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.
AB150-engrossed,1840,223
215.32
(3) Employment of counsel; retention of officers and employes of
24association. The
commissioner division may employ necessary counsel and experts
1in a liquidation under this section and may retain any officer or employe of the
2association.
AB150-engrossed,1840,94
215.32
(4) (title)
Appointment of special deputy commissioners. The
5commissioner division may appoint special
deputy commissioners deputies as agents
6to assist in the liquidation and distribution of the assets of associations whose
7business and property the
commissioner division has taken possession of. A
8certificate of the appointment shall be filed
in the office of the commissioner with the
9division and a certified copy
shall be filed in the office of the clerk of circuit court.
AB150-engrossed,1840,1311
215.32
(5) (title)
Surety bonds of special deputy commissioners
deputies and
12assistants. Special
deputy commissioners deputies and assistants shall furnish
13surety bonds in accordance with s. 215.11.
AB150-engrossed,1840,1515
215.32
(6) (title)
Duties of special
deputy commissioners deputies.
AB150-engrossed,1841,717
215.32
(6) (a)
Notice, allowance and payment of claims. The special deputy
18commissioner shall publish a class 3 notice, under ch. 985, requiring all persons who
19have claims against the association, other than savers whose claims are shown in the
20records of the association, to file proof of their claims at a place and by a date not
21earlier than 30 days after the last insertion of the notice. The special deputy
22commissioner shall mail a copy of the notice to all persons, at their last-known
23addresses, who appear as creditors upon the books of the association. Proof of
24publication and service of the notice shall be filed with the clerk of circuit court. A
25claim, other than that of a saver whose claim is shown on the records of the
1association, for which no proof of claim is filed by the date fixed in the notice is barred.
2Savers whose claims are shown in the records of the association need not file proof
3of their claims. Any interested party may file written objections to any claim with
4the special deputy
commissioner. The special deputy
commissioner may reject any
5claim, including a claim of a saver. After notice by registered mail of rejection, the
6claim is barred unless the claimant commences an action within 90 days after the
7date of mailing of the notice of rejection.
AB150-engrossed,1841,179
215.32
(6) (b)
Inventory of assets and statement of liabilities. The special
10deputy
commissioner appointed under this section shall make an inventory of the
11assets of the association. One copy of the inventory shall be filed
in the office of the
12commissioner with the division and one in the office of the clerk of circuit court. After
13the time for filing proof of claims has expired, the special deputy
commissioner shall
14make a complete list of the claims for which proof of claims were filed and specify the
15claims
he or she the special deputy has rejected. One copy shall be filed
in the office
16of the commissioner with the division and one in the office of the clerk of circuit court.
17The inventory of assets and list of claims shall be open to inspection.
AB150-engrossed,1841,2419
215.32
(6) (c)
Execution of legal documents; borrowing of money. A special
20deputy
commissioner appointed under this section may, with the prior approval of
21the
commissioner division and the circuit court, execute, acknowledge and deliver all
22deeds, assignments, releases or other instruments necessary and proper to effect any
23sale or transfer or incumbrance of the property of an association subject to this
24section and may borrow money for use in the liquidation.
AB150-engrossed,1842,8
1215.32
(6) (d)
Conservation of assets; collection of claims; sale of assets and
2performance of any other acts upon order of the court. A special deputy
commissioner 3appointed under this section may take any action necessary to conserve the assets
4and business of an association subject to this section and shall proceed to liquidate
5its affairs. The special deputy
commissioner shall collect all claims belonging to the
6association, and, with the prior approval of the
commissioner division and the circuit
7court, may sell or compound all bad or doubtful claims, do any act or execute any
8necessary instruments, or sell the property of the association.
AB150-engrossed,1842,1310
215.32
(6) (e)
Depositing of moneys in one or more financial institutions. The
11moneys collected by the special deputy
commissioner under this section shall be
12deposited in financial institutions, and in case of the suspension or insolvency of the
13depository the deposits shall be preferred before all other deposits.
AB150-engrossed,1842,1715
215.32
(6) (em) 1. All costs, expenses and debts of the association incurred on
16or after the date on which the
commissioner division takes possession of the
17association.
AB150-engrossed,1842,2519
215.32
(6) (f)
Liquidating dividends. After the date fixed for filing proof of
20claims under s. 215.32 (6) (a), the special deputy
commissioner may, with the prior
21approval of the
commissioner division and the circuit court, out of the funds
22remaining after the payment of costs, expenses, debts and claims under par. (em),
23declare liquidating dividends, and may declare a final liquidating dividend. The
24liquidating dividends shall be paid to those persons, in those amounts directed by the
25circuit court.
