AB150,1822,139
215.03
(1) (title)
Types of associations supervised and controlled by the
10commissioner. All associations organized under this chapter or similar laws, or
11permitted by license to transact, in this state, a business similar to that authorized
12by this chapter, shall be under the supervision and control of the
commissioner 13department.
AB150, s. 5544
14Section
5544. 215.03 (2) (a) of the statutes is amended to read:
AB150,1822,2315
215.03
(2) (a) At least once within every 18-month period, the
commissioner 16department shall examine the cash, bills, collaterals, securities, assets, books of
17account, condition and affairs of all such associations and for that purpose the
18commissioner department or the
department's examiners
appointed by the
19commissioner shall have access to, and may compel the production of, all their books,
20papers, securities and moneys, administer oaths to and examine their officers and
21agents as to their affairs.
Neither the commissioner nor any An employe of the
office
22shall department may not examine an association in which the
commissioner 23employe is interested as an officer or director.
AB150, s. 5545
24Section
5545. 215.03 (2) (b) of the statutes is amended to read:
AB150,1823,5
1215.03
(2) (b) The
commissioner department may accept an examination-audit
2made by the federal home loan bank board or any other governmental agency
3authorized to make examination-audits of savings and loan associations pursuant
4to their rules and regulations. The examination-audit must comply with the
5procedure established by the
commissioner department.
AB150, s. 5546
6Section
5546. 215.03 (5) (title) of the statutes is amended to read:
AB150,1823,87
215.03
(5) (title)
Accounting and bookkeeping procedure prescribed by
8commissioner.
AB150, s. 5547
9Section
5547. 215.03 (5) (a) of the statutes is amended to read:
AB150,1823,1410
215.03
(5) (a) Whenever it appears to the
commissioner department that any
11association does not keep books and accounts in such manner as to enable the
12commissioner department to readily ascertain its true condition, the
commissioner 13department may require the officers of such associations or any of them to open and
14keep such books or accounts as the
commissioner department prescribes.
AB150, s. 5548
15Section
5548. 215.03 (5) (b) of the statutes is amended to read:
AB150,1823,2016
215.03
(5) (b) Any association that fails to open books or keep books or accounts
17as prescribed by the
commissioner department, shall, at the discretion of the
18commissioner department, forfeit $10 for each day it so fails. If the association fails
19to pay the forfeiture, the
commissioner department may institute proceedings to
20recover such forfeitures.
AB150, s. 5549
21Section
5549. 215.03 (6) (a) 1. of the statutes is amended to read:
AB150,1823,2522
215.03
(6) (a) 1. Not later than February 1 of each year each association subject
23to the supervision and control of the
commissioner
department shall file with the
24commissioner department a report of its activities of the preceding year, upon forms
25furnished by the
commissioner department.
AB150, s. 5550
1Section
5550. 215.03 (6) (a) 2. c. of the statutes is amended to read:
AB150,1824,32
215.03
(6) (a) 2. c. Such other information as the
commissioner department 3requires.
AB150, s. 5551
4Section
5551. 215.03 (6) (a) 3. of the statutes is amended to read:
AB150,1824,125
215.03
(6) (a) 3. Attached to the annual report shall be a copy of a printed
6statement of condition and operations as of the end of the association's most recent
7fiscal year, which shall be available to the public. The reports shall be published as
8a class 1 notice, under ch. 985, where the association is located, in the condensed form
9as the
commissioner department prescribes. Proof of publication shall be furnished
10to the
commissioner department within 45 days after the date of the report. The
11printed statement shall contain such information as the
commissioner department 12may by rule prescribe.
AB150, s. 5552
13Section
5552. 215.03 (6) (b) of the statutes is amended to read:
AB150,1824,1814
215.03
(6) (b) If such association fails or refuses to furnish the report herein
15required, it shall be subject, at the discretion of the
commissioner department, to a
16forfeiture of $10 per day for each day of default, and the
commissioner department 17may maintain an action
in the name of the state to recover such penalty, and the same
18shall be paid into the general fund.
AB150, s. 5553
19Section
5553. 215.03 (7) (a) of the statutes is amended to read:
AB150,1824,2320
215.03
(7) (a) Any association which determines to move its home office or
21branch to some other location not more than one mile from its then location shall
22make an application to the
commissioner department. The
commissioner 23department may approve or deny such application for relocation.
