AB150-engrossed,1822,1918
215.03
(8) (c) Review of the decision of the
commissioner division in regard to
19applications for branches shall be governed by s. 215.04 (4).
AB150-engrossed,1822,2221
215.04
(1) (a) Advise the
commissioner, deputy commissioner and others 22division in respect to improvement in the condition and service of associations;
AB150-engrossed,1822,2524
215.04
(1) (b) Review the acts, orders and determinations of the
commissioner 25division under sub. (4);
AB150-engrossed,1823,32
215.04
(1) (c) Act promptly on matters and questions, pertaining to
3associations, that may be submitted to it by the
commissioner division;
AB150-engrossed,1823,85
215.04
(3) (b) The fees of witnesses who are called by the review board in the
6interests of the state shall be paid by the state in the same manner that other
7expenses are paid, upon presentation of proper vouchers approved by a member of
8the review board and charged to the appropriation of the
office division.
AB150-engrossed,1823,2210
215.04
(4) Review of grievances, orders or determinations. Any interested
11person or any association aggrieved by any act, order or determination of the
12commissioner division, which relates to savings and loan associations may, within
1320 days thereof, apply to the review board to review the action of the
commissioner 14division. The sole review of the
commissioner's division's decision shall be to
15determine whether or not the
commissioner division has acted within the scope of the
16commissioner's division's authority, has not acted in an arbitrary or capricious
17manner, and that the act, order or determination of the
commissioner division is
18supported by substantial evidence in view of the entire record as submitted. The
19review of applications for branches, relocation of association offices or new charters
20shall be based exclusively on the record, and no new evidence shall be taken by the
21review board. Applications under this subsection shall be considered and disposed
22of as speedily as possible.
AB150-engrossed,1824,324
215.04
(6) Review of final orders and determinations. Any final order or
25determination of the review board shall be subject to review under ch. 227. If an act,
1order or determination of the
commissioner
division is reversed or modified by the
2review board, the
commissioner division shall be deemed a person aggrieved and
3directly affected thereby under s. 227.53 (1).
AB150-engrossed,1824,145
215.11
(1) Who shall furnish bond; type and form. Before entry upon the
6discharge of the person's duties, every person appointed or elected to any position
7requiring receipt, payment or custody of money or other personal property of an
8association or in its custody or control as collateral or otherwise shall give a bond in
9some surety company, licensed by this state, in such sum as the
commissioner 10division prescribes. In lieu of individual bonds, the
commissioner division may
11accept a schedule or blanket bond which covers all of the officers, directors and
12employes of the association, whose duties include the receipt, payment or custody of
13money or other personal property. Such bonds shall be in the form prescribed by the
14commissioner division.
AB150-engrossed,1824,2116
215.11
(2) (title)
Surety bonds to be approved by the board and filed with the
17commissioner. No officer, director or employe who is required to give bond shall enter
18upon the discharge of the person's duties until the person's bond has been approved
19by the board. The minute book of the association shall contain a record of each bond
20executed and approved. Such bonds shall be filed with the
commissioner division 21within 10 days after approval by the board.
AB150-engrossed,1825,223
215.11
(3) Surety bond coverage. Such bond shall be sufficient to protect the
24association from loss by reason of acts of fraud or dishonesty, including forgery, theft,
25embezzlement, wrongful abstraction or misapplication on the part of the person,
1directly or through connivance with others. At any time the
commissioner division 2may require an additional bond.
AB150-engrossed,1825,94
215.11
(4) (a) No termination of this bond shall be effective unless the surety
5gives in advance at least 10 days' written notice by registered mail to the
6commissioner division. If this bond is terminated at the request of the insured
7(employer) this provision shall apply nevertheless, it being the duty of the surety to
8give the required written notice to the
commissioner
division, such notice to be given
9promptly and within 10 days after the receipt of such request;
AB150-engrossed,1825,1311
215.11
(4) (b) The surety agrees to furnish the
commissioner, at Madison, 12division a copy of all riders and indorsements executed subsequently to the effective
13date of this bond.
