Wisconsin § 218.05 - Community currency exchanges.

§ 218.05. Community currency exchanges.

218.05(1) (1) Definitions. As used in this section: 218.05(1)(b) (b) “Community currency exchange” means any person, except a bank incorporated under the laws of this state, a federal bank organized pursuant to the laws of the United States, a savings bank organized under ch. 214 , a savings and loan association organized under ch. 215 and a credit union organized under ch. 186 , engaged in the business of and providing facilities for cashing checks, drafts, money orders and all other evidences of money acceptable to such community currency exchange for a fee, service charge or other consideration. Nothing in this section shall be held to apply to any person engaged in the business of transporting for hire, bullion, currency, securities, negotiable or nonnegotiable documents, jewels or other property of great monetary value nor to any person engaged in the business of selling tangible personal property at retail nor to any person licensed to practice a profession or licensed to engage in any business in this state, who, in the course of such business or profession and, as an incident thereto, cashes checks, drafts, money orders or other evidences of money. 218.05(1)(d) (d) “Division” means the division of banking. 218.05(1)(e) (e) “Nationwide multistate licensing system and registry” has the meaning given in s. 224.35 (1g) (b) . 218.05(1)(f) (f) “Unique identifier” has the meaning given in s. 224.35 (1g) (e) . 218.05(2) (2) Licenses required. After July 1, 1945, no person, firm, association, partnership or corporation shall engage in the business of a community currency exchange without first securing a license to do so from the division as required by this section. 218.05(3) (3) Licenses; applications; fees; bond. 218.05(3)(a) (a) Application for such license shall be in writing, under oath, on a form to be prescribed by the division. Each application shall contain the following information: 218.05(3)(a)1. 1. The full name and address (both of residence and place of business) of the applicant, and if the applicant is a partnership, limited liability company or association, of every member thereof, and the name and business address if the applicant is a corporation. 218.05(3)(a)2. 2. The municipality, with street and number, if any, where the community currency exchange is to be conducted; and 218.05(3)(a)3. 3. Such other information as the division may require. 218.05(3)(am) (am) 218.05(3)(am)1. 1. In addition to the information required under par. (a) and except as provided in subd. 3. , an application for a license under this section shall include the following: 218.05(3)(am)1.a. a. If the applicant is an individual, the applicant’s social security number. 218.05(3)(am)1.b. b. If the applicant is not an individual, the applicant’s federal employer identification number. 218.05(3)(am)2. 2. The division may not disclose any information received under subd. 1. to any person except as follows: 218.05(3)(am)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.