reglab/statecodes huggingface dataset:
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 14 - Customer Bank Communications Terminal Joint Rules › Section DFI-Bkg 14.08 - Customer service and disclosure requirements

Current through June 24, 2024
(1) PERIODIC
				STATEMENTS. A bank shall provide each customer with a periodic statement of
				each account of the customer accessible through a customer bank communications
				terminal. The statement shall be provided on a monthly basis for each month in
				which a transaction occurs, or once every 3 months, whichever is more frequent.
				The statement shall identify the date, location, and nature of each
				transaction. An account statement issued under this subsection may include
				transactions made through a customer bank communications terminal or
				otherwise.
(2) TRANSACTION
				DOCUMENTATION. Except as provided in sub. (4), every transfer of funds through
				a customer bank communications terminal made by a customer of a bank shall be
				evidenced by a written document made available to the customer at the time of
				the transaction. The document shall indicate with reasonable specificity the
				identity of any third party to whom funds are electronically transferred, the
				identity of the customer's account, the amount of funds transferred, the type
				of transaction, and the date of the transaction. A customer may be required to
				re-enter an access device, such as a card, at a terminal in order to receive
				transaction documentation if all of the following conditions are met:
(a) The terminal simultaneously controls the
				distribution of products at several locations on the same site to more than one
				customer.
(b) Each customer must
				remove the access device from the terminal and move to another location in
				order to complete the transaction.
(c) The terminal cannot produce transaction
				documentation for a particular transaction until the customer completes
				distribution of the product and the amount of the transaction is known.
Note:
Paragraphs (a) to (c) apply, for example,
				  to a terminal which monitors a series of gasoline pumps. Each customer must
				  remove the card from the terminal in order to pump the gasoline and then
				  re-enter the card in order to obtain a receipt.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 14 - Customer Bank Communications Terminal Joint Rules › Section DFI-Bkg 14.09 - Chargebacks

Current through June 24, 2024
When any sale of goods or services is paid directly through a
				  terminal and involves an aggregate transfer of funds of $50 or more from an
				  account of a customer to the account of another person, but does not involve a
				  check or draft, the bank shall reverse the transaction and recredit the
				  customer's account upon receipt of oral or written notice by the customer
				  within 3 business days after the date of the sale. "Business day" means that
				  part of any day on which a bank is open to the public for carrying on
				  substantially all of its business functions.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 14 - Customer Bank Communications Terminal Joint Rules › Section DFI-Bkg 14.10 - Advertising restrictions

Current through June 24, 2024
If use of a customer bank communications terminal is
				  restricted under s. DFI-Bkg 14.04(2) to designated financial institutions, all
				  advertisements regarding the terminal shall clearly state that use of the
				  terminal will be available to customers of other financial institutions at the
				  end of the period of restricted use authorized by the
				  administrator.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 14 - Customer Bank Communications Terminal Joint Rules › Section DFI-Bkg 14.11 - Filing of supplemental information

Current through June 24, 2024
Each bank engaging in an activity authorized under s.
				  221.0303,
				  Stats., shall file with the administrator such additional information regarding
				  its activity as the administrator may from time to time
				  require.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 15 - Fiduciary Operations › Section DFI-Bkg 15.01 - Registration, filing date and location

Current through June 24, 2024
Each organization engaged in, or which intends to engage in,
				  fiduciary operations as defined in s.
				  223.105,
				  Stats., shall notify the administrator of the division of banking then
				  exercising regulatory authority over such organizations as specified in s.
				  223.105(4),
				  Stats., or, if none, the administrator of the division of banking of its
				  fiduciary activities or of its intentions to engage in such activities.
				  Organizations engaged in such activities on or before the effective date of
				  this rule shall file such notice with the appropriate administrator of the
				  division of banking within 120 days of September 1, 1977 and annually
				  thereafter. Organizations which intend to engage in such activities after
				  September 1, 1977 shall file such notice with the appropriate administrator of
				  the division of banking prior to engaging in such operations and shall file a
				  notice of its continuing activities annually thereafter.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 15 - Fiduciary Operations › Section DFI-Bkg 15.02 - Registration, contents

