Wisconsin Code § 216.01

Regulation
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No person and no partnership, association or corporation, whether local or foreign, heretofore organized or which may hereafter be organized, doing business as a
so-called investment, loan, benefit, cooperative, home, trust or
guarantee company, for the licensing, control and management of
which there is no law now in force in this state, and which such
person, partnership, association or corporation, shall solicit payments to be made to himself, herself or itself either in a lump
sum, or periodically, or on the installment plan, issuing therefor
so-called bonds, shares, coupons, certificates of membership or
other evidences of obligation or agreement, or pretended agreement to return to the holder or owners thereof money or anything
of value at some future date, shall solicit or transact any business
in this state unless such person, partnership, association or corporation, shall have first complied with all the provisions prescribed
in ch. 215 required of foreign savings and loan associations authorized to do business in this state.

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