Updating an obsolete reference to the National Association of Securities Dealers, Inc.; eliminating an obsolete provision in the Wisconsin Consumer Act; updating a cross-reference to a federal law definition of high-cost mortgage; information included on a notary public's stamp and clarifying terminology and removing statutory duplication relating to notaries public (suggested as remedial legislation by the Department of Financial Institutions).
Impact
The implications of SB 1052 on state law include the removal of obsolete stipulations that restrict merchants regarding balloon payments in consumer credit transactions and updates to the cross-references concerning high-cost mortgages aligning with current federal definitions. Moreover, the clarifications surrounding the requirements for notary public stamps are expected to harmonize existing laws, eliminating any confusion about the necessary components of these stamps, thus streamlining the notarial process in Wisconsin.
Summary
Senate Bill 1052 aims to update various provisions of Wisconsin law by repealing outdated references and eliminating unnecessary regulations. This bill was introduced as a response to potential discrepancies within existing statutes, particularly those surrounding notary public practices and the consumer credit laws in Wisconsin. A notable change includes the transition from referencing the National Association of Securities Dealers, Inc. (NASD) to the Financial Industry Regulatory Authority, Inc. (FINRA), which is critical since NASD has since amalgamated and rebranded itself, making the previous references obsolete.
Contention
While the bill is largely intended as a technical cleanup of the statutes, discussions on its merits raised some concerns regarding the impact of eliminating specific restrictions. Some stakeholders worry that without the prior limitations on certain consumer credit practices, there may be potential risks for consumers, particularly in high-cost lending contexts. However, proponents argue that these updates are essential for modernizing the legal framework and aiding financial institutions in following more current practices.
Updating references to PI 34 of the administrative code and eliminating an obsolete grandfather provision related to a license to teach industrial arts (suggested as remedial legislation by the Department of Public Instruction).
Updating references to PI 34 of the administrative code and eliminating an obsolete grandfather provision related to a license to teach industrial arts (suggested as remedial legislation by the Department of Public Instruction).
Fixing a cross-reference in a definition of “violent crime” and updating terminology to reflect changes in the Federal Bureau of Investigation (suggested as remedial language by the Department of Justice).
Fixing a cross-reference in a definition of “violent crime” and updating terminology to reflect changes in the Federal Bureau of Investigation (suggested as remedial language by the Department of Justice).
Definition of personal assistance services for the purposes of vocational rehabilitation; updating reference to federal vocational rehabilitation law; updating references to the federal Workforce Innovation and Opportunity Act of 2014; updating reference to federal law for certificate of registration as a migrant labor contractor; updating statutory reference to federal Social Security Act; and updating references to federal law for safety standards for vehicles used to transport traveling sales crews (suggested as remedial legislation by the Department of Workforce Development).
Definition of personal assistance services for the purposes of vocational rehabilitation; updating reference to federal vocational rehabilitation law; updating references to the federal Workforce Innovation and Opportunity Act of 2014; updating reference to federal law for certificate of registration as a migrant labor contractor; updating statutory reference to federal Social Security Act; and updating references to federal law for safety standards for vehicles used to transport traveling sales crews (suggested as remedial legislation by the Department of Workforce Development).