. The financial statements shall include a
				balance sheet and income statement and shall be prepared in accordance with
				generally accepted accounting principles.
This section is created eff. 9-1-23 by CR
					 22-020.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.01 - Definitions

Current through June 24, 2024
In this chapter:
(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.
(2) "Active office" in s.
				218.04 (4),
				Stats., includes meeting at least all of the following minimum conditions:
(a) Shared office space which is open and
				staffed the minimum hours required by s.
				DFI-Bkg 74.02
				(2).
(b) Staff person available for service of
				process.
(d) The collection agency
				license is displayed.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.01 - Definitions

Current through June 24, 2024
In this chapter:
(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.
(3) "Division" means the division of
				banking.
(4) "Health care billing
				companies" in s. 218.04 (1) (a),
				Stats., means a person under contract with a health care provider to collect or
				attempt to collect an account, which is not in default when forwarded from the
				health care provider, using only the health care provider's name, and directing
				all payments to the health care provider or depositing all monies received
				directly into the health care provider's account at a financial
				institution.
(5) "Health care
				provider" means any of the following:
(a) An
				ambulatory surgery center as defined in
				42 CFR
				416.2.
(b) A health care provider as defined in s.
				146.81 (1),
				Stats.
(c) An outpatient diagnostic
				facility as defined in 21
				CFR 803.3.
(d) A person designated as a health care
				provider in writing by the division.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.02 - Office requirements

Current through June 24, 2024
(1) SHARED OFFICE SPACE.
(a) Except as set forth in par. (b), the
				licensed office of a collection agency may not be shared or have a common
				waiting room with a practicing attorney or a loan company or be located in a
				private residence. If other approved business is conducted in the same office
				as provided for in s.
				218.04 (4) (b),
				Stats., the books and records of such other business shall be kept separate
				from the books and records of the collection agency.
(b) A collection agency may share its
				licensed office with a practicing attorney if the attorney is an employee of
				the collection agency. This chapter and s.
				218.04, Stats., apply to an
				attorney who shares office space under this paragraph.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.03 - Office relocations and other changes

Current through June 24, 2024
(1) OFFICE
				RELOCATION. A licensee shall submit to the division written notice of the
				licensee's contemplated change of its place of business to another location
				inside or outside of the municipality in which it is licensed. The notice shall
				be submitted 30 days or more prior to the date of the contemplated change. Upon
				approval of the new location, the division shall issue an amended license,
				specifying the date thereof and the new location.
(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. The licensee shall provide any additional
				information, data, and records regarding the 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.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.03 - Office relocations and other changes

Current through June 24, 2024
(1) Office
				relocation. A licensee shall submit to the division written notice of the
				licensee's contemplated change of its place of business to another location
				inside or outside of the municipality in which it is licensed. The notice shall
				be submitted 30 days or more prior to the date of the contemplated change. Upon
				approval of the new location, the division shall issue an amended license,
				specifying the date thereof and the new location.
(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. The licensee shall provide any additional
				information, data, and records regarding the 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.
This section is shown as amended eff. 1-1-25 by 2023 Wis.
					 Act 267. Prior to 1-1-25 it reads:
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.04 - Agreements and acknowledgments

Current through June 24, 2024
(1) AGREEMENT
				WITH CREDITOR. 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:
(a) Be executed and dated by both
				parties.
(b) Indicate whether the
				licensee is authorized to add interest, collection charges, or fees to the
				accounts listed for collection and identify the interest rate, charge, or fee
				amount.
(c) Identify the licensee's
				rate of commission. The licensee may not charge a higher commission rate on
				interest or other charges and fees collected than is charged on the principal
				amount unless the agreement authorizes a higher commission rate. Licensee may
				not retain the higher rate of charge until the principal amount listed as owing
				has been collected in full.
(d)
				List any other fees that the creditor may be charged.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.04 - Agreements and acknowledgments

