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Bills from the 2011–12 session

Assembly Bill 228

Exemptions from securities registration requirements

Topics: Cooperative associations, Securities: Regulation, Uniform legislation

Became law

The governor signed it on Apr 3, 2012. It's ⁠.

  1. Introduced, passed

    Aug 26, 2011

  2. Committee, passed

    Approved

  3. Assembly vote, passed

    Passed 96 to 0

  4. Senate vote, passed

    Passed 32 to 0

  5. Governor, passed

    Signed

  6. Law, here now

    2011 Wisconsin Act 178

Latest entry in the official record, Apr 5, 2012: “Published 4-16-2012”

Read the bill

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What it does

Summary by the , the Legislature's nonpartisan drafting office. It's their wording, not ours.

In 1969, this state enacted the Wisconsin Uniform Securities Law (WUSL), effective January 1, 1970, based upon the Uniform Securities Act of 1956, with some modifications. In 2008, the WUSL was recodified, effective January 1, 2009, based on the Uniform Securities Act of 2002, with some modifications.

Under current law, a person may not offer or sell any security in this state unless the security is registered with the Division of Securities in the Department of Financial Institutions (division), the security or transaction is exempt from registration, or the security is a federal covered security. Certain notice filing requirements may apply to federal covered securities. A "security" is defined broadly under the WUSL and includes stocks, notes, bonds, investment contracts, limited partnership interests, and certain other financial interests.

Read the full summary

Under current law, certain securities are exempt from registration with the division, including: securities of the United States, a state or political subdivision of a state, or a foreign government; securities of a federally insured financial institution, an insurance company, a public utility, or a common carrier; securities listed, or approved for listing, on a securities exchange; and securities of certain religious or charitable nonprofit organizations. Another category of securities exempt from registration is: "A member's or owner's interest in, or a retention certificate or like security given in lieu of a cash patronage dividend issued by, a cooperative organized and operated as a nonprofit membership cooperative under the cooperative laws of a state, but not a member's or owner's interest, retention certificate, or like security sold to persons other than bona fide members of the cooperative."

This bill modifies the securities registration exemption for cooperatives by replacing the foregoing language with the following: "Any securities of a cooperative corporation" or unincorporated cooperative association organized under this state's statutes. This language is similar to the language applicable prior to the 2007 recodification of the WUSL.

Who's behind it

25 lawmakers are its ⁠. 16 are Republicans and 9 are Democrats.

6 more lawmakers ⁠.

See all 31 names

Authors (25)

Signed on in support (6)

What it would cost

State agencies filed a . Each opens as a PDF from the Legislature.

How lawmakers voted

There were 4 votes on this bill.

Assembly Committee on Financial Institutions vote to recommend it

Passed, 13 to 0 · Oct 12, 2011

No member-by-member record exists for this vote. Committee votes and some older sessions record totals only.

Official motion: “Report passage recommended by committee on Financial Institutions, Ayes 13, Noes 0”. Official record · This vote on its own page

Assembly vote to pass it

Passed, 96 to 0 · Oct 18, 2011 · 2 didn't vote

See how each of the 98 representatives voted

D: Democrat, I: Independent, R: Republican

Yes (96)

Didn't vote (2)

Official motion: “Read a third time and passed, Ayes 96, Noes 0”. Official record · This vote on its own page

Senate Committee on Financial Institutions and Rural Issues vote to recommend it

Passed, 5 to 0 · Dec 8, 2011

No member-by-member record exists for this vote. Committee votes and some older sessions record totals only.

Official motion: “Report concurrence recommended by committee on Financial Institutions and Rural Issues, Ayes 5, Noes 0”. Official record · This vote on its own page

Senate vote to pass it

Passed, 32 to 0 · Jan 17, 2012 · 1 didn't vote

See how each of the 33 senators voted

D: Democrat, R: Republican

Didn't vote (1)

Official motion: “Read a third time and concurred in, Ayes 32, Noes 0”. Official record · This vote on its own page

What happened

  1. Apr 5, 2012

    The new law was published.

  2. Apr 3, 2012

    The governor signed it. It became 2011 Wisconsin Act 178.

  3. Mar 30, 2012

    Sent to the governor.

  4. Jan 17, 2012

    The Senate passed it too, 32 to 0.

  5. Dec 8, 2011

    The committee voted to recommend passing it, 5 to 0.

  6. Nov 16, 2011

    The committee held a public hearing.

  7. Oct 19, 2011

    Sent to the Senate Committee on Financial Institutions and Rural Issues.

  8. Oct 19, 2011

    The Senate received it.

  9. Oct 18, 2011

    The Assembly passed it, 96 to 0.

  10. Oct 18, 2011

    “Withdrawn from joint committee on Finance and taken up” (the official wording)

  11. Oct 18, 2011

    Sent to the Joint Committee on Finance.

  12. Oct 12, 2011

    Sent to the Assembly Committee on Rules.

  13. Oct 12, 2011

    The committee voted to recommend passing it, 13 to 0.

