AB150: Bill Text Engrossed

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:

AB150-engrossed,1821,24 215.03 (7) (b) Any association which determines to move its home office or branch to some other location more than one mile from its then location shall make an application to the commissioner division. The commissioner division shall give notice and provide an opportunity for hearing as provided in s. 215.40 (7). In approving or denying the application for relocation, the commissioner division shall ascertain the need for relocation and determine whether undue harm or injury would be caused to any properly conducted association or branch now doing business in the area or vicinity of the proposed relocation.

AB150-engrossed, s. 5555 Section 5555. 215.03 (8) (a) of the statutes is amended to read:

AB150-engrossed,1822,10 215.03 (8) (a) Any association desiring to establish a branch office, subject to the limitations of s. 215.13 (39), shall apply to the commissioner division in such form as the commissioner division prescribes, giving such information as the commissioner division requires. Each application shall be accompanied by a fee of $500. The commissioner division shall give notice and provide an opportunity for hearing as provided in s. 215.40 (7). The commissioner division may grant certificates of authority to maintain and operate branch offices or may refuse to issue certificates when, in the commissioner's division's opinion, such branch is not in the best interests of the public, or when other good and sufficient reasons exist for refusal.

AB150-engrossed, s. 5556 Section 5556. 215.03 (8) (b) of the statutes is amended to read:

AB150-engrossed,1822,16 215.03 (8) (b) It is the intent of this section to provide adequate and convenient savings and loan facilities for the public. When 2 or more applications for a branch in the same area are pending, priority of application shall be considered but not be controlling, and the commissioner division shall give consideration to the equitable distribution of branches among the associations making application.

AB150-engrossed, s. 5557 Section 5557. 215.03 (8) (c) of the statutes is amended to read:

AB150-engrossed,1822,19 215.03 (8) (c) Review of the decision of the commissioner division in regard to applications for branches shall be governed by s. 215.04 (4).

AB150-engrossed, s. 5558 Section 5558. 215.04 (1) (a) of the statutes is amended to read:

AB150-engrossed,1822,22 215.04 (1) (a) Advise the commissioner, deputy commissioner and others division in respect to improvement in the condition and service of associations;

AB150-engrossed, s. 5559 Section 5559. 215.04 (1) (b) of the statutes is amended to read:

AB150-engrossed,1822,25 215.04 (1) (b) Review the acts, orders and determinations of the commissioner division under sub. (4);

AB150-engrossed, s. 5560 Section 5560. 215.04 (1) (c) of the statutes is amended to read:

AB150-engrossed,1823,3 215.04 (1) (c) Act promptly on matters and questions, pertaining to associations, that may be submitted to it by the commissioner division;

AB150-engrossed, s. 5561 Section 5561. 215.04 (3) (b) of the statutes is amended to read:

AB150-engrossed,1823,8 215.04 (3) (b) The fees of witnesses who are called by the review board in the interests of the state shall be paid by the state in the same manner that other expenses are paid, upon presentation of proper vouchers approved by a member of the review board and charged to the appropriation of the office division.

AB150-engrossed, s. 5562 Section 5562. 215.04 (4) of the statutes is amended to read:

AB150-engrossed,1823,22 215.04 (4) Review of grievances, orders or determinations. Any interested person or any association aggrieved by any act, order or determination of the commissioner division, which relates to savings and loan associations may, within 20 days thereof, apply to the review board to review the action of the commissioner division. The sole review of the commissioner's division's decision shall be to determine whether or not the commissioner division has acted within the scope of the commissioner's division's authority, has not acted in an arbitrary or capricious manner, and that the act, order or determination of the commissioner division is supported by substantial evidence in view of the entire record as submitted. The review of applications for branches, relocation of association offices or new charters shall be based exclusively on the record, and no new evidence shall be taken by the review board. Applications under this subsection shall be considered and disposed of as speedily as possible.

AB150-engrossed, s. 5563 Section 5563. 215.04 (6) of the statutes is amended to read:

AB150-engrossed,1824,3 215.04 (6) Review of final orders and determinations. Any final order or determination of the review board shall be subject to review under ch. 227. If an act, order or determination of the commissioner division is reversed or modified by the review board, the commissioner division shall be deemed a person aggrieved and directly affected thereby under s. 227.53 (1).

AB150-engrossed, s. 5564 Section 5564. 215.11 (1) of the statutes is amended to read:

AB150-engrossed,1824,14 215.11 (1) Who shall furnish bond; type and form. Before entry upon the discharge of the person's duties, every person appointed or elected to any position requiring receipt, payment or custody of money or other personal property of an association or in its custody or control as collateral or otherwise shall give a bond in some surety company, licensed by this state, in such sum as the commissioner division prescribes. In lieu of individual bonds, the commissioner division may accept a schedule or blanket bond which covers all of the officers, directors and employes of the association, whose duties include the receipt, payment or custody of money or other personal property. Such bonds shall be in the form prescribed by the commissioner division.

