Wisconsin § 218.02 - Adjustment service companies.

§ 218.02. Adjustment service companies.

218.02(1) (1) Definitions. As used in this section: 218.02(1)(a) (a) “Adjustment service company,” hereinafter called company, shall mean a corporation, limited liability company, association, partnership or individual engaged as principal in the business of prorating the income of a debtor to the debtor’s creditor or creditors, or of assuming the obligations of any debtor by purchasing the accounts the debtor may have with the debtor’s several creditors, in return for which the principal receives a service charge or other consideration. 218.02(1)(d) (d) “Division” means the division of banking. 218.02(1)(e) (e) “Nationwide multistate licensing system and registry” has the meaning given in s. 224.35 (1g) (b) . 218.02(1)(f) (f) “Unique identifier” has the meaning given in s. 224.35 (1g) (e) . 218.02(2) (2) Licenses; applications; fees; bond. 218.02(2)(a) (a) 218.02(2)(a)1. 1. Each adjustment service company shall apply to the division for a license to engage in such business. Application for a separate license for each office of a company to be operated under this section shall be made in a form and manner acceptable to the division. The division may issue more than one license to the same licensee. Except as provided in subd. 3. , an application for a license under this section shall include the following: 218.02(2)(a)1.a. a. In the case of an individual, the individual’s social security number. 218.02(2)(a)1.b. b. In the case of a person that is not an individual, the person’s federal employer identification number. 218.02(2)(a)2. 2. The division may not disclose any information received under subd. 1. to any person except as follows: 218.02(2)(a)2.a. a. The division may disclose information under subd. 1. to the department of revenue for the sole purpose of requesting certifications under s.