AB150-engrossed,1846,1614
215.32
(13) (b) Such members, savers or stockholders, or a committee selected
15by them, submit to the
commissioner division a plan for the reorganization and
16reinstatement of the association;
AB150-engrossed,1846,1918
215.32
(13) (c) The
commissioner
division recommends that control of the
19business and property of the association be returned to the directors; and
AB150-engrossed,1846,2321
215.32
(13) (d) The court in which such liquidation is pending, upon application
22of the
commissioner division, finds that the association will be in a safe and sound
23condition when control is resumed by the directors.
AB150-engrossed,1847,8
1215.32
(14) Reinstatement upon a restricted basis. Such association may
2resume business upon a restricted basis, and upon limitations and conditions
3prescribed by the
commissioner division when approved by the circuit court, upon
4application of the
commissioner division. Such restrictions and conditions may
5include a prohibition against the acceptance of payments on new savings accounts,
6reasonable restrictions upon withdrawals of savings accounts and the payment of
7other liabilities. Such associations shall thereupon be relieved from the control of the
8commissioner division.
AB150-engrossed,1847,2410
215.32
(15) (a) The
commissioner
division may, if the
commissioner division 11takes possession of any association, the savings accounts of which are to any extent
12insured by the federal savings and loan insurance corporation, tender to said
13corporation the appointment as statutory liquidator of such association. If the
14commissioner division does not make such tender, the
commissioner division shall
15tender to said corporation the appointment as statutory co-liquidator to act jointly
16with the
commissioner division, but such co-liquidatorship shall not be for more
17than one year from the date of such tender, at the expiration of which time the
18commissioner division shall become the sole liquidator except as herein otherwise
19provided. The
commissioner division shall tender to said corporation the
20appointment as sole statutory liquidator of such association whenever said
21corporation has become subrogated to the rights of 90 per cent of the liability of such
22association on savings accounts. If the corporation becomes subrogated as to all the
23savings accounts in such association, it may then exercise all the powers and
24privileges herein conferred upon it without court approval.
AB150-engrossed,1848,9
1215.32
(15) (b) If the corporation accepts the appointment as sole liquidator it
2shall possess all the powers and privileges of the
commissioner division as statutory
3liquidator of a possessed savings and loan association, and be subject to all the duties
4of the
commissioner division as sole liquidator, except insofar as such powers and
5privileges or duties are in conflict with federal laws, and except as herein otherwise
6provided, unless such association resumes business, pursuant to subs. (13) and (14).
7If the corporation accepts the appointment as co-liquidator, it shall possess such
8powers and privileges jointly with the
commissioner
division and shall be subject to
9such duties jointly with said
commissioner division.
AB150-engrossed,1849,511
215.32
(15) (c) In the event the corporation accepts the appointment as
12co-liquidator or liquidator, it shall file such acceptance with the
commissioner 13division and the clerk of the circuit court and it may act without bond. Upon the filing
14by the corporation of its acceptance of the appointment as sole liquidator, the
15possession of and title to all the assets, business and property of the association shall
16vest in the corporation without the execution of any conveyance, assignments,
17transfer or indorsement. Upon the filing by the corporation of its acceptance of the
18appointment as co-liquidator, such possession and title shall be vested in the
19commissioner division and the corporation jointly. If the corporation does not qualify
20as sole liquidator at or before the time herein provided for the expiration of the
21co-liquidatorship, the corporation shall be wholly divested of and from such joint
22title and possession and the sole title and possession shall thereupon vest in the
23commissioner division. The vesting of title and possession of the property of the
24association, under sub. (8), shall not render such property subject to any claims or
25demands against the federal corporation, except such as may be incumbered by it
1with respect to such association and its property. Whether or not it serves as
2aforesaid, the corporation may make loans on the security of or may purchase with
3the approval of the court, except as herein otherwise provided, all or any part of the
4assets of any association, the savings accounts of which are to any extent insured by
5it, but in the event of such purchase, the corporation shall pay a reasonable price.
AB150-engrossed,1849,87
215.33
(3) (a) 5. Such other information as the
commissioner division may
8require.
AB150-engrossed,1849,1510
215.33
(3) (b)
Approval of applications. (intro.) Upon receipt of a completed
11application and the required fee, the
commissioner
division may issue a certificate
12of authority. The certificate of authority may be subject to specific conditions that
13the
commissioner division believes necessary to adequately safeguard the interests
14of the residents of this state. A certificate of authority to do business in this state
15shall not be issued unless:
AB150-engrossed,1849,1917
215.33
(3) (b) 1. The association is in sound financial condition and entitled to
18public confidence, and the
commissioner division is satisfied that the association will
19conduct its business in this state in accordance with the laws of this state.
AB150-engrossed,1849,2521
215.33
(3) (b) 2. The accounts of the association are insured by the federal
22savings and loan insurance corporation or any other insurer acceptable to the
23commissioner division, or that adequate and sufficient securities have been
24deposited with the state treasurer to assure that the association will meet its
25obligations to the residents of this state.
