Amendment ASA1-AB569

AB569-ASA1,29,4 186.11 (1) General. (intro.) The board of directors may invest credit union funds in U.S. any of the following:

AB569-ASA1,29,5 (a) United States government direct and agency obligations, municipal.

AB569-ASA1,29,6 (b) Municipal bonds issued by municipalities of the state,.

AB569-ASA1,29,8 (c) A corporate central credit unions, banks union organized under s. 186.32 or under any other state or federal law.

AB569-ASA1,29,11 (d) Deposits and debt instruments of federally insured banks, credit unions, savings banks and savings and loans loan associations located in Wisconsin and may, with.

AB569-ASA1,29,13 (e) With the approval of the commissioner, make other investments including investments in credit unions other investment instruments.

AB569-ASA1, s. 116 Section 116. 186.11 (1) (e) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is repealed and recreated to read:

AB569-ASA1,29,17 186.11 (1) (e) With the approval of the office of credit unions, other investment instruments.

AB569-ASA1, s. 117 Section 117. 186.11 (2) (b) of the statutes is amended to read:

AB569-ASA1,30,5 186.11 (2) (b) The board of directors may purchase, lease or construct a building for the operation of the credit union, provided if the aggregate cost depreciated value of the building, including any associated remodeling of the building, or land improvements and, land acquisition, office furnishings and equipment, does not exceed the greater of 5% of the credit union's total assets, including the building to be acquired, or 100% of the credit union's regular irrevocable reserve unless prior approval for greater amounts is given by the commissioner. The cost of land acquisition may include vicinal property for future expansion but may not exceed the aggregate cost limitation. Nothing in this subsection authorizes a credit union to lease a building owned by a director or by a corporation, limited liability company, partnership or association controlled by a director. The credit union may rent or lease a portion of its building or property.

AB569-ASA1, s. 118 Section 118. 186.11 (2) (b) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569-ASA1,30,17 186.11 (2) (b) The board of directors may purchase, lease or construct a building for the operation of the credit union, if the aggregate depreciated value of the building, including any associated remodeling of the building or land improvements, land acquisition, office furnishings and equipment, does not exceed the greater of 5% of the credit union's total assets, including the building to be acquired, or 100% of the credit union's irrevocable reserve unless prior approval for greater amounts is given by the office of credit unions. Nothing in this subsection authorizes a credit union to lease a building owned by a director or by a corporation, limited liability company, partnership or association controlled by a director. The credit union may rent or lease a portion of its building or property.

AB569-ASA1, s. 119 Section 119. 186.11 (4) (a) of the statutes is amended to read:

AB569-ASA1,30,22 186.11 (4) (a) A credit union may invest not more than 10% 1.5% of its regular reserve total assets in the capital shares or obligations of a credit union service corporation organized primarily to provide goods and services specified in par. (b) to credit unions and, credit union organizations and credit union members.

AB569-ASA1, s. 120 Section 120. 186.11 (4) (b) (intro.), 1., 3. and 4. of the statutes are amended to read:

AB569-ASA1,31,2 186.11 (4) (b) (intro.) A service corporation under par. (a) may provide goods and services relating to one or more including any of the following functions:

AB569-ASA1,31,8 1. Credit union operations services, including service centers, credit and debit card services, automated teller and remote terminal services, accounting systems, data processing, management training and support, payment item processing, record retention and storage, locator services, research, debt collection, credit analysis and loan servicing and, coin and currency services and marketing and advertising services.

AB569-ASA1,31,10 3. Development and administration of individual retirement accounts, Keogh plans and other personnel employe benefit plans.

AB569-ASA1,31,12 4. Provision of trust services, including service as trustee and in other similar fiduciary capacities.

AB569-ASA1, s. 121 Section 121. 186.11 (4) (c) of the statutes is created to read:

AB569-ASA1,31,14 186.11 (4) (c) A service corporation may be subject to audit by the commissioner.

AB569-ASA1, s. 122 Section 122. 186.112 of the statutes is amended to read:

AB569-ASA1,31,24 186.112 Credit union borrowing. The board of directors may borrow money from any source if the amount borrowed does not exceed 50% 30% of the credit union's total savings, deposits and reserves and the loan is not for a period longer than 12 months. The limitations of this subsection do not apply to national corporate central credit unions. The 12-month limitation under this subsection does not apply to money borrowed by a credit union to acquire credit union property, buildings, remodeling or equipment. The commissioner may exempt any credit union from the limitations of this subsection. Credit union borrowing may exceed 30% if the commissioner approves.

AB569-ASA1, s. 123 Section 123. 186.112 of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569-ASA1,32,6 186.112 Credit union borrowing. The board of directors may borrow money from any source if the amount borrowed does not exceed 30% of the credit union's total savings, deposits and reserves. Credit union borrowing may exceed 30% if the office of credit unions approves.

