AB40,1177,2415 452.12 (6) (e) 2. If a person has registered as an inactive licensee on or after
16November 1, 1990, the department board shall reinstate the person's original license
17if that person applies to the department board for reinstatement of his or her original
18license, pays the renewal fee determined by the department under s. 440.03 (9) (a)
19for the original license and completes 12 hours of continuing education as established
20by the department board under par. (f). A person who is eligible for reinstatement
21of his or her original license under this subdivision shall complete the requirements
22for reinstatement under this subdivision before January 1, 1996, or within 5 years
23after the date on which the person registered as an inactive licensee, whichever is
24later.

AB40,1178,5

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1452.12 (6) (e) 3. If a person who is eligible for reinstatement of his or her
2original license under subd. 2. does not complete the requirements for reinstatement
3within the time specified under subd. 2., the department board shall reinstate the
4original license of that person if he or she meets the requirements specified under
5subd. 1.

AB40,1178,97 452.12 (6) (f) The department board shall promulgate rules establishing the
8education requirements that applicants for reinstatement of original licenses under
9par. (e) must satisfy.

AB40,1178,1311 452.13 (2) (b) 1. Register with the department of regulation and licensing
12safety and professional services the name and address of the depository institution
13and the number of the interest-bearing common trust account.

AB40,1178,1715 452.13 (2) (b) 2. Notify the department of regulation and licensing safety and
16professional services when any of the information required under subd. 1. is
17changed.

AB40,1178,2519 452.13 (2) (b) 3. Furnish the department of regulation and licensing safety and
20professional services with a letter authorizing the department of regulation and
21licensing safety and professional services and the department of commerce
22Wisconsin Housing and Economic Development Authority to examine and audit the
23interest-bearing common trust account whenever the department of regulation and
24licensing safety and professional services or the department of commerce Wisconsin
25Housing and Economic Development Authority considers it necessary.

AB40,1179,52 452.13 (2) (bm) The department of regulation and licensing safety and
3professional services shall forward to the department of commerce Wisconsin
4Housing and Economic Development Authority the information and documents
5furnished under par. (b).

AB40,1179,97 452.13 (2) (d) The department of commerce Wisconsin Housing and Economic
8Development Authority is the beneficial owner of the interest accruing to the
9interest-bearing common trust account, minus any service charges or fees.

AB40,1179,1711 452.13 (2) (e) 1. Annually, before February 1, remit to the department of
12commerce Wisconsin Housing and Economic Development Authority the total
13interest or dividends, minus service charges or fees, earned on the average daily
14balance in the interest-bearing common trust account during the 12 months ending
15on the previous December 31. A depository institution is not required to remit any
16amount if the total interest or dividends for that period is less than $10 before any
17deduction for service charges or fees.

AB40,1179,2419 452.13 (2) (e) 2. When the interest remittance is sent, furnish to the
20department of commerce Wisconsin Housing and Economic Development Authority
21and to the broker maintaining the interest-bearing common trust account a
22statement that includes the name of the broker for whose account the remittance is
23made, the rate of interest applied, the amount of service charges or fees deducted,
24if any, and the account balance for the period that the statement covers.

AB40,1180,3

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1452.13 (2) (f) 2. May not assess a service charge or fee for an interest-bearing
2common trust account against the department of commerce Wisconsin Housing and
3Economic Development Authority.

AB40,1180,105 452.13 (2) (f) 3. May deduct a service charge or fee from the interest earned by
6an interest-bearing common trust account, and if a balance remains, may deduct the
7remaining charge or fee from the interest earned on any other interest-bearing
8common trust account maintained in that depository institution, before remitting
9interest to the department of commerce Wisconsin Housing and Economic
10Development Authority.

AB40,1180,1512 452.13 (5) Rules. In consultation with the department of regulation and
13licensing, the department of commerce Wisconsin Housing and Economic
14Development Authority, the department of safety and professional services shall
15promulgate rules necessary to administer this section.

AB40,1180,2117 452.14 (1) The department board shall, upon motion of the board secretary or
18his or her designee or upon its own determination, conduct investigations and, as
19appropriate, may hold hearings and make findings, if the board or the department
20receives credible information that a broker, salesperson, or time-share salesperson
21has violated this chapter or any rule promulgated under this chapter.