AB150-engrossed,1825,1915
215.11
(5) (title)
Commissioner Division may consent to termination and waive
16notice thereof. The
commissioner division may waive, as to the termination of any
17bond, the 10-day written notice in advance and may give written consent to the
18termination being made effective as of a date agreed upon by the surety and the
19association.
AB150-engrossed,1825,2321
215.13
(21) Acquiring assets of other associations. Acquire all or any part
22of the assets of any other association with prior approval of the
commissioner 23division.
AB150-engrossed,1826,2
1215.13
(22) Selling of assets to other associations. Sell all or any part of its
2assets to any other association with prior approval of the
commissioner division.
AB150-engrossed,1826,54
215.13
(26) Investment securities. (intro.) Invest in the following types of
5securities, subject to such limitations as may be fixed by the
commissioner division:
AB150-engrossed,1826,87
215.13
(26) (f) Such other types of securities which may be approved and
8authorized by the
commissioner division.
AB150-engrossed,1826,1210
215.13
(27) Lend money to other associations. Lend money to other savings
11and loan associations incorporated and operating under this chapter, subject to
12approval of the
commissioner division.
AB150-engrossed,1826,1914
215.13
(28) Borrowing money. Borrow money and issue its obligations for the
15borrowed money, including but not limited to obligations, bonds, notes or other debt
16securities. The aggregate amount borrowed under this subsection may not exceed
1750% of the association's total assets, except with the prior written approval of the
18commissioner division. An obligation, bond, note or other debt security may include
19a written provision subordinating the debt to claims of other creditors or of savers.
AB150-engrossed,1826,2321
215.13
(31) Insurance of savings accounts. Insure the savings accounts of
22savers with the federal savings and loan insurance corporation or with another
23instrumentality approved by the
commissioner division.
AB150-engrossed,1827,4
1215.13
(36) Limited office. With the prior written approval of the
2commissioner division, establish a limited office providing lending or other services.
3Deposits to savings accounts may not be accepted at a limited office except as
4permitted under sub. (46).
AB150-engrossed,1827,136
215.13
(39) Branches. Subject to the approval of the
commissioner division,
7any savings and loan association may establish and maintain one or more branch
8offices within the normal lending area of the home office, as defined in s. 215.21 (2),
9in this state or in any one of the regional states, as defined in s. 215.36 (1) (f). In the
10commissioner's division's approval, the
commissioner division may limit the powers
11of the branch. Savings and loan associations may promote thrift in their local schools
12by accepting payments in the school upon savings accounts of the teachers and
13pupils.
AB150-engrossed,1827,2215
215.13
(40) Location of branches. Whenever an association is absorbed or a
16branch office is acquired under s. 215.36, 215.53 or 215.73, maintain and operate a
17branch office at the location of the absorbed association or of the acquired branch
18office, if the
commissioner division finds that the continued operation of a branch
19office at the location of the absorbed association or of the acquired branch office would
20be in the public interest. This subsection does not permit continued operation of an
21office of an absorbed association which received its certificate of incorporation less
22than 5 years prior to its absorption.
AB150-engrossed,1828,924
215.13
(41) Seller of checks. To engage as an authorized agent in the business
25and functions provided for in ch. 217 for their members upon receiving a certificate
1of authority from the
commissioner division. Such applicants shall be under the
2jurisdiction and supervision of the
commissioner
division and meet the same
3requirements as other applicants under ch. 217, but no license or investigation fee
4shall be charged savings and loan association applicants. The
commissioner division 5has the authority to enforce ch. 217 as it applies to savings and loan associations
, the
6same as that granted the commissioner of banking in enforcing ch. 217. The
7commissioner division shall determine the records that shall be maintained and
8shall require the segregation of such funds as is necessary for operations permitted
9savings and loan associations under this subsection and ch. 217.