AB150-engrossed, s. 5565 Section 5565. 215.11 (2) of the statutes is amended to read:

AB150-engrossed,1824,21 215.11 (2) (title) Surety bonds to be approved by the board and filed with the commissioner. No officer, director or employe who is required to give bond shall enter upon the discharge of the person's duties until the person's bond has been approved by the board. The minute book of the association shall contain a record of each bond executed and approved. Such bonds shall be filed with the commissioner division within 10 days after approval by the board.

AB150-engrossed, s. 5566 Section 5566. 215.11 (3) of the statutes is amended to read:

AB150-engrossed,1825,2 215.11 (3) Surety bond coverage. Such bond shall be sufficient to protect the association from loss by reason of acts of fraud or dishonesty, including forgery, theft, embezzlement, wrongful abstraction or misapplication on the part of the person, directly or through connivance with others. At any time the commissioner division may require an additional bond.

AB150-engrossed, s. 5567 Section 5567. 215.11 (4) (a) of the statutes is amended to read:

AB150-engrossed,1825,9 215.11 (4) (a) No termination of this bond shall be effective unless the surety gives in advance at least 10 days' written notice by registered mail to the commissioner division. If this bond is terminated at the request of the insured (employer) this provision shall apply nevertheless, it being the duty of the surety to give the required written notice to the commissioner division, such notice to be given promptly and within 10 days after the receipt of such request;

AB150-engrossed, s. 5568 Section 5568. 215.11 (4) (b) of the statutes is amended to read:

AB150-engrossed,1825,13 215.11 (4) (b) The surety agrees to furnish the commissioner, at Madison, division a copy of all riders and indorsements executed subsequently to the effective date of this bond.

AB150-engrossed, s. 5569 Section 5569. 215.11 (5) of the statutes is amended to read:

AB150-engrossed,1825,19 215.11 (5) (title) Commissioner Division may consent to termination and waive notice thereof. The commissioner division may waive, as to the termination of any bond, the 10-day written notice in advance and may give written consent to the termination being made effective as of a date agreed upon by the surety and the association.

AB150-engrossed, s. 5570 Section 5570. 215.13 (21) of the statutes is amended to read:

AB150-engrossed,1825,23 215.13 (21) Acquiring assets of other associations. Acquire all or any part of the assets of any other association with prior approval of the commissioner division.

AB150-engrossed, s. 5571 Section 5571. 215.13 (22) of the statutes is amended to read:

AB150-engrossed,1826,2 215.13 (22) Selling of assets to other associations. Sell all or any part of its assets to any other association with prior approval of the commissioner division.

AB150-engrossed, s. 5572 Section 5572. 215.13 (26) (intro.) of the statutes is amended to read:

AB150-engrossed,1826,5 215.13 (26) Investment securities. (intro.) Invest in the following types of securities, subject to such limitations as may be fixed by the commissioner division:

AB150-engrossed, s. 5573 Section 5573. 215.13 (26) (f) of the statutes is amended to read:

AB150-engrossed,1826,8 215.13 (26) (f) Such other types of securities which may be approved and authorized by the commissioner division.

AB150-engrossed, s. 5574 Section 5574. 215.13 (27) of the statutes is amended to read:

AB150-engrossed,1826,12 215.13 (27) Lend money to other associations. Lend money to other savings and loan associations incorporated and operating under this chapter, subject to approval of the commissioner division.

AB150-engrossed, s. 5575 Section 5575. 215.13 (28) of the statutes is amended to read:

AB150-engrossed,1826,19 215.13 (28) Borrowing money. Borrow money and issue its obligations for the borrowed money, including but not limited to obligations, bonds, notes or other debt securities. The aggregate amount borrowed under this subsection may not exceed 50% of the association'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 savers.

AB150-engrossed, s. 5576 Section 5576. 215.13 (31) of the statutes is amended to read:

AB150-engrossed,1826,23 215.13 (31) Insurance of savings accounts. Insure the savings accounts of savers with the federal savings and loan insurance corporation or with another instrumentality approved by the commissioner division.

AB150-engrossed, s. 5577 Section 5577. 215.13 (36) of the statutes is amended to read:

AB150-engrossed,1827,4 215.13 (36) Limited office. With the prior written approval of the commissioner division, establish a limited office providing lending or other services. Deposits to savings accounts may not be accepted at a limited office except as permitted under sub. (46).

AB150-engrossed, s. 5578 Section 5578. 215.13 (39) of the statutes is amended to read:

AB150-engrossed,1827,13 215.13 (39) Branches. Subject to the approval of the commissioner division, any savings and loan association may establish and maintain one or more branch offices within the normal lending area of the home office, as defined in s. 215.21 (2), in this state or in any one of the regional states, as defined in s. 215.36 (1) (f). In the commissioner's division's approval, the commissioner division may limit the powers of the branch. Savings and loan associations may promote thrift in their local schools by accepting payments in the school upon savings accounts of the teachers and pupils.

AB150-engrossed, s. 5579 Section 5579. 215.13 (40) of the statutes is amended to read:

AB150-engrossed,1827,22 215.13 (40) Location of branches. Whenever an association is absorbed or a branch office is acquired under s. 215.36, 215.53 or 215.73, maintain and operate a branch office at the location of the absorbed association or of the acquired branch office, if the commissioner division finds that the continued operation of a branch office at the location of the absorbed association or of the acquired branch office would be in the public interest. This subsection does not permit continued operation of an office of an absorbed association which received its certificate of incorporation less than 5 years prior to its absorption.

AB150-engrossed, s. 5580 Section 5580. 215.13 (41) of the statutes is amended to read:

AB150-engrossed,1828,9 215.13 (41) Seller of checks. To engage as an authorized agent in the business and functions provided for in ch. 217 for their members upon receiving a certificate of authority from the commissioner division. Such applicants shall be under the jurisdiction and supervision of the commissioner division and meet the same requirements as other applicants under ch. 217, but no license or investigation fee shall be charged savings and loan association applicants. The commissioner division has the authority to enforce ch. 217 as it applies to savings and loan associations, the same as that granted the commissioner of banking in enforcing ch. 217. The commissioner division shall determine the records that shall be maintained and shall require the segregation of such funds as is necessary for operations permitted savings and loan associations under this subsection and ch. 217.

AB150-engrossed, s. 5581 Section 5581. 215.13 (42) of the statutes is amended to read:

AB150-engrossed,1828,12 215.13 (42) Invest in real property. Invest in, or in interests in, real property, subject to such rules as the commissioner division shall issue.

AB150-engrossed, s. 5582 Section 5582. 215.13 (46) (a) 1. of the statutes is amended to read:

AB150-engrossed,1829,12 215.13 (46) (a) 1. Directly or indirectly, acquire, place and operate, or participate in the acquisition, placement and operation of, at locations other than its home or branch offices, remote service units, in accordance with rules established by the commissioner division. Remote service units established in accordance with such rules are not subject to sub. (36), (39), (40) or (47) or s. 215.03 (8). The rules of the commissioner division shall provide that any such remote service unit shall be available for use, on a nondiscriminatory basis, by any state or federal savings and loan association which has its principal place of business in this state, by any other savings and loan association obtaining the consent of a state or federal savings and loan association which has its principal place of business in this state and is using the terminal and by all customers designated by a savings and loan association using the unit. This paragraph does not authorize a savings and loan association which has its principal place of business outside this state to conduct business as a savings and loan association in this state. The remote service units also shall be available for use, on a nondiscriminatory basis, by any credit union, state or national bank or state or federal savings bank, whose home office is located in this state, if the credit union, bank or savings bank requests to share its use, subject to the joint rules established under s. 221.04 (1) (k). The rules of the commissioner division shall 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 and loan association or group of savings and loan associations 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. 5583 Section 5583. 215.13 (46) (a) 3. of the statutes is amended to read:

AB150-engrossed,1829,21 215.13 (46) (a) 3. 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, or shall be construed or interpreted to, 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. 5584 Section 5584. 215.13 (46) (a) 4. of the statutes is amended to read:

AB150-engrossed,1830,4 215.13 (46) (a) 4. 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, no laws governing such institutions or rules established by the commissioner division shall 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. 5585 Section 5585. 215.13 (47) of the statutes is amended to read:

AB150-engrossed,1830,13 215.13 (47) Extended office. With the approval of the commissioner division, extend its home office or branch by purchasing or leasing real estate for the purpose of establishing, identifying and maintaining an extended office, but only if the extended office is located within 1,000 feet of the home office or branch. All measurements under this subsection shall be made in a straight line from the nearest adjacent points in the respective property lines. The authority under this subsection is in addition to the authority to establish branch offices under s. 215.03 (8).

AB150-engrossed, s. 5586 Section 5586. 215.13 (51) of the statutes is amended to read:

AB150-engrossed,1830,20 215.13 (51) Contract for financial services. Contract with a bank that is owned by a bank holding company which also owns the contracting association, to provide products or services under s. 221.04 (1) (pm). The bank shall be subject to regulation and examination by the commissioner division with regard to services performed under the contract to the same extent as if the services were being performed by the association itself on its own premises.

AB150-engrossed, s. 5587 Section 5587. 215.135 (1) of the statutes is amended to read:

AB150-engrossed,1831,2 215.135 (1) Subject to any regulatory approval required by law and subject to sub. (2), a savings and loan association, directly or through a subsidiary, may 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. 5588 Section 5588. 215.135 (2) of the statutes is amended to read:

AB150-engrossed,1831,12 215.135 (2) The activities, powers, products and services that may be undertaken, exercised or offered by savings and loan associations under sub. (1) are limited to those specified by rule of the commissioner division. The commissioner division may direct any savings and loan association 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 and loan association are the savings and loan association's net worth, assets, management rating and liquidity ratio and its ratio of net worth to assets.

AB150-engrossed, s. 5589 Section 5589. 215.141 of the statutes is amended to read:

AB150-engrossed,1831,18 215.141 Financially related services tie-ins. In any transaction conducted by an association, a savings and loan holding company or a subsidiary of either with a customer who is also a customer of any other subsidiary of any of them, the customer shall be given a notice in 12-point boldface type in substantially the following form:

AB150-engrossed,1831,19 NOTICE OF RELATIONSHIP