AB150: Bill Text Engrossed

AB150-engrossed, s. 5510 Section 5510. 215.02 (6) (a) 4. (intro.) of the statutes is amended to read:

AB150-engrossed,1811,10 215.02 (6) (a) 4. (intro.) The commissioner division may:

AB150-engrossed, s. 5511 Section 5511. 215.02 (6) (a) 4. a. of the statutes is amended to read:

AB150-engrossed,1811,15 215.02 (6) (a) 4. a. Furnish to the federal home loan bank board or federal savings and loan insurance corporation or to any official or examiner thereof a copy of any examination made by the office division of any association or of any report made by such association and filed with the office division.

AB150-engrossed, s. 5512 Section 5512. 215.02 (6) (a) 4. b. of the statutes is amended to read:

AB150-engrossed,1811,21 215.02 (6) (a) 4. b. Give access to and disclose to the federal home loan bank board, federal savings and loan insurance corporation or to any official or examiner thereof any information possessed by the commissioner division about the conditions or affairs of any association whose savings accounts are insured by the federal savings and loan insurance corporation.

AB150-engrossed, s. 5513 Section 5513. 215.02 (6) (a) 5. of the statutes is amended to read:

AB150-engrossed,1812,2 215.02 (6) (a) 5. The commissioner division may give access to and disclose to an instrumentality insuring the savings accounts of an association, or to the official examiner of the instrumentality, any information possessed by the commissioner division about the conditions or affairs of the association.

AB150-engrossed, s. 5514 Section 5514. 215.02 (6) (a) 6. of the statutes is amended to read:

AB150-engrossed,1812,8 215.02 (6) (a) 6. The commissioner division may disclose to any regulatory authority of this state or another state for financial institutions, mortgage bankers, insurance or securities facts and information obtained in the course of examinations by the office division, if the regulatory authority agrees to keep the facts and information confidential.

AB150-engrossed, s. 5515 Section 5515. 215.02 (7) (title) of the statutes is amended to read:

AB150-engrossed,1812,10 215.02 (7) (title) Commissioner to issue orders; reasonable Orders and rules.

AB150-engrossed, s. 5516 Section 5516. 215.02 (7) (a) of the statutes is amended to read:

AB150-engrossed,1812,15 215.02 (7) (a) In addition to performing the duties prescribed in this chapter, the commissioner division shall, with the approval of the review board, issue orders prescribing reasonable rules for conducting the business of associations, subject to the requirements of ch. 227.

AB150-engrossed, s. 5517 Section 5517. 215.02 (7) (c) of the statutes is amended to read:

AB150-engrossed,1813,8 215.02 (7) (c) If the commissioner division, as a result of any examination or report made to the commissioner division, finds that any association is violating the provisions of the articles or bylaws of the association, or the laws of this state, or the laws of the United States, or any lawful rule or order promulgated by the commissioner division and review board or any order of the commissioner division, the commissioner division shall deliver a formal written order to the board of directors of the association in which the facts known to the commissioner division are set forth, demanding the discontinuance of the violation and, where applicable, order the association to institute corrective action thereon. The association affected by the order may within 10 days after the order has been delivered to the association request a review of the findings and order before the commissioner division, at which time any pertinent evidence may be presented. After review, the commissioner division, on the basis of the evidence presented and any matters of record in the office division's offices, shall continue, modify or set aside the order. The enforcement of any order issued under this paragraph shall be stayed pending review before the commissioner division, and during the period of any subsequent review under s. 215.04 (4).

AB150-engrossed, s. 5518 Section 5518. 215.02 (7) (d) of the statutes is amended to read:

AB150-engrossed,1813,15 215.02 (7) (d) Any association which wilfully violates par. (c) or any order issued thereunder shall, for each violation, forfeit not more than $250 per day for each day the violation continues. Assessment of any forfeiture shall become effective 20 days from the date of delivery of the order, 20 days from the date of review by the commissioner division, if requested, or 20 days from the date of the decision of the review board, if an appeal is taken pursuant to s. 215.04 (4).

AB150-engrossed, s. 5519 Section 5519. 215.02 (8) of the statutes is amended to read:

AB150-engrossed,1813,22 215.02 (8) Revocation of certificate of incorporation or license. Whenever it appears to the commissioner division that any association or corporation which has received a certificate of incorporation or a license to do business in this state is conducting its business in violation of this chapter, the commissioner division shall report the facts to the department of justice which may bring an action to revoke the certificate of incorporation or license of such association or corporation.

