If any person primarily engaged in the retail sale of goods or services owns or operates a remote service unit on such person's premises and allows access to the unit by any financial institution, group of financial institutions or their customers, nothing in this paragraph or in rules established by the division shall, or shall be construed or interpreted to, require such person to accept any connection to or use of the unit on its premises for any other purpose or function or to accept any connection to the unit on its premises by any other financial institution.
If a person primarily engaged in the retail sale of goods or services owns or operates a remote service unit on such person's premises and allows access to the unit by any financial institution, group of financial institutions or their customers for any purpose or function, no laws governing such institutions or rules established by the division shall apply to such person other than those laws or rules directly related to the particular function performed by the unit on such person's premises for a financial institution.
Information transmitted from a remote service unit, either identified as to particular transactions or aggregate information, shall only be used for purposes of effecting the financial transactions for which such information was received, for any other purpose lawfully authorized by contract, or for any other purpose permitted by statute and rules pertaining to the dissemination and disclosure of such information.
See also ch. DFI-SL 12
, Wis. adm. code.
(47) Extended office.
With the approval of the division, extend its home office or branch by purchasing or leasing real estate for the purpose of establishing, identifying and maintaining an extended office, but only if the extended office is located within 1,000 feet of the home office or branch. All measurements under this subsection shall be made in a straight line from the nearest adjacent points in the respective property lines. The authority under this subsection is in addition to the authority to establish branch offices under s. 215.03 (8)
(48) Trust accounts.
Maintain real estate broker trust accounts under s. 452.13
, attorney trust accounts under s. 757.293
and collection agency trust accounts under s. 218.04 (9g)
(49) Contract for trust services.
Contract for the provision of trust services to its members with a trust company or other organization with trust powers authorized to do business in this state. For this purpose, the trust company or other organization with trust powers may serve association members at association facilities on a full-time or part-time basis.
(50) Demand deposit accounts.
Accept and maintain demand deposit accounts.
(51) Contract for financial services.
Contract with a bank that is owned by a bank holding company which also owns the contracting association, to provide products or services under s. 221.0301 (8)
. The bank shall be subject to regulation and examination by the division with regard to services performed under the contract to the same extent as if the services were being performed by the association itself on its own premises.
History: 1971 c. 154
; 1973 c. 205
; 1975 c. 3
; 1977 c. 26
; 1977 c. 136
; 1979 c. 78
; 1979 c. 287
; 1981 c. 319
; 1983 a. 167
; 1985 a. 157
; 1987 a. 403
; 1989 a. 313
; 1991 a. 39
; 1993 a. 399
; 1995 a. 27
; 1999 a. 83
See also DFI-SL
, Wis. adm. code.
The commissioner [now the division] may, pursuant to sub. (41), issue a certificate of authority to a state-chartered savings and loan association to engage as an authorized agent for the Federal Home Loan Bank of Chicago, which is lawfully engaged in the business of a seller of checks. 61 Atty. Gen. 186.
Additional authority. 215.135(1)
Subject to any regulatory approval required by law and subject to sub. (2)
, a savings and loan association, directly or through a subsidiary, may undertake any activity, exercise any power or offer any financially related product or service in this state that any other provider of financial products or services may undertake, exercise or provide or that the division finds to be financially related.
The activities, powers, products and services that may be undertaken, exercised or offered by savings and loan associations under sub. (1)
are limited to those specified by rule of the division. The division may direct any savings and loan association to cease any activity, the exercise of any power or the offering of any product or service authorized by rule under this subsection. Among the factors that the division may consider in so directing a savings and loan association are the savings and loan association's net worth, assets, management rating and liquidity ratio and its ratio of net worth to assets.
This section does not authorize a savings and loan association, directly or through a subsidiary, to engage in the business of underwriting insurance.
History: 1985 a. 325
; 1995 a. 27
See also DFI-SL
, Wis. adm. code.
Savings accounts. 215.14(1)(1)
Aggregate of savings accounts.
The aggregate of savings accounts of an association is unlimited, and consists of the total deposits in savings accounts and the total earnings credited to the accounts, less withdrawals.
(2) Ownership of accounts.
Any person may become the owner of a savings account in an association if the person is accepted by the association or if the person acquires ownership by a transfer authorized under s. 215.15 (3)
(3) Deposits in savings accounts.
