45.71(2m)
(2m) "Board" means the board of veterans affairs.
45.71(3)(d)
(d) Other costs authorized by the department.
45.71(4)
(4) "Department" means the department of veterans affairs.
45.71(5)(a)
(a) The spouse of a veteran who resides with the veteran; and
45.71(5)(b)
(b) Any person who resides with a veteran and is dependent upon the veteran for more than one-half of the person's support.
45.71(6)
(6) "Eligible person" means any veteran qualified under
s. 45.74 to receive a loan under this subchapter.
45.71(7)
(7) "Funds" include cash on hand, liquid investments, and any asset the conversion of which to cash would not result in a substantial loss, except as provided under
s. 45.85. The funds of a veteran include all funds owned by the veteran and spouse, individually or jointly, unless the veteran and spouse are permanently separated.
45.71(7m)
(7m) "Guaranteed loan" means a loan guaranteed by the U.S. department of veterans affairs under
38 USC 1801 to
1827.
45.71(8)
(8) "Home" means a building or portion thereof used as the veteran's principal place of residence, and includes condominiums and income-producing property, a portion of which is so occupied by the veteran, and the land, including existing improvements, appertaining to such a building.
45.71(9)
(9) "Income" means the amount of adjusted gross income a veteran is receiving for regular work together with any income from other sources that may reasonably be expected to be regular and dependable, except as provided under
s. 45.85.
45.71(9)(a)
(a) Part-time or overtime pay, unemployment compensation and income of the veteran's spouse are considered income only if the department or authorized lender deems such sources of income to be regular and dependable.
45.71(9)(b)
(b) Unless temporary in nature and except as provided under
s. 45.79 (2m) or
45.85, pensions and disability compensation shall be considered income.
45.71(10)
(10) "Insurer" means any insurer authorized to do business in this state.
45.71(12)(a)
(a) Is used as the veteran's principal place of residence; and
45.71(13)(a)
(a) Required payments on principal and interest.
45.71(13)(c)
(c) One-twelfth of annual real estate taxes on the mortgaged property.
45.71(14)
(14) "Qualified purpose" means any purpose authorized under
s. 45.76.
45.71(15)
(15) "Secretary" means the secretary of veterans affairs.
45.71(16)(a)(a) "Veteran" means any person who has served on active duty under honorable conditions in the U.S. armed forces or in forces incorporated as part of the U.S. armed forces, except service on active duty for training purposes, and who meets the following conditions:
45.71(16)(a)1m.a.
a. Is entitled to receive the armed forces expeditionary medal, established by
executive order 10977 on December 4, 1961, the Vietnam service medal established by
executive order 11231 on July 8, 1965, the navy expeditionary medal or the marine corps expeditionary medal.
45.71(16)(a)1m.b.
b. Has served in Bosnia, Grenada, Lebanon, Panama, Somalia or a Middle East crisis under
s. 45.34.
45.71(16)(a)1m.c.
c. Has served for 90 days or more during a war period as enumerated under
par. (am) or under section 1 of
executive order 10957, dated August 10, 1961, except service on active duty for training purposes, or if having served less than 90 days was honorably discharged for a service-connected disability or for a disability subsequently adjudicated to have been service-connected or died in service.
45.71(16)(a)1m.d.
d. Has served on active duty for more than 6 months during the period between February 1, 1955, and August 4, 1964, and was honorably discharged.
45.71(16)(a)2m.
2m. The person is either a resident of and living in this state at the time of making application, or is deceased, and meets one of the following conditions:
45.71(16)(a)2m.a.
a. Has been a resident of this state for any consecutive 5-year period after completing service on active duty and before his or her application or death. If a person applying for a benefit under this subchapter meets that 5-consecutive-year residency requirement, the department may not require the person to reestablish that he or she meets the 5-consecutive-year residency requirement when he or she applies for any other benefit under this chapter that requires a 5-consecutive-year residency.
45.71(16)(a)2m.b.
b. Was a resident of this state at the time of enlistment or induction into service.
45.71(16)(af)
(af) If the person had more than one qualifying term of service under
par. (a) 1m., at least one term of service must have been under honorable conditions or have been terminated by an honorable discharge.
45.71(16)(aj)
(aj) Veterans who are otherwise eligible and who are serving on active duty in the U.S. armed forces need not be living in this state on date of application to qualify for a loan under this chapter.
45.71(16)(am)2.
2. Spanish American war: Between April 21, 1898, and April 11, 1899.
45.71(16)(am)3.
3. Philippine insurrection: Between April 12, 1899, and July 4, 1902 (extended to July 15, 1903, if actually engaged in Moro Province hostilities).
45.71(16)(am)4.
4. Boxer rebellion: Between June 16, 1900, and May 12, 1901.
45.71(16)(am)5.
5. Mexican border service: Between June 19, 1916, and April 5, 1917.
45.71(16)(am)6.
6. World War I: Between April 6, 1917, and November 11, 1918 (extended to April 1, 1920, if service was in Russia).
45.71(16)(am)7.
7. World War II: Between August 27, 1940, and July 25, 1947.
45.71(16)(am)8.
8. Korean conflict: Between June 27, 1950, and January 31, 1955.
45.71(16)(am)9.
9. Vietnam war: Between August 5, 1964, and January 1, 1977, excepting service on active duty for training purposes only.
45.71(16)(am)10.
10. Persian Gulf war: Between August 1, 1990 and the ending date of Operation Desert Shield or Operation Desert Storm as established by the department by rule.
45.71(16)(b)
(b) An unremarried spouse of a deceased veteran shall be considered a veteran under this subchapter.
45.71(16)(c)
(c) A minor or dependent child of a deceased veteran shall be considered a veteran under this subchapter.
45.72
45.72
Powers of the department. In respect to loans made by and mortgages and mortgage notes executed or properties mortgaged to the department or to authorized lenders under this subchapter or s.
45.352, 1971 stats., the department may:
45.72(1)
(1) Execute necessary instruments.
45.72(2)
(2) Collect interest and principal.
45.72(3)
(3) Compromise indebtedness due on mortgage notes.
45.72(5)
(5) Exercise the rights of a mortgagee generally including but not limited to, the right to:
45.72(5)(a)
(a) Acquire or take possession of such mortgaged property and in so doing the department may accept voluntary surrender and conveyance of title to such property in full satisfaction of a mortgage debt or may bid for and purchase such property at a sheriff's sale or replevin such property.
45.72(5)(b)
(b) Commit itself to execute and execute subordination agreements, partial releases and other necessary instruments.
45.72(5)(c)
(c) Set up and follow procedures to assure proper disbursement of the proceeds of insurance checks, share drafts or other drafts covering damages sustained on mortgaged properties.
45.72(5)(d)
(d) Pay the principal and interest on any obligations incurred in connection with such mortgages on such property including real estate taxes, insurance premiums, attorney fees and obligations created as a result of its exercise of powers vested in it under this subchapter.
45.72(5)(e)
(e) Exercise such other powers as may be necessary for the efficient administration of this subchapter.
45.72(6)
(6) In contracts entered into pursuant to
s. 45.79 (5) (a) 1., empower authorized lenders to exercise any of the powers vested in the department under this subchapter.
45.72(7)
(7) Manage, operate, lease, exchange, sell and otherwise convey real property.
45.72(8)
(8) Grant easements in any real property acquired by the department.
45.72(9)
(9) Upon application by the mortgagor and agreement in writing executed by the parties:
45.72(9)(a)
(a) Extend the time in which the obligation under a mortgage note or any part thereof must be paid.
45.72(9)(b)
(b) Reduce the amounts of monthly instalments and provide such other terms and conditions relative to time and manner of repaying the obligation as it deems necessary or reasonable.
45.72 History
History: 1973 c. 208,
333;
1983 a. 368.
45.73
45.73
Duties of the department. 45.73(1)
(1)
Rule-making responsibility. The department shall promulgate rules and devise forms necessary for the efficient administration of this subchapter.
45.73(2)
(2) Allocation of limited loan resources. If the department estimates that applications for loans under this subchapter will exceed the moneys available for such loans, the department shall give priority to the most necessitous cases and take all action necessary to spread the available moneys among the maximum possible number of veterans. The board of veterans affairs shall establish procedures whereby veterans of the Vietnam war, as defined in
s. 45.71 (16) (am) 9., receive first priority.
45.73 Annotation
In making housing loans under 45.352, Stats. (1969), the department may rely on fixed standards as to the applicant's needs. When applications on hand exceed available funds, loans should be made to the most needy applicants. 62 Atty. Gen. 66.
45.74
45.74
Eligible persons; disqualifying factors. Except as provided under
s. 45.745 or
45.85, no person may receive a loan under this subchapter if the department or authorized lender determines that any of the following applies:
45.74(1)
(1) Annual income limitation. For persons identified under
s. 45.79 (7) (c) 1., the annual income of the person or both the person and the person's spouse exceeds whichever of the following applies:
45.74(1)(a)
(a) The amount of $42,600 for loan applications approved before August 12, 1993.
45.74(1)(c)
(c) The amount of $45,000 for loan applications approved during the period beginning on, August 12, 1993, and ending on June 30, 1994.
45.74(1)(d)
(d) The amount of $47,500 for loan applications approved after June 30, 1994.
45.74(2)
(2) Ability to pay. The person will be incurring an excessive indebtedness in view of the person's income.
45.74(3)
(3) Need. The person does not require a loan in addition to the person's own funds.
45.74(5)
(5) Cost of housing or loan. The total cost of the housing accommodation including garage, but excluding land and other nonhousing improvements thereon, exceeds 2 times the person's annual income or the total cost of the housing accommodation, including garage, land and other nonhousing improvements thereon exceeds 2.5 times the person's annual income or the amount of the loan applied for under
s. 45.79 exceeds 2.5 times the person's annual income, whichever the person elects.
45.74(6)
(6) Delinquent support payments. It has received a certification under
s. 49.855 (7) that the person is delinquent in child support or maintenance payments or owes past support, medical expenses or birth expenses.
45.74(6m)
(6m) Previous loans. The person has a previous loan outstanding under this subchapter, unless any of the following apply:
45.74(6m)(b)
(b) The previous loan has been assumed by an eligible person with the department's approval upon the sale of the residence securing the previous loan.