AB150-engrossed, s. 5520 Section 5520. 215.02 (9) of the statutes is amended to read:

AB150-engrossed,1814,5 215.02 (9) Approval of acts. Whenever any association requests approval of the commissioner division for any act, which by statute requires such approval, the commissioner division shall have 90 days in which to grant or deny such approval. If the commissioner division fails to act, approval shall be deemed to have been granted. In matters which require the holding of public hearings, the 90-day period shall not commence until the conclusion of the hearing and the date set by the commissioner division for receipt of briefs.

AB150-engrossed, s. 5521 Section 5521. 215.02 (10) (a) 1. (intro.) of the statutes is amended to read:

AB150-engrossed,1814,8 215.02 (10) (a) 1. (intro.) The commissioner division may remove an officer, director or employe of an association if either of the following applies:

AB150-engrossed, s. 5522 Section 5522. 215.02 (10) (a) 1. b. of the statutes is amended to read:

AB150-engrossed,1814,12 215.02 (10) (a) 1. b. The officer, director or employe violates or permits the violation of this chapter, a rule promulgated under this chapter or an order of the commissioner division.

AB150-engrossed, s. 5523 Section 5523. 215.02 (10) (a) 2. of the statutes is amended to read:

AB150-engrossed,1814,17 215.02 (10) (a) 2. The commissioner division may issue an order removing an officer, director or employe under subd. 1. only after the officer, director or employe is afforded a hearing before the review board and the review board approves the order.

AB150-engrossed, s. 5524 Section 5524. 215.02 (10) (a) 3. of the statutes is amended to read:

AB150-engrossed,1815,4 215.02 (10) (a) 3. An order of removal takes effect on the date issued. A copy of the order shall be served upon the association and upon the officer, director or employe in the manner provided by law for service of a summons in a court of record or by mailing a copy to the association and officer, director or employe at their last-known post-office addresses. Any removal under this subsection has the same effect as if made by the board of directors or the members or stockholders of the association. An officer, director or employe removed from office or employment under this subsection may not be elected as an officer or director of, or be employed by, an association without the approval of the commissioner division and the review board. An order of removal under this subsection is a final order or determination of the review board under s. 215.04 (6).

AB150-engrossed, s. 5525 Section 5525. 215.02 (10) (b) of the statutes is amended to read:

AB150-engrossed,1815,8 215.02 (10) (b) The commissioner division may appoint any person to fill the vacancies caused by removal of officers or directors. Any person so appointed shall hold office until the next annual meeting of the members or stockholders.

AB150-engrossed, s. 5526 Section 5526. 215.02 (11) (a) of the statutes is amended to read:

AB150-engrossed,1815,15 215.02 (11) (a) The commissioner division shall submit to the governor and the chief clerk of each house of the legislature for distribution to the legislature under s. 13.172 (2) an annual report on the general conduct and condition of associations doing business in this state. The report shall be based upon the individual annual reports of associations filed with the commissioner division, and shall also include the information required in ss. 215.32 (7) (a), 215.56 (7) (a) and 215.76 (7) (a).

AB150-engrossed, s. 5527 Section 5527. 215.02 (11) (b) of the statutes is amended to read:

AB150-engrossed,1815,19 215.02 (11) (b) The commissioner division shall designate the number of copies of the report to be made available for distribution. Each association is entitled to one copy.

AB150-engrossed, s. 5528 Section 5528. 215.02 (12) of the statutes is amended to read:

AB150-engrossed,1815,23 215.02 (12) Disposition of obsolete records. The commissioner division may turn over obsolete departmental records to the secretary of administration, pursuant to s. 16.61.

AB150-engrossed, s. 5529 Section 5529. 215.02 (14) (title) of the statutes is amended to read:

AB150-engrossed,1815,25 215.02 (14) (title) Fees for office publications.

AB150-engrossed, s. 5530 Section 5530. 215.02 (14) (a) of the statutes is amended to read:

AB150-engrossed,1816,6 215.02 (14) (a) Whenever extra copies of statutory reprints of this chapter, the annual report of savings and loan associations or any other publication published by the office division are requested, such extra copies shall be furnished upon payment of such fee as the commissioner division determines. All such fees shall be paid by the commissioner division into the general fund to the credit of the office division.

