AB150,1885,87 217.05 (5) (a) Financial statements. Financial statements reasonably
8satisfactory to the office department.

AB150,1885,1610 217.05 (5) (c) Investigation fee. A nonrefundable fee of $100 $300 to the office
11for investigating the application. If the cost of the investigation exceeds $100 $300,
12the applicant shall, upon demand of the office, pay the excess cost. No investigation
13fee shall be required for renewal of a license. Any person holding a license as a
14community currency exchange or a foreign exchange company on March 18, 1968, is
15not required to pay an investigation fee nor a license fee for a single location for the
16remainder of the current licensing year.

AB150,1885,2219 217.05 (5) (c) Investigation fee. A nonrefundable fee of $300 to the office
20department for investigating the application. If the cost of the investigation exceeds
21$300, the applicant shall, upon demand of the office department, pay the excess cost.
22No investigation fee shall be required for renewal of a license.

AB150,1886,1024 217.05 (5) (d) License fee. An annual license fee of $50 for each location not
25exceeding 6. If the applicant has more than 6 locations, a license fee of $50 each for

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1the first 6 locations plus $2 for each location in excess of 6 locations up to and
2including a total of 100 locations and $1 for each location in excess of 100 with a
3maximum annual fee of $1,000. For each single location license issued between
4January 1 and June 30 of any year, the licensee shall pay the full annual license fee
5for the year ending December 31; for each license issued between July 1 and
6December 31 of any year, the licensee shall pay one-half of the annual license fee
7except for multiple office locations, for which the full annual fee shall be charged.
8No license fee shall be payable with respect to the location of any agent who is
9exempted from this chapter by s. 217.04 $500 plus $5 for each location within this
10state at which a licensee sells or issues checks, with a maximum annual fee of $1,500.

AB150,1886,14 12217.06 Licenses, how granted; conditions. (intro.) Every license issued
13shall be in the form prescribed by the office department and shall be issued to the
14applicant if:

AB150,1886,2216 217.06 (2) The financial responsibility, financial condition, business
17experience, character and general fitness of the applicant are such, in the opinion of
18the office department, as to command the confidence of the public and to warrant
19belief that the business will be conducted honestly and efficiently. The office
20department may investigate and consider the qualifications, character and general
21fitness of officers and directors or others associated with the applicant in
22determining whether this qualification has been met.

AB150,1887,1724 217.06 (3) (a) A surety bond issued by a bonding company or insurance
25company authorized to do business in this state has been filed in the minimum

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1principal sum of $10,000 for the first location and an additional sum of $5,000 for
2each additional location unless the office department determines that a bond in such
3amount is insufficient in which event it may require a bond in a larger sum, but in
4no event shall the bond exceed $300,000. The bond shall be in a form satisfactory to
5the office department and shall run to the state for the benefit of any claimants
6against the applicant or the applicant's agents to secure the faithful performance of
7the obligations of the applicant and the applicant's agents with respect to the receipt,
8handling, transmission and payment of money in connection with the sale of checks
9and to reimburse the office department for any examination or liquidation expense.
10The aggregate liability of the surety in no event shall exceed the principal sum of the
11bond. The surety shall have the right to cancel such bond upon giving not less than
1260 days' written notice to the office department, but such cancellation shall not
13release the surety from any liability that may arise with respect to obligations of the
14licensee outstanding on or prior to the effective day that such bond is canceled. Such
15claimants against the applicant or the applicant's agents may themselves bring suit
16directly on the bond, or the attorney general may bring suit thereon in behalf of such
17claimants, either in one action or successive actions.

AB150,1888,719 217.06 (3) (b) In lieu of such corporate surety bond, or of any portion of the
20principal thereof as required by this section, the applicant may deposit with such
21banks or trust companies in this state as the applicant designates and the office
22department approves, interest-bearing obligations of the United States or any
23agency or instrumentality thereof, or guaranteed by the United States, or of this
24state, or of a city, county, town, village, school district or instrumentality of this state,
25or guaranteed by this state, to an aggregate amount, based upon principal amount

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1or market value, whichever is lower, of not less than the amount of the required
2corporate surety bond or portion thereof. The securities shall be held to secure the
3same obligations as would the surety bond but the depositor shall be entitled to
4receive all interest thereon, shall have the right with the approval of the office
5department to substitute other securities for those deposited, and shall be required
6to do so on written order of the office department. The licensee shall pay all expenses
7of maintaining the deposit of obligations deposited in lieu of a corporate surety bond.

AB150,1888,13 9217.07 Order denying application. If the office department is not satisfied
10as to all matters specified in s. 217.06, it shall enter a special order denying the
11application for a license and shall return the license fee to the applicant and retain
12the investigation fee. The office department shall make findings of fact as part of and
13in support of its orders denying any application for a license.

AB150,1889,915 217.08 (2) Annual license fee; additions and deletions of locations. Each
16licensee shall file with the office department on or before December 1 of each year
17a statement listing the locations of the offices of the licensee and the names and
18locations of the agents authorized by the licensee. Every licensee shall also on or
19before December 1 of each year file a financial statement of its assets and liabilities
20as of a date not earlier than the preceding August 31 or, if the licensee is audited
21annually by an independent public accountant at the end of each fiscal year, the
22licensee may submit financial statements certified by said accountant for the
23licensee's latest fiscal year. Such statement shall be accompanied by the annual
24licensee fee for the calendar year beginning the following January 1 in an amount
25determined under s. 217.05. The amount of the surety bond or deposit of securities

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1required by s. 217.06 shall be adjusted to reflect the number of such locations.
2Licensees which do not pay the maximum license fee under s. 217.05 and which do
3not maintain a bond or deposit of securities in the maximum sum of $300,000 as
4provided in s. 217.06 shall also file a supplemental statement setting forth any
5changes in the list of offices and agents with the office department on or before April
61, July 1 and October 1 of each year, and the principal sum of the corporate surety
7bond or deposit of securities required by s. 217.06 shall be adjusted to reflect any
8increase or decrease in the number of such locations. Any additional license fees
9which may become due under s. 217.05 shall be paid to the office department.

AB150,1889,1311 217.08 (3) Removal consent. Whenever a licensee changes its single or
12principal office location to another location it shall give written notice thereof to the
13office department, which shall amend the license accordingly without charge.

AB150,1889,1715 217.09 (1) (intro.) The office department shall, after complaint, notice and
16hearing, following the procedure in s. 217.19 so far as applicable, revoke any license
17in the following cases:

AB150,1889,2119 217.09 (1) (c) If any fact or condition exists which, if it had existed at the time
20of the original application for such license, clearly would have warranted the office
21department to refuse to issue such license.

AB150,1889,2523 217.09 (2) If the office department finds cause for revocation of a license, it shall
24issue a special order revoking the license, which includes its findings of fact upon
25which such order is based.

AB150,1890,52 217.09 (3) The office department may, for reasonable cause and after a hearing
3on 5 days' notice, suspend any license for a period not exceeding 30 days, pending
4further investigation, and in so doing shall issue a special order including its findings
5of fact upon which such order is based.

AB150,1890,127 217.09 (4) The office department shall revoke or suspend only the
8authorization to operate at the location with respect to which grounds for revocation
9or suspension apply, but if the office department finds that such grounds for
10revocation or suspension apply to more than one location operated by such licensee,
11then the office department shall revoke or suspend all of the authorizations of the
12licensee to which such grounds apply.

AB150,1890,1614 217.09 (5) Any licensee may surrender any license by giving written notice to
15the office department that the licensee surrenders such license and returns the
16license therewith.

AB150,1890,1918 217.09 (6) The office department may on its own motion issue a new license
19when a license has been revoked.