Current through June 24, 2024
(1) AGREEMENT WITH
				CREDITOR. 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:
(a) Be executed and dated by both
				parties.
(b) Indicate whether the
				licensee is authorized to add interest, collection charges, or fees to the
				accounts listed for collection and identify the interest rate, charge, or fee
				amount.
(c) Identify the licensee's
				rate of commission. The licensee may not charge a higher commission rate on
				interest or other charges and fees collected than is charged on the principal
				amount unless the agreement authorizes a higher commission rate. Licensee may
				not retain the higher rate of charge until the principal amount listed as owing
				has been collected in full.
(d)
				List any other fees that the creditor may be charged.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.05 - Remittance statement

Current through June 24, 2024
(1) REMITTANCE
				STATEMENT TO BE FURNISHED EACH CREDITOR. A licensee shall provide a remittance
				statement and remit any money due to a creditor or forwarder 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:
(a) Date of
				remittance.
(b) Debtor's
				name.
(c) Date of collection and
				amount collected from each debtor which shall include interest and other
				charges. Attorney fees, court costs or suit fees if paid by or charged to the
				creditor and non-sufficient fund fees assessed by the creditor shall be
				included as other charges. Fees permitted and collected pursuant to s.
				DFI-Bkg 74.11 (2) (b) to
				(d) may not be included as other
				charges.
(d) Distribution of money
				collected from each debtor including interest and non-sufficient fund fees
				assessed by the creditor, if any, showing the amount due the licensee as
				commission and the amount due the creditor or forwarder.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.06 - Trust fund account

Current through June 24, 2024
(1) A licensee's
				trust checking account shall be identified as a "trust account."
(2) A licensee may maintain trust funds in an
				interest-bearing savings account or instrument provided it is identified as a
				"trust account."
(3) Sufficient
				funds shall be maintained in the trust account or trust accounts to pay all
				moneys due or owing all creditors or forwarders. For the purpose of determining
				sufficient funds, amounts collected by a 3rd party, but not yet deposited into
				the licensee's trust account, are not considered trust funds.
(4) Sufficient funds shall be maintained in
				the trust checking account on which remittance checks or electronic debits are
				drawn or made to pay all checks and debits when presented.
(5) The licensee shall have sufficient
				documentation from the trust account or trust accounts available to make an
				adequate examination.
(6) Third
				party payment processors may not be given authority to withdraw funds from the
				licensee's trust account.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.06 - Trust fund account

Current through June 24, 2024
(1) A licensee's
				trust checking account shall be identified as a "trust account."
(2) A licensee may maintain trust funds in an
				interest-bearing savings account or instrument provided it is identified as a
				"trust account."
(3) Sufficient
				funds shall be maintained in the trust account or trust accounts to pay all
				moneys due or owing all creditors or forwarders. For the purpose of determining
				sufficient funds, amounts collected by a 3rd party, but not yet deposited into
				the licensee's trust account, are not considered trust funds.
(4) Sufficient funds shall be maintained in
				the trust checking account on which remittance checks or electronic debits are
				drawn or made to pay all checks and debits when presented.
(5) The licensee shall have sufficient
				documentation from the trust account or trust accounts available to make an
				adequate examination.
(6) Third
				party payment processors may not be given authority to withdraw funds from the
				licensee's trust account.
Sub. (6) is shown as created eff. 1-1-25 by 2023 Wis. Act
					 267. A similar provision with the same numbering was created eff. 4-1-24 by CR
					 23-039. As created by CR 23-039, it
					 reads:
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.07 - Books and records