Deposits may be made in savings accounts in any amount at any time, unless otherwise determined by the board.
(4) Maximum ownership of savings accounts by one person.
The aggregate amount of the withdrawal value of savings accounts owned by one person in any association is unlimited, unless the board determines otherwise.
(5) Nonassessability of savings accounts.
All savings accounts shall be nonassessable. No person may, in the person's capacity as a saver, be responsible for any losses incurred by the association beyond the loss of the withdrawal value of the person's savings accounts.
(6) Savings accounts eligible investment for trust funds.
A personal representative, guardian, trustee, or other fiduciary authorized to invest trust funds, may acquire, own, or hold savings accounts in an association, within the limits of standards contained in s. 881.01
, and shall have the same rights and be subject to the same obligations and limitations as other savings account owners, except the right to be an officer or director. Savings accounts owned or held by a personal representative, guardian, trustee, or other fiduciary shall specifically name the trust represented.
(7) Voting rights of joint savings accounts.
When a savings account in a mutual association is a multiple-party account under subch. I of ch. 705
, the right to vote such account shall be no greater than if the account were held by an individual.
In a mutual association a fiduciary shall have all rights and privileges of a saver except the right to hold office.
In a capital stock association a fiduciary shall have all rights and privileges as other savers in the association.
(9) Savings accounts of deceased persons.
The savings account of a decedent may be held and controlled by the personal representative or trustee of the estate, or after 60 days after death, the legal representative may be paid the withdrawal value of the savings account. If the savings account is pledged to the association for a loan, the loan shall first be fully repaid.
Financially related services tie-ins.
In any transaction conducted by an association, a savings and loan holding company, or a subsidiary of either with a customer who is also a customer of any other subsidiary of any of them, the customer shall be given a notice in 12-point boldface type in substantially the following form:
NOTICE OF RELATIONSHIP
This company, ..... (insert name and address of association, savings and loan holding company, or subsidiary), is related to ..... (insert name and address of association, savings and loan holding company, or subsidiary) of which you are also a customer. You may not be compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction.
If you feel that you have been compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction, you should contact the management of either of the above companies at either of the above addresses or the division of banking at .... (insert address).
Evidence of ownership of savings accounts. 215.15(1)(1)
Savings account forms.
The association shall issue to each saver a written summary of the terms of the saver's account or, if permitted by the division, a receipt. The division may promulgate rules prescribing the form of or otherwise regulating issuance and use of evidences of savings accounts, summaries of savings accounts and receipts.
(2) Validation of passbooks and certificates.
The board of directors may designate one or more persons to sign passbooks, certificates or other evidence of savings accounts. Facsimile signatures of designated signatures may be used when authorized by the board of directors.
The board of directors may, subject to the rules of the division and par. (b)
, provide for the following:
The transfer of savings accounts by any procedure permitted by law or limit or prohibit transfer of savings accounts.
The replacement of lost or destroyed evidences of savings accounts.
Unless the division approves, a mutual association may not issue negotiable certificates of deposit which are not in registered form in an aggregate amount exceeding 20% of the total amount in savings accounts.
The division may promulgate rules governing the transfer of savings accounts or the replacement of lost or destroyed evidences of savings accounts.
Savings account earnings.
Subject to the rules of the division, the board of directors of an association may:
Declare or contractually fix one or more rates of earnings on savings accounts.
Prescribe the methods for computing, and the time and manner of crediting or paying, earnings on savings accounts.
Withdrawal of savings accounts. 215.17(1)
The association may pay, on request, withdrawals on its savings accounts to the owners of such savings accounts. The association may require advance notice of withdrawal.
(2) Withdrawal requests of savers.
In a mutual association a saver who has made a withdrawal request does not become a creditor of the association by reason of the withdrawal request.
Closing of savings accounts. 215.18(1)
Except as provided in sub. (3)
, an association may close a savings account by delivering notice of the closing to the saver or mailing notice to the last-known address of the saver.
On the date the notice required under sub. (1)
is delivered or mailed, all rights of the saver in the savings account terminate except the right to receive the withdrawal value of the account calculated as of the date of delivery or mailing of the notice. A saver remains a member until the withdrawal value of the savings account is paid.