Current through June 24, 2024
Such notice shall be filed on a form provided by the
				  administrator of the division of banking and shall include:
(1) The business name, address, and telephone
				number of the principal place of business of the organization, wherever
				located, together with the name and title of the chief executive officer or
				managing partner and the person in charge of fiduciary activities.
(2) The business name, address, and telephone
				number of any business location of the organization in Wisconsin, other than
				the principal place of business, at which fiduciary activities are conducted,
				together with the name and title of each person in charge of fiduciary
				activities at each location.
(3) A
				description of each type of fiduciary operation engaged in or in which the
				organization intends to engage including but not limited to,
(a) Personal representative of
				estates;
(b) Trustee of inter vivos
				or testamentary trusts;
(c)
				Guardian of estates of minors or incompetents;
(d) Custodian of individual retirement
				funds;
(e) Trustee of pension
				plans, profit sharing plans, retirement plans or other employe benefit
				plans.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 15 - Fiduciary Operations › Section DFI-Bkg 15.03 - Segregation of assets

Current through June 24, 2024
Organizations engaging in fiduciary operations shall to the
				  extent required by the administrator of the division of banking segregate all
				  assets held in any fiduciary capacity from the general assets of the
				  organization and shall keep a separate set of books and records showing in
				  proper detail all transactions involving property held in a fiduciary
				  capacity.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 15 - Fiduciary Operations › Section DFI-Bkg 15.04 - Indemnity fund

Current through June 24, 2024
Each organization engaged in fiduciary operations shall
				  deposit with the state treasurer not less than 50% of the book value of the
				  assets held by the organization in a fiduciary capacity but not more than
				  $100,000 in cash, or securities eligible for trust investments under ch. 881,
				  Stats., to be held in trust as security for the faithful execution of any
				  fiduciary duties lawfully imposed upon and accepted by the
				  organization.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 16 - Real Estate Brokerage Services › Section DFI-Bkg 16.01 - Real estate brokerage services

Current through June 24, 2024
In this chapter "real estate brokerage services" includes the
				  attempt or arrangement of the purchase, sale, rental or exchange of an interest
				  or estate in real estate. "Real estate brokerage services" does not include
				  real estate development or investment activities.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 16 - Real Estate Brokerage Services › Section DFI-Bkg 16.02 - Finding of the administrator of the division of banking

Current through June 24, 2024
Pursuant to s.
				  221.0322(1),
				  Stats., the administrator of the division of banking finds that a real estate
				  brokerage service is a financially related service and it is a service that
				  other financial services providers may undertake.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 16 - Real Estate Brokerage Services › Section DFI-Bkg 16.03 - Approval procedure

Current through June 24, 2024
Organization of a division or subsidiary shall be made by
				  first obtaining written approval of the administrator of the division of
				  banking and otherwise complying with the s. DFI- Bkg 3.04 and s.
				  221.0322,
				  Stats. Changes, additional investment or loans to the real estate brokerage
				  service by the bank or its subsidiary are also required to have prior written
				  approval of the administrator of the division of banking. The administrator of
				  the division of banking shall have 60 days from the date of receipt of the
				  application in which the action shall be approved or
				  disapproved.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 16 - Real Estate Brokerage Services › Section DFI-Bkg 16.04 - Reports required

Current through June 24, 2024
The real estate brokerage division or subsidiary shall
				  provide to the administrator of the division of banking an annual financial
				  statement within 90 days from the end of the fiscal year.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 16 - Real Estate Brokerage Services › Section DFI-Bkg 16.05 - Bank offering of real estate brokerage services

Current through June 24, 2024
A bank may provide real estate brokerage services directly
				  or through a subsidiary at its home office, authorized branch offices, and
				  other locations, provided, the bank does not make loans, accept deposits,
				  provide trust services other than as permitted by s.
				  221.0316, Stats., or cash checks
				  or other negotiable instruments at such other locations. Notification of
				  locations shall be made annually as part of the financial statement provided to
				  the division of banking under s.
				  DFI-Bkg 16.04. Prior
				  approval by the administrator of the division of banking of such other
				  locations is not required.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 16 - Real Estate Brokerage Services › Section DFI-Bkg 16.06 - Real estate services provided by bank employees

Current through June 24, 2024
No officer or employee of a bank who personally approves a
				  borrower's application with respect to a particular real estate loan may
				  receive any commission earned on the sale of the real estate related to the
				  loan. Any such commission shall be paid directly to the bank.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 16 - Real Estate Brokerage Services › Section DFI-Bkg 16.07 - Discretionary authority of the administrator of the division of banking

Current through June 24, 2024
The administrator of the division of banking may, pursuant to
				  s.
				  221.0322,
				  Stats., on an individual case basis, restrict, limit, prohibit or revoke the
				  authority of a bank to operate a real estate brokerage service division or
				  subsidiary.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 16 - Real Estate Brokerage Services › Section DFI-Bkg 16.08 - Compliance with other laws

Current through June 24, 2024
The real estate brokerage services offered by a bank or its
				  subsidiary shall comply with ch. 452, Stats., and other applicable laws and
				  administrative rules.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 17 - Interim Banks › Section DFI-Bkg 17.01 - Definitions

Current through June 24, 2024
In this chapter:
(1)
				"Application" means an application for an interim bank.
(2) "Articles of incorporation" has the
				meaning set forth in s.
				221.0102(1),
				Stats.
(3) "Capital" has the
				meaning set forth in s.
				221.0102(4),
				Stats.
(4) "Capital stock" has the
				meaning set forth in s.
				221.0102(3),
				Stats.
(5) "Dissenter" has the
				meaning set forth in s.
				221.0705(3),
				Stats.
(6) "Division" means the
				division of banking.
(7)
				"Shareholder" has the meaning set forth in s.
				221.0102(6),
				Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 17 - Interim Banks › Section DFI-Bkg 17.02 - Application

Current through June 24, 2024
An application shall be on a form prescribed by the division
				  and shall be accompanied by a fee set by the division. A copy of any
				  application filed by the applicant with the Federal Deposit Insurance
				  Corporation or the Federal Reserve System relating to the application shall
				  accompany the application.
A copy of the form may be obtained by writing to the
					 Department of Financial Institutions, Division of Banking, P.O. Box 7876,
					 Madison, WI 53707-7876, or downloaded from the department's website,
www.wdfi.org
.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 17 - Interim Banks › Section DFI-Bkg 17.03 - Dissenters' rights

Current through June 24, 2024
A shareholders' meeting notice shall be accompanied by a
				  notice of dissenters' rights pursuant to s.
				  221.0708,
				  Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 17 - Interim Banks › Section DFI-Bkg 17.04 - Capital structure

Current through June 24, 2024
(1) The minimum level of capital stock for an
				interim bank shall be $5,000. The establishment of a paid-in capital account
				and contingent fund under s.
				221.0205, Stats.,
				is not required for an interim bank.
(2) If the existing bank is the surviving
				charter in a merger or consolidation, the interim bank's capital stock may be
				cancelled and transferred to the surplus of the surviving entity at the time of
				the merger or consolidation, or the stock of the surviving entity may be
				increased by the amount of the interim bank's capital stock through an
				amendment to the articles of incorporation of the existing bank.
(3) If the interim bank is the surviving
				charter in the merger or consolidation, and the total assets of the combined
				entity is similar to that of the existing bank, the capital stock of the
				interim bank immediately following the merger or consolidation shall, by an
				amendment to the articles of incorporation of the interim bank, be increased to
				an amount at least equal to the capital stock of the existing bank prior to the
				merger or consolidation.
(4) If the
				interim bank is the surviving charter in the merger or consolidation, and the
				transaction results in a significant increase in total assets from what the
				existing bank reflects prior to the merger or consolidation, the capital stock
				of the interim bank immediately following the merger or consolidation shall, by
				an amendment to the articles of incorporation of the interim bank, be increased
				to the greater of $1,000,000 or the amount of capital stock of the existing
				bank prior to the merger or consolidation.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 17 - Interim Banks › Section DFI-Bkg 17.06 - Notice of approval

Current through June 24, 2024
Shareholders of an existing bank who did not vote for the
				  merger or consolidation shall be given notice of the division's
				  approval.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 17 - Interim Banks › Section DFI-Bkg 17.07 - Articles of incorporation

Current through June 24, 2024
Upon approval of an application, the applicant shall file
				  with the division 2 copies of the articles of incorporation of the interim
				  bank. The articles of incorporation shall be on a form prescribed by the
				  division.
A copy of the form may be obtained by writing to the
					 Department of Financial Institutions, Division of Banking, P.O. Box 7876,
					 Madison, WI 53707-7876, or downloaded from the department's website,
www.wdfi.org
.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 17 - Interim Banks › Section DFI-Bkg 17.08 - Required documentation

