AB730: Bill Text

LRB-3932/1

RM:kjf/kg/jd:ch

2003 - 2004 LEGISLATURE

2003 Assembly BILL 730

January 7, 2004 - Introduced by Representative Gard. Referred to Committee on Job Creation.

AB730,1,3 An Act to amend 221.0901 (3) (a) 1. and 221.0901 (8) (a) and (b) of the statutes; relating to: the acquisition of in-state banks and in-state bank holding companies.

Analysis by the Legislative Reference Bureau

Current law specifies certain requirements applicable to the acquisition of an in-state bank or in-state bank holding company by an out-of-state bank holding company. This bill applies those requirements to similar acquisitions by out-of-state banks.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB730, s. 1 Section 1. 221.0901 (3) (a) 1. of the statutes is amended to read:

AB730,1,6 221.0901 (3) (a) 1. Merge or consolidate with an in-state bank holding company or in-state bank.

AB730, s. 2 Section 2. 221.0901 (8) (a) and (b) of the statutes are amended to read:

AB730,2,4 221.0901 (8) (a) Except as provided in pars. (b) and (c), the division may not approve an application by an out-of-state bank holding company under sub. (3) (a), other than an application by an in-state bank holding company or in-state bank, unless the in-state bank to be acquired, or all in-state bank subsidiaries of the in-state bank holding company to be acquired, have as of the proposed date of acquisition been in existence and in continuous operation for at least 5 years.

AB730,2,12 (b) The Except as otherwise provided in this paragraph, the division may approve an application under sub. (3) (a) for an acquisition of an in-state bank holding company that owns one or more in-state banks that have been in existence for less than 5 years, if the out-of-state bank holding company applicant divests itself of those in-state banks within 2 years after the date of acquisition of the in-state bank holding company by the out-of-state bank holding company applicant. This paragraph does not apply if the applicant is an in-state bank holding company or in-state bank.

AB730,2,13 (End)