AB673,1,6 1An Act to create 186.035, 214.035 (4), 215.26 (10) and 221.0404 of the statutes;
2relating to: the deceptive or misleading use of the name of a state-chartered
3bank, savings bank, savings and loan association, or credit union, the deceptive
4or misleading use of a name that is deceptively similar to the name of a
5state-chartered bank, savings bank, savings and loan association, or credit
6union, and providing a penalty.
Analysis by the Legislative Reference Bureau
Current law generally prohibits any person from making any assertion,
representation, or statement of fact which is untrue, deceptive, or misleading in the
person's commercial solicitations. Current law also limits the use of the terms
"bank," "savings bank," "savings and loan association," and "credit union" in certain
circumstances.
With certain exceptions, this bill specifically prohibits any person from using
the name of a state-chartered bank, savings bank, savings and loan association, or
credit union (banking institution), or a name that is deceptively similar to such a
name, in any marketing material provided to or solicitation of another person in a
manner such that a reasonable person may believe that the marketing material or
solicitation originated from or is endorsed by the banking institution, or that the
banking institution is responsible for the marketing material or solicitation. This
prohibition does not apply to a banking institution that uses its own name, to the use

of such a name by an affiliate or agent of the banking institution, or to the use of such
a name with consent of the banking institution.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB673, s. 1 1Section 1. 186.035 of the statutes is created to read:
AB673,2,8 2186.035 Deceptive or misleading use of credit union name. (1) Use of
3credit union name for marketing purposes.
Except as provided in sub. (3), no person
4may use the name of a credit union, or a name that is deceptively similar to the name
5of a credit union, in any marketing material provided to or solicitation of another
6person in a manner such that a reasonable person may believe that the marketing
7material or solicitation originated from or is endorsed by the credit union or that the
8credit union is responsible for the marketing material or solicitation.
AB673,2,16 9(2) Enforcement and penalties. The office of credit unions shall direct any
10person the office finds to have violated sub. (1) to cease and desist from violating sub.
11(1). If a person violates sub. (1) after receiving such direction, the office of credit
12unions may impose a forfeiture of up to $1,000 for each violation. Each instance in
13which marketing material is provided to another person or solicitation of another
14person takes place in violation of sub. (1) constitutes a separate violation. This
15subsection does not affect the availability of any remedies otherwise available to a
16credit union.
AB673,2,18 17(3) Exceptions. Subsection (1) does not apply to a person who uses the name
18of a credit union in any of the following circumstances:
AB673,2,1919 (a) With the consent of the credit union.
AB673,3,2
1(b) If the person is the credit union, an affiliate of the credit union, or an agent
2of the credit union.
AB673, s. 2 3Section 2. 214.035 (4) of the statutes is created to read:
AB673,3,94 214.035 (4) (a) Except as provided in par. (c), no person may use the name of
5a savings bank, or a name that is deceptively similar to the name of a savings bank,
6in any marketing material provided to or solicitation of another person in a manner
7such that a reasonable person may believe that the marketing material or
8solicitation originated from or is endorsed by the savings bank or that the savings
9bank is responsible for the marketing material or solicitation.
AB673,3,1610 (b) The division shall direct any person the division finds to have violated par.
11(a) to cease and desist from violating par. (a). If a person violates par. (a) after
12receiving such direction, the division may impose a forfeiture of up to $1,000 for each
13violation. Each instance in which marketing material is provided to another person
14or solicitation of another person takes place in violation of par. (a) constitutes a
15separate violation. This subsection does not affect the availability of any remedies
16otherwise available to a savings bank.
AB673,3,1817 (c) Paragraph (a) does not apply to a person who uses the name of a savings
18bank in any of the following circumstances:
AB673,3,1919 1. With the consent of the savings bank.
AB673,3,2120 2. If the person is the savings bank, an affiliate of the savings bank, or an agent
21of the savings bank.
AB673, s. 3 22Section 3. 215.26 (10) of the statutes is created to read:
AB673,4,423 215.26 (10) Deceptive or misleading use of association name. (a) Except as
24provided in par. (c), no person may use the name of an association, or a name that
25is deceptively similar to the name of an association, in any marketing material

1provided to or solicitation of another person in a manner such that a reasonable
2person may believe that the marketing material or solicitation originated from or is
3endorsed by the association or that the association is responsible for the marketing
4material or solicitation.
AB673,4,115 (b) The division shall direct any person the division finds to have violated par.
6(a) to cease and desist from violating par. (a). If a person violates par. (a) after
7receiving such direction, the division may impose a forfeiture of up to $1,000 for each
8violation. Each instance in which marketing material is provided to another person
9or solicitation of another person takes place in violation of par. (a) constitutes a
10separate violation. This subsection does not affect the availability of any remedies
11otherwise available to an association.
AB673,4,1312 (c) Paragraph (a) does not apply to a person who uses the name of an association
13in any of the following circumstances:
AB673,4,1414 1. With the consent of the association.
AB673,4,1615 2. If the person is the association, an affiliate of the association, or an agent of
16the association.
AB673, s. 4 17Section 4. 221.0404 of the statutes is created to read:
AB673,4,24 18221.0404 Deceptive or misleading use of bank name. (1) Use of bank
19name for marketing purposes.
Except as provided in sub. (3), no person may use the
20name of a bank, or a name that is deceptively similar to the name of a bank, in any
21marketing material provided to or solicitation of another person in a manner such
22that a reasonable person may believe that the marketing material or solicitation
23originated from or is endorsed by the bank or that the bank is responsible for the
24marketing material or solicitation.
AB673,5,7
1(2) Enforcement and penalties. The division shall direct any person the
2division finds to have violated sub. (1) to cease and desist from violating sub. (1). If
3a person violates sub. (1) after receiving such direction, the division may impose a
4forfeiture of up to $1,000 for each violation. Each instance in which marketing
5material is provided to another person or solicitation of another person takes place
6in violation of sub. (1) constitutes a separate violation. This subsection does not
7affect the availability of any remedies otherwise available to a bank.
AB673,5,9 8(3) Exceptions. Subsection (1) does not apply to a person who uses the name
9of a bank in any of the following circumstances:
AB673,5,1010 (a) With the consent of the bank.
AB673,5,1111 (b) If the person is the bank, an affiliate of the bank, or an agent of the bank.
AB673,5,1212 (End)
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