AB150,1811,104
214.915
(1) Except as provided in rules of the
commissioner department, any
5person who has been removed or suspended from office in a savings bank or
6prohibited from participating in the conduct of the affairs of a savings bank under
7s. 214.90 may not, while an order is in effect, hold any office in or participate in any
8manner in the conduct of the affairs of another savings bank, savings bank
9subsidiary, affiliate, service corporation, savings bank holding company or state
10savings and loan association.
AB150, s. 5494
11Section
5494. 214.92 of the statutes is amended to read:
AB150,1811,16
12214.92 Effect of termination or resignation. The resignation, termination
13of employment, or separation of a person affiliated with a savings bank from the
14savings bank does not affect the authority of the
commissioner department to issue
15an order under s. 214.90, 214.91 or 214.915 if the order is issued within 6 years after
16the person ceases to be a person affiliated with the savings bank.
AB150, s. 5495
17Section
5495. 214.925 (1) of the statutes is amended to read:
AB150,1811,2118
214.925
(1) Except with the prior written consent of the
commissioner 19department, a person who has been convicted of a criminal offense involving
20dishonesty or a breach of trust may not participate, directly or indirectly, in any
21manner in the conduct of the affairs of a savings bank.
AB150, s. 5496
22Section
5496. 214.93 of the statutes is amended to read:
AB150,1812,2
23214.93 False statements. A person may not knowingly make, cause, or allow
24another person to make or cause to be made, a false statement, under oath if required
1by this chapter or on any report or statement required by the
commissioner 2department or by this chapter.
AB150, s. 5497
3Section
5497. 214.935 (intro.) of the statutes is amended to read:
AB150,1812,5
4214.935 Civil forfeitures. (intro.) In addition to the enforcement authority
5granted to the
commissioner department, the following forfeiture provisions apply:
AB150, s. 5498
6Section
5498. 214.935 (1) of the statutes is amended to read:
AB150,1812,107
214.935
(1) Except as provided in sub. (2), any person who violates this chapter,
8any rule promulgated under this chapter or an order of the
commissioner 9department may be required to forfeit not more than $10,000. Each day of continued
10violation constitutes a separate offense.
AB150, s. 5499
11Section
5499. 215.01 (6) of the statutes is amended to read:
AB150,1812,1312
215.01
(6) "Commissioner" "
Department" means the
commissioner of savings
13and loan department of financial institutions.
AB150, s. 5500
14Section
5500. 215.01 (19) of the statutes is amended to read:
AB150,1812,1815
215.01
(19) "Net income" means the gross income for a period less the
16aggregate of expenses, determined according to generally accepted accounting
17principles or an accounting standard or practice approved by the
commissioner 18department.
AB150, s. 5501
19Section
5501. 215.01 (20) (a) of the statutes is amended to read:
AB150,1812,2420
215.01
(20) (a) In a stock association, the aggregate of capital stock, additional
21paid-in capital, retained earnings and other accounts designated as components of
22net worth by the
commissioner department, determined according to generally
23accepted accounting principles or an accounting standard or practice approved by
24the
commissioner department.
AB150, s. 5502
25Section
5502. 215.01 (20) (b) of the statutes is amended to read:
AB150,1813,4
1215.01
(20) (b) In a mutual association, the aggregate of retained earnings and
2other accounts designated as components of net worth by the
commissioner 3department, determined according to generally accepted accounting principles or an
4accounting standard or practice approved by the
commissioner department.
AB150, s. 5503
5Section
5503. 215.01 (21) of the statutes is repealed.
AB150, s. 5504
6Section
5504. 215.02 (title) of the statutes is repealed and recreated to read:
AB150,1813,7
7215.02 (title)
Department of financial institutions.
AB150, s. 5505
8Section
5505. 215.02 (1), (2) and (3) of the statutes are repealed.
AB150, s. 5506
9Section
5506. 215.02 (4) of the statutes is amended to read:
AB150,1813,1410
215.02
(4) (title)
Immunity of commissioner. The commissioner Employes of
11the department shall not be subject to any civil liability or penalty, nor to any
12criminal prosecution, for any error in judgment or discretion made in good faith and
13upon reasonable grounds in any action taken or omitted by the
commissioner 14employe in the
commissioner's department's official capacity.
