AB150-engrossed,1752,149
214.03
(1) Subject to the regulation of the
commissioner division and in
10addition to the powers granted by this chapter, a savings bank may, directly or
11through a subsidiary, undertake any activity, exercise any power or offer any
12financially related product or service in this state that any other provider of financial
13products or services may undertake, exercise or provide or that the
commissioner 14division finds to be financially related.
AB150-engrossed,1752,2316
214.03
(2) The activities, powers, products and services that may be
17undertaken, exercised or offered by a savings bank under sub. (1) are limited to those
18specified by rule of the
commissioner division. The
commissioner division may direct
19a savings bank to cease any activity, the exercise of any power or the offering of any
20product or service authorized by rule under this subsection. Among the factors that
21the
commissioner division may consider in so directing a savings bank are the
22savings bank's net worth, assets, management rating, liquidity ratio and ratio of net
23worth to assets.
AB150-engrossed,1753,4
1214.035
(1) An institution organized under this chapter shall be known as a
2state savings bank and shall adopt a name that identifies it as such and that includes
3the term "savings". The
commissioner division shall approve the name of a savings
4bank.
AB150-engrossed,1753,116
214.035
(2) Notwithstanding sub. (1), an association, as defined in s. 215.01 (1),
7that converts to a savings bank may use a name that does not include the term
8"savings" in its name if that name was approved for use by the association by the
9commissioner division under ch. 215 before February 12, 1992, and that name is
10approved by the
commissioner division under this subsection as appropriate to
11identify the converted association as a savings bank.
AB150-engrossed,1753,1713
214.04
(4) With the approval of the
commissioner division, to become a member
14of, purchase stock or securities in, deposit money with, or comply with any other
15conditions of membership or credit for any corporation or agency of the United States
16or of this state, to the extent that such agency assists in furthering or facilitating the
17purposes or powers of the savings bank.
AB150-engrossed,1753,2119
214.04
(8) To purchase stock in service corporations and to invest in any form
20of indebtedness of any service corporation, subject to rules of the
commissioner 21division.
AB150-engrossed,1753,2523
214.04
(9) With the approval of the
commissioner division, to purchase stock
24of a corporation whose principal purpose is to operate a safe deposit or escrow service
25business, if the purchase is necessary to utilize the services of that business.
AB150-engrossed,1754,42
214.04
(12) (intro.) Subject to rules of the
commissioner division, to make
3contracts, incur obligations, make investments, pledge assets or take other action
4necessary to do any of the following:
AB150-engrossed,1754,86
214.04
(14) Subject to rules of the
commissioner division, to own and lease
7personal property acquired by the savings bank at the request of a prospective lessee
8and, upon the agreement of that person, to lease the personal property.
AB150-engrossed,1754,1210
214.04
(17) With prior written approval of the
commissioner division, to
11acquire all or any part of the assets of a financial institution or to sell all or any part
12of its assets to another financial institution.
AB150-engrossed,1754,2014
214.04
(18) To borrow money and issue its obligations for the borrowed money,
15including but not limited to obligations, bonds, notes or other debt securities. Except
16as otherwise provided by this chapter or by rules of the
commissioner division, the
17aggregate amount borrowed may not exceed 50% of the savings bank's total assets,
18except with the prior written approval of the
commissioner division. An obligation,
19bond, note or other debt security may include a written provision subordinating the
20debt to claims of other creditors or of depositors.
AB150-engrossed,1755,622
214.04
(20) Upon receiving approval from the
commissioner division, to act as
23an authorized agent for its customers in the business and functions under ch. 217.
24A savings bank that applies to function as a seller of checks shall meet the application
25requirements under ch. 217. The
commissioner division may not charge a license or
1investigation fee for an application under this subsection. The seller of checks
2function of a savings bank shall be under the jurisdiction and supervision of the
3commissioner division. The
commissioner division shall enforce ch. 217 as it applies
4to savings banks. The
commissioner division shall determine what records shall be
5maintained and shall require the segregation of funds that are necessary for a
6savings bank to operate as a seller of checks under this subsection and ch. 217.
AB150-engrossed,1755,118
214.04
(21) (a) Directly or indirectly, to acquire, place and operate, or
9participate in the acquisition, placement and operation of, at locations other than its
10home office and branch offices, remote service units, in accordance with rules
11established by the
commissioner division.