AB150-engrossed, s. 5531 Section 5531. 215.02 (15) (a) 1. (intro.) of the statutes is amended to read:

AB150-engrossed,1816,10 215.02 (15) (a) 1. (intro.) Within 10 days after any of the following petitions have been filed with the commissioner division, the commissioner division shall proceed to hear the same:

AB150-engrossed, s. 5532 Section 5532. 215.02 (15) (b) of the statutes is amended to read:

AB150-engrossed,1816,16 215.02 (15) (b) At the time and place so fixed, unless by stipulation some other time and place is fixed, the commissioner division shall hear all parties interested and shall cause the testimony given to be reduced to writing, or the commissioner may designate some person employed in the commissioner's office to take testimony, hear the petition and file the testimony with the commissioner.

AB150-engrossed, s. 5533 Section 5533. 215.02 (15) (c) of the statutes is amended to read:

AB150-engrossed,1816,20 215.02 (15) (c) The commissioner division shall within a reasonable time make findings as to all matters covered by the petition and make such order as the commissioner division deems just and reasonable.

AB150-engrossed, s. 5534 Section 5534. 215.02 (15) (d) of the statutes is amended to read:

AB150-engrossed,1816,23 215.02 (15) (d) The findings and order of the commissioner division shall be final unless modified by the court.

AB150-engrossed, s. 5535 Section 5535. 215.02 (16) (a) of the statutes is amended to read:

AB150-engrossed,1817,4 215.02 (16) (a) Annual fee. Associations organized under this chapter shall, on or before July 15, pay an annual fee as determined by the commissioner division and the review board, but not exceeding 12 cents per $1,000 of assets or fraction thereof, as of the close of the preceding calendar year.

AB150-engrossed, s. 5536 Section 5536. 215.02 (16) (b) of the statutes is amended to read:

AB150-engrossed,1817,8 215.02 (16) (b) Penalty for failure to pay fee. An association failing to pay the annual fee to the commissioner division by July 15 of each year shall, if ordered by the commissioner division, forfeit $10 for each day it fails to pay the fee.

AB150-engrossed, s. 5537 Section 5537. 215.02 (16) (c) 1. of the statutes is amended to read:

AB150-engrossed,1817,14 215.02 (16) (c) 1. On or before June 30 of each year the commissioner division and the review board shall fix a per diem charge for the services of each examiner used in the examination of an association, for the next 12 months. Such per diem charge shall be the same for all associations. The hours constituting a day shall be that which is fixed for state employes by s. 230.35.

AB150-engrossed, s. 5538 Section 5538. 215.02 (16) (c) 2. of the statutes is amended to read:

AB150-engrossed,1817,19 215.02 (16) (c) 2. After the per diem charge for each examiner has been fixed by the commissioner division and review board, each association shall be uniformly billed for examinations during the ensuing year on a fixed per diem basis for each examiner engaged in such examination.

AB150-engrossed, s. 5539 Section 5539. 215.02 (16) (d) of the statutes is amended to read:

AB150-engrossed,1818,2 215.02 (16) (d) Special examination costs. The commissioner division shall charge any special costs and expenses incurred because of special work required by the commissioner division, caused by an association not having proper or sufficient management or failing to keep its books, records and other matters in a standard and approved manner. An itemized statement of such charges must be submitted to the association.

AB150-engrossed, s. 5540 Section 5540. 215.02 (17) (a) of the statutes is amended to read:

AB150-engrossed,1818,5 215.02 (17) (a) The office division may, in relation to any matter within its powers, issue subpoenas and take testimony.

AB150-engrossed, s. 5541 Section 5541. 215.02 (17) (b) of the statutes is amended to read:

AB150-engrossed,1818,12 215.02 (17) (b) Witnesses shall be entitled to the same fees as are allowed to witnesses in courts of record. Such fees shall be audited and paid by the state in the same manner as other expenses of the office division are audited and paid. No witness subpoenaed at the instance of any party other than the office division shall be entitled to payment of fees by the state, unless the office division certifies that the testimony of the witness was material to the hearing or proceeding.

AB150-engrossed, s. 5542 Section 5542. 215.02 (18) of the statutes is amended to read:

AB150-engrossed,1818,25 215.02 (18) Authority to grant certain powers. Unless the commissioner division is expressly restricted by statute from acting under this subsection with respect to a specific power, right or privilege, the commissioner division by rule may, with the approval of the review board, authorize associations to exercise any power under the notice, disclosure or procedural requirements governing federally chartered associations or to make any loan or investment or exercise any right, power or privilege of federally chartered associations permitted under a federal law, regulation or interpretation. Notice, disclosure and procedures prescribed by statute which may be modified by a rule adopted under this subsection include, but are not limited to, those provided under s. 138.056. A rule adopted under this subsection may not affect s. 138.041 or chs. 421 to 428 or restrict powers specifically granted associations under this chapter.