AB150-engrossed,1828,1211
215.13
(42) Invest in real property. Invest in, or in interests in, real property,
12subject to such rules as the
commissioner division shall issue.
AB150-engrossed,1829,1214
215.13
(46) (a) 1. Directly or indirectly, acquire, place and operate, or
15participate in the acquisition, placement and operation of, at locations other than its
16home or branch offices, remote service units, in accordance with rules established by
17the
commissioner division. Remote service units established in accordance with such
18rules are not subject to sub. (36), (39), (40) or (47) or s. 215.03 (8). The rules of the
19commissioner division shall provide that any such remote service unit shall be
20available for use, on a nondiscriminatory basis, by any state or federal savings and
21loan association which has its principal place of business in this state, by any other
22savings and loan association obtaining the consent of a state or federal savings and
23loan association which has its principal place of business in this state and is using
24the terminal and by all customers designated by a savings and loan association using
25the unit. This paragraph does not authorize a savings and loan association which
1has its principal place of business outside this state to conduct business as a savings
2and loan association in this state. The remote service units also shall be available
3for use, on a nondiscriminatory basis, by any credit union, state or national bank or
4state or federal savings bank, whose home office is located in this state, if the credit
5union, bank or savings bank requests to share its use, subject to the joint rules
6established under s. 221.04 (1) (k). The rules of the
commissioner division shall
7prohibit any advertising with regard to a shared remote service unit which suggests
8or implies exclusive ownership or control of the shared unit by any savings and loan
9association or group of savings and loan associations operating or participating in
10the operation of the unit. The
commissioner division by order may authorize the
11installation and operation of a remote service unit in a mobile facility, after notice
12and hearing upon the proposed service stops of the mobile facility.
AB150-engrossed,1829,2114
215.13
(46) (a) 3. If any person primarily engaged in the retail sale of goods or
15services owns or operates a remote service unit on such person's premises and allows
16access to the unit by any financial institution, group of financial institutions or their
17customers, nothing in this paragraph or in rules established by the
commissioner 18division shall, or shall be construed or interpreted to, require such person to accept
19any connection to or use of the unit on its premises for any other purpose or function
20or to accept any connection to the unit on its premises by any other financial
21institution.
AB150-engrossed,1830,423
215.13
(46) (a) 4. If a person primarily engaged in the retail sale of goods or
24services owns or operates a remote service unit on such person's premises and allows
25access to the unit by any financial institution, group of financial institutions or their
1customers for any purpose or function, no laws governing such institutions or rules
2established by the
commissioner division shall apply to such person other than those
3laws or rules directly related to the particular function performed by the unit on such
4person's premises for a financial institution.
AB150-engrossed,1830,136
215.13
(47) Extended office. With the approval of the
commissioner division,
7extend its home office or branch by purchasing or leasing real estate for the purpose
8of establishing, identifying and maintaining an extended office, but only if the
9extended office is located within 1,000 feet of the home office or branch. All
10measurements under this subsection shall be made in a straight line from the
11nearest adjacent points in the respective property lines. The authority under this
12subsection is in addition to the authority to establish branch offices under s. 215.03
13(8).
AB150-engrossed,1830,2015
215.13
(51) Contract for financial services. Contract with a bank that is
16owned by a bank holding company which also owns the contracting association, to
17provide products or services under s. 221.04 (1) (pm). The bank shall be subject to
18regulation and examination by the
commissioner division with regard to services
19performed under the contract to the same extent as if the services were being
20performed by the association itself on its own premises.
AB150-engrossed,1831,222
215.135
(1) Subject to any regulatory approval required by law and subject to
23sub. (2), a savings and loan association, directly or through a subsidiary, may
24undertake any activity, exercise any power or offer any financially related product
25or service in this state that any other provider of financial products or services may
1undertake, exercise or provide or that the
commissioner division finds to be
2financially related.
