AB150-engrossed,1874,2220
215.62
(1) Form. The bylaws of a stock association shall be approved by the
21commissioner division. The
commissioner division shall, with the approval of the
22review board, promulgate rules governing bylaws.
AB150-engrossed,1874,2524
215.62
(2) Filing and approval. Duplicate originals of the bylaws and
25amendments thereto shall be filed with and approved by the
commissioner division.
AB150-engrossed,1875,42
215.62
(3) Effective date. The effective date of bylaws and subsequent
3amendments thereto shall be the date on which such bylaws or amendments are
4approved by the
commissioner division.
AB150-engrossed,1875,256
215.64
(1) A savings and loan holding company shall be deemed to be engaged
7in the savings and loan business and shall be subject to the supervision and control
8of the
office of the commissioner division. Such savings and loan holding company
9shall file reports of its financial condition when requested by the
commissioner 10division, and the
commissioner division may order an examination of its solvency
11and economic condition whenever, in the
commissioner's
division's opinion, an
12examination is required. The cost of the examination shall be paid by the savings
13and loan holding company. Whenever in the opinion of the
commissioner division,
14the condition of the savings and loan holding company shall endanger the safety of
15the savings capital of any savings and loan association which it owns or in any
16manner controls, or the operation of such savings and loan holding company shall
17be carried on in a manner which endangers the safety of such savings and loan
18association or its savers, or is contrary to the public interest, the
commissioner 19division may order the savings and loan holding company to remedy such condition
20or policy within 90 days. If the
commissioner's
division's order is not complied with,
21the
commissioner division may fully direct the operation of such savings and loan
22association or savings and loan holding company until the order is complied with,
23and may withhold all dividends from the institution whose operation the
24commissioner division directs during the period in which the
commissioner division 25exercises such authority.
AB150-engrossed,1876,3
2215.67 Dividends. The board of a stock association may declare and pay
3dividends, subject to the orders and rules of the
commissioner division.
AB150-engrossed,1876,105
215.70
(1) Management responsibility. The management of a stock
6association shall be vested in a board of directors, who are charged with the
7responsibility of complying with this chapter, orders of the
commissioner division,
8rules of the
commissioner division promulgated under ch. 227, the articles of
9incorporation and bylaws of the association, and other laws applicable to savings and
10loan operations.
AB150-engrossed,1876,1512
215.70
(4) Promulgation of rules. The board may by resolution adopt rules
13for the conduct of business by the association, provided they are consistent with this
14chapter, the rules of the
commissioner division, and the articles of incorporation and
15bylaws of the association.
AB150-engrossed,1876,2017
215.73
(1) (a) (intro.) With the consent of the
commissioner division and subject
18to any condition that the
commissioner division prescribes, a stock association
19organized under this chapter may, by an affirmative vote of at least two-thirds of the
20board of each association, do any of the following:
AB150-engrossed,1877,222
215.73
(3) Withdrawal requests. Any saver in an absorbed association or
23savings bank, who intends to file a written withdrawal request for savings accounts
24within one year after the date of approval of such absorption by the
commissioner
1division, may do so by giving 90 days' written notice of such intention, and the
2savings accounts shall be withdrawn as provided in s. 215.17.
AB150-engrossed,1877,54
215.76
(1) (b) 1. Certified to the
commissioner division under the seal of the
5association, by its president and secretary.
AB150-engrossed,1877,97
215.76
(2) Period of liquidation. A stock association so liquidating shall
8dispose of its assets within 10 years from the date of liquidation, unless the
9commissioner division orders otherwise.
AB150-engrossed,1877,1311
215.76
(6) Resumption of business. A stock association in liquidation may
12resume business with the approval of the
commissioner
division upon conditions
13approved by the
commissioner division.