An association may agree in writing not to close a savings account. The division may promulgate rules restricting the authority of an association to close savings accounts.
Loans on savings accounts. 215.19(1)
An association may make loans on the security of its savings accounts.
In no event shall a savings account loan exceed the withdrawal value of the savings account pledged as security therefor.
Each savings account loan shall be evidenced by a savings account loan note and a pledge of the savings account books or savings account certificates securing said loan.
Any corporation, owning savings accounts in an association, and whose officers, directors or employees are officers, directors or employees of said association, may obtain a savings account loan on the security of said saving accounts.
History: 1975 c. 359
; 1983 a. 167
Property improvement loans. 215.20(1)
For the purpose of this section, a property improvement loan means a loan, the proceeds of which are used to repair, modernize, alter, furnish, equip or improve the real estate or the structure upon it, or both. As used in this section, loans made for the purpose of furnishing or equipping a structure shall be made to the owners thereof only.
An association may make, buy, sell and hold property improvement loans to such persons, for such purposes, in such individual and aggregate amounts, and upon such terms as the division by rule prescribes.
Other loans and investments.
Subject to such rules as the division prescribes, an association may make, buy, sell and hold the following loans and investments:
Loans or obligations, or interests therein, for the purpose of mobile home or manufactured home financing.
Housing project loans or interests therein, having the benefit of any guaranty under sec. 221 of the foreign assistance act of 1961, as now or hereafter in effect, or loans or interests therein, having the benefit of any guaranty under sec. 224 of such act, or any commitment or agreement with respect to such loans or interests therein, made pursuant to either of such sections.
Loans or obligations or interests therein, which the association has the benefit of any guaranty under Title IV of the housing and urban development act of 1968, as now or hereafter in effect, or of a commitment or agreement therefor.
Loans or interests in loans to financial institutions with respect to which the United States, or any agency or instrumentality thereof, has any function of examination or supervision, or to any broker or dealer registered with the securities and exchange commission, secured by loans, obligations or investments in which it has any statutory authority to invest directly, subject to such rules as the division may issue.
Notwithstanding any other statutory provision relating to investments in or ownership of real property, an association may invest in, or in interests in, real property located within urban renewal areas as defined in the national housing act of 1949 as now or hereafter in effect, and in obligations secured by first liens on real property so located.
Loans to building contractors for the purpose of the development and construction of residential property.
History: 1975 c. 11
; 1995 a. 27
; 2007 a. 11
Basic security required.
Subject to such additional limitations as the division may prescribe, associations may make loans on the security of any of the following:
A mortgage on real estate owned by the borrower in fee simple if the aggregate value of the mortgage and any current balance of any mortgage, lien and encumbrances does not exceed the appraised value of the real estate.
Leasehold interests extending or renewable automatically for a period of at least 15 years beyond the maturity of the debt.
An assignment or transfer of stock certificates or other evidence of the borrower's ownership interest in a corporation formed for the cooperative ownership of real estate. Sections 846.10
, as they apply to a foreclosure of a mortgage involving a one-family residence, apply to a proceeding to enforce the lender's rights in security given for a loan under this paragraph. The division shall promulgate joint rules with the office of credit unions that establish procedures for enforcing a lender's rights in security given for a loan under this paragraph.
(2) Lending area.
Except for loans made under s. 45.37
, the lending area of an association is limited to that area within a radius of 100 miles of the association's office.
(3) Mortgage and mortgage note.
Every mortgage loan shall be secured by a mortgage upon the real estate security and evidenced by a mortgage note.
(4) Priority of association's mortgages. 215.21(4)(a)(a)
All mortgages described in this section shall have priority over all liens, except tax and special assessment liens and liens under ss. 292.31 (8) (i)
, upon the mortgaged premises and the buildings and improvements thereon, which shall be filed subsequent to the recording of such mortgage.
Any additional advance made to a borrower, where the mortgage and mortgage note provides for such additional advances, shall not exceed an amount specified in said mortgage.
(5) Maximum amount of loans to one borrower. 215.21(5)(a)(a)
The aggregate of loans that an association may make to any one borrower is subject to such limits as determined and prescribed by the division and review board, but not exceeding 10% of the aggregate savings accounts or the net worth of the association, whichever is less.