AB150,1890,22 21217.10 (title) Powers of office department. (intro.) The office department
22may:

AB150,1891,324 217.10 (2) Investigate, at any time, the business and examine the books,
25accounts, records and files used therein of every licensee or agent thereof. The cost

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1of each such examination shall be paid by every licensee so examined within 30 days
2after demand therefor by the office department, and the state may maintain an
3action for recovery of such costs in any court of competent jurisdiction;

AB150,1891,75 217.12 (4) Name, forbidden use. No company shall use a name which indicates
6that it is a branch, unit or agency of the state or federal government or of any
7department or branch thereof.

AB150,1891,12 9217.15 Delinquent seller of checks. The commissioner of banking
10department may take possession of any insolvent seller of checks under the
11circumstances and utilizing the procedure prescribed in s. 218.04 (9m), so far as
12applicable.

AB150,1891,1514 217.17 (1) The office department may, in relation to any matter within the
15office's department's powers, issue subpoenas and take testimony.

AB150,1891,2217 217.17 (2) Witnesses shall be entitled to the same fees as are allowed to
18witnesses in courts of record. Such fees shall be audited and paid by the state in the
19same manner as other expenses of the office department are audited and paid. No
20witness subpoenaed at the instance of any party other than the office department
21shall be entitled to payment of fees by the state, unless the office department certifies
22that the testimony of such witness was material to the hearing or proceeding.

AB150,1892,324 217.18 (1) The office department may, by general or special order require
25licensees to file with the office department at such time and in such manner as it may

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1direct, sworn or unsworn reports, or sworn or unsworn answers in writing to specific
2questions as to any matter upon which the office department may demand
3information under this chapter.

AB150,1892,95 217.18 (2) The office department or any official, employe or agent authorized
6by it may, for purposes within the office's department's powers, have access during
7business hours to the offices and places of business, books, accounts, papers, records,
8files, safes and vaults of persons engaged in business as a seller of checks, whether
9licensees or not.

AB150,1892,1511 217.18 (3) No person shall refuse, neglect or fail to render any reports or answer
12required under this section at such time and in such manner as the office department
13may prescribe. No person shall wilfully make any false entry or statement in any
14report or answer, nor shall wilfully fail to make full and true entries and statements
15in any report or answer required under authority of this chapter.

AB150,1892,17 17217.19 (title) Office Department orders; rules of procedure.

AB150,1892,2019 217.19 (1) The office department, prior to the issuance of any general order
20under this chapter, shall hold a public hearing.

AB150,1893,322 217.19 (2) The office department, prior to the issuance of any special order,
23shall serve a complaint, prepared in the name of the office department, upon the
24person against whom the complaint is made and shall accompany such complaint by
25notice of a public hearing to be held in the matter not sooner than 10 days after such

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1service. The person against whom the complaint is made shall be entitled to be heard
2in person, or by agent or attorney, and shall have the benefit of subpoena process to
3compel the attendance of witnesses.

AB150,1893,75 217.19 (4) The office department shall serve a copy of any special order upon
6the person against whom the order is issued and such an order shall be effective upon
7such service, unless otherwise indicated in the order.

AB150,1893,119 217.19 (5) A complaint, notice of hearing, subpoena, special order or any other
10process issued by the office department may be served in the same manner that
11process in a civil action is served.

AB150,1893,1613 217.19 (6) The office department shall make its own rules of practice and
14procedure for the conduct of hearings and other proceedings before it, not
15inconsistent with any provision of this chapter or with any other provision of law
16governing such practice or procedure.

AB150,1893,19 18217.20 Court review. Orders of the office department under this chapter shall
19be subject to review in the manner provided in ch. 227.

AB150,1893,2421 217.21 (1) The licensee shall keep and use in the licensee's business such books,
22accounts and records as the office department, by general or special order, may find
23to be necessary and require to enable it to determine whether such licensee is
24complying with this chapter and with the lawful orders issued hereunder.

AB150,1894,8

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1217.21 (2) Each licensee shall annually, on or before March 15, file a report with
2the office department giving such reasonable and relevant information as the office
3department may, by general or special order, require concerning the business and
4operations conducted by such licensee within the state. Such report shall be made
5under oath and shall be in the form prescribed by the office department and shall be
6subject to public inspection in the discretion of the office department. The office
7department shall make and publish annually an analysis and recapitulation of such
8reports.

