AB150: Bill Text Engrossed

AB150-engrossed,1750,9 196.857 (2) (title) Due date. A public utility shall pay the total amount that it is assessed under sub. (1) (1m) within 30 days after it receives a bill for that amount from the commission. The bill constitutes notice of the assessment and demand of payment.

AB150-engrossed, s. 5252 Section 5252. 196.857 (2g) of the statutes is amended to read:

AB150-engrossed,1750,16 196.857 (2g) (title) Farm services fees. The commission shall assess fees not to exceed $100 may charge reasonable fees not to exceed $300 per farm for the services provided to farmers under this section. The fees shall be in accordance with a standardized schedule of fees established by the commission by rule. The fees collected under this subsection shall be credited to the appropriation account under s. 20.115 (8) (j) in each fiscal year.

AB150-engrossed, s. 5253 Section 5253. 196.857 (2k) of the statutes is created to read:

AB150-engrossed,1750,22 196.857 (2k) Other services fees. The commission may charge a reasonable fee for services, other than on-farm site-related services, provided under this section. The fee may not exceed the actual costs of the services. The fees collected under this subsection shall be credited to the appropriation account under s. 20.155 (1) (L) in each fiscal year.

AB150-engrossed, s. 5254 Section 5254. 196.857 (2m) of the statutes is amended to read:

AB150-engrossed,1751,8 196.857 (2m) (title) Additional investigations. If the commission, at the request of an electric cooperative organized under ch. 185 or any public utility which is not assessed under sub. (1) (1m), conducts an investigation of the causes of stray voltage on any farm receiving electrical service from that electric cooperative or public utility, that electric cooperative or public utility shall pay a reasonable fee, not exceeding $500 per investigation, which reasonable fees assessed by the commission shall establish separately for each request in accordance with a standardized schedule of fees established by the commission by rule. The amounts received under this subsection shall be credited to the appropriation made in account under s. 20.155 (1) (L).

AB150-engrossed, s. 5255 Section 5255. 196.857 (3) of the statutes is repealed.

AB150-engrossed, s. 5257g Section 5257g. 214.01 (1) (f) of the statutes is repealed.

AB150-engrossed, s. 5257r Section 5257r. 214.01 (1) (im) of the statutes is created to read:

AB150-engrossed,1751,12 214.01 (1) (im) "Division" means the division of savings and loan.

AB150-engrossed, s. 5258 Section 5258. 214.01 (1) (pm) of the statutes is amended to read:

AB150-engrossed,1751,17 214.01 (1) (pm) "Investment" includes consumer, residential, agricultural and commercial loans, purchases of corporate debentures, securities, bonds and joint venture shares, and purchases of mutual fund shares subject to the rules of the commissioner division.

AB150-engrossed, s. 5259 Section 5259. 214.01 (1) (r) of the statutes is amended to read:

AB150-engrossed,1751,23 214.01 (1) (r) "Net profit" means the remainder of all earnings from current operations plus actual recoveries on loans, investments and other assets after deducting all current expenses, including interest on deposit accounts, additions to reserves that are required by the commissioner division, actual losses, accrued dividends on preferred stock and all state and federal taxes.

AB150-engrossed, s. 5260 Section 5260. 214.015 of the statutes is amended to read:

AB150-engrossed,1752,2 214.015 Administration. This chapter shall be administered by the commissioner division.

AB150-engrossed, s. 5261 Section 5261. 214.025 of the statutes is amended to read:

AB150-engrossed,1752,7 214.025 Insurance of accounts. A savings bank shall secure insurance of its deposit accounts by a deposit insurance corporation before commencing business and may, subject to rules of the commissioner division, obtain insurance of deposits in excess of the amount eligible for insurance by a deposit insurance corporation.

AB150-engrossed, s. 5262 Section 5262. 214.03 (1) of the statutes is amended to read:

AB150-engrossed,1752,14 214.03 (1) Subject to the regulation of the commissioner division and in addition to the powers granted by this chapter, a savings bank may, directly or through a subsidiary, 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 commissioner division finds to be financially related.

