AB746, s. 9 13Section 9. 186.071 (1) (a) of the statutes is amended to read:
AB746,4,1614 186.071 (1) (a) Keep confidential the financial affairs of credit union members,
15unless state and federal laws, security requirements or sound lending practices
16require permit disclosure.
AB746, s. 10 17Section 10. 186.071 (1) (b) of the statutes is amended to read:
AB746,4,2018 186.071 (1) (b) Keep confidential the records and accounts of the credit union
19and the deliberations of the board of directors unless state or federal law requires
20permits disclosure.
AB746, s. 11 21Section 11. 186.08 (1m) (c) of the statutes is amended to read:
AB746,4,2322 186.08 (1m) (c) Setting the type and amount of surety bond required of each
23officer having custody of funds for directors, officers and employes.
AB746, s. 12 24Section 12. 186.08 (1m) (f) of the statutes is repealed.
AB746, s. 13 25Section 13. 186.08 (1m) (g) of the statutes is repealed.
AB746, s. 14
1Section 14. 186.098 (13) of the statutes is amended to read:
AB746,5,132 186.098 (13) Liens. (a) Subject to any limitation on security interests
3identified in s. 422.417 (3) and if the loan agreement or endorsement permits it, a
4credit union shall have a lien on the share deposits and deposit accounts and
5accumulated dividends of a member for any amount owed the credit union by the
6member and for any loan endorsed by the member. Upon the default of the owner
7of the account in an obligation owed to the credit union, the credit union shall have
8a right of immediate setoff for each share deposit and deposit account unless
9prohibited under 12 CFR 226.12 (d). Sections If the loan is a consumer credit
10transaction as defined in s. 421.301 (10), ss.
425.104 and 425.105 apply to a default
11under this paragraph. The credit union may also refuse to allow withdrawals from
12any share deposit or deposit account in an amount not to exceed any delinquent
13obligation to the credit union.
AB746,5,1614 (b) The credit union may waive its rights to a lien, to immediate setoff or to
15restrict withdrawals or to any combination of these rights for any share deposit or
16deposit
account.
AB746, s. 15 17Section 15. 186.10 (2) of the statutes is amended to read:
AB746,5,2218 186.10 (2) Shares in trust. Shares may be issued in trust, subject to any
19conditions prescribed in the bylaws. Share accounts and deposit accounts may be
20owned held by a member in trust for a beneficiary, or owned held by a nonmember
21in trust for a beneficiary who is a member or held by a nonmember custodian for a
22member pursuant to ss. 880.61 to 880.72
.
AB746, s. 16 23Section 16. 186.113 (1) of the statutes is amended to read:
AB746,6,324 186.113 (1) Branch offices. If the need and necessity exist and with the
25approval of the office of credit unions, establish branch offices inside this state or no

1more than 25 miles outside of this state. Permanent records may be maintained at
2branch offices established under this subsection. In this subsection, the term
3"branch office" does not include a remote terminal.
AB746, s. 17 4Section 17. 186.113 (1m) (title) of the statutes is created to read:
AB746,6,55 186.113 (1m) (title) Limited services offices.
AB746, s. 18 6Section 18. 186.113 (11) of the statutes is repealed.
AB746, s. 19 7Section 19. 186.113 (23) of the statutes is created to read:
AB746,6,98 186.113 (23) Accept investments. Accept investments made by state or
9federally chartered credit unions.
AB746, s. 20 10Section 20. 186.12 (2) of the statutes is amended to read:
AB746,6,1411 186.12 (2) Sureties. A member of the credit committee or a loan officer shall
12not, directly or indirectly, become surety for any loan or advance made by the credit
13union, unless the credit committee member or loan officer receives the prior approval
14of the board of directors to act in such capacity
.
AB746, s. 21 15Section 21. 186.13 of the statutes is amended to read:
AB746,6,24 16186.13 Expulsion. If the board of directors adopts a written policy, a credit
17union may expel a member if the member neglects or refuses to comply with this
18chapter or the credit union bylaws or if the board has other just cause. The credit
19union shall provide notice to the member in writing of the reason for expulsion. The
20notice shall include a description of the member's right to a hearing and the time
21period for the member to request a hearing
. If a member requests a hearing in
22writing within 45 days of receipt of the expulsion notice, the board shall give the
23member an opportunity to be heard on the expulsion within 90 days after the date
24of the expulsion notice.
AB746, s. 22 25Section 22. 186.19 of the statutes is repealed and recreated to read:
AB746,7,3
1186.19 Bonding requirements. A credit union shall maintain the necessary
2bonds for directors, officers and employes according to any standards prescribed by
3the national board.
AB746, s. 23 4Section 23. 220.285 (1) of the statutes is amended to read:
AB746,7,165 220.285 (1) Any state bank, trust company bank, licensee under s. 138.09,
6138.12, 218.01, 218.02, 218.04 or 218.05 or ch. 217 or credit union may cause any or
7all records kept by such bank, licensee or credit union to be recorded, copied or
8reproduced by any photostatic, photographic or miniature photographic process or
9by optical imaging if the process employed correctly, accurately and permanently
10copies, reproduces or forms a medium for copying, reproducing or recording the
11original record on a film or other durable material. A bank, or licensee or credit union
12may thereafter dispose of the original record after first obtaining the written consent
13of the division; a credit union may thereafter dispose of the original record after first
14obtaining the written consent of the office of credit unions
. This section, excepting
15that part of it which requires written consent of the division, is applicable to national
16banking associations insofar as it does not contravene federal law.
AB746, s. 24 17Section 24. 708.10 (1) (e) 2. of the statutes is amended to read:
AB746,7,1818 708.10 (1) (e) 2. Cashier's check or teller's check.
AB746, s. 25 19Section 25. 708.10 (1) (e) 3. of the statutes is amended to read:
AB746,7,2220 708.10 (1) (e) 3. A check that is negotiable, as defined in s. 403.104 (1), and on
21which the lender or an affiliate of the lender is the payer drawer, as defined in s.
22403.103 (1) (c)
.
AB746, s. 26 23Section 26. Initial applicability.
AB746,8,3
1(1) Disposal of applications for review. The treatment of section 186.015 (5)
2of the statutes first applies to applications for review submitted on the effective date
3of this subsection.
AB746,8,54 (2) Director removal. The treatment of section 186.07 (6) of the statutes first
5applies to directors removed on the effective date of this subsection.
AB746,8,66 (End)
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