AB150-engrossed,1850,32
215.33
(3) (c)
Revocation. (intro.) The
commissioner division may revoke a
3certificate of authority issued under this section if:
AB150-engrossed,1850,75
215.33
(3) (c) 2. The association refuses to permit the
commissioner division 6to conduct a complete examination of the association, or fails to pay applicable costs
7or fees.
AB150-engrossed,1850,119
215.33
(3) (c) 3. The
commissioner
division determines that the association is
10in an unsafe condition or that its continued operation in this state is otherwise
11inconsistent with the best interests of the residents of this state.
AB150-engrossed,1850,2113
215.33
(4) Examination and audit of foreign associations. Each foreign
14association doing business in this state shall be examined by the
commissioner 15division as provided under s. 215.03, audited under s. 215.25 and assessed fees and
16costs as provided under s. 215.02 (16), together with any out-of-state travel
17expenses incurred in the course of the examination and audit. However, the
18commissioner division may accept as all or part of the examination or audit, all or
19any part of an examination or audit made on behalf of the agency responsible for the
20supervision of the foreign association in the jurisdiction in which the association is
21organized.
AB150-engrossed,1851,423
215.33
(5) Designation of registered agent. Each foreign association doing
24business in this state shall maintain on file with the
commissioner division the name
25and address of an individual in this state who is authorized to receive legal process
1on behalf of the association. The
commissioner division shall maintain a current
2record of each individual so designated. The record of the
commissioner division 3shall be conclusive evidence of the authority of the person whose name appears
4therein to receive process on behalf of the association.
AB150-engrossed,1851,156
215.33
(6) Reciprocity. If the laws of another jurisdiction prohibit an
7association chartered by this state and insured by the federal savings and loan
8insurance corporation from doing business in that jurisdiction, no association
9organized under the laws of that jurisdiction may be authorized to do business in this
10state. If the laws of another jurisdiction require the posting of securities or impose
11other additional requirements as a condition of permitting an association chartered
12by this state to do business in that jurisdiction, the
commissioner division may
13impose similar requirements on an association organized under the laws of that
14jurisdiction before issuing the association a certificate of authority to do business in
15this state.
AB150-engrossed,1851,1917
215.35
(1) (intro.) The
commissioner
division may waive any portion of s.
18215.53, 215.57, 215.58, 215.73 or 215.77 if the
commissioner division makes written
19findings of both of the following:
AB150-engrossed,1851,2421
215.36
(2) (b) An in-state savings and loan proposing any action under par. (a)
22shall provide the
commissioner division a copy of any original application seeking
23approval by a federal agency or by an agency of the regional state and of any
24supplemental material or amendments filed in connection with any application.
AB150-engrossed,1852,5
1215.36
(3) (b) An in-state savings and loan holding company proposing any
2action under par. (a) shall provide the
commissioner
division a copy of any original
3application seeking approval by a federal agency or by an agency of the regional state
4and of any supplemental material or amendments filed in connection with any
5application.
AB150-engrossed,1852,97
215.36
(5) (a) (intro.) The
commissioner division finds that the statutes of the
8regional state in which the regional savings and loan or regional savings and loan
9holding company has its principal place of business permit all of the following:
AB150-engrossed,1852,1311
215.36
(5) (b) The
commissioner division has not disapproved the acquisition
12of the in-state savings and loan or the acquisition or merger with the in-state
13savings and loan holding company under sub. (7).
AB150-engrossed,1852,2415
215.36
(5) (c) The
commissioner division gives a class 3 notice, under ch. 985,
16in the official state newspaper, of the application to take an action under sub. (4) and
17of the opportunity for a hearing and, if at least 25 residents of this state petition for
18a hearing within 30 days of the final notice or if the
commissioner division on
his or
19her the division's motion calls for a hearing within 30 days of the final notice, the
20commissioner division holds a public hearing on the application, except that a
21hearing is not required if the
commissioner division finds that an emergency exists
22and that the proposed action under sub. (4) is necessary and appropriate to prevent
23the probable failure of an in-state savings and loan that is closed or in danger of
24closing.
AB150-engrossed,1853,5
1215.36
(5) (d) The
commissioner division is provided a copy of any original
2application seeking approval by a federal agency of the acquisition of an in-state
3savings and loan or acquisition of or merger with an in-state savings and loan
4holding company and of any supplemental material or amendments filed with the
5application.
AB150-engrossed,1853,97
215.36
(5) (e) The applicant has paid the
commissioner division a fee of $1,000
8together with the actual costs incurred by the
commissioner division in holding any
9hearing on the application.
AB150-engrossed,1853,1311
215.36
(7) Standards for disapproval. (intro.) The
commissioner division may
12disapprove of any action under sub. (4) if the
commissioner division finds any of the
13following:
AB150-engrossed,1853,1815
215.36
(7) (ct) The applicant has failed to enter into an agreement prepared by
16the
commissioner division to comply with laws and rules of this state regulating
17consumer credit finance charges and other charges and related disclosure
18requirements, except to the extent preempted by federal law or regulation.
AB150-engrossed,1853,2120
215.36
(7) (e) The applicant fails to meet any other standards established by
21rule of the
commissioner division.