AB150-engrossed,1831,124
215.135
(2) The activities, powers, products and services that may be
5undertaken, exercised or offered by savings and loan associations under sub. (1) are
6limited to those specified by rule of the
commissioner
division. The
commissioner 7division may direct any savings and loan association to cease any activity, the
8exercise of any power or the offering of any product or service authorized by rule
9under this subsection. Among the factors that the
commissioner division may
10consider in so directing a savings and loan association are the savings and loan
11association's net worth, assets, management rating and liquidity ratio and its ratio
12of net worth to assets.
AB150-engrossed,1831,18
14215.141 Financially related services tie-ins. In any transaction conducted
15by an association, a savings and loan holding company or a subsidiary of either with
16a customer who is also a customer of any other subsidiary of any of them, the
17customer shall be given a notice in 12-point boldface type in substantially the
18following form:
AB150-engrossed,1831,1919
NOTICE OF RELATIONSHIP
AB150-engrossed,1831,2520
This company, .... (insert name and address of association, savings and loan
21holding company or subsidiary), is related to .... (insert name and address of
22association, savings and loan holding company or subsidiary) of which you are also
23a customer. You may not be compelled to buy any product or service from either of
24the above companies or any other related company in order to participate in this
25transaction.
AB150-engrossed,1832,5
1If you feel that you have been compelled to buy any product or service from
2either of the above companies or any other related company in order to participate
3in this transaction, you should contact the management of either of the above
4companies at either of the above addresses or the
office of the commissioner division
5of savings and loan at .... (insert address).
AB150-engrossed,1832,117
215.15
(1) Savings account forms. The association shall issue to each saver
8a written summary of the terms of the saver's account or, if permitted by the
9commissioner division, a receipt. The
commissioner division may promulgate rules
10prescribing the form of or otherwise regulating issuance and use of evidences of
11savings accounts, summaries of savings accounts and receipts.
AB150-engrossed,1832,1413
215.15
(3) (a) (intro.) The board of directors may, subject to the rules of the
14commissioner division and par. (b), provide for the following:
AB150-engrossed,1832,1816
215.15
(3) (b) Unless the
commissioner
division approves, a mutual association
17may not issue negotiable certificates of deposit which are not in registered form in
18an aggregate amount exceeding 20% of the total amount in savings accounts.
AB150-engrossed,1832,2220
215.15
(3) (c) The
commissioner division may promulgate rules governing the
21transfer of savings accounts or the replacement of lost or destroyed evidences of
22savings accounts.
AB150-engrossed,1832,25
24215.16 Savings account earnings. (intro.) Subject to the rules of the
25commissioner division, the board of directors of an association may:
AB150-engrossed,1833,42
215.18
(3) An association may agree in writing not to close a savings account.
3The
commissioner division may promulgate rules restricting the authority of an
4association to close savings accounts.
AB150-engrossed,1833,86
215.20
(2) An association may make, buy, sell and hold property improvement
7loans to such persons, for such purposes, in such individual and aggregate amounts,
8and upon such terms as the
commissioner division by rule prescribes.
AB150-engrossed,1833,12
10215.205 Other loans and investments. (intro.) Subject to such rules as the
11commissioner division prescribes, an association may make, buy, sell and hold the
12following loans and investments:
AB150-engrossed,1833,1914
215.205
(4) Loans or interests in loans to financial institutions with respect to
15which the United States, or any agency or instrumentality thereof, has any function
16of examination or supervision, or to any broker or dealer registered with the
17securities and exchange commission, secured by loans, obligations or investments in
18which it has any statutory authority to invest directly, subject to such rules as the
19commissioner division may issue.
AB150-engrossed,1833,2321
215.21
(1) Basic security required. (intro.) Subject to such additional
22limitations as the
commissioner division may prescribe, associations may make
23loans on the security of any of the following: