Wisconsin Administrative Code Department of Financial Institutions
The Wisconsin Administrative Code for the Department of Financial Institutions (DFI) is a comprehensive set of regulations that govern various aspects of financial activity and business operations within the state. The DFI's mission is to protect the safety and soundness of Wisconsin's financial institutions, safeguard the investing public, facilitate commerce, and increase financial capability.
The DFI's administrative rules are organized into several distinct chapters, reflecting the diverse responsibilities of the department. Some of the key areas covered include:
DFI-Bkg (Department of Financial Institutions-Banking): These chapters regulate state-chartered banks and other financial institutions. They cover aspects such as:
Organization and operation of banks.
Lending practices and investments.
Supervision and examination procedures.
Consumer financial services, including licensed financial service providers like payday lenders, sales finance companies, money transmitters, and title lenders.
Procedures before the Administrator of the Division of Banking.
DFI-CCS (Department of Financial Institutions-Corporate and Consumer Services): This division handles regulations related to business entities and certain consumer protections. This includes:
Filings for corporations, LLCs, and other business entities.
Uniform Commercial Code (UCC) filings.
Registration of charitable organizations and professional fundraisers.
Notary public commissions.
Administration of the Wisconsin Consumer Act.
DFI-CU (Department of Financial Institutions-Credit Unions): These rules specifically pertain to the regulation and supervision of state-chartered credit unions.
DFI-SB (Department of Financial Institutions-Savings Banks) and DFI-SL (Department of Financial Institutions-Savings & Loan): These chapters govern the operations, supervision, and specific requirements for savings banks and savings and loan associations in Wisconsin.
DFI-Sec (Department of Financial Institutions-Securities): These rules regulate the sale of investment securities and franchises, as well as the registration and examination of securities professionals (broker-dealers, investment advisors, and their agents). They also cover practices and conduct within the securities industry to protect investors.
DFI-CSP (Department of Financial Institutions-College Savings Program): This chapter relates to the administration of Wisconsin's 529 College Savings Program, which includes the Edvest and Tomorrow's Scholar plans.
DFI-Gen (Department of Financial Institutions-General): This chapter likely contains general administrative provisions applicable across the department's various functions.
Primary Responsibilities of the Wisconsin Department of Financial Institutions:
Based on the scope of its administrative code, the DFI's primary responsibilities include:
Regulation and Oversight of Financial Institutions: Chartering, examining, and regulating state-chartered banks, savings institutions, credit unions, and various other licensed financial service providers (e.g., mortgage bankers, loan companies, collection agencies, payday lenders, money transmitters).
Securities Regulation: Registering securities offerings, regulating securities professionals (broker-dealers and investment advisors), and investigating complaints and violations in the securities industry to protect investors.
Business Entity Filings: Maintaining the state's business and organization filings, including corporate records, mergers, dissolutions, and annual reports. This also includes Uniform Commercial Code (UCC) filings.
Consumer Protection: Administering the Wisconsin Consumer Act, which governs consumer credit transactions, and handling consumer complaints related to various financial services.
Professional Registrations: Issuing notary public commissions and registering trademarks, professional employer organizations, and charitable organizations.
Financial Capability and Education: Promoting financial literacy, capability, and inclusion throughout the state, and administering the state's college savings program.
The DFI is a self-supporting agency, with its operations primarily funded through fees and assessments paid by the regulated entities and individuals. You can access the specific chapters of the Wisconsin Administrative Code for the Department of Financial Institutions through the Wisconsin State Legislature's website or through legal research databases like Justia. It's always best to consult the official and most up-to-date versions of these rules.
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