Current through June 24, 2024
(1) The following documentation shall be
				filed with the division prior to the effective date of a merger or
				consolidation:
(a) Copies of the notices sent
				to the shareholders of each bank for the shareholders meeting to be held to
				vote on the merger or consolidation. The notice for the interim bank shall be
				dated after the division has approved the articles of incorporation and capital
				has been paid-in.
(b) Certified
				copies of the resolutions adopted by the shareholders of each bank involved in
				the merger or consolidation, including the record of the vote. The resolutions
				for the interim bank shall be dated after the division has approved the
				articles of incorporation and capital has been paid-in.
(c) Copy of the notice of approval sent to
				the shareholders of the existing banks who voted to oppose the merger or
				consolidation.
(d) Copy of the
				Federal Deposit Insurance Corporation's or the Federal Reserve System's
				approval of the transaction.
(e)
				Amendments to the articles of incorporation of the surviving bank if the merger
				or consolidation results in changes in the articles of incorporation.
Example: Changes in articles of incorporation include name,
				  location and the amount of capital.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 18 - Loans And Investments › Section DFI-Bkg 18.01 - Definitions

Current through June 24, 2024
In this chapter:
(1e) "Administrator" means the administrator
				of the division of banking.
(1m)
				"Division" means the division of banking.
(1s) "Investment" means moneys advanced,
				directly or indirectly by a bank or its subsidiary in listed or unlisted
				stocks, capital notes and debentures, bonds, real estate, small business
				investment companies and other obligations or securities as are permitted by
				law or administrative rule.
(2)
				"Security" means the interest pledged to a bank or its subsidiary for a loan.
				Permissible forms of security include real estate, business assets, listed and
				unlisted securities, cash surrender value of life insurance, limited
				partnerships but not as a general partner and other forms as permitted by law
				or administrative rule. Loans under s.
				221.0321 (1),
				Stats., need not be secured.
(3)
				"Subsidiary" means any business in which a parent bank owns an interest of at
				least 80% of the voting stock pursuant to s.
				DFI-Bkg 3.04.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 18 - Loans And Investments › Section DFI-Bkg 18.02 - Loans or investment limited

Current through June 24, 2024
(1) A bank or its
				subsidiary is limited for its aggregate loan or investment portfolio to the
				respective percentage established by the administrator pursuant to s.
				221.0321 (3),
				Stats.
(2) The statutory
				limitations with respect to officers, directors, and employees of a bank, as
				set forth at s. 221.0625, Stats., are applicable
				to and included in calculating the appropriate amounts of such officers',
				directors' or employees' involvement, relationship, ownership or other
				participation through a subsidiary.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 18 - Loans And Investments › Section DFI-Bkg 18.03 - Procedure for determination of applicable percentage

Current through June 24, 2024
Prior to lending or investing by a bank or its subsidiary
				  pursuant to s. 221.0321, Stats., the bank or
				  subsidiary shall request the administrator to make a determination establishing
				  applicable percentage limitations. The administrator's determination may
				  include consideration of the bank's assets, management and liquidity ratio and
				  its capital ratio. The administrator shall report the determination to the
				  requestor within 60 days from the date of the receipt of the
				  request.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 18 - Loans And Investments › Section DFI-Bkg 18.04 - Review of percentage determination and compliance with other laws

Current through June 24, 2024
The administrator may review a determination made under s.
				  DFI-Bkg 18.03 and
				  establish, withdraw or suspend the percentage in effect after consideration of
				  factors such as the bank's capital, capital ratio, asset quality, management,
				  earnings, liquidity ratio, contingent liabilities and off balance sheet risk.
				  After any loss is reported the administrator shall have 60 days to review and
				  establish, withdraw or suspend a percentage pursuant to s.
				  221.0321,
				  Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 18 - Loans And Investments › Section DFI-Bkg 18.05 - Notification

Current through June 24, 2024
A bank or its subsidiary shall, prior to disposition of, or
				  withdrawal from, a loan or investment subject to this chapter, inform the
				  administrator by letter of the terms of the transaction. The bank or its
				  operating subsidiary shall provide a financial statement to the administrator
				  within 90 days after the close of its fiscal year. It shall further provide the
				  administrator a copy of all resolutions or other records of the board of
				  directors approving any investments or loans or taking any action with regard
				  thereto pursuant to s.
				  221.0321,
				  Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 18 - Loans And Investments › Section DFI-Bkg 18.06 - Accounting