AB150, s. 5507
15Section
5507. 215.02 (5) of the statutes is amended to read:
AB150,1813,2216
215.02
(5) Actions venue. Proceedings by any association to enjoin the
17commissioner department of financial institutions in the discharge of the
18commissioner's department's duties shall be had in the county where the savings and
19loan association is located, or in the state supreme court. All suits and proceedings
20arising out of this chapter, in which the state, or any of its officers or agents are
21parties, shall be conducted under the direction and supervision of the department of
22justice.
AB150, s. 5508
23Section
5508. 215.02 (6) (a) (intro.) of the statutes is amended to read:
AB150,1814,424
215.02
(6) (a) (intro.)
The commissioner and all All employes of the
office 25department and members of the review board shall keep confidential all the facts and
1information obtained in the course of examinations by the office and all examination
2and other confidential information obtained from any state or federal regulatory
3authority, including an authority of this state or another state, for financial
4institutions, mortgage bankers, insurance or securities, except:
AB150, s. 5509
5Section
5509. 215.02 (6) (a) 3. of the statutes is amended to read:
AB150,1814,106
215.02
(6) (a) 3. Under rules prescribed by the
commissioner department, for
7the purpose of comparing notes as to matters affecting an association with an
8examiner of the federal home loan bank board or federal savings and loan insurance
9corporation as to any association whose savings accounts are insured by the federal
10savings and loan insurance corporation.
AB150, s. 5510
11Section
5510. 215.02 (6) (a) 4. (intro.) of the statutes is amended to read:
AB150,1814,1212
215.02
(6) (a) 4. (intro.) The
commissioner department may:
AB150, s. 5511
13Section
5511. 215.02 (6) (a) 4. a. of the statutes is amended to read:
AB150,1814,1714
215.02
(6) (a) 4. a. Furnish to the federal home loan bank board or federal
15savings and loan insurance corporation or to any official or examiner thereof a copy
16of any examination made by the
office department of any association or of any report
17made by such association and filed with the
office
department.
AB150, s. 5512
18Section
5512. 215.02 (6) (a) 4. b. of the statutes is amended to read:
AB150,1814,2319
215.02
(6) (a) 4. b. Give access to and disclose to the federal home loan bank
20board, federal savings and loan insurance corporation or to any official or examiner
21thereof any information possessed by the
commissioner
department about the
22conditions or affairs of any association whose savings accounts are insured by the
23federal savings and loan insurance corporation.
AB150, s. 5513
24Section
5513. 215.02 (6) (a) 5. of the statutes is amended to read:
AB150,1815,4
1215.02
(6) (a) 5. The
commissioner department may give access to and disclose
2to an instrumentality insuring the savings accounts of an association, or to the
3official examiner of the instrumentality, any information possessed by the
4commissioner department about the conditions or affairs of the association.
AB150, s. 5514
5Section
5514. 215.02 (6) (a) 6. of the statutes is amended to read:
AB150,1815,106
215.02
(6) (a) 6. The
commissioner
department may disclose to any regulatory
7authority of this state or another state for financial institutions, mortgage bankers,
8insurance or securities facts and information obtained in the course of examinations
9by the
office department, if the regulatory authority agrees to keep the facts and
10information confidential.
AB150, s. 5515
11Section
5515. 215.02 (7) (title) of the statutes is amended to read:
AB150,1815,1212
215.02
(7) (title)
Commissioner to issue orders; reasonable Orders and rules.
AB150, s. 5516
13Section
5516. 215.02 (7) (a) of the statutes is amended to read:
AB150,1815,1714
215.02
(7) (a) In addition to performing the duties prescribed in this chapter,
15the
commissioner department shall, with the approval of the review board, issue
16orders prescribing reasonable rules for conducting the business of associations,
17subject to the requirements of ch. 227.
AB150, s. 5517
18Section
5517. 215.02 (7) (c) of the statutes is amended to read:
AB150,1816,1019
215.02
(7) (c) If the
commissioner
department, as a result of any examination
20or report made to the
commissioner department, finds that any association is
21violating the provisions of the articles or bylaws of the association, or the laws of this
22state, or the laws of the United States, or any lawful rule or order promulgated by
23the
commissioner department and review board or any order of the
commissioner 24department, the
commissioner department shall deliver a formal written order to the
25board of directors of the association in which the facts known to the
commissioner
1department are set forth, demanding the discontinuance of the violation and, where
2applicable, order the association to institute corrective action thereon. The
3association affected by the order may within 10 days after the order has been
4delivered to the association request a review of the findings and order before the
5commissioner department, at which time any pertinent evidence may be presented.