AB150,1894,1512 218.01 (1) (jm) "License period" means the period during which a particular
13type of license described in sub. (2) (d) is effective, as established by the department
14of transportation or commissioner department of financial institutions under sub. (2)
15(cm) 2. or 4.

AB150,1894,1917 218.01 (1) (k) "Licensor" means the body, either the commissioner department
18of financial institutions or the department of transportation or both, issuing a license
19hereunder.

AB150,1895,1021 218.01 (1a) (title) Authority of department and commissioner licensors. The
22department of transportation shall issue the licenses provided for in sub. (2) (d) 1.
23to 6. and have supervision over the licensees thereunder in respect to all the
24provisions of this section, except only as to such matters as relate to the sale of motor
25vehicles on retail instalment contracts and the financing and servicing of such

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1contracts, over which matter the commissioner department of financial institutions
2shall have jurisdiction and control, and the commissioner department of financial
3institutions shall issue the licenses to sales finance companies. Either licensor
4hereunder shall, upon request, furnish the other licensor with any information it
5may have in respect to any licensee or applicant for license or any transaction in
6which such licensee or applicant may be a party or be interested. No license shall
7be issued under sub. (2) (d) 1. and 8. until both licensors have approved the
8application. The suspension or revocation of either of such licenses shall
9automatically likewise suspend or revoke the other license; and such suspension or
10revocation shall be certified by the licensor ordering it to the other licensor.

AB150,1896,212 218.01 (2) (b) Application for license shall be made to the licensor, at such time,
13in such form and with such information as the licensor shall require and shall be
14accompanied by the required fee. fees. An applicant for a sales finance company
15license, other than a a motor vehicle dealer, shall pay to the commissioner a
16nonrefundable $300 investigation fee in addition to the license fee under par. (dr).
17If the cost of an investigation exceeds $300, the applicant shall, upon demand of the
18commissioner, pay the amount by which the cost of the investigation exceeds the
19nonrefundable fee. A licensee is not required to pay an investigation fee for the
20renewal of a license. The licensor may require the applicant to provide information
21relating to any pertinent matter that is commensurate with the safeguarding of the
22public interest in the locality in which the applicant proposes to engage in business,
23except that information relating to the applicant's solvency and financial standing
24may not be required except as provided in par. (h) 1. The information provided may

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1be considered by the licensor in determining the fitness of the applicant to engage
2in business as set forth in this section.

AB150,1896,205 218.01 (2) (b) Application for license shall be made to the licensor, at such time,
6in such form and with such information as the licensor shall require and shall be
7accompanied by the required fees. An applicant for a sales finance company license,
8other than a a motor vehicle dealer, shall pay to the commissioner department of
9financial institutions a nonrefundable $300 investigation fee in addition to the
10license fee under par. (dr). If the cost of an investigation exceeds $300, the applicant
11shall, upon demand of the commissioner department of financial institutions, pay
12the amount by which the cost of the investigation exceeds the nonrefundable fee. A
13licensee is not required to pay an investigation fee for the renewal of a license. The
14licensor may require the applicant to provide information relating to any pertinent
15matter that is commensurate with the safeguarding of the public interest in the
16locality in which the applicant proposes to engage in business, except that
17information relating to the applicant's solvency and financial standing may not be
18required except as provided in par. (h) 1. The information provided may be
19considered by the licensor in determining the fitness of the applicant to engage in
20business as set forth in this section.

AB150,1897,422 218.01 (2) (bb) A motor vehicle dealer or an applicant for a motor vehicle dealer
23license shall provide and maintain in force a bond or irrevocable letter of credit of not
24less than $25,000 or, if the dealer or applicant sells or proposes to sell motorcycles
25and not other types of motor vehicles, a bond or irrevocable letter of credit of not less

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1than $5,000. The bond or letter of credit shall be executed in the name of the
2department of transportation for the benefit of any person who sustains a loss
3because of an act of a motor vehicle dealer that constitutes grounds for the
4suspension or revocation of a license under this section.