Section 203.03 - Licensure(1)(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.(6)(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.(7)(a) In this subsection:1. "Applicant" means a provider that has submitted an application for a license under sub. (2).2. "Director" means a member of the applicant's or licensee's board of directors.3. Except in subd. 2., "member" means a person that has the right to receive upon dissolution, or has contributed, 10 percent or more of the capital of an applicant or licensee that is organized as a limited liability company or association.4. "Officer" means a person who participates or has authority to participate, other than in the capacity of a director, in major policy-making functions of an applicant or licensee, whether or not the person has an official title. "Officer" includes the chief executive officer, chief financial officer, chief operations officer, chief legal officer, chief credit officer, chief compliance officer, each executive vice president or senior vice president, and any other person meeting the standard under this subdivision.5. "Partner" means a person that has the right to receive upon dissolution, or has contributed, 10 percent or more of the capital of an applicant or licensee that is organized as a partnership.(b) Upon the filing of an application under sub. (2) and the payment of the fee required under sub. (5) by a provider, the division shall investigate the relevant facts. If the division finds that the character and general fitness and the financial responsibility of the provider, and the provider's partners if the provider is a partnership, the provider's members if the provider is a limited liability company or association, and the provider's officers and directors if the provider is a corporation, warrant the belief that the provider's business will be operated in compliance with this chapter, the division shall issue a license to the provider. If the division does not make the finding, the division shall deny the provider's application.(8) The division may not issue a license under sub. (7) to a provider if any of the following applies: (a) The provider fails to provide any information required under sub. (2).(b) The department of revenue certifies under s. 73.0301 that the provider is liable for delinquent taxes.(c) The department of workforce development certifies under s. 108.227 that the provider is liable for delinquent unemployment insurance contributions.(9) A provider's license remains in force and effect until the division suspends or revokes the license in accordance with this chapter or the provider surrenders the license. A licensee shall, on or before each December 10, pay to the division the annual license fee established by the division for the next succeeding calendar year. The division may, by rule, provide for the reinstatement of expired licenses consistent with the standards established by the nationwide mortgage licensing system and registry.(10) A provider may not assign a license, except as approved by the division or by operation of law in connection with a merger or conversion authorized under s. 178.1121, 178.1141, 179.1121, 179.1141, 180.1101, 180.1161, 183.1021, or 183.1041 or a similar law of this or another state.(11) A provider shall conspicuously post its license at the provider's physical place of business, or, if the provider conducts business on a website, the provider shall post its license number on the website.(12) The division shall keep confidential the information contained in an application for a license under sub. (2) and any information obtained during the division's investigation under sub. (7), and this information is not subject to public copying or inspection under s. 19.35 (1).Added by Acts 2023 ch, 131,s 5, eff. 9/1/2024.