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:
AB150-engrossed,1834,8
1215.21
(1) (c) An assignment or transfer of stock certificates or other evidence
2of the borrower's ownership interest in a corporation formed for the cooperative
3ownership of real estate. Sections 846.10 and 846.101, as they apply to a foreclosure
4of a mortgage involving a one-family residence, apply to a proceeding to enforce the
5lender's rights in security given for a loan under this paragraph. The
commissioner 6division shall promulgate joint rules with the
commissioners office of credit unions
7and banking that establish procedures for enforcing a lender's rights in security
8given for a loan under this paragraph.
AB150-engrossed,1834,1310
215.21
(5) (a) The aggregate of loans that an association may make to any one
11borrower is subject to such limits as determined and prescribed by the
commissioner 12division and review board, but not exceeding 10% of the aggregate savings accounts
13or the net worth of the association, whichever is less.
AB150-engrossed,1834,2015
215.21
(6) (a)
Direct reduction mortgage loans. The total monthly contractual
16payment on a direct reduction mortgage shall appear in the mortgage note. The
17commissioner division shall by regulation establish the maximum terms for the
18various types of direct reduction mortgages. The interest charges on loans of this
19type may be adjusted monthly or semiannually in accordance with the terms of the
20mortgage note.
AB150-engrossed,1834,2422
215.21
(7) Types of real estate security. (intro.) An association may make
23loans on the following types of real estate security as defined by the
commissioner 24division:
AB150-engrossed,1835,2
1215.21
(7) (c) Commercial type properties, the aggregate of which shall be fixed
2by the
commissioner division;
AB150-engrossed,1835,84
215.21
(14) Selling loans. Except as otherwise prescribed in s. 215.13 (22) an
5association may sell mortgage loans, without recourse, to any person, and service
6such loans for the purchaser in accordance with a duly executed servicing agreement.
7The aggregate of loans sold in any calendar year shall not exceed such limits as may
8be set by the
commissioner division and review board.
AB150-engrossed,1835,1610
215.21
(15) Participation loans. Any association may participate with other
11lenders in mortgage loans of any type that such association may otherwise make,
12subject to such rules as the
commissioner division issues, including the interest in
13participation loans to be retained by the originator. The normal lending area,
14prescribed in sub. (2), shall not apply to any association purchasing a participating
15interest in such loan, provided the real estate securing such loan is located within
16the United States.
AB150-engrossed,1835,1918
215.21
(17) (b) (intro.) Without the prior written approval of the
commissioner 19division, no association may directly or indirectly make a mortgage loan to:
AB150-engrossed,1835,2321
215.21
(17) (b) 2. Such other persons as the
commissioner division may by rule
22designate to avoid conflicts between the best interests of the association and the
23interests of its officers, directors or employes.
AB150-engrossed,1836,3
1215.21
(17) (d) 2. To a nonprofit, religious, charitable or fraternal organization
2or a corporation in which the association has been authorized to invest by the
3commissioner division.
AB150-engrossed,1836,125
215.21
(28) Loans outside the lending area. Subject to the rules issued by the
6commissioner division and without regard to the limitation set forth in sub. (2), an
7association may make or invest its funds in loans, originated and serviced by or
8through an institution, the accounts or deposits of which are insured by the federal
9savings and loan insurance corporation or the federal deposit insurance corporation
10or by or through an approved federal housing administration mortgagee, in an
11aggregate amount not exceeding 10% of such association's assets on the security of
12real estate or leasehold interests.
AB150-engrossed,1836,1614
215.22
(2) All real estate acquired pursuant to this section shall be sold within
1510 years from acquiring title thereto, unless the
commissioner division grants
16extensions of time within which such real estate shall be sold.