AB40,1181,323 452.14 (2) The department shall present the findings of any investigation of
24a licensee or registrant to the board for its consideration. The department shall upon
25motion of the board, and board may, upon its own determination, commence

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1disciplinary proceedings on any matter under investigation concerning a licensee or
2registrant. No investigation of a licensee or registrant may be closed without motion
3of the board.

AB40,1181,65 452.14 (3) (L) Violated any provision of this chapter or any rule promulgated
6under this chapter;

AB40,1181,138 452.17 (2) Any person who engages in or follows the business or occupation of,
9or advertises or holds himself or herself out as or acts temporarily or otherwise as,
10a time-share salesperson in this state without being registered with the department
11board shall be prosecuted by the district attorney in the county where the violation
12occurs and may be fined not less than $25 nor more than $200 or imprisoned not less
13than 10 days nor more than 6 months or both.

AB40,1181,2315 452.22 (2) The certificate of the secretary chairperson of the board or his or her
16designee to the effect that a specified individual or business entity is not or was not
17on a specified date the holder of a broker's, salesperson's, or time-share salesperson's
18license or registration, or that a specified license or registration was not in effect on
19a date specified, or as to the issuance, limitation, suspension, or revocation of any
20license or registration or the reprimand of any license or registration holder thereof,
21the filing or withdrawal of any application or its existence or nonexistence, is prima
22facie evidence of the facts therein stated in the certificate for all purposes in any
23action or proceedings.

AB40,1182,2

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1462.01 (3) "Department" means the department of regulation and licensing
2safety and professional services.

AB40,1182,6 6490.01 Definitions. In this chapter:

AB40,1182,7 7(1) "Department" means the department of safety and professional services.

AB40,1182,8 8(2) "Secretary" means the secretary of safety and professional services.

AB40,1182,1110 551.403 (2) (a) 2. Institutional investors, except any institutional investor
11described in s. 551.102 (11) (k), (m), or (o).

AB40,1182,1413 551.403 (2) (a) 2m. Accredited investors as defined in Rule 501 (a) (1), (2), or
14(3), (7) or (8) adopted under the Securities Act of 1933.

AB40,1182,2522 238.04 (14) Foreign office agreements. The department may enter Enter into
23agreements regarding compensation, space, and other administrative matters as are
24necessary to operate departmental offices in other states and foreign countries. Such
25agreements shall be subject to the approval of the secretary of administration.

AB40,1183,22 18238.25 Assistance to loan recipients. Assist The corporation shall assist
19new businesses and small businesses receiving economic development loans under
20s. 234.65 (1) (a) or the assistance of the Wisconsin Housing and Economic
21Development Authority in locating sources of venture capital and in obtaining the
22state and federal licenses and permits necessary for business operations.

AB40,1184,16 9238.10 Allocation of volume cap on tax-exempt bonds. (1) Allocation.
10The department, by rule, corporation shall establish under 26 USC 146 and
11administer a system for the allocation of the volume cap on the issuance of private
12activity bonds, as defined under 26 USC 141 (a), among all municipalities, as defined
13in s. 67.01 (5), and any corporation formed on behalf of those municipalities, and
14among this state, the Wisconsin Health and Educational Facilities Authority, the
15Wisconsin Aerospace Authority, and the Wisconsin Housing and Economic
16Development Authority.

AB40,1184,22 17(2) Amendment to allocation. At any time prior to December 31 in any year,
18the department corporation may promulgate adopt rules to revise the allocation
19system established for that year under sub. (1), except that any revision under this
20subsection does not apply to any allocation under which the recipient of that
21allocation has adopted a resolution authorizing the issuance of a private activity
22bond, as defined in 26 USC 141 (a).

AB40,1185,2 23(3) Conditions. The department corporation may establish, by rule, any
24procedure for, and place any condition upon, the granting of an allocation under this
25section which the department corporation deems to be in the best interest of the state

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1including, but not limited to, a requirement that a cash deposit, at a rate established
2by the department in the rules corporation, be a condition for an allocation.

AB40,1185,5 3(4) Certification. If the secretary corporation receives notice of the issuance
4of a bond under an allocation under subs. (1) to (3), the secretary corporation shall
5certify that that bond meets the requirements of 26 USC 146.