AB150, s. 5554
24Section
5554. 215.03 (7) (b) of the statutes is amended to read:
AB150,1825,8
1215.03
(7) (b) Any association which determines to move its home office or
2branch to some other location more than one mile from its then location shall make
3an application to the
commissioner department. The
commissioner department 4shall give notice and provide an opportunity for hearing as provided in s. 215.40 (7).
5In approving or denying the application for relocation, the
commissioner department 6shall ascertain the need for relocation and determine whether undue harm or injury
7would be caused to any properly conducted association or branch now doing business
8in the area or vicinity of the proposed relocation.
AB150, s. 5555
9Section
5555. 215.03 (8) (a) of the statutes is amended to read:
AB150,1825,1910
215.03
(8) (a) Any association desiring to establish a branch office, subject to
11the limitations of s. 215.13 (39), shall apply to the
commissioner department in such
12form as the
commissioner department prescribes, giving such information as the
13commissioner department requires. Each application shall be accompanied by a fee
14of $500. The
commissioner department shall give notice and provide an opportunity
15for hearing as provided in s. 215.40 (7). The
commissioner department may grant
16certificates of authority to maintain and operate branch offices or may refuse to issue
17certificates when, in the
commissioner's department's opinion, such branch is not in
18the best interests of the public, or when other good and sufficient reasons exist for
19refusal.
AB150, s. 5556
20Section
5556. 215.03 (8) (b) of the statutes is amended to read:
AB150,1825,2521
215.03
(8) (b) It is the intent of this section to provide adequate and convenient
22savings and loan facilities for the public. When 2 or more applications for a branch
23in the same area are pending, priority of application shall be considered but not be
24controlling, and the
commissioner department shall give consideration to the
25equitable distribution of branches among the associations making application.
AB150, s. 5557
1Section
5557. 215.03 (8) (c) of the statutes is amended to read:
AB150,1826,32
215.03
(8) (c) Review of the decision of the
commissioner department in regard
3to applications for branches shall be governed by s. 215.04 (4).
AB150, s. 5558
4Section
5558. 215.04 (1) (a) of the statutes is amended to read:
AB150,1826,65
215.04
(1) (a) Advise the
commissioner, deputy commissioner and others 6department in respect to improvement in the condition and service of associations;
AB150, s. 5559
7Section
5559. 215.04 (1) (b) of the statutes is amended to read:
AB150,1826,98
215.04
(1) (b) Review the acts, orders and determinations of the
commissioner 9department under sub. (4);
AB150, s. 5560
10Section
5560. 215.04 (1) (c) of the statutes is amended to read:
AB150,1826,1211
215.04
(1) (c) Act promptly on matters and questions, pertaining to
12associations, that may be submitted to it by the
commissioner department;
AB150, s. 5561
13Section
5561. 215.04 (3) (b) of the statutes is amended to read:
AB150,1826,1714
215.04
(3) (b) The fees of witnesses who are called by the review board in the
15interests of the state shall be paid by the state in the same manner that other
16expenses are paid, upon presentation of proper vouchers approved by a member of
17the review board and charged to the appropriation of the
office department.
AB150, s. 5562
18Section
5562. 215.04 (4) of the statutes is amended to read:
AB150,1827,619
215.04
(4) Review of grievances, orders or determinations. Any interested
20person or any association aggrieved by any act, order or determination of the
21commissioner department, which relates to savings and loan associations may,
22within 20 days thereof, apply to the review board to review the action of the
23commissioner department. The sole review of the
commissioner's department's 24decision shall be to determine whether or not the
commissioner department has
25acted within the scope of the
commissioner's department's authority, has not acted
1in an arbitrary or capricious manner, and that the act, order or determination of the
2commissioner department is supported by substantial evidence in view of the entire
3record as submitted. The review of applications for branches, relocation of
4association offices or new charters shall be based exclusively on the record, and no
5new evidence shall be taken by the review board. Applications under this subsection
6shall be considered and disposed of as speedily as possible.
