[2][3] The department headquarters are located at the Hill Farms State Office Building on the west side of Madison, Wisconsin.

The Constitution of Wisconsin, approved in 1848, specified in Article XI, Sections 4 and 5, that no banking law could be enacted in the state without a statewide amendment ratifying the change.

[5] The act was ratified by referendum in the Spring of 1853, and the first State Bank Comptroller, James S. Baker, was appointed by Governor Leonard J. Farwell.

In 1902, Wisconsin voters approved an amendment to the State Constitution significantly altering Article XI, Section 4, to allow more flexibility for the Legislature in regulating banks.

The commissioners for banking, securities, and credit unions were absorbed as separate divisions within the new state agency.

They also provide the licensing service for all entities involved in loan origination activities, collections agencies, payday lenders, and other such businesses.

In addition, they register and perform regular examination of agents involved in securities trading, including broker-dealers and investment advisors.

[6] Separate from the ordinary organizational structure of the Department, there are a number of specific commissions created by acts of the Wisconsin Legislature to oversee, advise, or administer certain functions.