AB150-engrossed,1836,21
18215.23 Limitations on investments in office buildings and related
19facilities. (intro.) An association's aggregate investment in the following may not
20exceed the association's net worth without the prior written approval of the
21commissioner division:
AB150-engrossed,1837,3
23215.24 Minimum net worth. An association shall maintain net worth at an
24amount not less than the minimum amount established by the
commissioner 25division. If an association fails to maintain the minimum net worth required under
1this section, the
commissioner division may take appropriate action, including but
2not limited to ordering the association to take corrective action or to restrict payment
3of dividends.
AB150-engrossed,1837,17
5215.25 Audit requirements. Each association shall be audited at least once
6in each fiscal year by auditors and in a manner satisfactory to the
commissioner 7division in accordance with the policies established by the
commissioner division.
8The auditors are to be designated by the board of directors and must be independent,
9certified public accountants certified in this state. In lieu of audits by independent,
10certified public accountants, the board of directors may request an audit of the books
11and accounts to be made by the
commissioner division to check the assets of the
12association and to determine losses, which request the
commissioner division may
13refuse. The
commissioner division may at any time make or cause to be made an
14audit of any association, with appraisals, when deemed advisable. Associations shall
15promptly file with the
commissioner division a copy of the report of each audit, other
16than audits made by the
commissioner division. The cost of any audit made pursuant
17to this section shall be paid by the association audited.
AB150-engrossed,1837,2119
215.26
(3) Obsolete records. Any association may destroy or dispose of such
20of its records as may become obsolete after first obtaining the written consent of the
21commissioner division.
AB150-engrossed,1838,623
215.26
(4) (a) Any association may cause any or all records kept by such
24association to be recorded, copied or reproduced by any photostatic, photographic or
25miniature photographic process or by optical imaging if the process employed
1correctly, accurately and permanently copies, reproduces or forms a medium for
2copying, reproducing or recording the original record on a film or other durable
3material. An association may thereafter dispose of the original record after first
4obtaining the written consent of the
commissioner
division. This section, excepting
5the part of it which requires written consent of the
commissioner division, is
6applicable to federal associations insofar as it does not contravene federal law.
AB150-engrossed,1838,128
215.26
(5) Legal holidays. The
commissioner division shall designate such
9of the legal holidays listed in s. 895.20 as days on which no association may transact
10business or be open for the purpose of transacting business. For purposes of this
11subsection, operation of a remote service unit as defined in s. 215.13 (46) (a) 1. or an
12unstaffed facility does not constitute the transaction of business.
AB150-engrossed,1838,1514
215.26
(8) (b) 1. The
commissioner
division or
duly its authorized
15representatives.
AB150-engrossed,1838,1917
215.26
(8) (b) 3. Any federal agency or other instrumentality approved by the
18commissioner division which is authorized to inspect and examine books and records
19of an insured association.
AB150-engrossed,1838,2421
215.26
(9) Closing books. Each association shall close its books at least once
22annually and at such other times as the
commissioner
division requires. The date
23of the annual fiscal closing may be March 31, June 30, September 30 or December
2431, unless rules of the
commissioner division otherwise direct.
AB150-engrossed,1839,2
1215.32 (title)
Possession by
commissioner division; involuntary
2liquidation.
AB150-engrossed,1839,64
215.32
(1m) Conditions for taking possession. (intro.) The
commissioner 5division may take possession of the business and property of any association to which
6this chapter applies if the
commissioner division finds that the association:
AB150-engrossed,1839,98
215.32
(1m) (h) Has failed to comply with an order of the
commissioner 9division; or
AB150-engrossed,1839,1311
215.32
(2) Procedure after taking possession. (intro.) After taking
12possession of the business and property of an association, the
commissioner division 13shall immediately:
AB150-engrossed,1839,1815
215.32
(2) (a) Serve written notice on an officer of the association stating that
16the
commissioner division has taken possession and control of the business and
17property of the association. A copy of the notice and proof of service thereof shall be
18filed with the clerk of circuit court.
AB150-engrossed,1839,2120
215.32
(2) (b) Mail notice to the last-known address of any person known to
21the
commissioner division to be in possession of assets of the association.