Green Bay Reporter

The new bill authored by Rep. Behnke seeks to amend the Uniform Commercial Code to change how securities interests and entitlements are governed, prioritizing entitlement holders' claims, according to the Wisconsin State Assembly.

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 amends the Uniform Commercial Code concerning securities held in "street name" in customer brokerage accounts. It repeals certain jurisdictional and creditor claims provisions, altering how securities interests and entitlements are governed. The bill removes existing exceptions that previously allowed securities intermediaries' creditors to have claim priority over entitlement holders even in margin accounts. Now, entitlement holders will have priority in claims, irrespective of whether a security interest has been provided to a securities intermediary. The bill also shifts the governing law from the securities intermediary's jurisdiction to the entitlement holder's jurisdiction. It takes effect on the first day of the fourth month after publication.

The bill was co-authored by Senator André Jacque (Republican-1st District), Representative Barbara Dittrich (Republican-99th District), Representative Rick Gundrum (Republican-58th District), Representative Rob Kreibich (Republican-28th District), and Representative Jeffrey Mursau (Republican-36th District). It was co-sponsored by Senator Steve L. Nass (Republican-11th District) and Senator Van H. Wanggaard (Republican-21st District).

Elijah R. Behnke has co-authored or authored another 65 bills since the beginning of the 2025 session, with none of them being enacted.

Behnke graduated from Toccoa Falls College in 2005 with an AA.

Behnke, a Republican, was elected to the Wisconsin State Assembly in 2025 to represent the state's 6th Assembly district, replacing previous state representative Peter Schmidt.

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
AB133	03/13/2025	Investment securities under the Uniform Commercial Code
AB128	03/11/2025	Requiring first responders to be trained to administer epinephrine delivery systems. (FE)
AB103	03/04/2025	School board policies related to changing a pupil’s legal name and pronouns
AB93	02/28/2025	The distribution and labeling of fertilizers and soil or plant additives produced from manure. (FE)
AB91	02/28/2025	The requirement that first class cities and first class city school districts place school resource officers in schools. (FE)
AB88	02/28/2025	Civil action for injury or damages resulting from riot or vandalism, participation in a riot, prohibiting certain limitations or restrictions on law enforcement responses to riot or vandalism activity, and providing a penalty
AB76	02/28/2025	Creating an individual income tax deduction for certain income earned by an individual from the practice of psychiatry or from providing psychiatric or mental health services. (FE)
AB74	02/28/2025	Parental notification of alleged sexual misconduct by a school staff member. (FE)
AB66	02/24/2025	Dismissing or amending certain criminal charges and deferred prosecution agreements for certain crimes
AB64	02/24/2025	An income tax subtraction for certain expenses paid by a school teacher. (FE)
AB42	02/17/2025	Local regulation of fowl
AB38	02/17/2025	An income tax exemption for cash tips paid to an employee. (FE)
AB36	02/17/2025	Law enforcement and firefighter annuitants in the Wisconsin Retirement System who are rehired by a participating employer. (FE)
AB30	02/17/2025	Prohibiting a foreign adversary from acquiring agricultural or forestry land in this state
AB26	02/17/2025	Battery or threat to jurors and providing a penalty
AB18	02/06/2025	Fee waivers for state park vehicle admission receipts to pupils with Every Kid Outdoors passes. (FE)
AB4	02/03/2025	Required instruction in civics in the elementary and high school grades, high school graduation requirements, and private school educational program criteria. (FE)
AB3	02/03/2025	Incorporating cursive writing into the state model English language arts standards and requiring cursive writing in elementary grades. (FE)