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).
If enacted, AB 1099 would streamline the process through which notaries public operate in Wisconsin. The bill proposes the removal of obsolete requirements for notaries, including redundant references and statutory duplications. It asserts that the official stamp of a notary may include specific required details, potentially simplifying the documentation required for notarial acts. These changes are expected to facilitate clearer communication and improve the efficiency of financial transactions that depend on notarial services.
Assembly Bill 1099 is a piece of remedial legislation intended to modernize certain aspects of Wisconsin's legal framework concerning notary publics and related financial provisions. The bill encompasses updates to statutes that reference the National Association of Securities Dealers, Inc., eliminate outdated provisions in the Wisconsin Consumer Act, and modernize cross-references to federal law regarding high-cost mortgages. By addressing these updates, the bill seeks to ensure that Wisconsin's statutes reflect current practices and regulatory standards, particularly in the evolving financial landscape.
The sentiment surrounding AB 1099 appears to be largely positive among stakeholders who recognize the necessity of updating archaic laws that no longer reflect current standards in practice. Supporters, including the Department of Financial Institutions, have indicated that these adjustments are crucial for aligning Wisconsin law with contemporary practices. However, as a technical legislative change, there seems to be a lack of significant public contention or opposition, indicating that the bill is likely to pass without major controversy.
Notable points of contention may arise around the specifics of how the updates to the notary public's official stamp are implemented and any potential implications for consumer protections under the Wisconsin Consumer Act. While the bill is largely seen as a technical update, any changes that could inadvertently limit consumer rights or the accountability of notaries could lead to discussions among legislators and advocacy groups focused on consumer rights.