Current through June 24, 2024
A bank or its subsidiary shall follow the instructions
				  approved for use by the division for the preparation of reports in the reports
				  of condition and income to account for investments made pursuant to s.
				  221.0321,
				  Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 18 - Loans And Investments › Section DFI-Bkg 18.07 - Losses

Current through June 24, 2024
A bank or its subsidiary shall within 30 days report any
				  losses incurred on loans or investments made pursuant to s.
				  221.0321,
				  Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 19 - [Repealed] › Section DFI-Bkg 19.01

Current through June 24, 2024
1995 Wis. Act 55 repealed s. 221.58, Stats., and created s.
					 221.0901
					 relating to acquisitions of banks and bank holding companies. Section
					 221.0901
					 contains a definition of "principal place of business" and does not contain the
					 term "principal bank office".
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 40 - Definitions And Requirements For Mortgage Banking Regulation › Section DFI-Bkg 40.01 - Definitions

Current through June 24, 2024
In subch. III of ch. 224, Stats., and chs.
				  DFI-Bkg 40 to 46:
(1) "Division" means the division of
				banking.
(2) "Investor" means a
				mortgagee.
(3) "Licensee" means a
				person licensed under s.
				224.72
				or
				224.725,
				Stats.
(4) "Loan application fee"
				means a fee in whole or in part imposed by a licensee for services rendered by
				the licensee in connection with a residential mortgage loan application; a fee
				or charge imposed on behalf of a third party for services rendered by the third
				party incident to the processing of a residential mortgage loan application,
				such as a charge for a credit report or appraisal; or a fee or deposit in whole
				or in part imposed on behalf of any other licensee for that person's services
				rendered in connection with a residential mortgage loan application.
(5) "Loan commitment" means a written
				statement signed by a lender, setting forth the terms and conditions upon which
				the lender is obligated to make a particular residential mortgage loan to a
				particular applicant.
(6) "Loan
				commitment fee" means a fee charged by a licensee to an applicant in exchange
				for a promise to make a loan pursuant to a loan commitment.
(7) "Person" means a natural person, and
				includes all partnerships, associations and bodies politic or
				corporate.
(8) "Trust account" means
				an account in a depository institution in which funds are held for the benefit
				of a third party. A trust account may also be known as a custodial or escrow
				account.
(9) "Trust funds" means all
				monies other than nonrefundable fees which a licensee receives on behalf of any
				person, pending disbursement of the funds in accordance with instructions from
				the person on whose behalf the funds are deposited. "Trust funds" does not mean
				loan application fees which a licensee has disclosed to a loan applicant as
				being nonrefundable, even though the licensee may actually refund all or part
				of these fees later.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 40 - Definitions And Requirements For Mortgage Banking Regulation › Section DFI-Bkg 40.02 - Source for financing a loan

Current through June 24, 2024
A person who provides funding for a loan must be licensed as
				  a mortgage banker if the person is in the business of originating loans
				  directly with loan applicants. However, if the person who provides funding
				  engages the services of a licensed mortgage banker or other lending institution
				  which is lawfully engaged in the practice of originating loans, the person is
				  not required to be licensed as a mortgage banker.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 40 - Definitions And Requirements For Mortgage Banking Regulation › Section DFI-Bkg 40.03 - Branch offices

Current through June 24, 2024
(2) A branch location may not be licensed
				under two different licensees.
(3)
				Any of the following, if done by the branch, branch manager or employees of the
				branch, demonstrates that a license has been transferred or assigned to the
				branch:
(a) Assuming responsibility and
				liability for branch office leases, or signing rent or equipment leases for the
				branch location.
(b) Assuming
				responsibility and liability for utilities, advertising or other bills incurred
				by the branch.
(c) Paying for
				branch start up costs, including the cost of branch licenses, bank account
				deposits, license fees, security deposits, payroll fees or loan software
				fees.
(d) Signing agreements to pay
				monthly fees for using the mortgage banker's or mortgage broker's
				license.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 40 - Definitions And Requirements For Mortgage Banking Regulation › Section DFI-Bkg 40.04 - Trade names

Current through June 24, 2024
(1) A licensee may not conduct business under
				any name or names other than the name or names listed on the license.
(2) Before using any trade name or d/b/a
				designation, a licensee shall obtain approval from the division for the use of
				the trade name or d/b/a designation.
(3) The combined total of trade names and
				d/b/a designations used by a licensee in Wisconsin may not exceed
				five.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 40 - Definitions And Requirements For Mortgage Banking Regulation › Section DFI-Bkg 40.05 - Surety bonds

Current through June 24, 2024
A mortgage banker or mortgage broker shall increase its
				  surety bond by $10,000 for each licensed branch location when the number of its
				  branch locations exceeds five.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 40 - Definitions And Requirements For Mortgage Banking Regulation › Section DFI-Bkg 40.06 - Loan processors and underwriters

Current through June 24, 2024
An independent contractor may not engage in the activities
				  of a loan processor or underwriter unless he or she is licensed under s.
				  224.725, Stats., and has
				  obtained a valid unique identifier issued by the Nationwide Mortgage Licensing
				  System.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 41 - Fees And Renewals › Section DFI-Bkg 41.01 - License fee

Current through June 24, 2024
Except as provided in s. DFI- Bkg 47.04, the following
				  nonrefundable fees shall be submitted with an application for a license or
				  renewal of a license under subch. III of ch. 224, Stats.:
(1) Mortgage banker: $1,000.
(2) Mortgage broker: $750.
(3) Branch office: $350.
(4) Mortgage loan originator: $250.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 41 - Fees And Renewals › Section DFI-Bkg 41.02 - Transfer fee

Current through June 24, 2024
The fee for a licensed mortgage loan originator to transfer
				  association pursuant to s.
				  224.73(3)
				  (a), Stats., is $40.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 41 - Fees And Renewals › Section DFI-Bkg 41.03 - NMLS processing fee

Current through June 24, 2024
In addition to the fees set forth in this chapter, licensees
				  shall pay any required service fees charged by the Nationwide Mortgage
				  Licensing System.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 41 - Fees And Renewals › Section DFI-Bkg 41.04 - Current information

Current through June 24, 2024
Licensees shall keep current and accurate all material
				  information contained in the application or on file with the division and the
				  Nationwide Mortgage Licensing System. If the information changes in any
				  material respect, the licensee shall notify the division and the Nationwide
				  Mortgage Licensing System of the change within 10 days after the change. A
				  licensee who fails to so notify the division and the Nationwide Mortgage
				  Licensing System shall pay $500 to the division upon the division's
				  request.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 41 - Fees And Renewals › Section DFI-Bkg 41.05 - License renewals

Current through June 24, 2024
For all licenses under subch. III of ch. 224, Stats., all of
				  the following apply:
(1) All licenses
				expire on December 31 of each year.
(2) A licensee may apply for the renewal of a
				license by submitting to the Nationwide Mortgage Licensing System an
				application for renewal and the fee required under s.
				DFI-Bkg 41.01. The
				application and fee shall be received by the Nationwide Mortgage Licensing
				System between November 1 and December 31.
(3) The reinstatement period for a renewal
				application received by the Nationwide Mortgage Licensing System begins on
				January 1 and ends on the last day of February of the year following the
				expiration date of the license. A renewal application received by the
				Nationwide Mortgage Licensing System during the reinstatement period shall be
				accompanied by an additional nonrefundable fee of $100.
(5) A licensee whose application for renewal
				is not received by the Nationwide Mortgage Licensing System before March 1
				shall submit an application for a new license, and no business for which the
				license is required may be conducted after the license expires and before a new
				license is issued by the division.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 42 - Trust Accounts › Section DFI-Bkg 42.01 - General requirements for trust accounts

Current through June 24, 2024
(1) TYPE OF
				ACCOUNT. A licensee shall deposit all trust funds received by the licensee or
				the licensee's employees in a trust account in a depository institution. The
				account shall be identified as a trust account. The division may prohibit a
				licensee from establishing or maintaining a trust account in a financial
				institution if the division believes that the financial institution is
				operating in an unsafe or unsound manner.
(2) TIME OF DEPOSIT. A licensee shall deposit
				all trust funds received by the licensee or the licensee's employees in a trust
				account within 48 hours of receipt of such trust funds. If funds are received
				on a day prior to a holiday or other day when the depository institution is
				closed, the licensee shall deposit the funds on the next business day of the
				depository institution. A licensee may satisfy this requirement by mailing
				trust funds to the depository institution within 48 hours after receipt of the
				trust funds.
(3) DEPOSIT OF LOAN
				APPLICATION FEE BY MORTGAGE BROKER. A licensed mortgage broker who receives a
				loan application fee from an applicant for a residential mortgage loan shall
				make a good faith estimate of that portion of the loan application fee which
				will be needed to pay for services rendered by a third party incident to the
				processing of the residential mortgage loan application, such as a fee or a
				charge for a credit report or a real estate appraisal. The mortgage broker
				shall follow either one of the following 2 procedures relating to that portion
				of the loan application fee which is needed to pay for the services rendered by
				a third party or which is imposed on behalf of any other person:
(a) Deposit that portion of the loan
				application fee in a trust account and disburse it from the trust account to
				pay for the services rendered by a third party.
(b) Direct the applicant to make payment
				directly to the third party.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 42 - Trust Accounts › Section DFI-Bkg 42.02 - Duty to notify the division about trust accounts

Current through June 24, 2024
Upon request by the division, a licensee shall provide the
				  division with the name and number of every trust account maintained by the
				  licensee in a depository institution and the name and address of the depository
				  institution in which the licensee holds each account.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 42 - Trust Accounts › Section DFI-Bkg 42.03 - Authorization to examine trust accounts

Current through June 24, 2024
Upon the division's request, a licensee shall obtain the
				  certification of every depository institution in which a licensee maintains a
				  trust account, attesting to the existence of the account and consenting to the
				  examination and audit of the account by a duly authorized representative of the
				  division. The licensee shall have sufficient documentation from the trust
				  account available to make an adequate examination.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 42 - Trust Accounts › Section DFI-Bkg 42.04 - Disbursement of trust funds

Current through June 24, 2024
(1) WITHDRAWAL OF
				FEES AND COMMISSIONS. A licensee shall withdraw fees or commissions from trust
				accounts maintained by the licensee within 24 hours after the fees or
				commissions are payable or in accordance with any written agreement or
				contract, except that fees relating to the servicing of monthly mortgage
				payments shall be withdrawn from trust accounts within 60 days after monthly
				payments are received.
(2) RELEASE
				OF TRUST FUNDS. A licensee shall release trust funds within 30 days after
				payment of a residential mortgage loan in full. If a residential mortgage loan
				is not consummated, a licensee shall release trust funds to the person who
				furnished the money to be held in trust within 30 days after it is determined
				that the loan will not be consummated.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 42 - Trust Accounts › Section DFI-Bkg 42.05 - After closing escrow agreements

Current through June 24, 2024
If a licensee requires or permits funds to be placed in
				  escrow until some future occurrence, such as repair or completion escrows, and
				  the parties request that the licensee hold these funds, a written agreement to
				  that effect shall be prepared by the parties or an attorney. If the licensee
				  holds these funds, the licensee shall place the funds in the licensee's trust
				  account.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 42 - Trust Accounts › Section DFI-Bkg 42.06 - Advance deposits in escrow accounts

Current through June 24, 2024
In any transaction, in connection with a residential mortgage
				  loan, in which a licensee requires a borrower or prospective borrower to
				  deposit a sum of money in a tax or insurance escrow account for the purpose of
				  assuring payment of taxes, insurance premiums or other charges with respect to
				  the property, the licensee shall comply with
				  12 USC
				  2601 et seq., as amended, and all regulations
				  related thereto if the transaction involves a "federally related mortgage
				  loan," as the phrase is defined in
				  12
				  USC 2602, as amended.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 43 - Ethical And Competent Practice By Mortgage Bankers, Mortgage Brokers And Mortgage Loan Originators › Section DFI-Bkg 43.01 - Improper, fraudulent or dishonest dealing

Current through June 24, 2024
Improper, fraudulent, or dishonest dealing by a mortgage
				  banker, mortgage loan originator or mortgage broker prohibited by s.
				  224.77 (1) (m),
				  Stats., includes any of the following conduct:
(1) Using or permitting the use of any
				document which contains erroneous or false information.
(2) Making or causing to be made any false,
				deceptive or misleading statement or representation in regard to services being
				offered by the licensee.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 43 - Ethical And Competent Practice By Mortgage Bankers, Mortgage Brokers And Mortgage Loan Originators › Section DFI-Bkg 43.02 - Incompetency to act as a mortgage banker, mortgage loan originator or mortgage broker (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 44 - Mortgage broker agreements and consumer disclosure statements › Section DFI-Bkg 44.01 - Mortgage broker agreements