  14. Sep 14, 2011

    The committee held a public hearing.

  15. Sep 2, 2011

    A state agency sent in its estimate of the cost.

  16. Aug 26, 2011

    Sent to the Assembly Committee on Financial Institutions.

  17. Aug 26, 2011

    Introduced in the Assembly.

See the official record, word for word
  1. Aug 26, 2011 · Assembly

    Introduced by Representatives A. Ott, Nerison, Brooks, Bernier, Bewley, Danou, Doyle, Hebl, Hulsey, Jacque, Jorgensen, Kestell, Krug, T. Larson, Marklein, Petrowski, Ringhand, Ripp, Rivard, Steinbrink, Tauchen, Tranel, Vruwink, Williams and Wynn;Cosponsored by Senators Schultz, Moulton, Erpenbach, Galloway, Taylor and Vinehout

  2. Aug 26, 2011 · Assembly

    Read first time and referred to committee on Financial Institutions

  3. Sep 2, 2011 · Assembly

    Fiscal estimate received

  4. Sep 14, 2011 · Assembly

    Public hearing held

  5. Oct 12, 2011 · Assembly

    Executive action taken

  6. Oct 12, 2011 · Assembly

    Report passage recommended by committee on Financial Institutions, Ayes 13, Noes 0

  7. Oct 12, 2011 · Assembly

    Referred to committee on Rules

  8. Oct 12, 2011 · Assembly

    Placed on calendar 10-18-2011 by committee on Rules

  9. Oct 18, 2011 · Assembly

    Read a second time

  10. Oct 18, 2011 · Assembly

    Referred to joint committee on Finance

  11. Oct 18, 2011 · Assembly

    Withdrawn from joint committee on Finance and taken up

  12. Oct 18, 2011 · Assembly

    Ordered to a third reading

  13. Oct 18, 2011 · Assembly

    Rules suspended

  14. Oct 18, 2011 · Assembly

    Read a third time and passed, Ayes 96, Noes 0

  15. Oct 18, 2011 · Assembly

    Ordered immediately messaged

  16. Oct 19, 2011 · Senate

    Received from Assembly

  17. Oct 19, 2011 · Senate

    Read first time and referred to committee on Financial Institutions and Rural Issues

  18. Nov 16, 2011 · Senate

    Public hearing held

  19. Nov 30, 2011 · Senate

    Executive action taken

  20. Dec 8, 2011 · Senate

    Report concurrence recommended by committee on Financial Institutions and Rural Issues, Ayes 5, Noes 0

  21. Dec 8, 2011 · Senate

    Available for scheduling

  22. Jan 12, 2012 · Senate

    Placed on calendar 1-17-2012 pursuant to Senate Rule 18(1)

  23. Jan 17, 2012 · Senate

    Read a second time

  24. Jan 17, 2012 · Senate

    Ordered to a third reading

  25. Jan 17, 2012 · Senate

    Rules suspended

  26. Jan 17, 2012 · Senate

    Read a third time and concurred in, Ayes 32, Noes 0

  27. Jan 24, 2012 · Senate

    Ordered immediately messaged

  28. Jan 24, 2012 · Assembly

    Received from Senate concurred in

  29. Mar 12, 2012 · Assembly

    Report correctly enrolled

  30. Mar 30, 2012 · Assembly

    Presented to the Governor on 3-30-2012

  31. Apr 3, 2012 · Assembly

    Report approved by the Governor on 4-2-2012. 2011 Wisconsin Act 178

  32. Apr 5, 2012 · Assembly

    Published 4-16-2012

Terms on this page

Wisconsin Act

The number a bill gets when it becomes law, like 2025 Wisconsin Act 12.

Official term: Act. More in the glossary

Legislative Reference Bureau

The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.

Official term: LRB analysis. More in the glossary

Author

A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.

Official term: Author, coauthor. More in the glossary

Signed on in support

Lawmakers who back a bill without being one of its authors, often from the other chamber.

Official term: Cosponsor. More in the glossary

Cost estimate

A state agency's estimate of what a bill would cost or save.

Official term: Fiscal estimate. More in the glossary

Roll call

A vote where each lawmaker's yes or no is recorded by name.

Official term: Roll call vote. More in the glossary

From the Wisconsin Legislature's official record, checked Sep 15, 2026. See the source

Wisconsin Act

The number a bill gets when it becomes law, like 2025 Wisconsin Act 12.

Official term: Act

More in the glossary

Legislative Reference Bureau

The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.

Official term: LRB analysis

More in the glossary

Author

A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.

Official term: Author, coauthor

More in the glossary

Signed on in support

Lawmakers who back a bill without being one of its authors, often from the other chamber.

Official term: Cosponsor

More in the glossary

Cost estimate

A state agency's estimate of what a bill would cost or save.

Official term: Fiscal estimate

More in the glossary

Roll call

A vote where each lawmaker's yes or no is recorded by name.

Official term: Roll call vote

More in the glossary