AB150-engrossed,1853,2523
215.36
(9) (a) Subsections (1) to (7) do not apply prior to January 1, 1987, except
24that the
commissioner division may promulgate rules under sub. (7) (e) to be
25applicable no earlier than the date that subs. (1) to (7) apply.
AB150-engrossed,1854,112
215.36
(11) Divestiture. Any savings and loan holding company that ceases
3to be an in-state savings and loan holding company or regional savings and loan
4holding company shall immediately notify the
commissioner division of the change
5in its status and shall, as soon as practical and, in any case, within 2 years after the
6event causing it to no longer be one of these entities, divest itself of control of all
7in-state savings and loans and in-state savings and loan holding companies. A
8savings and loan holding company that fails to immediately notify the
commissioner 9division is liable for a forfeiture of $500 for each day beginning with the day its status
10changes and ending with the day notification is received by the
commissioner 11division.
AB150-engrossed,1854,1613
215.40
(1) (c) An association shall include the word "savings" in its name if its
14name includes the word "bank". This paragraph does not apply to an association
15name if the association obtained approval for use of the name from the
commissioner 16division before February 12, 1992.
AB150-engrossed,1854,1918
215.40
(2) Minimum membership and savings accounts. (intro.) The
19commissioner division shall determine:
AB150-engrossed,1854,2221
215.40
(2) (d) Such other requirements as the
commissioner division deems
22necessary or desirable.
AB150-engrossed,1855,224
215.40
(3) Who may organize. Adult citizens of this state, hereinafter referred
25to as incorporators, desiring to organize a mutual association under this section shall
1make application to the
commissioner division as prescribed on forms furnished by
2the
commissioner division.
AB150-engrossed,1855,44
215.40
(4) (e) Such other information as the
commissioner division requires.
AB150-engrossed,1855,86
215.40
(5) Application fee. The applicants shall pay to the
commissioner 7division $200 to defray the cost of investigation, which sum shall be
paid by the
8commissioner deposited into the general fund to the credit of the
office division.
AB150-engrossed,1855,1510
215.40
(6) (a) Along with the application, the incorporators shall file an
11agreement with the
commissioner division that, in addition to their initial savings
12account subscriptions, they will create an expense fund in an amount not less than
13one-half of the total minimum required amount of savings accounts. The expense
14fund is for organization expenses, operating deficits, earnings distributions on
15savings accounts and losses.
AB150-engrossed,1855,1917
215.40
(6) (b) This expense fund shall become a part of the assets of the
18proposed association if the
commissioner division approves the application and will
19be reflected on the books as a liability under the caption "Subsidy by incorporators."
AB150-engrossed,1856,221
215.40
(6) (d) At the end of 3 years of corporate existence, the board of directors
22may petition the
commissioner division for authority to repay the incorporators on
23a proportional basis, any unused portion remaining in the subsidy by directors. If
24the
commissioner division determines that the operations of the association at that
25point are of such degree as to enable the association to operate as an independent
1institution, requiring no further subsidy, the
commissioner division may authorize
2such repayment.
AB150-engrossed,1856,114
215.40
(6) (e) At the end of the 4th year, and each subsequent year, the board
5of directors of the association may petition the
commissioner division for authority
6to pay out of current income of any period to the incorporators on a proportional basis
7the amount remaining after payment of expenses, provision for taxes, and the
8provision for distribution of earnings as a recovery of previous charges made to the
9expense fund account by incorporators. The
commissioner division may approve or
10deny the petition for recovery payments. In no event shall refunds of this type exceed
11the total of the charges made to the expense fund account by incorporators.
AB150-engrossed,1856,2413
215.40
(7) (a) Within 30 days after receiving a completed application the
14commissioner division shall furnish a notice of application to the applicant and to
15each association authorized to operate an office within 4 miles of the proposed office
16if the office is to be located in Milwaukee county, or 20 miles of the proposed office
17if located elsewhere. The notice shall describe the location and nature of the
18proposed office and shall solicit written comments on the application. If a hearing
19on the application has been scheduled the notice shall also indicate the time and
20place of the hearing. If not, the notice shall notify interested persons of their right
21to request a hearing under par. (b) 2. The applicant shall publish the notice of
22application as a class 3 notice under ch. 985 in the city, town or village where the
23office is to be located and shall provide the
commissioner division with proof of its
24publication.
AB150-engrossed,1857,2
1215.40
(7) (b) (intro.) The
commissioner division shall conduct a public hearing
2on the application if any of the following occur:
AB150-engrossed,1857,64
215.40
(7) (b) 2. Within 3 days after publication of the notice of application any
5person planning to participate in a hearing on the application files with the
6commissioner division a request for hearing; or
AB150-engrossed,1857,98
215.40
(7) (b) 3. The
commissioner
division determines that a hearing will be
9necessary or useful.
AB150-engrossed,1857,1411
215.40
(7) (c) If a hearing date was not indicated in the notice of application and
12a hearing is subsequently required, the
commissioner
division shall give written
13notice of the time and place of the hearing to the applicant and to anyone who has
14requested a hearing, not later than 10 days in advance of the scheduled hearing.