AB150-engrossed,1877,2515
215.76
(7) (a) Unclaimed liquidating dividends and all funds remaining unpaid
16in the hands of the association or its board at or immediately prior to the date of final
17distribution, together with all final liquidating costs, shall be delivered to the
18commissioner division to be deposited in one or more state banks, state savings
19banks or state-chartered savings and loan associations, to the credit of the
20commissioner division, in trust for the various stockholders, owners of savings
21accounts or creditors entitled thereto. The
commissioner division shall include in the
22annual report under s. 215.02 (11) the names of the associations so liquidated and
23the sums of unclaimed and unpaid liquidating dividends and unclaimed funds with
24respect to each of them respectively, including a statement of interest or dividends
25earned upon such funds.
AB150-engrossed,1878,22
215.76
(7) (b) (intro.) The
commissioner division may:
AB150-engrossed,1878,54
215.76
(7) (b) 3. Apply the interest and dividends earned by the moneys so held
5toward defraying the expenses of the
office division.
AB150-engrossed,1878,97
215.76
(8) (title)
Reserved authority
of commissioner. This section does not
8prohibit the
commissioner division from proceeding against any association as
9provided in s. 215.32.
AB150-engrossed,1878,1711
215.77
(1) (b) At such meeting, the stockholders may by the affirmative vote,
12in person or by proxy, of not less than two-thirds of the outstanding capital stock of
13the association the stockholders may by resolution declare to convert the association
14into a federal association, or in the case of a federal capital stock association into a
15state-chartered association. A copy of the minutes of the meeting, verified by the
16affidavit of the chairperson and the secretary of the meeting, shall be filed
in the
17office of the commissioner with the division within 10 days after the meeting.
AB150-engrossed,1878,2519
215.77
(1) (d) 1. Within 6 months after the adjournment of a meeting to convert
20into a federal association, the association shall do what is necessary to make it a
21federal association. Within 10 days after receipt of the federal charter, the
22association shall file with the
commissioner division a copy of the federal charter,
23certified by the federal home loan bank board. Upon such filing the association shall
24cease to be a state-chartered association and shall thereafter be a federal
25association.
AB150-engrossed,1879,72
215.77
(1) (d) 2. Within 6 months after the adjournment of a meeting of the
3stockholders of a federal stock association called for the purpose of converting the
4association into a state-chartered association, the
commissioner division shall
5examine such association and shall determine the action necessary to qualify the
6converting federal stock association for a state charter. Upon complying with the
7necessary requirements, a state charter shall be issued to such association.
AB150-engrossed,1879,129
215.77
(4) (title)
Commissioner's approval Approval required before
10conversion becomes effective. Before any conversion under this section is final and
11in effect, the written approval of the
commissioner
division must be secured by the
12converting association.
AB150-engrossed,1879,1414
217.02
(2m) "Division" means the division of banking.
AB150-engrossed,1879,1716
217.02
(3) "General order" means an order of the
office division other than a
17special order.
AB150-engrossed,1879,2120
217.02
(10) "Special order" means an order of the
office division to or affecting
21a person.
AB150-engrossed,1880,323
217.03
(1) No person shall, as a service or for a fee or other consideration,
24engage in the business as a seller of checks without first securing a license from the
25office division to do so.
Any person lawfully engaged in said business on March 18,
11968 may continue to engage therein without a license until the office has acted upon
2the person's application for a license, provided such application is filed within 30
3days after March 18, 1968.
AB150-engrossed,1880,105
217.03
(2) The licensee shall be liable on checks duly issued for it by each
6authorized agent and shall furnish each such agent not exempt under s. 217.04 with
7an authorization in the form approved by the
office
division in lieu of a license from
8the
office division, to be displayed in the agent's place of business indicating that it
9is an authorized agent of the licensee. An agent so authorized by a licensee shall not
10be required to secure a license.
AB150-engrossed,1880,15
12217.05 Application and fees. (intro.) Each application for a license shall be
13made in writing and under oath to the
office division and shall contain such
14information and be in such form as
it the division prescribes. The application shall
15state the full name and business address of:
AB150-engrossed,1880,1817
217.05
(5) (a)
Financial statements. Financial statements reasonably
18satisfactory to the
office division.
AB150-engrossed,1881,220
217.05
(5) (c)
Investigation fee. A
nonrefundable fee of
$100 $300 to the office
21for investigating the application. If the cost of the investigation exceeds
$100 $300,
22the applicant shall, upon demand of the office, pay the excess cost. No investigation
23fee shall be required for renewal of a license.
Any person holding a license as a
24community currency exchange or a foreign exchange company on March 18, 1968, is
1not required to pay an investigation fee nor a license fee for a single location for the
2remainder of the current licensing year.
AB150-engrossed, s. 5803
3Section
5803
. 217.05 (5) (c) of the statutes, as affected by 1995 Wisconsin Act
4.... (this act), is amended to read:
AB150-engrossed,1881,85
217.05
(5) (c)
Investigation fee. A nonrefundable fee of $300 to the
office 6division for investigating the application. If the cost of the investigation exceeds
7$300, the applicant shall, upon demand of the
office
division, pay the excess cost. No
8investigation fee shall be required for renewal of a license.
AB150-engrossed,1881,2110
217.05
(5) (d)
License fee. An annual license fee of
$50 for each location not
11exceeding 6. If the applicant has more than 6 locations, a license fee of $50 each for
12the first 6 locations plus $2 for each location in excess of 6 locations up to and
13including a total of 100 locations and $1 for each location in excess of 100 with a
14maximum annual fee of $1,000. For each single location license issued between
15January 1 and June 30 of any year, the licensee shall pay the full annual license fee
16for the year ending December 31; for each license issued between July 1 and
17December 31 of any year, the licensee shall pay one-half of the annual license fee
18except for multiple office locations, for which the full annual fee shall be charged.
19No license fee shall be payable with respect to the location of any agent who is
20exempted from this chapter by s. 217.04 $500 plus $5 for each location within this
21state at which a licensee sells or issues checks, with a maximum annual fee of $1,500.
AB150-engrossed,1881,25
23217.06 Licenses, how granted; conditions. (intro.) Every license issued
24shall be in the form prescribed by the
office division and shall be issued to the
25applicant if:
AB150-engrossed,1882,82
217.06
(2) The financial responsibility, financial condition, business
3experience, character and general fitness of the applicant are such, in the opinion of
4the
office division, as to command the confidence of the public and to warrant belief
5that the business will be conducted honestly and efficiently. The
office division may
6investigate and consider the qualifications, character and general fitness of officers
7and directors or others associated with the applicant in determining whether this
8qualification has been met.
AB150-engrossed,1883,310
217.06
(3) (a) A surety bond issued by a bonding company or insurance
11company authorized to do business in this state has been filed in the minimum
12principal sum of $10,000 for the first location and an additional sum of $5,000 for
13each additional location unless the
office division determines that a bond in such
14amount is insufficient in which event it may require a bond in a larger sum, but in
15no event shall the bond exceed $300,000. The bond shall be in a form satisfactory to
16the
office division and shall run to the state for the benefit of any claimants against
17the applicant or the applicant's agents to secure the faithful performance of the
18obligations of the applicant and the applicant's agents with respect to the receipt,
19handling, transmission and payment of money in connection with the sale of checks
20and to reimburse the
office division for any examination or liquidation expense. The
21aggregate liability of the surety in no event shall exceed the principal sum of the
22bond. The surety shall have the right to cancel such bond upon giving not less than
2360 days' written notice to the
office division, but such cancellation shall not release
24the surety from any liability that may arise with respect to obligations of the licensee
25outstanding on or prior to the effective day that such bond is canceled. Such
1claimants against the applicant or the applicant's agents may themselves bring suit
2directly on the bond, or the attorney general may bring suit thereon in behalf of such
3claimants, either in one action or successive actions.
