AB150: Bill Text

AB150,1620,16 185.815 Recording change of principal office or registered agent. (intro.) If a document submitted to the secretary of state department for filing under this chapter changes the county of the principal office or of the registered agent:

AB150, s. 4858 Section 4858. 185.815 (1) of the statutes is amended to read:

AB150,1620,19 185.815 (1) An original of the document or a duplicate original endorsed by the secretary of state department shall be recorded in each county;

AB150, s. 4859 Section 4859. 185.815 (3) of the statutes is amended to read:

AB150,1620,23 185.815 (3) A certificate of the secretary of state department listing the type and date of filing of recordable documents previously filed by the cooperative shall be recorded in the county of the new principal office or of the registered agent.

AB150, s. 4860 Section 4860. 185.82 (1) (a) of the statutes is amended to read:

AB150,1621,3 185.82 (1) (a) Separate originals of the document for the secretary of state department and for the register of deeds of each county in which the document is required to be recorded.

AB150, s. 4861 Section 4861. 185.82 (1) (b) of the statutes is amended to read:

AB150,1621,6 185.82 (1) (b) A check payable to the secretary of state department in the amount of the filing fee prescribed under s. 185.83.

AB150, s. 4862 Section 4862. 185.82 (2) (a) of the statutes is amended to read:

AB150,1621,10 185.82 (2) (a) Unless the document does not conform to law, the secretary of state department shall endorse on each original "Filed" and the date of filing and shall file one original in his or her office.

AB150, s. 4863 Section 4863. 185.82 (2) (b) of the statutes is amended to read:

AB150,1621,14 185.82 (2) (b) The secretary of state department shall forward to each register of deeds the check under sub. (1) (c) and an original document or duplicate endorsed by the secretary of state department, within 5 days of filing.

AB150, s. 4864 Section 4864. 185.82 (3) of the statutes is amended to read:

AB150,1621,20 185.82 (3) Each week the secretary of state department shall forward to each register of deeds a listing of all documents received during the preceding week for filing and recording as required under this chapter. For each document, the listing shall specify the type of document, the name of the cooperative, the name of the county of the cooperative's principal office or registered agent, and the date of filing.

AB150, s. 4865 Section 4865. 185.82 (4) of the statutes is amended to read:

AB150,1621,25 185.82 (4) A document required to be filed and recorded under this chapter is effective on filing with the secretary of state department, except as provided in s. 185.62. An error or omission in recording the document or a certificate under s. 185.815 (2) with a register of deeds does not affect its effectiveness.

AB150, s. 4866 Section 4866. 185.82 (5) of the statutes is amended to read:

AB150,1622,6 185.82 (5) A document filed with the secretary of state department under this chapter before May 7, 1982 is effective unless the records of the secretary of state department show that the document was recognized as ineffective because of a recording defect and the secretary of state department or the cooperative acted in reliance on the ineffectiveness of the document.

AB150, s. 4867 Section 4867. 185.82 (6) (a) (intro.) of the statutes is amended to read:

AB150,1622,9 185.82 (6) (a) (intro.) The secretary of state department may waive any of the following:

AB150, s. 4868 Section 4868. 185.82 (6) (a) 2. of the statutes is amended to read:

AB150,1622,13 185.82 (6) (a) 2. An omission or defect in a document, if the secretary of state department determines from the face of the document that the omission or defect is immaterial.

AB150, s. 4869 Section 4869. 185.83 (1) (intro.) of the statutes is amended to read:

AB150,1622,16 185.83 (1) (intro.) The secretary of state department shall charge and collect for:

AB150, s. 4870 Section 4870. 185.83 (1) (b) of the statutes is amended to read:

AB150,1622,24 185.83 (1) (b) Filing an amendment to or restatement of the articles or articles of merger, consolidation or division, $10, except that no fee may be collected for an amendment showing only a change of address resulting from the action of a governmental agency if there is no corresponding change in physical location and if 2 copies of the notice of the action are submitted to the secretary of state department; and an additional fee of $1.25 for each $1,000 of authorized stock not authorized at the time of amendment, restatement, merger, consolidation or division.

AB150, s. 4871 Section 4871. 185.83 (1) (d) of the statutes is amended to read:

AB150,1623,2 185.83 (1) (d) Receiving services of any process, notice or demand, authorized to be served on the secretary of state department by this chapter, $10.

AB150, s. 4872 Section 4872. 185.85 of the statutes is amended to read:

AB150,1623,7 185.85 (title) Forms to be furnished by secretary of state department of revenue. The secretary of state department may provide forms for any document to be filed in the office of the secretary of state with the department under this chapter.