AB150-engrossed, s. 5263 Section 5263. 214.03 (2) of the statutes is amended to read:

AB150-engrossed,1752,23 214.03 (2) The activities, powers, products and services that may be undertaken, exercised or offered by a savings bank under sub. (1) are limited to those specified by rule of the commissioner division. The commissioner division may direct a savings bank 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 commissioner division may consider in so directing a savings bank are the savings bank's net worth, assets, management rating, liquidity ratio and ratio of net worth to assets.

AB150-engrossed, s. 5264 Section 5264. 214.035 (1) of the statutes is amended to read:

AB150-engrossed,1753,4 214.035 (1) An institution organized under this chapter shall be known as a state savings bank and shall adopt a name that identifies it as such and that includes the term "savings". The commissioner division shall approve the name of a savings bank.

AB150-engrossed, s. 5265 Section 5265. 214.035 (2) of the statutes is amended to read:

AB150-engrossed,1753,11 214.035 (2) Notwithstanding sub. (1), an association, as defined in s. 215.01 (1), that converts to a savings bank may use a name that does not include the term "savings" in its name if that name was approved for use by the association by the commissioner division under ch. 215 before February 12, 1992, and that name is approved by the commissioner division under this subsection as appropriate to identify the converted association as a savings bank.

AB150-engrossed, s. 5268 Section 5268. 214.04 (4) of the statutes is amended to read:

AB150-engrossed,1753,17 214.04 (4) With the approval of the commissioner division, to become a member of, purchase stock or securities in, deposit money with, or comply with any other conditions of membership or credit for any corporation or agency of the United States or of this state, to the extent that such agency assists in furthering or facilitating the purposes or powers of the savings bank.

AB150-engrossed, s. 5269 Section 5269. 214.04 (8) of the statutes is amended to read:

AB150-engrossed,1753,21 214.04 (8) To purchase stock in service corporations and to invest in any form of indebtedness of any service corporation, subject to rules of the commissioner division.

AB150-engrossed, s. 5270 Section 5270. 214.04 (9) of the statutes is amended to read:

AB150-engrossed,1753,25 214.04 (9) With the approval of the commissioner division, to purchase stock of a corporation whose principal purpose is to operate a safe deposit or escrow service business, if the purchase is necessary to utilize the services of that business.

AB150-engrossed, s. 5271 Section 5271. 214.04 (12) (intro.) of the statutes is amended to read:

AB150-engrossed,1754,4 214.04 (12) (intro.) Subject to rules of the commissioner division, to make contracts, incur obligations, make investments, pledge assets or take other action necessary to do any of the following:

AB150-engrossed, s. 5272 Section 5272. 214.04 (14) of the statutes is amended to read:

AB150-engrossed,1754,8 214.04 (14) Subject to rules of the commissioner division, to own and lease personal property acquired by the savings bank at the request of a prospective lessee and, upon the agreement of that person, to lease the personal property.

AB150-engrossed, s. 5273 Section 5273. 214.04 (17) of the statutes is amended to read:

AB150-engrossed,1754,12 214.04 (17) With prior written approval of the commissioner division, to acquire all or any part of the assets of a financial institution or to sell all or any part of its assets to another financial institution.

AB150-engrossed, s. 5274 Section 5274. 214.04 (18) of the statutes is amended to read:

AB150-engrossed,1754,20 214.04 (18) To borrow money and issue its obligations for the borrowed money, including but not limited to obligations, bonds, notes or other debt securities. Except as otherwise provided by this chapter or by rules of the commissioner division, the aggregate amount borrowed may not exceed 50% of the savings bank's total assets, except with the prior written approval of the commissioner division. An obligation, bond, note or other debt security may include a written provision subordinating the debt to claims of other creditors or of depositors.

AB150-engrossed, s. 5275 Section 5275. 214.04 (20) of the statutes is amended to read:

AB150-engrossed,1755,6 214.04 (20) Upon receiving approval from the commissioner division, to act as an authorized agent for its customers in the business and functions under ch. 217. A savings bank that applies to function as a seller of checks shall meet the application requirements under ch. 217. The commissioner division may not charge a license or investigation fee for an application under this subsection. The seller of checks function of a savings bank shall be under the jurisdiction and supervision of the commissioner division. The commissioner division shall enforce ch. 217 as it applies to savings banks. The commissioner division shall determine what records shall be maintained and shall require the segregation of funds that are necessary for a savings bank to operate as a seller of checks under this subsection and ch. 217.

