215.33 (3) (b) Approval of applications. (intro.) Upon receipt of a completed application and the required fee, the commissioner division may issue a certificate of authority. The certificate of authority may be subject to specific conditions that the commissioner division believes necessary to adequately safeguard the interests of the residents of this state. A certificate of authority to do business in this state shall not be issued unless:
27,5661
Section 5661
. 215.33 (3) (b) 1. of the statutes is amended to read:
215.33 (3) (b) 1. The association is in sound financial condition and entitled to public confidence, and the commissioner division is satisfied that the association will conduct its business in this state in accordance with the laws of this state.
27,5662
Section 5662
. 215.33 (3) (b) 2. of the statutes is amended to read:
215.33 (3) (b) 2. The accounts of the association are insured by the federal savings and loan insurance corporation or any other insurer acceptable to the commissioner division, or that adequate and sufficient securities have been deposited with the state treasurer to assure that the association will meet its obligations to the residents of this state.
27,5663
Section 5663
. 215.33 (3) (c) (intro.) of the statutes is amended to read:
215.33 (3) (c) Revocation. (intro.) The commissioner division may revoke a certificate of authority issued under this section if:
27,5664
Section 5664
. 215.33 (3) (c) 2. of the statutes is amended to read:
215.33 (3) (c) 2. The association refuses to permit the commissioner division to conduct a complete examination of the association, or fails to pay applicable costs or fees.
27,5665
Section 5665
. 215.33 (3) (c) 3. of the statutes is amended to read:
215.33 (3) (c) 3. The commissioner division determines that the association is in an unsafe condition or that its continued operation in this state is otherwise inconsistent with the best interests of the residents of this state.
27,5666
Section 5666
. 215.33 (4) of the statutes is amended to read:
215.33 (4) Examination and audit of foreign associations. Each foreign association doing business in this state shall be examined by the commissioner
division as provided under s. 215.03, audited under s. 215.25 and assessed fees and costs as provided under s. 215.02 (16), together with any out-of-state travel expenses incurred in the course of the examination and audit. However, the commissioner division may accept as all or part of the examination or audit, all or any part of an examination or audit made on behalf of the agency responsible for the supervision of the foreign association in the jurisdiction in which the association is organized.
27,5667
Section 5667
. 215.33 (5) of the statutes is amended to read:
215.33 (5) Designation of registered agent. Each foreign association doing business in this state shall maintain on file with the commissioner division the name and address of an individual in this state who is authorized to receive legal process on behalf of the association. The commissioner division shall maintain a current record of each individual so designated. The record of the commissioner division shall be conclusive evidence of the authority of the person whose name appears therein to receive process on behalf of the association.
27,5668
Section 5668
. 215.33 (6) of the statutes is amended to read:
215.33 (6) Reciprocity. If the laws of another jurisdiction prohibit an association chartered by this state and insured by the federal savings and loan insurance corporation from doing business in that jurisdiction, no association organized under the laws of that jurisdiction may be authorized to do business in this state. If the laws of another jurisdiction require the posting of securities or impose other additional requirements as a condition of permitting an association chartered by this state to do business in that jurisdiction, the commissioner
division may impose similar requirements on an association organized under the laws of that jurisdiction before issuing the association a certificate of authority to do business in this state.
27,5669
Section 5669
. 215.35 (1) (intro.) of the statutes is amended to read:
215.35 (1) (intro.) The commissioner division may waive any portion of s. 215.53, 215.57, 215.58, 215.73 or 215.77 if the commissioner division makes written findings of both of the following:
27,5670
Section 5670
. 215.36 (2) (b) of the statutes is amended to read:
215.36 (2) (b) An in-state savings and loan proposing any action under par. (a) shall provide the commissioner division a copy of any original application seeking approval by a federal agency or by an agency of the regional state and of any supplemental material or amendments filed in connection with any application.
27,5671
Section 5671
. 215.36 (3) (b) of the statutes is amended to read:
215.36 (3) (b) An in-state savings and loan holding company proposing any action under par. (a) shall provide the commissioner division a copy of any original application seeking approval by a federal agency or by an agency of the regional state and of any supplemental material or amendments filed in connection with any application.
27,5672
Section 5672
. 215.36 (5) (a) (intro.) of the statutes is amended to read:
215.36 (5) (a) (intro.) The commissioner division finds that the statutes of the regional state in which the regional savings and loan or regional savings and loan holding company has its principal place of business permit all of the following:
27,5673
Section 5673
. 215.36 (5) (b) of the statutes is amended to read:
215.36 (5) (b) The commissioner
division has not disapproved the acquisition of the in-state savings and loan or the acquisition or merger with the in-state savings and loan holding company under sub. (7).
27,5674
Section 5674
. 215.36 (5) (c) of the statutes is amended to read:
215.36 (5) (c) The commissioner
division gives a class 3 notice, under ch. 985, in the official state newspaper, of the application to take an action under sub. (4) and of the opportunity for a hearing and, if at least 25 residents of this state petition for a hearing within 30 days of the final notice or if the commissioner division on his or her the division's motion calls for a hearing within 30 days of the final notice, the commissioner division holds a public hearing on the application, except that a hearing is not required if the commissioner division finds that an emergency exists and that the proposed action under sub. (4) is necessary and appropriate to prevent the probable failure of an in-state savings and loan that is closed or in danger of closing.
27,5675
Section
5675. 215.36 (5) (d) of the statutes is amended to read:
215.36 (5) (d) The commissioner
division is provided a copy of any original application seeking approval by a federal agency of the acquisition of an in-state savings and loan or acquisition of or merger with an in-state savings and loan holding company and of any supplemental material or amendments filed with the application.
27,5676
Section 5676
. 215.36 (5) (e) of the statutes is amended to read:
215.36 (5) (e) The applicant has paid the commissioner division a fee of $1,000 together with the actual costs incurred by the commissioner division in holding any hearing on the application.
27,5677
Section 5677
. 215.36 (7) (intro.) of the statutes is amended to read:
215.36 (7) Standards for disapproval. (intro.) The commissioner division may disapprove of any action under sub. (4) if the commissioner division finds any of the following:
27,5678
Section 5678
. 215.36 (7) (ct) of the statutes is amended to read:
215.36 (7) (ct) The applicant has failed to enter into an agreement prepared by the commissioner division to comply with laws and rules of this state regulating consumer credit finance charges and other charges and related disclosure requirements, except to the extent preempted by federal law or regulation.
27,5679
Section 5679
. 215.36 (7) (e) of the statutes is amended to read:
215.36 (7) (e) The applicant fails to meet any other standards established by rule of the commissioner
division.
27,5680
Section 5680
. 215.36 (9) (a) of the statutes is amended to read:
215.36 (9) (a) Subsections (1) to (7) do not apply prior to January 1, 1987, except that the commissioner division may promulgate rules under sub. (7) (e) to be applicable no earlier than the date that subs. (1) to (7) apply.
27,5681
Section 5681
. 215.36 (11) of the statutes is amended to read:
215.36 (11) Divestiture. Any savings and loan holding company that ceases to be an in-state savings and loan holding company or regional savings and loan holding company shall immediately notify the commissioner division of the change in its status and shall, as soon as practical and, in any case, within 2 years after the event causing it to no longer be one of these entities, divest itself of control of all in-state savings and loans and in-state savings and loan holding companies. A savings and loan holding company that fails to immediately notify the commissioner division is liable for a forfeiture of $500 for each day beginning with the day its status changes and ending with the day notification is received by the commissioner division.
27,5682
Section 5682
. 215.40 (1) (c) of the statutes is amended to read:
215.40 (1) (c) An association shall include the word “savings" in its name if its name includes the word “bank". This paragraph does not apply to an association name if the association obtained approval for use of the name from the commissioner division before February 12, 1992.
27,5683
Section 5683
. 215.40 (2) (intro.) of the statutes is amended to read:
215.40 (2) Minimum membership and savings accounts. (intro.) The commissioner division shall determine:
27,5684
Section 5684
. 215.40 (2) (d) of the statutes is amended to read:
215.40 (2) (d) Such other requirements as the
commissioner division deems necessary or desirable.
27,5685
Section 5685
. 215.40 (3) of the statutes is amended to read:
215.40 (3) Who may organize. Adult citizens of this state, hereinafter referred to as incorporators, desiring to organize a mutual association under this section shall make application to the commissioner division as prescribed on forms furnished by the commissioner
division.
27,5686
Section 5686
. 215.40 (4) (e) of the statutes is amended to read:
215.40 (4) (e) Such other information as the
commissioner division requires.
27,5687
Section 5687
. 215.40 (5) of the statutes is amended to read:
215.40 (5) Application fee. The applicants shall pay to the commissioner division $200 to defray the cost of investigation, which sum shall be paid by the commissioner deposited into the general fund to the credit of the office division.
27,5688
Section 5688
. 215.40 (6) (a) of the statutes is amended to read:
215.40 (6) (a) Along with the application, the incorporators shall file an agreement with the commissioner division that, in addition to their initial savings account subscriptions, they will create an expense fund in an amount not less than one-half of the total minimum required amount of savings accounts. The expense fund is for organization expenses, operating deficits, earnings distributions on savings accounts and losses.
27,5689
Section 5689
. 215.40 (6) (b) of the statutes is amended to read:
215.40 (6) (b) This expense fund shall become a part of the assets of the proposed association if the commissioner division approves the application and will be reflected on the books as a liability under the caption “Subsidy by incorporators."
27,5690
Section 5690
. 215.40 (6) (d) of the statutes is amended to read:
215.40 (6) (d) At the end of 3 years of corporate existence, the board of directors may petition the commissioner division for authority to repay the incorporators on a proportional basis, any unused portion remaining in the subsidy by directors. If the commissioner division determines that the operations of the association at that point are of such degree as to enable the association to operate as an independent institution, requiring no further subsidy, the commissioner division may authorize such repayment.
27,5691
Section 5691
. 215.40 (6) (e) of the statutes is amended to read:
215.40 (6) (e) At the end of the 4th year, and each subsequent year, the board of directors of the association may petition the commissioner division for authority to pay out of current income of any period to the incorporators on a proportional basis the amount remaining after payment of expenses, provision for taxes, and the provision for distribution of earnings as a recovery of previous charges made to the expense fund account by incorporators. The commissioner division may approve or deny the petition for recovery payments. In no event shall refunds of this type exceed the total of the charges made to the expense fund account by incorporators.
27,5692
Section 5692
. 215.40 (7) (a) of the statutes is amended to read:
215.40 (7) (a) Within 30 days after receiving a completed application the commissioner division shall furnish a notice of application to the applicant and to each association authorized to operate an office within 4 miles of the proposed office if the office is to be located in Milwaukee county, or 20 miles of the proposed office if located elsewhere. The notice shall describe the location and nature of the proposed office and shall solicit written comments on the application. If a hearing on the application has been scheduled the notice shall also indicate the time and place of the hearing. If not, the notice shall notify interested persons of their right to request a hearing under par. (b) 2. The applicant shall publish the notice of application as a class 3 notice under ch. 985 in the city, town or village where the office is to be located and shall provide the commissioner division with proof of its publication.
27,5693
Section 5693
. 215.40 (7) (b) (intro.) of the statutes is amended to read:
215.40 (7) (b) (intro.) The commissioner division shall conduct a public hearing on the application if any of the following occur:
27,5694
Section 5694
. 215.40 (7) (b) 2. of the statutes is amended to read:
215.40 (7) (b) 2. Within 3 days after publication of the notice of application any person planning to participate in a hearing on the application files with the commissioner division a request for hearing; or
27,5695
Section 5695
. 215.40 (7) (b) 3. of the statutes is amended to read:
215.40 (7) (b) 3. The commissioner division determines that a hearing will be necessary or useful.
27,5696
Section 5696
. 215.40 (7) (c) of the statutes is amended to read:
215.40 (7) (c) If a hearing date was not indicated in the notice of application and a hearing is subsequently required, the commissioner division shall give written notice of the time and place of the hearing to the applicant and to anyone who has requested a hearing, not later than 10 days in advance of the scheduled hearing.
27,5697
Section 5697
. 215.40 (8) of the statutes is amended to read:
215.40 (8) Certification of authority, when issued. If the application is approved, the commissioner division shall issue to the incorporators a certificate of authority to effect a temporary organization, consisting of a chairperson, a secretary and a treasurer; to execute and file articles of incorporation; to adopt and file bylaws; to adopt rules for the procedure of the incorporators; to conduct the first meeting of members; and to open subscription books for savings accounts.
27,5698
Section 5698
. 215.40 (11) of the statutes is amended to read:
215.40 (11) Certificate of authority, when voided. The certificate of authority shall be void after 90 days from its date, but the commissioner division may for cause, after a hearing, extend the life of such certificate for such time as the commissioner division deems advisable.
27,5699
Section 5699
. 215.40 (13) (a) (intro.) of the statutes is amended to read:
215.40 (13) (a) (intro.) Within the time prescribed in sub. (11), the incorporators shall file with the commissioner division a certificate stating:
27,5700
Section 5700
. 215.40 (13) (a) 1. of the statutes is amended to read:
215.40 (13) (a) 1. That articles of incorporation have been executed, filed with and approved by the commissioner division, and recorded; and
27,5701
Section 5701
. 215.40 (13) (a) 3. of the statutes is amended to read:
215.40 (13) (a) 3. That bylaws were adopted at the first meeting of members and filed with and approved by the commissioner division; and
27,5702
Section 5702
. 215.40 (13) (a) 9. of the statutes is amended to read:
215.40 (13) (a) 9. That necessary action has been taken to obtain membership in the federal home loan bank, and insurance of savings accounts from the federal savings and loan insurance corporation or other instrumentality approved by the commissioner division.
27,5703
Section 5703
. 215.40 (13) (b) of the statutes is amended to read:
215.40 (13) (b) No business, other than that of completing the organization of the proposed association, may be transacted until such time as the commissioner
division issues a certificate of incorporation to the association to commence business.
27,5704
Section 5704
. 215.40 (14) of the statutes is amended to read:
215.40 (14) Certificate of incorporation, when issued. Upon receipt of the certificate of compliance from the incorporators, the commissioner division may within 30 days issue a certificate of incorporation to the association under the commissioner's hand and seal authorizing said the association to commence business. The date appearing on the certificate of incorporation shall be the date of the corporate existence of the association.