AB569-ASA1, s. 124 Section 124. 186.113 (title) of the statutes is amended to read:

AB569-ASA1,32,8 186.113 (title) Credit union services powers.

AB569-ASA1, s. 125 Section 125. 186.113 (1) of the statutes is amended to read:

AB569-ASA1,32,14 186.113 (1) (title) Branch offices. If the need and necessity exists, establish subsidiary offices where permanent and with the approval of the commissioner, establish branch offices inside this state or no more than 25 miles outside of this state. Permanent records may be maintained within the state with the approval of the commissioner at branch offices established under this subsection.

AB569-ASA1, s. 126 Section 126. 186.113 (1) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569-ASA1,32,20 186.113 (1) Branch offices. If the need and necessity exist and with the approval of the office of credit unions, establish branch offices inside this state or no more than 25 miles outside of this state. Permanent records may be maintained at branch offices established under this subsection.

AB569-ASA1, s. 127 Section 127. 186.113 (1s) of the statutes is created to read:

AB569-ASA1,33,3 186.113 (1s) Service centers. Upon notice to the commissioner, establish and maintain service centers that are reasonably necessary to furnish services to members. A credit union may operate a shared service center with one or more credit unions and may participate in a shared service center network that is operated from inside or outside of this state. This subsection does not prohibit a credit union from referring to a service center as a branch office. A service center shall be under the supervision of the commissioner.

AB569-ASA1, s. 128 Section 128. 186.113 (1s) of the statutes, as created by 1995 Wisconsin Act .... (this act), is amended to read:

AB569-ASA1,33,12 186.113 (1s) Service centers. Upon notice to the commissioner office of credit unions, establish and maintain service centers that are reasonably necessary to furnish services to members. A credit union may operate a shared service center with one or more credit unions and may participate in a shared service center network that is operated from inside or outside of this state. This subsection does not prohibit a credit union from referring to a service center as a branch office. A service center shall be under the supervision of the commissioner office of credit unions.

AB569-ASA1, s. 129 Section 129. 186.113 (2) of the statutes is repealed and recreated to read:

AB569-ASA1,33,17 186.113 (2) Credit union center corporation. With other credit unions, organize a credit union center corporation that provides facilities, equipment and personnel. A credit union center corporation shall be under the supervision of the commissioner.

AB569-ASA1, s. 130 Section 130. 186.113 (2) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569-ASA1,33,23 186.113 (2) Credit union center corporation. With other credit unions, organize a credit union center corporation that provides facilities, equipment and personnel. A credit union center corporation shall be under the supervision of the office of credit unions.

AB569-ASA1, s. 131 Section 131. 186.113 (3) (title) of the statutes is created to read:

AB569-ASA1,33,25 186.113 (3) (title) Financial counseling.

AB569-ASA1, s. 132 Section 132. 186.113 (4) (title) of the statutes is created to read:

AB569-ASA1,34,2 186.113 (4) (title) Fees.

AB569-ASA1, s. 133 Section 133. 186.113 (5) of the statutes is amended to read:

AB569-ASA1,34,5 186.113 (5) (title) Third-party checks. Issue third-party checks from an account of a member upon request of the member.

AB569-ASA1, s. 134 Section 134. 186.113 (6) (title) of the statutes is created to read:

AB569-ASA1,34,7 186.113 (6) (title) Trust services.

AB569-ASA1, s. 135 Section 135. 186.113 (6) (intro.) of the statutes is repealed.

AB569-ASA1, s. 136 Section 136. 186.113 (6) (a) and (b) of the statutes are amended to read:

AB569-ASA1,34,14 186.113 (6) (a) 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 credit union members at credit union facilities on a full-time or part-time basis to provide trust services to the credit union's members.

AB569-ASA1,34,16 (b) Act as trustees of member tax deferred funds permitted by federal law to be deposited in a credit union as a deferred compensation or tax-deferral device.

AB569-ASA1, s. 137 Section 137. 186.113 (6) (c) of the statutes is created to read:

AB569-ASA1,34,19 186.113 (6) (c) Act as a depository for member-deferred compensation funds as permitted by federal law.

AB569-ASA1, s. 138 Section 138. 186.113 (7) (title) of the statutes is created to read:

AB569-ASA1,34,21 186.113 (7) (title) Conditional sales contracts.

AB569-ASA1, s. 139 Section 139. 186.113 (8) of the statutes is amended to read:

AB569-ASA1,34,25 186.113 (8) (title) Donations. Make donations and grants in the aggregate not to, the total of which may not exceed one-half of one per cent 0.5% of regular reserves within a given year.