Current through June 24, 2024
(1) RECORDS TO BE
				MAINTAINED. Every licensee shall maintain in the principal licensed office
				adequate records which shall include all of the following:
(a) A daily collection record or cash receipt
				journal in which all collections are recorded and allocated as to total
				collections, setting forth all of the following:
1. The amount credited to principal,
				interest, and other charges, such other charges to include non-sufficient fund
				fees assessed by the creditor, any fees permitted and collected pursuant to s.
				DFI-Bkg 74.11 (2) (b) to
				(d), attorney's fees and court
				costs.
2. The amount due creditors
				or forwarders.
3. The amount
				retained as commission or commission paid to forwardees.
4. Paid directs reported and paid direct
				commissions received.
5. The
				debtor's name.
6. The date of
				collection.
7. The creditor's name
				or a code that identifies the creditor.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.08 - Disclosure of rates in advertising

Current through June 24, 2024
If any mention of rates is made in any form of advertising or
				  on any form used by a licensee, the full rate or rates charged shall be stated
				  as a percentage or dollar amount. No collection agency shall advertise, print,
				  display, publish, distribute or broadcast or cause to be advertised, printed,
				  displayed, published, distributed or broadcast, in any manner, any statement or
				  representation with regard to collection agency rates which is false,
				  misleading, or deceptive, or which omits to state material information with
				  respect to collection agency rates to make the statements therein not false,
				  misleading or deceptive.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.09 - Licensee shall furnish report to creditor on written request

Current through June 24, 2024
Every licensee shall furnish within 30 days after written
				  request from the creditor or forwarder, a written report upon accounts received
				  from such creditor or forwarder. The report shall include for each account the
				  name of the debtor, the account number, the original amount of the account
				  placed for collection, the uncollected balance due and the date of last payment
				  by the debtor.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.10 - Procedure for return or cancellation of accounts

Current through June 24, 2024
(1)
				CREDITOR MAY REQUEST RETURN OF ACCOUNTS.
(a)
				The written request of a creditor or forwarder for the return of any account
				not in the actual process of collection shall be complied with by the licensee
				in writing within a reasonable length of time, but not in any event to exceed
				30 days; the cancellation and return shall consist of listing the account by
				name of debtor, the original amount of the account placed for collection, the
				uncollected balance due and the date of last payment by the debtor. In
				addition, all valuable papers furnished by the creditor or forwarder in
				connection with the account shall be returned.
(b) A creditor may waive its right to have
				returned to it the valuable papers that were furnished to the licensee when the
				account was listed. Such waiver must be in writing, be dated on or after the
				date the creditor requests the return of its accounts under par. (a), and must
				be maintained in the office of the agency.
(c) A licensee may not contract for or assess
				a fee, commission, or any other charge to a creditor for returning any account
				to the creditor that is not in the actual process of collection, other than a
				fee for reasonable costs incurred by the licensee for each account placed in
				error by the creditor.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.10 - Procedure for return or cancellation of accounts

Current through June 24, 2024
(1) CREDITOR
				MAY REQUEST RETURN OF ACCOUNTS.
(a) The
				written request of a creditor or forwarder for the return of any account not in
				the actual process of collection shall be complied with by the licensee in
				writing within a reasonable length of time, but not in any event to exceed 30
				days; the cancellation and return shall consist of listing the account by name
				of debtor, the original amount of the account placed for collection, the
				uncollected balance due and the date of last payment by the debtor. In
				addition, all valuable papers furnished by the creditor or forwarder in
				connection with the account shall be returned.
(b) A creditor may waive its right to have
				returned to it the valuable papers that were furnished to the licensee when the
				account was listed. Such waiver must be in writing, be dated on or after the
				date the creditor requests the return of its accounts under par. (a), and must
				be maintained in the office of the agency.
(c) A licensee may not contract for or assess
				a fee, commission, or any other charge to a creditor for returning any account
				to the creditor that is not in the actual process of collection, other than a
				fee for reasonable costs incurred by the licensee for each account placed in
				error by the creditor.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.11 - General