AB150-engrossed,1883,185
217.06
(3) (b) In lieu of such corporate surety bond, or of any portion of the
6principal thereof as required by this section, the applicant may deposit with such
7banks or trust companies in this state as the applicant designates and the
office 8division approves, interest-bearing obligations of the United States or any agency
9or instrumentality thereof, or guaranteed by the United States, or of this state, or of
10a city, county, town, village, school district or instrumentality of this state, or
11guaranteed by this state, to an aggregate amount, based upon principal amount or
12market value, whichever is lower, of not less than the amount of the required
13corporate surety bond or portion thereof. The securities shall be held to secure the
14same obligations as would the surety bond but the depositor shall be entitled to
15receive all interest thereon, shall have the right with the approval of the
office 16division to substitute other securities for those deposited, and shall be required to do
17so on written order of the
office division. The licensee shall pay all expenses of
18maintaining the deposit of obligations deposited in lieu of a corporate surety bond.
AB150-engrossed,1883,24
20217.07 Order denying application. If the
office division is not satisfied as
21to all matters specified in s. 217.06, it shall enter a special order denying the
22application for a license and shall return the license fee to the applicant and retain
23the investigation fee. The
office division shall make findings of fact as part of and
24in support of its orders denying any application for a license.
AB150-engrossed,1884,20
1217.08
(2) Annual license fee; additions and deletions of locations. Each
2licensee shall file with the
office division on or before December 1 of each year a
3statement listing the locations of the offices of the licensee and the names and
4locations of the agents authorized by the licensee. Every licensee shall also on or
5before December 1 of each year file a financial statement of its assets and liabilities
6as of a date not earlier than the preceding August 31 or, if the licensee is audited
7annually by an independent public accountant at the end of each fiscal year, the
8licensee may submit financial statements certified by said accountant for the
9licensee's latest fiscal year. Such statement shall be accompanied by the annual
10licensee fee for the calendar year beginning the following January 1 in an amount
11determined under s. 217.05. The amount of the surety bond or deposit of securities
12required by s. 217.06 shall be adjusted to reflect the number of such locations.
13Licensees which do not pay the maximum license fee under s. 217.05 and which do
14not maintain a bond or deposit of securities in the maximum sum of $300,000 as
15provided in s. 217.06 shall also file a supplemental statement setting forth any
16changes in the list of offices and agents with the
office division on or before April 1,
17July 1 and October 1 of each year, and the principal sum of the corporate surety bond
18or deposit of securities required by s. 217.06 shall be adjusted to reflect any increase
19or decrease in the number of such locations. Any additional license fees which may
20become due under s. 217.05 shall be paid to the
office
division.
AB150-engrossed,1884,2422
217.08
(3) Removal consent. Whenever a licensee changes its single or
23principal office location to another location it shall give written notice thereof to the
24office division, which shall amend the license accordingly without charge.
AB150-engrossed,1885,3
1217.09
(1) (intro.) The
office division shall, after complaint, notice and hearing,
2following the procedure in s. 217.19 so far as applicable, revoke any license in the
3following cases:
AB150-engrossed,1885,75
217.09
(1) (c) If any fact or condition exists which, if it had existed at the time
6of the original application for such license, clearly would have warranted the
office 7division to refuse to issue such license.
AB150-engrossed,1885,119
217.09
(2) If the
office division finds cause for revocation of a license, it shall
10issue a special order revoking the license, which includes its findings of fact upon
11which such order is based.
AB150-engrossed,1885,1613
217.09
(3) The
office division may, for reasonable cause and after a hearing on
145 days' notice, suspend any license for a period not exceeding 30 days, pending
15further investigation, and in so doing shall issue a special order including its findings
16of fact upon which such order is based.
AB150-engrossed,1885,2318
217.09
(4) The
office division shall revoke or suspend only the authorization
19to operate at the location with respect to which grounds for revocation or suspension
20apply, but if the
office division finds that such grounds for revocation or suspension
21apply to more than one location operated by such licensee, then the
office division 22shall revoke or suspend all of the authorizations of the licensee to which such
23grounds apply.
AB150-engrossed,1886,3
1217.09
(5) Any licensee may surrender any license by giving written notice to
2the
office division that the licensee surrenders such license and returns the license
3therewith.
AB150-engrossed,1886,65
217.09
(6) The
office division may on its own motion issue a new license when
6a license has been revoked.