6After review, the
commissioner department, on the basis of the evidence presented
7and any matters of record in the
office department's offices, shall continue, modify
8or set aside the order. The enforcement of any order issued under this paragraph
9shall be stayed pending review before the
commissioner
department, and during the
10period of any subsequent review under s. 215.04 (4).
AB150, s. 5518
11Section
5518. 215.02 (7) (d) of the statutes is amended to read:
AB150,1816,1712
215.02
(7) (d) Any association which wilfully violates par. (c) or any order issued
13thereunder shall, for each violation, forfeit not more than $250 per day for each day
14the violation continues. Assessment of any forfeiture shall become effective 20 days
15from the date of delivery of the order, 20 days from the date of review by the
16commissioner department, if requested, or 20 days from the date of the decision of
17the review board, if an appeal is taken pursuant to s. 215.04 (4).
AB150, s. 5519
18Section
5519. 215.02 (8) of the statutes is amended to read:
AB150,1816,2519
215.02
(8) Revocation of certificate of incorporation or license. Whenever
20it appears to the
commissioner department of financial institutions that any
21association or corporation which has received a certificate of incorporation or a
22license to do business in this state is conducting its business in violation of this
23chapter, the
commissioner department of financial institutions shall report the facts
24to the department of justice which may bring an action to revoke the certificate of
25incorporation or license of such association or corporation.
AB150, s. 5520
1Section
5520. 215.02 (9) of the statutes is amended to read:
AB150,1817,82
215.02
(9) Approval of acts. Whenever any association requests approval of
3the
commissioner department for any act, which by statute requires such approval,
4the
commissioner department shall have 90 days in which to grant or deny such
5approval. If the
commissioner department fails to act, approval shall be deemed to
6have been granted. In matters which require the holding of public hearings, the
790-day period shall not commence until the conclusion of the hearing and the date
8set by the
commissioner department for receipt of briefs.
AB150, s. 5521
9Section
5521. 215.02 (10) (a) 1. (intro.) of the statutes is amended to read:
AB150,1817,1110
215.02
(10) (a) 1. (intro.) The
commissioner department may remove an officer,
11director or employe of an association if either of the following applies:
AB150, s. 5522
12Section
5522. 215.02 (10) (a) 1. b. of the statutes is amended to read:
AB150,1817,1513
215.02
(10) (a) 1. b. The officer, director or employe violates or permits the
14violation of this chapter, a rule promulgated under this chapter or an order of the
15commissioner department.
AB150, s. 5523
16Section
5523. 215.02 (10) (a) 2. of the statutes is amended to read:
AB150,1817,2017
215.02
(10) (a) 2. The
commissioner
department may issue an order removing
18an officer, director or employe under subd. 1. only after the officer, director or employe
19is afforded a hearing before the review board and the review board approves the
20order.
AB150, s. 5524
21Section
5524. 215.02 (10) (a) 3. of the statutes is amended to read:
AB150,1818,722
215.02
(10) (a) 3. An order of removal takes effect on the date issued. A copy
23of the order shall be served upon the association and upon the officer, director or
24employe in the manner provided by law for service of a summons in a court of record
25or by mailing a copy to the association and officer, director or employe at their
1last-known post-office addresses. Any removal under this subsection has the same
2effect as if made by the board of directors or the members or stockholders of the
3association. An officer, director or employe removed from office or employment under
4this subsection may not be elected as an officer or director of, or be employed by, an
5association without the approval of the
commissioner
department and the review
6board. An order of removal under this subsection is a final order or determination
7of the review board under s. 215.04 (6).
AB150, s. 5525
8Section
5525. 215.02 (10) (b) of the statutes is amended to read:
AB150,1818,119
215.02
(10) (b) The
commissioner
department may appoint any person to fill
10the vacancies caused by removal of officers or directors. Any person so appointed
11shall hold office until the next annual meeting of the members or stockholders.
