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Links* |
Summary/Status |
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Assembly Bills |
AB 827
Newcomer/Sullivan
History
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Loan Definitions (Companion to SB
517)
Summary: This bill changes this definition of “loan,” altering the scope
of the persons and transactions that are subject to the statutes regulating
mortgage bankers, mortgage brokers, and loan originators.
Status: Introduced
Feb. 21, 2008; Referred to Financial Institutions; Passage as amended
recommended (10-0) Feb. 25, 2008; Passed the Assembly Feb. 28; Referred to
Senate committee on Veterans and Military Affairs,, Biotechnology and financial
Institutions; Passage recommended (4-1) Mar. 11; Failed to concur in pursuant to Senate Joint
Resolution 1. |
AB 688
Lasee
History
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OCI Cleanup Bill (Companion to SB
386)
Summary: OCI Cleanuup bill contained provision that stated "a lender may
not require a borrower, as a condition of receiving or maintaining a loan
secured by real property, to insure the property against risks to improvements
on the real property in an amount that exceeds the replacement value or market
value of the improvements, whichever is less." The bill was amended to change
"whichever is less" to "whichever is greater."
Status: Introduced
Jan. 11, 2008; Referred to Insurance; Passage as
amended
recommended (12-0) Mar. 5, 2008; Laid on the table Mar. 11; Failed to pass pursuant to Senate Joint
Resolution 1. |
AB 568
Richards
History
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Foreclosure Reconveyances (Companion to SB
298)
Summary: The bill contains various prohibitions and requirements that
apply generally to foreclosure purchasers; specifies penalties that apply if a
foreclosure purchaser violates any of the provisions, authorizes a court to
order punitive damages for a violation, and specifies that a violation shall be
considered a fraud and that a foreclosed homeowner may bring an action for
damages.
Status: Introduced
Nov. 6, 2007; Referred to Financial Institutions; Passage as amended
recommended (9-1) Feb. 4, 2008; Failed to pass pursuant to Senate Joint
Resolution 1. |
AB 502
Wis.
Act 76
Newcomer
History
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Use of Consumer Loan Information (Comp. Bill
SB 275)
Summary: This bill imposes certain state law restrictions on the
dissemination and use of trigger lead information, which restrictions vary
depending on whether or not the trigger lead is a consumer report under the FCRA.
The bill defines “trigger lead” as information relating to a consumer that is
furnished by a consumer reporting agency or personal financial data provider to
a nonaffiliated third−party if certain conditions apply. Under the bill, if any
trigger lead is not a prescreened consumer report under federal law, a person,
which includes a business entity, may not furnish the trigger lead to a
nonaffiliated third−party unless the person reasonably believes that the
third−party will not use the trigger lead to solicit any consumer identified in
the trigger lead.
Status: Introduced
Sept. 13, 2007; Referred to Financial Institutions; A public hearing was
held Oct. 4; Passage as
amended
recommended (11-0) Oct. 23; Passed the Assembly Nov. 6; Referred to the Senate
committee on Veterans and Military Affairs, Biotechnology and Financial
Institutions; Passed the Senate (31-0)
Feb. 28; Signed by the Governor on Mar. 11 2008 as 2007
Wis. Act 76. |
AB 15
Schneider
History
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Soldiers Relief Act
Summary: Under this bill, the Department of Revenue will deny tax
benefits to any financial organization that violates the protections offered
under state and federal law to persons who are in active service in the U.S.
armed forces and their dependents related to lawsuits, leases, obligations,
contracts, and property taxes.
Status: Introduced
Jan. 12, 2007; Referred to Financial Institutions; Failed to pass pursuant
to Senate Joint Resolution 1. |
AB 4
Schneider
History
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Payday Loans
Summary: This bill creates a maximum finance charge for payday loans.
Under the bill, a lender, other than a bank, savings bank, savings and loan
association, or credit union, who makes payday loans in the regular course of
business, which the bill defines as a “payday loan provider,” may not assess a
finance charge that exceeds 2 percent per month.
Status: Introduced
Jan. 12, 2007; Referred to Financial Institutions; Failed to pass pursuant
to Senate Joint Resolution 1. |
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Senate Bills |
SB 517
Wirch
History
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Loan Definitions (Companion to AB 827)
Summary: This bill changes this definition of “loan,” altering the scope
of the persons and transactions that are subject to the statutes regulating
mortgage bankers, mortgage brokers, and loan originators.