Current through June 24, 2024
(1) A mortgage
				broker agreement under s.
				224.79(1),
				Stats., shall contain all of the following:
(a) The name, address, telephone number and
				license number of the mortgage broker.
(b) A list of all terms and
				conditions.
(c) A list of services
				to be provided.
(d) A disclosure of
				mortgage broker fees.
(e) A
				disclosure of application fees.
(f)
				The signature of the applicant and the date the agreement was signed.
(g) The name and signature of the mortgage
				loan originator and the date the agreement was signed.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 44 - Mortgage broker agreements and consumer disclosure statements › Section DFI-Bkg 44.02 - Consumer disclosure statement

Current through June 24, 2024
(1) A consumer
				disclosure statement under s.
				224.79(2),
				Stats., shall contain all of the following:
(a) The name, address, telephone number and
				license number of the mortgage broker.
(b) A statement of duties.
(c) A statement of the nature of
				relationship.
(d) A disclosure of
				compensation.
(e) The signature of
				the applicant and the date the agreement was signed.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 46 - Responsible high cost mortgage lending › Section DFI-Bkg 46.01 - Definitions

Current through June 24, 2024
In subch. II of ch. 428, Stats., and ch. DFI-Bkg 46:
(1) "Disclosure" means any of the following:
(a) A loan product choice disclosure under s.
				428.207(2)
				(b), Stats.
(b) A disclosure to a borrower under s.
				428.208,
				Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 46 - Responsible high cost mortgage lending › Section DFI-Bkg 46.02 - Ability to repay

Current through June 24, 2024
(1) GUIDELINES FOR ABILITY TO REPAY BASED
				UPON DEBT-TO-INCOME RATIO. Acceptable debt-to-income ratio tests include, but
				are not limited to, any of the following:
(a)
				The debt-to-income ratio of the loan, computed pursuant to
				38 CFR
				36.4337(d), is 50% or less,
				and the customer has adequate monthly residual income, computed pursuant to
				38 CFR
				36.4337(e).
(b) The debt-to-income ratio requirement but
				not the monthly residual income requirement specified under par. (a) is
				satisfied, and the lender fully justifies in writing that the applicant is a
				satisfactory credit risk when considering the compensating factors described in
				38 CFR 36.4337(c)
				(5).
(c) The monthly residual income requirement
				but not the debt-to-income ratio requirement specified under par. (a) is
				satisfied, and the lender fully justifies in writing that the applicant is a
				satisfactory credit risk when considering the compensating factors described in
				38 CFR 36.4337(c)
				(5).
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 46 - Responsible high cost mortgage lending › Section DFI-Bkg 46.03 - Disclosure forms

Current through June 24, 2024
(1) A disclosure form shall be designed to
				call attention to the nature and significance of the information provided, and
				shall use a typeface and type size that are easy to read.
(2) A disclosure form shall contain an
				acknowledgment provision. The acknowledgement provision shall indicate that the
				borrower has read and understood the terms of the disclosure. No disclosure is
				valid unless a borrower has initialed or signed the acknowledgement provision.
				At the time the borrower initials or signs the acknowledgement provision, the
				borrower shall also date the acknowledgement provision.
(3) A disclosure shall include the following
				statement: "A list of adjustment services companies (companies that help
				consumers budget money) licensed to do business in the state of Wisconsin is
				available at the Wisconsin department of financial institutions' website,
				www.wdfi.org [File Link Not Available].
(4) Upon completion of the disclosure, the
				lender shall provide a copy of the completed disclosure to the
				borrower.
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 47.01 - Authority and intent

Current through June 24, 2024
(1) This chapter is adopted pursuant to
				section 9117 of 2009 Wisconsin Act 2.
(2) The intent of the division in adopting
				this chapter is to implement an orderly and efficient transition from the
				registration system under subch. III of ch. 224, 2007 stats., to the license
				system under subch. III of ch. 224, Stats., as affected by 2009 Wisconsin Act
				2.
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 47.02 - Acceptance of applications for certificate of registration

Current through June 24, 2024
(1) The division
				shall not accept any new mortgage banker or mortgage broker applications for a
				certificate of registration under subch. III of ch. 224, 2007 stats., after
				October 30, 2009.
(2) The division
				shall not accept any new mortgage loan originator applications for a
				certificate of registration under subch. III of ch. 224, 2007 stats., after
				December 11, 2009.
(3) The division
				shall not approve any new applications for a certificate of registration under
				subch. III of ch. 224, 2007 stats., after December 31, 2009.