Register January 2006 No. 601
Chapter DFI-SB 14
REAL ESTATE INVESTMENTS
DFI-SB 14.01   Real estate investments limited.
Ch. DFI-SB 14 Note Note: Chapter SB 14 was renumbered ch. DFI-SB 14 under s. 13.93 (2m) (b) 1., Stats., and corrections made under s. 13.93 (2m) (b) 6. and 7., Stats., Register, November, 1997, No. 503.
DFI-SB 14.01 DFI-SB 14.01Real estate investments limited.
DFI-SB 14.01(1)(1) “Real estate investment" defined. A savings bank's real estate investment includes:
DFI-SB 14.01(1)(a) (a) Funds advanced for the purchase, development and operation of real estate.
DFI-SB 14.01(1)(b) (b) Partnership and joint venture capital contributions.
DFI-SB 14.01(1)(c) (c) Mortgage loans, commercial loans, loan guarantees and letters of credit related to underlying real estate in which the savings bank has invested.
DFI-SB 14.01(1)(d) (d) Liability for debt of the partnership or joint venture.
DFI-SB 14.01(1)(e) (e) Any other savings bank obligation for direct or contingent payment of debt relating to the real estate project.
DFI-SB 14.01(2) (2)Real estate investment conditions. A savings bank may make a real estate investment if:
DFI-SB 14.01(2)(a) (a) The division gives prior written approval after reviewing a feasibility study, a recent appraisal provided by the savings bank and other information which he or she may require; and
DFI-SB 14.01(2)(b) (b) The savings bank's real estate investment does not directly or indirectly benefit an officer, director or employee of the savings bank or of its holding company if any or a subsidiary in excess of reasonable employment compensation unless the division gives prior written approval.
DFI-SB 14.01(3) (3)Exception. This section does not apply to a real estate investment permitted under s. 214.52, Stats.
DFI-SB 14.01 Note Note: This section interprets or implements s. 214.49, Stats.
DFI-SB 14.01 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94.
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Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.