AB892
AB892

Assembly
Record of Committee Proceedings

Committee on Financial Institutions
Assembly Bill 892
Relating to: credit union membership, powers, and operation; the application of agriculture, trade, and consumer protection statutes to credit unions; the creation of a new type of financial institution; the powers of and requirements applicable to the new type of financial institution; the priority of certain wage claim liens over a prior lien of a financial institution; providing an exemption from emergency rule procedures; granting rule-making authority; and providing a penalty.
By the Committee on Financial Institutions.

March 5, 2002 Referred to Committee on Financial Institutions.

March 5, 2002
PUBLIC HEARING HELD



Present: (16) Representatives Jeskewitz, Montgomery, J. Fitzgerald, Hoven, Kedzie, Kreibich, Rhoades, Starzyk, Walker, La Fave, Plale, Plouff, Balow, Richards, Shilling and Krug.

Absent: (0) None.


Appearances for

· Representative Suzanne Jeskewitz - 24th Assembly District

· David Anderson - Department of Financial Institutions

· Brett Thompson - WI Credit Union League


Appearances against

· Jim Hough - WI Economic Development Association

· Billy G. Smith - NFIB Wisconsin

· John Metcalf - WMC


Appearances for Information Only

· Bob Anderson - DWD- Equal Rights Division

· Sheean Donahue - DWD - Equal Rights Division

· Pete Christianson - WI Land Title Association


Registrations for

· Tim Elverman - Bank One Wisconsin

· Kurt Bauer - Wisconsin Banker's Association

· Daryll Lund - Community Bankers of Wisconsin

· Ruthann Nelson - WI Federation of Cooperatives


Registrations against

· None.


March 5, 2002
EXECUTIVE SESSION



Present: (16) Representatives Jeskewitz, Montgomery, J. Fitzgerald, Hoven, Kedzie, Kreibich, Rhoades, Starzyk, Walker, La Fave, Plale, Plouff, Balow, Richards, Shilling and Krug.

Absent: (0) None.


Moved by Representative Rhoades, seconded by Representative Hoven, that
Assembly Amendment 1
be recommended for introduction and adoption.


Ayes: (16) Representatives Jeskewitz, Montgomery, J. Fitzgerald, Hoven, Kedzie, Kreibich, Rhoades, Starzyk, Walker, La Fave, Plale, Plouff, Balow, Richards, Shilling and Krug.

Noes: (0) None.

Absent: (0) None.


INTRODUCTION AND ADOPTION RECOMMENDED, Ayes 16, Noes 0, Absent 0



Moved by Representative Krug, seconded by Representative La Fave, to recommended that the bill be divided into two distinct proposals - the financial modernization proposal and the wage lien proposal.


Ayes: (7) Representatives La Fave, Plale, Plouff, Balow, Richards, Shilling and Krug.

Noes: (9) Representatives Jeskewitz, Montgomery, J. Fitzgerald, Hoven, Kedzie, Kreibich, Rhoades, Starzyk and Walker.

Absent: (0) None.


ASKED THAT THE BILL BE DIVIDED INTO TWO DISTINCT PROPOSALS - THE FINANCIAL MODERNIZATION PROPOSAL AND THE WAGE LIEN PROPOSAL NOT RECOMMENDED, Ayes 7, Noes 9, Absent 0



Moved by Representative Kedzie, seconded by Representative Hoven, that
Assembly Bill 892
be recommended for passage as amended.


Ayes: (9) Representatives Jeskewitz, Montgomery, J. Fitzgerald, Hoven, Kedzie, Kreibich, Rhoades, Starzyk and Walker.

Noes: (7) Representatives La Fave, Plale, Plouff, Balow, Richards, Shilling and Krug.

Absent: (0) None.


PASSAGE AS AMENDED RECOMMENDED, Ayes 9, Noes 7, Absent 0






Erin Bilot
Committee Clerk
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