Current through June 24, 2024
(1) COMPUTATION OF
				INTEREST AND OTHER CHARGES. Interest computed by the licensee on accounts where
				there is no definite amount contracted for should be limited to the amount
				permitted under ss. 138.04 and
				138.05, Stats.
(2) FEES.
(a) Except as set forth in pars. (b) to (e)
				and s. DFI-Bkg 74.11 (8), a licensee may not charge the debtor any fee,
				handling charge, mileage costs or other out-of-pocket expenses incurred in the
				collection of an account. In no case may a licensee divide a debtor's payment
				to increase the fees. The fees permitted under par. (d) may only be assessed if
				the fee is disclosed to the debtor prior to the transaction being processed and
				the debtor is not required to make payment via the method described
				therein.
(b) Actual charges
				assessed by a financial institution on a check returned to the licensee for any
				reason may be added to the account of the debtor provided the charge is not the
				result of a licensee prematurely depositing a post-dated check.
(c) Actual charges assessed by a financial
				institution on an Automated Clearing House transaction reversed for any reason
				may be added to the account of the debtor provided the charge is not the result
				of a licensee debiting the debtor's account prematurely, for an incorrect
				amount, or without proper authorization.
(d) A fee not to exceed the lesser of $25 or
				3% of the payment amount, not including the fee, may be added to the account of
				the debtor when the debtor makes a payment using a credit card or debit
				card.
(e) A licensee may serve
				process on a debtor and may assess a charge for service of process costs not
				exceeding those assessed by the sheriff of the county in which process is
				served.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.12 - Annual report

Current through June 24, 2024
With the exception of the balance sheet and income statement,
				  all portions of the annual report required by s.
				  218.04(10)
				  (a), Stats., shall be completed as of the
				  close of business on December 31 in the year for which the annual report is
				  furnished. The licensee may, if written authorization has been granted to the
				  licensee by the division, file a balance sheet and income statement for a date
				  prior to December 31, but not before September 30 in the year for which the
				  report is furnished.
This section is repealed eff. 1-1-25 by 2023 Wis. Act
					 267.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.13 - Fair collection practice notice

Current through June 24, 2024
(1) Unless the
				initial communication is written and contains the following notice or the
				debtor has paid the debt, a licensee shall send the debtor the following notice
				within 5 days after the initial communication with a debtor: "This collection
				agency is licensed by the Division of Banking in the Wisconsin Department of
				Financial Institutions, www.dfi.wi.gov." This notice shall be in at least 8
				point type and shall be typed or printed on either a collection notice or on
				the validation of any debt directed to the debtor by the licensee pursuant to
				Section 809 of the Federal Fair Debt Collection Practices Act.
(2) Where the notice required by sub. (1) is
				printed on the reverse side of any collection notice or validation sent by the
				licensee, the front of such notice shall bear the following statement in not
				less than 8 point type: "Notice: See Reverse Side for Important
				Information."
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.14 - Use of alias

Current through June 24, 2024
In any oral or written communication with a debtor, any
				  collector or solicitor may use a separate alias. Such alias shall include a
				  first and last name and shall be registered with and approved by the division
				  prior to use. No collector or solicitor may have more than one alias. No change
				  of alias may be authorized unless good cause is shown. Collectors or solicitors
				  employed by a licensee may not use the same alias. A licensee may forward
				  printed collection notices to a debtor which are unsigned.
This section is repealed eff. 1-1-25 by 2023 Wis. Act
					 267.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.15 - Unauthorized practice of law

Current through June 24, 2024
Except for an attorney employed by a licensee, no collector
				  or other employee of the licensee may, in attempting to collect an account,
				  engage in the practice of law. This includes the preparation of a summons or
				  complaint or the appearance on behalf of any creditor, except when called as a
				  witness by the plaintiff's attorney in open court, before any court including
				  the clerk of any small claims court in an action on the debt or in garnishment
				  proceedings. It is not considered the practice of law for an employee of a
				  licensee to prepare a summons or complaint under the direction of an attorney
				  which will subsequently be signed and filed by the plaintiff's attorney. This
				  section does not prohibit the appearance of an owner or officer of a licensed
				  collection agency in court for the purpose of obtaining judgment on a debt owed
				  to the licensee directly.