AB150, s. 5526
12Section
5526. 215.02 (11) (a) of the statutes is amended to read:
AB150,1818,1813
215.02
(11) (a) The
commissioner
department shall submit to the governor and
14the chief clerk of each house of the legislature for distribution to the legislature under
15s. 13.172 (2) an annual report on the general conduct and condition of associations
16doing business in this state. The report shall be based upon the individual annual
17reports of associations filed with the
commissioner
department, and shall also
18include the information required in ss. 215.32 (7) (a), 215.56 (7) (a) and 215.76 (7) (a).
AB150, s. 5527
19Section
5527. 215.02 (11) (b) of the statutes is amended to read:
AB150,1818,2220
215.02
(11) (b) The
commissioner
department shall designate the number of
21copies of the report to be made available for distribution. Each association is entitled
22to one copy.
AB150, s. 5528
23Section
5528. 215.02 (12) of the statutes is amended to read:
AB150,1819,3
1215.02
(12) Disposition of obsolete records. The
commissioner department 2may turn over obsolete departmental records to the secretary of administration,
3pursuant to s. 16.61.
AB150, s. 5529
4Section
5529. 215.02 (14) (title) of the statutes is amended to read:
AB150,1819,55
215.02
(14) (title)
Fees for office publications.
AB150, s. 5530
6Section
5530. 215.02 (14) (a) of the statutes is amended to read:
AB150,1819,127
215.02
(14) (a) Whenever extra copies of statutory reprints of this chapter, the
8annual report of savings and loan associations or any other publication published by
9the
office department are requested, such extra copies shall be furnished upon
10payment of such fee as the
commissioner department determines. All such fees shall
11be paid by the
commissioner department into the general fund to the credit of the
12office department.
AB150, s. 5531
13Section
5531. 215.02 (15) (a) 1. (intro.) of the statutes is amended to read:
AB150,1819,1614
215.02
(15) (a) 1. (intro.) Within 10 days after any of the following petitions
15have been filed with the
commissioner department, the
commissioner department 16shall proceed to hear the same:
AB150, s. 5532
17Section
5532. 215.02 (15) (b) of the statutes is amended to read:
AB150,1819,2218
215.02
(15) (b) At the time and place so fixed, unless by stipulation some other
19time and place is fixed, the
commissioner department shall hear all parties
20interested and shall cause the testimony given to be reduced to writing
, or the
21commissioner may designate some person employed in the commissioner's office to
22take testimony, hear the petition and file the testimony with the commissioner.
AB150, s. 5533
23Section
5533. 215.02 (15) (c) of the statutes is amended to read:
AB150,1820,3
1215.02
(15) (c) The
commissioner department shall within a reasonable time
2make findings as to all matters covered by the petition and make such order as the
3commissioner department deems just and reasonable.
AB150, s. 5534
4Section
5534. 215.02 (15) (d) of the statutes is amended to read:
AB150,1820,65
215.02
(15) (d) The findings and order of the
commissioner department shall
6be final unless modified by the court.
AB150, s. 5535
7Section
5535. 215.02 (16) (a) of the statutes is amended to read:
AB150,1820,118
215.02
(16) (a)
Annual fee. Associations organized under this chapter shall, on
9or before July 15, pay an annual fee as determined by the
commissioner department 10and the review board, but not exceeding 12 cents per $1,000 of assets or fraction
11thereof, as of the close of the preceding calendar year.
AB150, s. 5536
12Section
5536. 215.02 (16) (b) of the statutes is amended to read:
AB150,1820,1513
215.02
(16) (b)
Penalty for failure to pay fee. An association failing to pay the
14annual fee to the
commissioner department by July 15 of each year shall, if ordered
15by the
commissioner department, forfeit $10 for each day it fails to pay the fee.
AB150, s. 5537
16Section
5537. 215.02 (16) (c) 1. of the statutes is amended to read:
AB150,1820,2117
215.02
(16) (c) 1. On or before June 30 of each year the
commissioner 18department and the review board shall fix a per diem charge for the services of each
19examiner used in the examination of an association, for the next 12 months. Such
20per diem charge shall be the same for all associations. The hours constituting a day
21shall be that which is fixed for state employes by s. 230.35.
AB150, s. 5538
22Section
5538. 215.02 (16) (c) 2. of the statutes is amended to read:
AB150,1821,223
215.02
(16) (c) 2. After the per diem charge for each examiner has been fixed
24by the
commissioner department and review board, each association shall be
1uniformly billed for examinations during the ensuing year on a fixed per diem basis
2for each examiner engaged in such examination.