16.283 Disabled veteran-owned businesses.

551 words·~3 min read·/wi/chapter-16/16-283-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Definitions. In this section, unless the context requires otherwise:

(a)“Business” means a sole proprietorship, partnership, limited liability company, joint venture, or corporation.

(b)“Disabled veteran” means a person who is verified by the department of veterans affairs as being all of the following at the time the person applies for certification under sub.

(3):

1. A veteran, as defined in s. 45.01

(12).

2. A resident of this state.

3. A person who is in receipt of an award from the U.S. department of veterans affairs of a service-connected disability rating under 38 USC 1114 or 1134 .

(c)“Duly authorized representative” has the meaning given in s. 45.04

(a).

(d)“Financial adviser” means a business that serves as an adviser with regard to the sale of evidences of indebtedness or other obligations.

(e)“Investment firm” means a business that serves as a manager, comanager, or in any other underwriting capacity with regard to the sale of evidences of indebtedness or other obligations or as a broker-dealer as defined in s. 551.102

(4).

(f)“Useful business function” means the provision of materials, supplies, equipment, or services to customers, including the state.

(2)Disabled veteran-owned business database. The department shall develop, maintain, and keep current a computer database of businesses certified under this section.

(3)Disabled veteran-owned business, financial adviser, and investment firm certification.

(a)Any business, financial adviser, or investment firm may apply to the department for certification under this section.

1m. The department shall certify a business, financial adviser, or investment firm under this section if, after conducting an investigation, the department determines that the business, financial adviser, or investment firm fulfills all of the following requirements:

a. One or more disabled veterans owns not less than 51 percent of the business, financial adviser, or investment firm or, in the case of any publicly owned business, financial adviser, or investment firm, one or more disabled veterans owns not less than 51 percent of the stock of the business, financial adviser, or investment firm.

b. One or more disabled veterans or one or more duly authorized representatives of one or more disabled veterans controls the management and daily business operations of the business, financial adviser, or investment firm.

c. The business, financial adviser, or investment firm has its principal place of business in this state.

d. The business, financial adviser, or investment firm is currently performing a useful business function. Acting as a conduit for the transfer of funds to a business that is not certified under this section does not constitute a useful business function, unless doing so is a normal industry practice.

2m. The department may, without conducting an investigation, certify a business, financial adviser, or investment firm having its principal place of business in this state and currently performing a useful business function if the business, financial advisor, or investment firm is certified, or otherwise classified, as a disabled veteran-owned business, financial advisor, or investment firm by an agency or municipality of this or another state, a federally recognized American Indian tribe, or the federal government, or by a private business with expertise in certifying disabled veteran-owned businesses if the business uses substantially the same procedures the department uses in making a determination under subd. 1m.