AB150-engrossed,1756,713
214.04
(21) (b) The rules of the
commissioner division shall provide that any
14remote service unit shall be available for use, on a nondiscriminatory basis, by any
15state or federal savings bank which has its principal place of business in this state,
16by any other state or federal savings bank obtaining the consent of a state or federal
17savings bank that has its principal place of business in this state and is using the
18terminal and by all customers designated by a savings bank using the unit. This
19paragraph does not authorize a savings bank which has its principal place of
20business outside this state to conduct business as a savings bank in this state. A
21remote service unit shall be available for use, on a nondiscriminatory basis, by any
22credit union, state or national bank or state or federal savings and loan association,
23whose home office is located in this state, if the credit union, bank or savings and loan
24association requests to share its use, subject to joint rules established by the
25commissioner division of banking, the
commissioner office of credit unions and the
1commissioner division. The rules of the
commissioner division and the joint rules
2shall each prohibit any advertising with regard to a shared remote service unit which
3suggests or implies exclusive ownership or control of the shared unit by any savings
4bank or group of savings banks operating or participating in the operation of the unit.
5The
commissioner division by order may authorize the installation and operation of
6a remote service unit in a mobile facility, after notice and hearing upon the proposed
7service stops of the mobile facility.
AB150-engrossed,1756,159
214.04
(21) (c) If any person primarily engaged in the retail sale of goods or
10services owns or operates a remote service unit on such person's premises and allows
11access to the unit by any financial institution, group of financial institutions or their
12customers, nothing in this paragraph or in rules established by the
commissioner 13division shall require such person to accept any connection to or use of the unit on
14its premises for any other purpose or function or to accept any connection to the unit
15on its premises by any other financial institution.
AB150-engrossed,1756,2317
214.04
(21) (d) If a person primarily engaged in the retail sale of goods or
18services owns or operates a remote service unit on such person's premises and allows
19access to the unit by any financial institution, group of financial institutions or their
20customers for any purpose or function, laws governing such institutions or rules
21established by the
commissioner division shall not apply to such person other than
22those laws or rules directly related to the particular function performed by the unit
23on such person's premises for a financial institution.
AB150-engrossed,1757,3
1214.04
(25) Subject to rules of the
commissioner division, to issue credit cards,
2extend open-end credit and otherwise engage in or participate in credit card
3operations.
AB150-engrossed,1757,65
214.04
(26) With the prior approval of the
commissioner division, establish a
6limited office.
AB150-engrossed,1757,98
214.04
(27) After giving notice to the
commissioner division, establish an
9extended office.
AB150-engrossed,1757,15
11214.045 Status as internal revenue service qualified thrift lender. A
12savings bank shall qualify for and maintain either the 60% asset test of section
7701 13(a) (19) of the internal revenue code, or an asset test prescribed by rule of the
14commissioner division that is not less than the percentage prescribed by section
7701 15(a) (19) of the internal revenue code.
AB150-engrossed,1757,1917
214.06
(1) (intro.) With the prior written approval of the
commissioner division,
18a savings bank may establish one or more branch offices. A branch office may be
19located in any of the following:
AB150-engrossed,1757,22
21214.07 Authorized activities. A savings bank holding company may engage
22in activities that are authorized by the
commissioner
division.
AB150-engrossed,1758,7
24214.08 Registration. A savings bank holding company and each subsidiary
25of a savings bank holding company shall register with the
commissioner division
1within 180 days after May 7, 1992, or within 90 days after becoming a savings bank
2holding company or subsidiary, whichever is later. A savings bank holding company
3and each subsidiary of a savings bank holding company shall register on forms
4prescribed by the
commissioner division. A registration form shall include
5information with respect to the financial condition, ownership, management, and
6intercompany relations of the holding company and its subsidiaries and such related
7matters as the
commissioner division considers necessary.
AB150-engrossed,1758,139
214.085
(1) (a) File with the
commissioner division reports as required by the
10commissioner division. A report shall be on a form prescribed by the
commissioner 11division and may require whatever information the
commissioner division considers
12to be necessary concerning the operations of each savings bank holding company and
13subsidiary.
AB150-engrossed,1758,1615
214.085
(1) (b) Maintain such books and records as may be prescribed by the
16commissioner division.
AB150-engrossed,1758,1818
214.085
(1) (c) Be subject to examination by the
commissioner division.
AB150-engrossed,1758,2420
214.085
(2) The
commissioner division shall assess a savings bank holding
21company fees and charges as necessary to cover the cost of the
commissioner's 22division's examination and supervision under this chapter. The
commissioner 23division may promulgate rules to establish fees and payment schedules to support
24registration, examination and supervision under this chapter.
AB150-engrossed,1759,8
1214.09 Acquisitions. Subject to rules of the
commissioner division, a savings
2bank holding company may acquire control of a savings bank or of a savings bank
3holding company upon application to and with the prior written approval of the
4commissioner division. The application shall be in a form prescribed by the
5commissioner division. The
commissioner division shall approve the application if
6the
commissioner division determines that the acquisition is consistent with the
7interest of maintaining a sound financial system and that the proposed acquisition
8does not afford a basis for supervisory objection.
AB150-engrossed,1759,1310
214.095
(3) The
commissioner division shall promulgate rules to regulate the
11formation of and the ongoing business of the subsidiaries and the savings bank
12holding company, including the rights of members or stockholders, levels of
13investment in holding company subsidiaries, and stock sales.
AB150-engrossed,1759,1915
214.155
(2) A savings bank proposing any action under sub. (1) shall file an
16application with the
commissioner division for approval of the transaction and shall
17provide the
commissioner division with copies of all applications and materials filed
18with a federal agency or agency of another state in seeking approval of the
19transaction.
AB150-engrossed,1759,2521
214.16
(2) An in-state savings bank holding company proposing any action
22under sub. (1) shall file an application with the
commissioner division for approval
23of the transaction and shall provide the
commissioner
division with copies of all
24applications and materials filed with a federal agency or agency of another state in
25seeking approval of the transaction.
AB150-engrossed,1760,42
214.17
(1) (intro.) The
commissioner
division finds that the statutes of the state
3in which the regional institution or regional holding company has its principal place
4of business permit all of the following:
AB150-engrossed,1760,86
214.17
(2) The
commissioner division has not disapproved the acquisition of
7the savings bank or the acquisition or merger with the in-state savings bank holding
8company under s. 214.18.
AB150-engrossed,1760,1910
214.17
(3) The
commissioner division publishes under ch. 985 a class 3 notice,
11in the official state newspaper, of the application to take an action under s. 214.165
12and of the opportunity for a hearing and, if at least 25 residents of this state petition
13for a hearing within 30 days of the final notice or if the
commissioner division on the
14commissioner's division's own motion calls for a hearing within 30 days of the final
15notice, the
commissioner division holds a public hearing on the application, except
16that a hearing is not required if the
commissioner
division finds that an emergency
17exists and that the proposed action under s. 214.165 is necessary and appropriate to
18prevent the probable failure of an in-state savings bank that is closed or in danger
19of closing.
AB150-engrossed,1760,2421
214.17
(4) The
commissioner division is provided a copy of any application
22seeking approval by a federal agency of the acquisition of an in-state savings bank
23or acquisition of or merger with an in-state savings bank holding company and of any
24supplemental material or amendments filed with the application.
AB150-engrossed,1761,3
1214.17
(5) The applicant has paid the
commissioner division a fee of $1,000
2together with the actual costs incurred by the
commissioner division in holding any
3hearing on the application.
AB150-engrossed,1761,7
5214.18 Standards for disapproval. (intro.) The
commissioner division may
6disapprove any action under s. 214.165 if the
commissioner division finds any of the
7following:
AB150-engrossed,1761,129
214.18
(6) The applicant has failed to enter into an agreement prepared by the
10commissioner division to comply with laws and rules of this state regulating
11consumer credit finance charges and of the charges and related disclosure
12requirements, except to the extent preempted by federal law or regulation.
AB150-engrossed,1761,1514
214.18
(8) The applicant fails to meet any other standard established by rule
15of the
commissioner division.
AB150-engrossed,1761,25
17214.20 Divestiture. A savings bank holding company that ceases to be an
18in-state savings bank holding company or regional holding company shall
19immediately notify the
commissioner division of the change in its status and shall,
20as soon as practical and no later than 2 years after the event causing it to no longer
21be one of these entities, divest itself of control of all in-state savings banks and
22in-state savings bank holding companies. A savings bank holding company that
23fails to immediately notify the
commissioner division shall be subject to a forfeiture
24of $500 per day, beginning on the day its status changes and ending on the day the
25commissioner division receives notification.
AB150-engrossed,1762,32
214.24
(1) An adult resident of this state may, with the approval of the
3commissioner division, organize a savings bank.
AB150-engrossed,1762,95
214.24
(2) For stock savings banks, the
commissioner division shall determine
6the minimum required capital which shall be at least the minimum required to
7obtain insurance of accounts from a deposit insurance corporation and may include
8additional amounts as the
commissioner division may require, based on rules
9promulgated by the
commissioner division.
AB150-engrossed,1762,1811
214.24
(3) For mutual savings banks, the
commissioner division shall
12determine the aggregate minimum amount of funds to be paid into the savings bank's
13deposit accounts by persons subscribing for deposit accounts and the length of time
14for which the incorporators shall guarantee payment of savings bank operating
15expenses. The minimum amount of capital required shall be at least the minimum
16required to obtain insurance of the accounts from a deposit insurance corporation
17and may include additional amounts as the
commissioner
division may require,
18based on rules promulgated by the
commissioner division.
AB150-engrossed,1762,24
20214.245 Content of application to organize. (intro.) The incorporators
21shall file an application for a certificate to organize a savings bank on forms
22prescribed by the
commissioner division. The application shall include any
23information the
commissioner division considers necessary but shall include at least
24all of the following:
AB150-engrossed,1763,2
1214.25
(1) The
commissioner
division shall approve the articles of
2incorporation of a savings bank.