AB150-engrossed,1843,132
215.32
(6) (g)
Notice prior to order for final distribution. Prior to the order for
3final distribution under par. (f), the special deputy
commissioner shall publish a class
43 notice, under ch. 985, and give such further notice as the circuit court directs,
5requiring all persons who have claims against the association arising during the
6liquidation proceedings to file proof of their claims at a place and by a date not earlier
7than 30 days after the last insertion of the notice. Proof of publication of the notice
8shall be filed with the clerk of circuit court. A claim for which no proof of claim is filed
9by the date fixed in the notice is barred. Any interested party may file written
10objection to any claim with the special deputy
commissioner. The special deputy
11commissioner may reject any claim. After notice by registered mail of rejection, the
12claim is barred unless the claimant commences an action within 90 days after the
13date of mailing of the rejection.
AB150-engrossed,1843,2415
215.32
(6) (h)
Transfer of residual assets to commissioner. After the order for
16final distribution has been made under par. (f), the special deputy
commissioner 17shall, with the approval of the
commissioner division and the circuit court, assign all
18assets, claims and demands that have been written off and considered worthless, and
19all unknown assets, to the
commissioner division. The
commissioner division may
20accept and hold the assets, claims and demands, with the power to compound,
21compromise, settle and assign them and execute and deliver any legal instrument
22incidental thereto without court approval. Any moneys received shall be paid into
23the general fund of the state after the
commissioner
division has deducted the cost
24of
his or her division services, attorney fees and other incidental expenses.
AB150-engrossed,1844,2
1215.32
(7) (a) 1. (intro.) The special deputy
commissioner shall deliver to the
2commissioner division:
AB150-engrossed,1844,64
215.32
(7) (a) 1. a. Any unclaimed liquidating dividends and all funds
5remaining in the hands of the special deputy
commissioner at the date of the order
6for final distribution.
AB150-engrossed,1844,108
215.32
(7) (a) 2. The
commissioner
division shall deposit moneys delivered
9under subd. 1. in a financial institution, to the credit of the
commissioner division 10in trust for the persons entitled to the moneys.
AB150-engrossed,1844,1312
215.32
(7) (a) 3. (intro.) The
commissioner division shall include in the annual
13report under s. 215.02 (11):
AB150-engrossed,1844,1515
215.32
(7) (c) (intro.) The
commissioner division may:
AB150-engrossed,1844,2317
215.32
(7) (d) The
commissioner division may make application to the circuit
18court for an order determining what books or records of an association subject to this
19section are to be kept or destroyed. All books or records ordered kept shall be kept
20in a manner and place ordered, subject to the further order of the circuit court. The
21expense of keeping books or records shall be paid before final distribution. All books
22or records ordered destroyed shall be delivered to the
commissioner division to be
23destroyed.
AB150-engrossed,1845,5
1215.32
(8) (title)
Title passes to commissioner division
. The possession of and
2title to all property of the association is transferred from the association to the
3commissioner division on the date the notice required by sub. (2) is filed. The filing
4of the notice bars any attachment, garnishment, execution or other legal proceedings
5against the association or its property.
AB150-engrossed,1845,97
215.32
(9) Effect of possession. No association shall have a lien or charge for
8any payment, advance or clearance made or liability incurred, against any of the
9assets of the association after the
commissioner
division has possession.
AB150-engrossed,1845,1711
215.32
(10) Action to enjoin proceedings. An association subject to this
12section may, within 10 days after the notice required under sub. (2) is filed, apply to
13the circuit court to enjoin further proceedings. The circuit court, after citing the
14commissioner division to show cause why further proceedings should not be enjoined
15and hearing the matter, may enjoin the
commissioner
division from further
16proceedings, and direct the
commissioner division to surrender the association's
17business and property to the association.
AB150-engrossed,1846,219
215.32
(11) Compensation and expenses in connection with liquidation. The
20compensation of the special
deputy commissioners
deputies, counsel and other
21employes and assistants and all expenses of supervision and liquidation shall be
22fixed by the
commissioner division, subject to the approval of the circuit court, and
23shall upon the certificate of the
commissioner division be paid out of the funds of the
24association. Such expenses include the cost of the service rendered by the
25commissioner division to the association and shall be determined from time to time
1by the
commissioner division and shall be paid to the
commissioner division from the
2assets of the association.