AB150-engrossed, s. 5543 Section 5543. 215.03 (1) of the statutes is amended to read:

AB150-engrossed,1819,6 215.03 (1) (title) Types of associations supervised and controlled by the commissioner. All associations organized under this chapter or similar laws, or permitted by license to transact, in this state, a business similar to that authorized by this chapter, shall be under the supervision and control of the commissioner division.

AB150-engrossed, s. 5544 Section 5544. 215.03 (2) (a) of the statutes is amended to read:

AB150-engrossed,1819,16 215.03 (2) (a) At least once within every 18-month period, the commissioner division shall examine the cash, bills, collaterals, securities, assets, books of account, condition and affairs of all such associations and for that purpose the commissioner division or the division's examiners appointed by the commissioner shall have access to, and may compel the production of, all their books, papers, securities and moneys, administer oaths to and examine their officers and agents as to their affairs. Neither the commissioner nor any An employe of the office shall division may not examine an association in which the commissioner employe is interested as an officer or director.

AB150-engrossed, s. 5545 Section 5545. 215.03 (2) (b) of the statutes is amended to read:

AB150-engrossed,1819,22 215.03 (2) (b) The commissioner division may accept an examination-audit made by the federal home loan bank board or any other governmental agency authorized to make examination-audits of savings and loan associations pursuant to their rules and regulations. The examination-audit must comply with the procedure established by the commissioner division.

AB150-engrossed, s. 5546 Section 5546. 215.03 (5) (title) of the statutes is amended to read:

AB150-engrossed,1819,25 215.03 (5) (title) Accounting and bookkeeping procedure prescribed by commissioner.

AB150-engrossed, s. 5547 Section 5547. 215.03 (5) (a) of the statutes is amended to read:

AB150-engrossed,1820,6 215.03 (5) (a) Whenever it appears to the commissioner division that any association does not keep books and accounts in such manner as to enable the commissioner division to readily ascertain its true condition, the commissioner division may require the officers of such associations or any of them to open and keep such books or accounts as the commissioner division prescribes.

AB150-engrossed, s. 5548 Section 5548. 215.03 (5) (b) of the statutes is amended to read:

AB150-engrossed,1820,12 215.03 (5) (b) Any association that fails to open books or keep books or accounts as prescribed by the commissioner division, shall, at the discretion of the commissioner division, forfeit $10 for each day it so fails. If the association fails to pay the forfeiture, the commissioner division may institute proceedings to recover such forfeitures.

AB150-engrossed, s. 5549 Section 5549. 215.03 (6) (a) 1. of the statutes is amended to read:

AB150-engrossed,1820,17 215.03 (6) (a) 1. Not later than February 1 of each year each association subject to the supervision and control of the commissioner division shall file with the commissioner division a report of its activities of the preceding year, upon forms furnished by the commissioner division.

AB150-engrossed, s. 5550 Section 5550. 215.03 (6) (a) 2. c. of the statutes is amended to read:

AB150-engrossed,1820,20 215.03 (6) (a) 2. c. Such other information as the commissioner division requires.

AB150-engrossed, s. 5551 Section 5551. 215.03 (6) (a) 3. of the statutes is amended to read:

AB150-engrossed,1821,4 215.03 (6) (a) 3. Attached to the annual report shall be a copy of a printed statement of condition and operations as of the end of the association's most recent fiscal year, which shall be available to the public. The reports shall be published as a class 1 notice, under ch. 985, where the association is located, in the condensed form as the commissioner division prescribes. Proof of publication shall be furnished to the commissioner division within 45 days after the date of the report. The printed statement shall contain such information as the commissioner division may by rule prescribe.

AB150-engrossed, s. 5552 Section 5552. 215.03 (6) (b) of the statutes is amended to read:

AB150-engrossed,1821,10 215.03 (6) (b) If such association fails or refuses to furnish the report herein required, it shall be subject, at the discretion of the commissioner division, to a forfeiture of $10 per day for each day of default, and the commissioner division may maintain an action in the name of the state to recover such penalty, and the same shall be paid into the general fund.

AB150-engrossed, s. 5553 Section 5553. 215.03 (7) (a) of the statutes is amended to read:

AB150-engrossed,1821,15 215.03 (7) (a) Any association which determines to move its home office or branch to some other location not more than one mile from its then location shall make an application to the commissioner division. The commissioner division may approve or deny such application for relocation.

AB150-engrossed, s. 5554 Section 5554. 215.03 (7) (b) of the statutes is amended to read: