203.03 Licensure.
529 words·~2 min read·
/wi/chapter-203/203-03A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
203.03 Licensure.
(a)Subject to par.
(b), a provider, including a provider that is not physically located in this state, may not provide earned wage access services in this state unless the provider has been issued a license by the division.
(b)This section does not apply to banks, savings banks, savings and loan associations, trust companies, credit unions, or any of their affiliates.
(2)A provider required to be licensed under sub.
(1)shall apply to the division for a license on a form and in the manner prescribed by the division. The application shall include all of the following information:
(a)The name of the provider.
(b)The name under which the provider transacts business, if different from par.
(a).
(c)The address of the provider’s principal office, which may be outside this state.
(d)The addresses of all of the provider’s offices or retail stores, if any, in this state.
(e)If the provider provides earned wage access services at a location that is not an office or retail store in this state, a brief description of the manner in which the provider provides earned wage access services.
(f)The address of the provider’s designated agent upon whom service of process may be made in this state.
(g)The provider’s federal employer identification number.
(h)Any other similar information the division requires to administer this chapter.
(3)In addition to the application under sub.
(2), each licensee shall register with, and maintain a valid unique identifier issued by, the nationwide mortgage licensing system and registry.
(4)Each provider required to be licensed under sub.
(1)shall update any information provided in its license application within 15 business days after a material change in that information.
(5)A provider that submits an application for a license under sub.
(2)shall pay a nonrefundable fee to the division determined in accordance with rates set by the division. In setting the rates, the division shall determine the amount of fees needed to provide sufficient funds for the division to meet the budget requirements of administering and enforcing this chapter in each fiscal year.
(a)A provider required to be licensed under sub.
(1)shall file with the division, and maintain in force, a surety bond that is issued by a surety company admitted to do business in this state that meets all of the following requirements:
1. The bond is in an amount equal to $25,000.
2. The bond is in favor of the state for the benefit of any person that is damaged by a violation of this chapter.
3. The bond is in favor of any person that is damaged by a violation of this chapter.
(b)A person claiming against a bond described under this subsection for a violation of this chapter may maintain an action at law against the provider that obtained the bond and against the surety that issued the bond. The surety is liable only for actual damages and not for punitive damages. The aggregate liability of the surety to all persons damaged by a provider’s violation of this chapter does not exceed the amount of the bond.