AB150-engrossed, s. 5276 Section 5276. 214.04 (21) (a) of the statutes is amended to read:

AB150-engrossed,1755,11 214.04 (21) (a) Directly or indirectly, to acquire, place and operate, or participate in the acquisition, placement and operation of, at locations other than its home office and branch offices, remote service units, in accordance with rules established by the commissioner division.

AB150-engrossed, s. 5277 Section 5277. 214.04 (21) (b) of the statutes is amended to read:

AB150-engrossed,1756,7 214.04 (21) (b) The rules of the commissioner division shall provide that any remote service unit shall be available for use, on a nondiscriminatory basis, by any state or federal savings bank which has its principal place of business in this state, by any other state or federal savings bank obtaining the consent of a state or federal savings bank that has its principal place of business in this state and is using the terminal and by all customers designated by a savings bank using the unit. This paragraph does not authorize a savings bank which has its principal place of business outside this state to conduct business as a savings bank in this state. A remote service unit shall be available for use, on a nondiscriminatory basis, by any credit union, state or national bank or state or federal savings and loan association, whose home office is located in this state, if the credit union, bank or savings and loan association requests to share its use, subject to joint rules established by the commissioner division of banking, the commissioner office of credit unions and the commissioner division. The rules of the commissioner division and the joint rules shall each prohibit any advertising with regard to a shared remote service unit which suggests or implies exclusive ownership or control of the shared unit by any savings bank or group of savings banks operating or participating in the operation of the unit. The commissioner division by order may authorize the installation and operation of a remote service unit in a mobile facility, after notice and hearing upon the proposed service stops of the mobile facility.

AB150-engrossed, s. 5278 Section 5278. 214.04 (21) (c) of the statutes is amended to read:

AB150-engrossed,1756,15 214.04 (21) (c) 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 commissioner division shall 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.

AB150-engrossed, s. 5279 Section 5279. 214.04 (21) (d) of the statutes is amended to read:

AB150-engrossed,1756,23 214.04 (21) (d) 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, laws governing such institutions or rules established by the commissioner division shall not 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.

AB150-engrossed, s. 5280 Section 5280. 214.04 (25) of the statutes is amended to read:

AB150-engrossed,1757,3 214.04 (25) Subject to rules of the commissioner division, to issue credit cards, extend open-end credit and otherwise engage in or participate in credit card operations.

AB150-engrossed, s. 5281 Section 5281. 214.04 (26) of the statutes is amended to read:

AB150-engrossed,1757,6 214.04 (26) With the prior approval of the commissioner division, establish a limited office.

AB150-engrossed, s. 5282 Section 5282. 214.04 (27) of the statutes is amended to read:

AB150-engrossed,1757,9 214.04 (27) After giving notice to the commissioner division, establish an extended office.

AB150-engrossed, s. 5283 Section 5283. 214.045 of the statutes is amended to read:

AB150-engrossed,1757,15 214.045 Status as internal revenue service qualified thrift lender. A savings bank shall qualify for and maintain either the 60% asset test of section 7701 (a) (19) of the internal revenue code, or an asset test prescribed by rule of the commissioner division that is not less than the percentage prescribed by section 7701 (a) (19) of the internal revenue code.

AB150-engrossed, s. 5284 Section 5284. 214.06 (1) (intro.) of the statutes is amended to read:

AB150-engrossed,1757,19 214.06 (1) (intro.) With the prior written approval of the commissioner division, a savings bank may establish one or more branch offices. A branch office may be located in any of the following:

AB150-engrossed, s. 5285 Section 5285. 214.07 of the statutes is amended to read:

AB150-engrossed,1757,22 214.07 Authorized activities. A savings bank holding company may engage in activities that are authorized by the commissioner division.

AB150-engrossed, s. 5286 Section 5286. 214.08 of the statutes is amended to read:

AB150-engrossed,1758,7 214.08 Registration. A savings bank holding company and each subsidiary of a savings bank holding company shall register with the commissioner division within 180 days after May 7, 1992, or within 90 days after becoming a savings bank holding company or subsidiary, whichever is later. A savings bank holding company and each subsidiary of a savings bank holding company shall register on forms prescribed by the commissioner division. A registration form shall include information with respect to the financial condition, ownership, management, and intercompany relations of the holding company and its subsidiaries and such related matters as the commissioner division considers necessary.