AB569-ASA1, s. 140 Section 140. 186.113 (9) of the statutes is amended to read:

AB569-ASA1,35,5 186.113 (9) (title) Financial services. Collect, receive and disburse moneys in connection with the sale or provision of share drafts, travelers checks, money orders and, credit cards, debit cards or, with the approval of the commissioner, similar instruments.

AB569-ASA1, s. 141 Section 141. 186.113 (9) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is repealed and recreated to read:

AB569-ASA1,35,11 186.113 (9) Financial services. Collect, receive and disburse moneys in connection with the sale or provision of share drafts, travelers checks, money orders, credit cards, debit cards or, with the approval of the office of credit unions, similar instruments.

AB569-ASA1, s. 142 Section 142. 186.113 (10) (title) of the statutes is created to read:

AB569-ASA1,35,13 186.113 (10) (title) Additional powers.

AB569-ASA1, s. 143 Section 143. 186.113 (11) of the statutes is amended to read:

AB569-ASA1,35,16 186.113 (11) (title) Accounts. Have deposit accounts such as Christmas, vacation, education, deferred income, pension and similar types.

AB569-ASA1, s. 144 Section 144. 186.113 (12) of the statutes is amended to read:

AB569-ASA1,35,20 186.113 (12) (title) Elections. Conduct annual board of director elections by mail ballot which shall be valid only for the meeting designated in the manner provided by the bylaws.

AB569-ASA1, s. 145 Section 145. 186.113 (13) of the statutes is amended to read:

AB569-ASA1,36,2 186.113 (13) (title) Multiparty accounts. Issue multiple accounts in joint tenancy with any person designated by the credit union member. The person first named in any such joint on the account shall be a member of the credit union. A nonmember named in the joint account shall not acquire the right to vote, obtain loans or hold office because of the nonmember's inclusion in the joint account.

AB569-ASA1, s. 146 Section 146. 186.113 (14) (title) of the statutes is created to read:

AB569-ASA1,36,4 186.113 (14) (title) Government loans.

AB569-ASA1, s. 147 Section 147. 186.113 (14) of the statutes is renumbered 186.113 (14) (a) and amended to read:

AB569-ASA1,36,8 186.113 (14) (a) Process applications, act as closing agent and service loans made under s. 45.79, with the approval of the department of veterans affairs.

AB569-ASA1, s. 148 Section 148. 186.113 (14) (b) of the statutes is created to read:

AB569-ASA1,36,12 186.113 (14) (b) Make loans to members that are guaranteed by this state or by the federal government, with the approval of the appropriate state or federal administering agency.

AB569-ASA1, s. 149 Section 149. 186.113 (14m) of the statutes is created to read:

AB569-ASA1,36,18 186.113 (14m) Safe deposit boxes. (a) Rent safe deposit receptacles upon its premises for an agreed upon fee. A credit union may store for safekeeping valuable or personal property of any member or of any person who is eligible to be a member. The credit union shall have a lien for its charges on any property received by it for safekeeping.

AB569-ASA1,36,23 (b) Sell any property subject to a lien under par. (a) at public auction in accordance with procedures under ch. 815. A credit union may retain from the proceeds of the sale all lien fees and charges due including reasonable expenses of the sale. A credit union shall pay the remaining balance to the person depositing the property or to the legal representatives or assigns.

AB569-ASA1, s. 150 Section 150. 186.113 (15) (title) of the statutes is created to read:

AB569-ASA1,36,25 186.113 (15) (title) Automated teller machines.

AB569-ASA1, s. 151 Section 151. 186.113 (16) of the statutes is repealed and recreated to read:

AB569-ASA1,37,3 186.113 (16) Dormant accounts. Subject to ch. 177, establish a policy, including a fee schedule, for disposing of dormant accounts.

AB569-ASA1, s. 152 Section 152. 186.113 (17) of the statutes is amended to read:

AB569-ASA1,37,6 186.113 (17) (title) Contracts. Make contracts necessary and proper to effect meet its purpose and to conduct its business.

AB569-ASA1, s. 153 Section 153. 186.113 (18) of the statutes is amended to read:

AB569-ASA1,37,10 186.113 (18) (title) Legal actions. To sue and be sued, and to appear and defend in all actions and proceedings under its corporate name to the same extent as a natural person.

AB569-ASA1, s. 154 Section 154. 186.113 (19) of the statutes is amended to read:

AB569-ASA1,37,17 186.113 (19) (title) Client fund accounts. Maintain real estate broker trust accounts under s. 452.13 for brokers otherwise who are eligible for membership in the credit union, attorney trust accounts under s. 757.293 for attorneys otherwise who are eligible for membership in the credit union and collection agency trust accounts under s. 218.04 (9g) for persons otherwise who are eligible for membership in the credit union.

AB569-ASA1, s. 155 Section 155. 186.113 (20) of the statutes is amended to read: