LRB-1419/2
MDK:cmh&jld:jf
2005 - 2006 LEGISLATURE
December 27, 2005 - Introduced by Law Revision Committee. Referred to
Committee on Housing and Financial Institutions.
SB495,1,3
1An Act to repeal 186.113 (1m); and
to amend 186.41 (5m) of the statutes;
2relating to: out-of-state branch offices of credit unions (suggested as remedial
3legislation by the Department of Financial Institutions).
Analysis by the Legislative Reference Bureau
Current law allows credit unions to establish branch offices in or outside this
state, with the approval of the Office of Credit Unions in the Department of Financial
Institutions. This law went into effect on November 6, 2003. Current law also
provides that a credit union could not establish a limited services office outside this
state before that date unless additional requirements were satisfied. This bill
eliminates the provisions under current law that refer to establishing limited
services offices outside this state before that date.
For further information, see the Notes provided by the Law Revision
Committee of the Joint Legislative Council.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
Law Revision Committee prefatory note: This bill is a remedial legislation
proposal, requested by the Department of Financial Institutions and introduced by the
Law Revision Committee under s. 13.83 (1) (c) 4., stats. After careful consideration of the
various provisions of the bill, the Law Revision Committee has determined that this bill
makes minor substantive changes in the statutes, and that these changes are desirable
as a matter of public policy.
SB495, s. 1
1Section
1. 186.113 (1m) of the statutes is repealed.
Note: The repealed provision authorizes credit unions, before November 6, 2003,
to establish limited services offices outside this state if specified requirements are met.
No such offices exist at this time, according to the department of financial institutions,
and credit unions are now authorized to maintain out-of-state branches.
SB495, s. 2
2Section
2. 186.41 (5m) of the statutes is amended to read:
SB495,2,43
186.41
(5m) Branching not limited. This section does not limit branching
4authority under s. 186.113 (1)
and (1m).