AB150-engrossed, s. 5287 Section 5287. 214.085 (1) (a) of the statutes is amended to read:

AB150-engrossed,1758,13 214.085 (1) (a) File with the commissioner division reports as required by the commissioner division. A report shall be on a form prescribed by the commissioner division and may require whatever information the commissioner division considers to be necessary concerning the operations of each savings bank holding company and subsidiary.

AB150-engrossed, s. 5288 Section 5288. 214.085 (1) (b) of the statutes is amended to read:

AB150-engrossed,1758,16 214.085 (1) (b) Maintain such books and records as may be prescribed by the commissioner division.

AB150-engrossed, s. 5289 Section 5289. 214.085 (1) (c) of the statutes is amended to read:

AB150-engrossed,1758,18 214.085 (1) (c) Be subject to examination by the commissioner division.

AB150-engrossed, s. 5290 Section 5290. 214.085 (2) of the statutes is amended to read:

AB150-engrossed,1758,24 214.085 (2) The commissioner division shall assess a savings bank holding company fees and charges as necessary to cover the cost of the commissioner's division's examination and supervision under this chapter. The commissioner division may promulgate rules to establish fees and payment schedules to support registration, examination and supervision under this chapter.

AB150-engrossed, s. 5291 Section 5291. 214.09 of the statutes is amended to read:

AB150-engrossed,1759,8 214.09 Acquisitions. Subject to rules of the commissioner division, a savings bank holding company may acquire control of a savings bank or of a savings bank holding company upon application to and with the prior written approval of the commissioner division. The application shall be in a form prescribed by the commissioner division. The commissioner division shall approve the application if the commissioner division determines that the acquisition is consistent with the interest of maintaining a sound financial system and that the proposed acquisition does not afford a basis for supervisory objection.

AB150-engrossed, s. 5292 Section 5292. 214.095 (3) of the statutes is amended to read:

AB150-engrossed,1759,13 214.095 (3) The commissioner division shall promulgate rules to regulate the formation of and the ongoing business of the subsidiaries and the savings bank holding company, including the rights of members or stockholders, levels of investment in holding company subsidiaries, and stock sales.

AB150-engrossed, s. 5293 Section 5293. 214.155 (2) of the statutes is amended to read:

AB150-engrossed,1759,19 214.155 (2) A savings bank proposing any action under sub. (1) shall file an application with the commissioner division for approval of the transaction and shall provide the commissioner division with copies of all applications and materials filed with a federal agency or agency of another state in seeking approval of the transaction.

AB150-engrossed, s. 5294 Section 5294. 214.16 (2) of the statutes is amended to read:

AB150-engrossed,1759,25 214.16 (2) An in-state savings bank holding company proposing any action under sub. (1) shall file an application with the commissioner division for approval of the transaction and shall provide the commissioner division with copies of all applications and materials filed with a federal agency or agency of another state in seeking approval of the transaction.

AB150-engrossed, s. 5295 Section 5295. 214.17 (1) (intro.) of the statutes is amended to read:

AB150-engrossed,1760,4 214.17 (1) (intro.) The commissioner division finds that the statutes of the state in which the regional institution or regional holding company has its principal place of business permit all of the following:

AB150-engrossed, s. 5296 Section 5296. 214.17 (2) of the statutes is amended to read:

AB150-engrossed,1760,8 214.17 (2) The commissioner division has not disapproved the acquisition of the savings bank or the acquisition or merger with the in-state savings bank holding company under s. 214.18.

AB150-engrossed, s. 5297 Section 5297. 214.17 (3) of the statutes is amended to read:

AB150-engrossed,1760,19 214.17 (3) The commissioner division publishes under ch. 985 a class 3 notice, in the official state newspaper, of the application to take an action under s. 214.165 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 the commissioner's division's own 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 s. 214.165 is necessary and appropriate to prevent the probable failure of an in-state savings bank that is closed or in danger of closing.

AB150-engrossed, s. 5298 Section 5298. 214.17 (4) of the statutes is amended to read:

AB150-engrossed,1760,24 214.17 (4) The commissioner division is provided a copy of any application seeking approval by a federal agency of the acquisition of an in-state savings bank or acquisition of or merger with an in-state savings bank holding company and of any supplemental material or amendments filed with the application.