AB 1099

This bill updates an obsolete reference to the National Association of Securities

Dealers, Inc., (NASD) in the Wisconsin Uniform Securities Law. In 2007, NASD

consolidated with another organization, and the survivor organization changed its

name to the Financial Industry Regulatory Authority, Inc., commonly known as

FINRA. FINRA operates under U.S. Securities and Exchange Commission oversight

and is responsible for, among other things, regulating securities firms that do

business with the public, including with respect to professional training, testing, and

licensing of registered persons. The bill changes the statutory reference from NASD

to FINRA.

The bill also eliminates an obsolete provision in the Wisconsin Consumer Act.

Current law restricts a merchant's ability to require balloon payments in certain

consumer credit transactions. However, current law specifies that those restrictions

do not apply to a transaction entered into on or after November 1, 1984. The bill

eliminates those restrictions.

The bill also updates a cross-reference to federal law in a Wisconsin law

regulating high cost mortgage lending. The Wisconsin statute defines “covered loan”

by, among other things, a cross-reference to a definition under federal law for

“high-cost mortgage.” The federal law provision was renumbered and amended in

2010, resulting in the cross-reference in Wisconsin law becoming outdated. The bill

changes the cross-reference to refer to the current federal law definition.

Additionally, the bill clarifies the information to be included on a notary public's

stamp. The bill also clarifies certain terms and removes statutory duplication

relating to notaries public.

Under current law, the Department of Financial Institutions issues

commissions to notaries public. A notary public's notarial act must be evidenced by

a certificate to which an official stamp is affixed or embossed if the notarial act

relates to a tangible record or is attached to or logically associated with if the notarial

act relates to an electronic record. An “official stamp” is defined as a physical image

affixed to or embossed on a tangible record or an electronic image attached to or

logically associated with an electronic record. Current law specifies that the official

stamp of a notary public must include the notary public's name, jurisdiction,

commission expiration date if applicable, and other information required by DFI.

Current law also requires a notary public applicant to provide to DFI an

impression of his or her official seal or an imprint of his or her official rubber stamp.

Except with respect to an “official stamp,” the seal or rubber stamp may include only

the following: “Notary Public," “State of Wisconsin," and the name of the notary.

Except when a notary public properly uses an “official stamp,” the notary public must

attest certain instruments by a clear impression of his or her seal or imprint of his

or her rubber stamp, along with a written or stamped date of the notary public's

commission expiration or statement that the commission is permanent.