Status:
Introduced Feb. 20, 2008; Referred to committee on Veterans and Military
Affairs, Biotechnology and Financial Institutions; Passage recommended (4-1)
Feb. 28; Passed the Senate Mar. 4; Passed the Assembly Mar. 12; Enrolled; |
SB 386
Wis.
Act 170
Wirch
History
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OCI Cleanup Bill (Companion to AB 688)
Summary: OCI Cleanuup bill contained provision that stated "a lender may
not require a borrower, as a condition of receiving or maintaining a loan
secured by real property, to insure the property against risks to improvements
on the real property in an amount that exceeds the replacement value or market
value of the improvements, whichever is less." The bill was amended to change
"whichever is less" to "whichever is greater."
Status:
Introduced Jan. 14, 2008; Referred to committee on Health, Human
Services, Insurance, and Job Creation; Passage recommended (7-0) Feb. 21; Passed
the Senate as
amended Feb. 28; Passed the Assembly Mar. 11; Signed by the Governor
on Mar. 25, 2008 as 2007
Wis. Act 170. |
SB 352
Wirch
History
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Residential Mortgage Loans
Summary: Imposes certain disclosure requirements on lenders, loan
originators, and closing agents with respect to residential mortgage loans.
Status:
Introduced Dec. 10, 2007; Referred to committee on Veterans and Military
Affairs, Biotechnology and Financial Institutions;
Failed to pass pursuant to Senate Joint Resolution 1. |
SB 298
Sullivan
History
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Foreclosure Reconveyances (Companion to AB
568)
Summary: The bill contains various prohibitions and requirements that
apply generally to foreclosure purchasers; specifies penalties that apply if a
foreclosure purchaser violates any of the provisions, authorizes a court to
order punitive damages for a violation, and specifies that a violation shall be
considered a fraud and that a foreclosed homeowner may bring an action for
damages.
Status:
Introduced Nov. 2, 2007; Referred to committee on Veterans and Military
Affairs, Biotechnology and Financial Institutions; Passage as
amended
recommended Jan. 15, 2008; Passed the Senate Jan. 22; Referred to committee on
Financial Institutions;
Failed to pass pursuant to Senate Joint Resolution 1. |
SB 275
Sullivan
History
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Use of Consumer Loan Information (Comp. Bill
AB 502)
Summary: This bill imposes certain state law restrictions on the
dissemination and use of trigger lead information, which restrictions vary
depending on whether or not the trigger lead is a consumer report under the FCRA.
The bill defines “trigger lead” as information relating to a consumer that is
furnished by a consumer reporting agency or personal financial data provider to
a nonaffiliated third−party if certain conditions apply. Under the bill, if any
trigger lead is not a prescreened consumer report under federal law, a person,
which includes a business entity, may not furnish the trigger lead to a
nonaffiliated third−party unless the person reasonably believes that the
third−party will not use the trigger lead to solicit any consumer identified in
the trigger lead.
Status:
Introduced Sept. 27, 2007; Referred to committee on Veterans and Military
Affairs, Biotechnology and Financial Institutions; Passage as amended [SA1,
SA2]
recommended (5-0) Dec. 7; Passed the Senate (32-0) Jan. 31; Referred to Rules;
Failed to concur in pursuant to Senate Joint Resolution 1. |
SB 123
Lehman
History
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Wage Claim Lien
Summary: under the bill a wage claim lien covering any amount of wages
earned at any time takes precedence over a lien of a commercial lending
institution, regardless of whether the lien of the commercial lending
institution originated before or after the wage claim lien takes effect..
Status:
Introduced Mar. 30, 2007; Referred to committee on Veterans and Military
Affairs, Biotechnology and Financial Institutions;
Failed to pass pursuant to Senate Joint Resolution 1. |
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WMBA Links
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For Further Information
For further information on these initiatives, contact
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or another Hamilton Consulting Group lobbyist.
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Note: The link to the bill is "as
introduced;" use the "history" link to find amendments. Our
tracking reports may not include every legislative proposal of
interest to WMBA members. To review the complete list of bills or resolutions
introduced during the 2007-09 Legislative Session go to the Legislature's web page bills
introduced or search the subject
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