AB150, s. 4873 Section 4873. 185.981 (5) of the statutes is amended to read:

AB150,1623,13 185.981 (5) Every such cooperative association is hereby declared to be a charitable and benevolent corporation, and its property, real, personal and mixed, its income and property transferred to it, shall be exempt from taxation as provided in ss. 70.11, 71.26 (1) (c) and 71.45 (1) and its employes shall be are excluded from the provisions of ch. 108 as provided in s. 108.02.

AB150, s. 4874 Section 4874. 186.01 (1) of the statutes is repealed.

AB150, s. 4875 Section 4875. 186.012 (title) of the statutes is amended to read:

AB150,1623,16 186.012 (title) Commissioner Office of credit unions.

AB150, s. 4876 Section 4876. 186.012 (1) of the statutes is repealed.

AB150, s. 4877 Section 4877. 186.012 (2) of the statutes is amended to read:

AB150,1623,20 186.012 (2) The commissioner office of credit unions shall enforce the laws of this chapter and other laws relating to credit unions.

AB150, s. 4878 Section 4878. 186.012 (3) of the statutes is amended to read:

AB150,1624,3 186.012 (3) Except as otherwise provided in s. 186.015, any interested person or credit union aggrieved by an act, order or determination of the commissioner office of credit unions may, within 30 days from the date thereof, apply to the credit union review board to review the same. All such applications for review shall be considered and disposed of as speedily as possible. The credit union review board may require the commissioner office of credit unions to submit any of the commissioner's official actions subject to such review to the board for its approval.

AB150, s. 4879 Section 4879. 186.012 (4) of the statutes is amended to read:

AB150,1624,16 186.012 (4) Unless the commissioner office of credit unions is expressly restricted by statute from acting under this subsection with respect to a specific power, right or privilege, the commissioner office of credit unions by rule may, with the approval of the credit union review board, authorize credit unions to exercise any power under the notice, disclosure or procedural requirements governing federally chartered credit unions or to make any loan or investment or exercise any right, power or privilege of federally chartered credit unions permitted under a federal law, regulation or interpretation. Notice, disclosure and procedures prescribed by statute which may be modified by a rule adopted under this subsection include, but are not limited to, those provided under s. 138.056. A rule adopted under this subsection may not affect s. 138.041 or chs. 421 to 428 or restrict powers granted credit unions under this chapter.

AB150, s. 4880 Section 4880. 186.015 (1) of the statutes is amended to read:

AB150,1624,23 186.015 (1) The commissioner office of credit unions shall confer with the credit union review board on matters affecting credit unions and the commissioner's office. Detailed minutes of each board meeting shall be kept, and the decision of the board with reference to all orders issued, or policies established by the commissioner office of credit unions pursuant to this chapter is final, except for judicial review as provided in ch. 227.

AB150, s. 4881 Section 4881. 186.015 (2) of the statutes is amended to read:

AB150,1625,7 186.015 (2) The board shall advise the commissioner office of credit unions and others in improving the condition and service of credit unions. In addition, the board shall review the acts and decisions of the commissioner office of credit unions in relation to credit unions and shall serve as an appeal board for credit unions with the same procedure and powers as the banking review board has under ch. 220 and perform other review functions in relation to credit unions as provided by law. The board may issue subpoenas, take testimony and administer oaths to witnesses.

AB150, s. 4882 Section 4882. 186.015 (3) (a) of the statutes is amended to read:

AB150,1625,11 186.015 (3) (a) The board may require the commissioner office of credit unions to submit any of the commissioner's official actions to the board for its approval. The board may make rules of procedure as provided in ch. 227.

AB150, s. 4883 Section 4883. 186.015 (3) (b) of the statutes is amended to read:

AB150,1626,4 186.015 (3) (b) Any interested person aggrieved by any act, order or determination of the commissioner office of credit unions may apply for review thereof by filing a petition with the secretary of the board within 30 days after the act, order or determination to be reviewed. The petition shall state the nature of the petitioner's interest, facts showing that the petitioner is aggrieved and directly affected by the act, order or determination to be reviewed and the ground or grounds upon which the petitioner claims that the act, order or determination should be modified or reversed. The issues raised by the petition for review shall be considered by the board upon giving at least 10 days' written notice of the time and place when said matter will be heard to the commissioner office of credit unions and the person applying for review or the applying person's attorney and upon any other person who participated in the proceedings before the commissioner office or that other person's attorney. Notice of hearing may be given by registered mail, return receipt requested, and the return receipt signed by the addressee or the addressee's agent shall be presumptive evidence that such notice was received by the addressee on the day stated on the receipt. Any other interested party shall have the right to appear in any proceeding before the board.

AB150, s. 4884 Section 4884. 186.015 (3) (c) of the statutes is amended to read:

AB150,1626,21 186.015 (3) (c) The board shall base its determination upon the record made by the commissioner office of credit unions and may also receive additional evidence to supplement such record if it finds it necessary. The board shall affirm, modify or reverse the act, order or determination under review. The burden of overcoming the act, order or determination of the commissioner office of credit unions under review shall be on the person seeking the review. Any findings of fact made by the commissioner office of credit unions shall be sustained if supported by substantial evidence in the record made by the commissioner office or in such record supplemented by evidence taken by the board. The board shall have the powers granted by s. 885.01 (4). Any person causing a witness to be subpoenaed shall advance and pay the fees and mileage of such witness which shall be the same as in circuit court. The fees and mileage of witnesses who are called at the instance of the commissioner office of credit unions shall be paid by the state in the same manner that other expenses are audited and paid upon presentation of properly verified vouchers approved by at least one member of the board and charged to the appropriation of the office of the commissioner.

AB150, s. 4885 Section 4885. 186.02 (1) of the statutes is amended to read:

AB150,1627,3 186.02 (1) Seven or more residents of this state may organize a credit union by filing with the commissioner office of credit unions the proposed articles of incorporation in duplicate and a verified copy of the proposed original bylaws, together with a $5 filing fee. The articles of incorporation shall state the name and purpose of the credit union, the location of its initial principal office, the par value of its shares, and the names, residences and occupations of the incorporators.

AB150, s. 4886 Section 4886. 186.02 (3) (a) of the statutes is amended to read:

AB150,1627,16 186.02 (3) (a) Subject to par. (b), a credit union may not be organized unless the articles and bylaws are approved by the commissioner office of credit unions. If the commissioner office of credit unions approves the articles and bylaws, the commissioner office shall return one duplicate original of the articles of incorporation to the incorporators endorsed with his or her approval, and the incorporators shall within 30 days record the articles of incorporation in the office of the register of deeds of the county in which the credit union is to be located. The legal existence of the credit union commences on the date and time the articles are recorded. The register of deeds shall transmit to the commissioner office of credit unions a certificate stating the date and time when the articles were recorded, and the commissioner office of credit unions shall issue a certificate of incorporation to the credit union.

AB150, s. 4887 Section 4887. 186.02 (3) (b) of the statutes is amended to read:

AB150,1627,21 186.02 (3) (b) If the commissioner office of credit unions refuses to approve the articles or bylaws, the incorporators may appeal the refusal to the credit union review board and the decision of the board is final, subject to judicial review under ch. 227.

AB150, s. 4888 Section 4888. 186.02 (4) (a) of the statutes is amended to read:

AB150,1628,3 186.02 (4) (a) Amendments to the articles of incorporation adopted by a vote of two-thirds of the members of the credit union present at an annual meeting or a special meeting called for that purpose may be filed with the commissioner office of credit unions upon payment of a $5 fee. If approved by the commissioner office of credit unions, amendments to the articles are effective on recording in the office of the register of deeds in the same manner as the original articles.

AB150, s. 4889 Section 4889. 186.02 (4) (b) of the statutes is amended to read:

AB150,1628,7 186.02 (4) (b) All amendments to the bylaws shall be filed with the commissioner office of credit unions and shall take effect only after being approved by the commissioner office.

AB150, s. 4890 Section 4890. 186.03 of the statutes is amended to read:

AB150,1628,18 186.03 Use of name exclusive. No person, partnership, limited liability company, association or corporation, except corporations formed under this chapter, may transact within this state the business authorized by this chapter or any other business whatever under any name or title which includes the 2 words "credit" and "union", except that any organization whose membership is made up of credit unions may use the name, with the consent of the commissioner office of credit unions. Violations of this section may be enjoined at the instance of the commissioner office of credit unions or of any credit union. A violator of this section may be fined not less than $300 nor more than $1,000 or imprisoned for not less than 60 days nor more than one year in the county jail or both.

AB150, s. 4891 Section 4891. 186.04 (1) of the statutes is amended to read:

AB150,1628,23 186.04 (1) The commissioner office of credit unions, with the approval of the credit union review board, shall fix the amounts to be assessed against credit unions for their supervision and the examination under and by virtue of this chapter. Such amounts shall be determined and paid as provided in this section.

AB150, s. 4892 Section 4892. 186.04 (2) of the statutes is amended to read:

AB150,1629,4 186.04 (2) On or before July 15 of each year, each credit union shall pay to the office of the commissioner credit unions an annual fee to be determined as provided in sub. (1), which shall represent as nearly as practicable its fair share of the maintenance of the office of the commissioner.

AB150, s. 4893 Section 4893. 186.04 (5) of the statutes is amended to read:

AB150,1629,9 186.04 (5) If the amounts collected under this section are in excess of the actual amounts necessary for the supervision and examination of credit unions in each year, the excess shall be retained by the commissioner office of credit unions and applied in reducing the amounts chargeable for ensuing years.

AB150, s. 4894 Section 4894. 186.098 (7) of the statutes is amended to read:

AB150,1629,12 186.098 (7) The commissioner office of credit unions may reduce the loan limits specified in sub. (6) on an individual basis.

AB150, s. 4895 Section 4895. 186.098 (8) (b) of the statutes is amended to read:

AB150,1629,17 186.098 (8) (b) With the approval of the commissioner office of credit unions, credit unions may utilize credit cards, including point-of-purchase credit, providing the credit committee or loan officer, upon their own motion or upon application by a member, has predetermined the extent of credit extension.

AB150, s. 4896 Section 4896. 186.098 (10) of the statutes is amended to read:

AB150,1629,23 186.098 (10) Loans to members secured by mortgages on real estate may be made subject to the rules prescribed by the commissioner office of credit unions. Such loans may provide for additional advances, but any additional advance made to a member, if the mortgage and mortgage note so provide, may not exceed an amount specified in the mortgage.

AB150, s. 4897 Section 4897. 186.098 (12) of the statutes is amended to read:

AB150,1630,9 186.098 (12) A credit union may make loans to members secured by assignment or transfer of stock certificates or other evidence of the borrower's ownership interest in a corporation formed for the cooperative ownership of real estate. Sections 846.10 and 846.101, as they apply to a foreclosure of a mortgage involving a one-family residence, apply to a proceeding to enforce the lender's rights in security given for a loan under this subsection. The commissioner office of credit unions shall promulgate joint rules with the commissioners of savings and loan and banking department of financial institutions that establish procedures for enforcing a lender's rights in security given for a loan under this subsection.

AB150, s. 4898 Section 4898. 186.11 (1) of the statutes is amended to read:

AB150,1630,16 186.11 (1) General. The board of directors may invest credit union funds in U.S. government direct and agency obligations, municipal bonds issued by municipalities of the state, central credit unions, banks, savings banks and savings and loans associations located in Wisconsin and may, with the approval of the commissioner office of credit unions, make other investments including investments in credit unions.

AB150, s. 4899 Section 4899. 186.11 (2) (b) of the statutes is amended to read:

AB150,1631,2 186.11 (2) (b) The board of directors may purchase, lease or construct a building for the operation of the credit union, provided the aggregate cost of the building, remodeling of the building, land improvements and land acquisition does not exceed 100% of the credit union's regular reserve unless prior approval for greater amounts is given by the commissioner office of credit unions. The cost of land acquisition may include vicinal property for future expansion but may not exceed the aggregate cost limitation. Nothing in this subsection authorizes a credit union to lease a building owned by a director or by a corporation, limited liability company, partnership or association controlled by a director. The credit union may rent or lease a portion of its building or property.

AB150, s. 4900 Section 4900. 186.112 of the statutes is amended to read:

AB150,1631,11 186.112 Credit union borrowing. The board of directors may borrow money from any source if the amount borrowed does not exceed 50% of the credit union's total savings, deposits and reserves and the loan is not for a period longer than 12 months. The limitations of this subsection do not apply to national corporate central credit unions. The 12-month limitation under this subsection does not apply to money borrowed by a credit union to acquire credit union property, buildings, remodeling or equipment. The commissioner office of credit unions may exempt any credit union from the limitations of this subsection.

AB150, s. 4901 Section 4901. 186.113 (1) of the statutes is amended to read:

AB150,1631,15 186.113 (1) If the need and necessity exists, establish subsidiary offices where permanent records may be maintained within the state with the approval of the commissioner office of credit unions.

AB150, s. 4902 Section 4902. 186.113 (1m) (a) 3. of the statutes is amended to read:

AB150,1631,18 186.113 (1m) (a) 3. The establishment of such offices has been approved by the commissioner office of credit unions.