SB 119

Commerce and economic development

Under current law, the Department of Financial Institutions (DFI) regulates

state-chartered banks, savings and loan associations, savings banks, and certain

operations of the securities industry in this state. DFI also reviews and files

charters, articles of incorporation, and other documents of business organizations

and registers and oversees the mortgage banking industry. Finally, DFI oversees

Uniform Commercial Code filings in this state and administers the Wisconsin

Consumer Act.

This bill transfers all of the functions of DFI, including functions of the Division

of Banking and the Division of Securities, to the Department of Financial

Institutions and Professional Standards (DFIPS). Additionally, this bill transfers

the Office of Credit Unions to DFIPS.

Under current law, the Department of Administration (DOA) administers

disabled veteran-owned business certifications, woman-owned business

certifications, and minority business certifications that are designed to encourage

the creation and foster the growth of Wisconsin businesses owned by women,

disabled veterans, or minorities. A business that qualifies for and maintains one of

those certifications may be eligible to receive certain advantages bidding on public

projects and other benefits. This bill transfers the administration of those

certifications to DFIPS.

Also under current law, there is attached to DOA a Small Business Regulatory

Review Board, which is tasked with reviewing and making reports concerning

proposed administrative rules that may have an economic impact on small

businesses. The Small Business Regulatory Review Board is advised by the Office

of Business Development, which is also attached to DOA. The bill transfers the

Small Business Regulatory Review Board and the Office of Business Development

from DOA to DFIPS.

education

Under current law, the Educational Approval Board (EAB), which is attached

to the Technical College System Board, inspects and approves private trade,

correspondence, business, and technical schools. The EAB also issues permits to,

and regulates, persons who solicit students for enrollment in these schools. The EAB

also performs certain functions related to the preservation of student records at

closed schools. The EAB also has certain consumer protection functions related to

deceptive practices involving institutions of higher education.

This bill eliminates the EAB. The bill eliminates some current functions of the

EAB, transfers some functions to DFIPS, and transfers some functions to the

Department of Agriculture, Trade and Consumer Protection (DATCP). Under the

bill, DFIPS must, upon application, issue written authorization to a proprietary

school if the school meets requirements established by rule by DFIPS. One