Stephen Nass, Wisconsin State Senator for 11th District | Official website
Stephen Nass, Wisconsin State Senator for 11th District | Official website
According to the Wisconsin State Legislature's official website, the bill was described as follows: "investment securities under the Uniform Commercial Code".
The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.
In essence, this bill modifies regulations under the Uniform Commercial Code concerning investment securities in Wisconsin. It revises provisions related to securities held in "street name" within a customer's brokerage account, addressing creditor-debtor relationships, security transfers, and the rights of parties involved. It eliminates specific jurisdictional provisions that dictated which state laws apply to securities intermediaries and entitlement holders, establishing instead that the law of the entitlement holder's jurisdiction will prevail. Additionally, the bill abolishes the existing exception allowing a securities intermediary's creditors priority claims over entitlement holders if the intermediary is a clearing corporation. The changes grant priority to entitlement holders' claims, even when securities are purchased on margin. The bill will be effective on the first day of the fourth month following its publication.
The bill was co-authored by Representative David Armstrong (Republican-67th District) Senator Van H. Wanggaard (Republican-21st District). It was co-sponsored by Representative Elijah R. Behnke (Republican-6th District), Representative Barbara Dittrich (Republican-99th District), and Representative Rick Gundrum (Republican-58th District), along one other co-sponsor.
Steve L. Nass has authored or co-authored another 35 bills since the beginning of the 2025 session, with none of them being enacted.
Nass graduated from the University of Wisconsin-Whitewater in 1978 with a BS.
Nass, a Republican, was elected to the Wisconsin State Senate in 2015 to represent the state's 11th Senate district, replacing previous state senator Neal Kedzie.
In Wisconsin, the legislative process starts when a senator, constituent, group, or agency proposes an idea for a bill. After drafting, the bill is introduced, numbered, and referred to a committee for review and public input. If approved, it moves through three readings and votes in both the Senate and Assembly. Once both chambers pass the same version, the bill goes to the governor, who can sign it, veto it, or let it become law without a signature. Only a small share of bills introduced each session ultimately become law. You can learn more about the Wisconsin legislative process here.
| Bill Number | Date Introduced | Short Description |
|---|---|---|
| SB123 | 03/14/2025 | Investment securities under the Uniform Commercial Code |
| SB97 | 03/07/2025 | Parental notification of alleged sexual misconduct by a school staff member. (FE) |
| SB81 | 02/26/2025 | School district operating referenda |
| SB77 | 02/26/2025 | Entering certain places with intent to commit battery and providing a penalty |
| SB76 | 02/26/2025 | Dismissing or amending certain criminal charges and deferred prosecution agreements for certain crimes |
| SB75 | 02/26/2025 | Venue for actions in which there is a governmental party |
| SB61 | 02/21/2025 | Excluding expenditures funded by referenda from shared costs for the purpose of determining equalization aid for school districts. (FE) |
| SB53 | 02/21/2025 | Requiring the display of the national motto in public schools and on public buildings. (FE) |
| SB43 | 02/12/2025 | Allowing advanced practice nurse prescribers to pronounce the date, time, and place of a patient’s death for purposes of the preparation of death records |
| SB22 | 02/05/2025 | Requiring school boards to make textbooks, curricula, and instructional materials available for inspection by school district residents |
| SB16 | 02/05/2025 | Participation in interscholastic athletics and application of the public records and open meetings laws to interscholastic athletic associations |
| SB13 | 02/03/2025 | Incorporating cursive writing into the state model English language arts standards and requiring cursive writing in elementary grades. (FE) |
| SB11 | 02/03/2025 | Allowing representatives of certain federally chartered youth membership organizations to provide information to pupils on public school property |
| SB5 | 01/24/2025 | Battery or threat to jurors and providing a penalty |
Alerts Sign-up