AB150, s. 5563
7Section
5563. 215.04 (6) of the statutes is amended to read:
AB150,1827,128
215.04
(6) Review of final orders and determinations. Any final order or
9determination of the review board shall be subject to review under ch. 227. If an act,
10order or determination of the
commissioner department is reversed or modified by
11the review board, the
commissioner department shall be deemed a person aggrieved
12and directly affected thereby under s. 227.53 (1).
AB150, s. 5564
13Section
5564. 215.11 (1) of the statutes is amended to read:
AB150,1827,2314
215.11
(1) Who shall furnish bond; type and form. Before entry upon the
15discharge of the person's duties, every person appointed or elected to any position
16requiring receipt, payment or custody of money or other personal property of an
17association or in its custody or control as collateral or otherwise shall give a bond in
18some surety company, licensed by this state, in such sum as the
commissioner 19department prescribes. In lieu of individual bonds, the
commissioner department 20may accept a schedule or blanket bond which covers all of the officers, directors and
21employes of the association, whose duties include the receipt, payment or custody of
22money or other personal property. Such bonds shall be in the form prescribed by the
23commissioner department.
AB150, s. 5565
24Section
5565. 215.11 (2) of the statutes is amended to read:
AB150,1828,6
1215.11
(2) (title)
Surety bonds to be approved by the board and filed with the
2commissioner. No officer, director or employe who is required to give bond shall enter
3upon the discharge of the person's duties until the person's bond has been approved
4by the board. The minute book of the association shall contain a record of each bond
5executed and approved. Such bonds shall be filed with the
commissioner department 6within 10 days after approval by the board.
AB150, s. 5566
7Section
5566. 215.11 (3) of the statutes is amended to read:
AB150,1828,128
215.11
(3) Surety bond coverage. Such bond shall be sufficient to protect the
9association from loss by reason of acts of fraud or dishonesty, including forgery, theft,
10embezzlement, wrongful abstraction or misapplication on the part of the person,
11directly or through connivance with others. At any time the
commissioner 12department may require an additional bond.
AB150, s. 5567
13Section
5567. 215.11 (4) (a) of the statutes is amended to read:
AB150,1828,1914
215.11
(4) (a) No termination of this bond shall be effective unless the surety
15gives in advance at least 10 days' written notice by registered mail to the
16commissioner department. If this bond is terminated at the request of the insured
17(employer) this provision shall apply nevertheless, it being the duty of the surety to
18give the required written notice to the
commissioner
department, such notice to be
19given promptly and within 10 days after the receipt of such request;
AB150, s. 5568
20Section
5568. 215.11 (4) (b) of the statutes is amended to read:
AB150,1828,2321
215.11
(4) (b) The surety agrees to furnish the
commissioner, at Madison, 22department a copy of all riders and indorsements executed subsequently to the
23effective date of this bond.
AB150, s. 5569
24Section
5569. 215.11 (5) of the statutes is amended to read:
AB150,1829,5
1215.11
(5) (title)
Commissioner Department may consent to termination and
2waive notice thereof. The
commissioner department may waive, as to the
3termination of any bond, the 10-day written notice in advance and may give written
4consent to the termination being made effective as of a date agreed upon by the
5surety and the association.
AB150, s. 5570
6Section
5570. 215.13 (21) of the statutes is amended to read:
AB150,1829,97
215.13
(21) Acquiring assets of other associations. Acquire all or any part
8of the assets of any other association with prior approval of the
commissioner 9department.
AB150, s. 5571
10Section
5571. 215.13 (22) of the statutes is amended to read:
AB150,1829,1211
215.13
(22) Selling of assets to other associations. Sell all or any part of its
12assets to any other association with prior approval of the
commissioner department.
AB150, s. 5572
13Section
5572. 215.13 (26) (intro.) of the statutes is amended to read:
AB150,1829,1614
215.13
(26) Investment securities. (intro.) Invest in the following types of
15securities, subject to such limitations as may be fixed by the
commissioner 16department:
AB150, s. 5573
17Section
5573. 215.13 (26) (f) of the statutes is amended to read:
AB150,1829,1918
215.13
(26) (f) Such other types of securities which may be approved and
19authorized by the
commissioner department.
AB150, s. 5574
20Section
5574. 215.13 (27) of the statutes is amended to read:
AB150,1829,2321
215.13
(27) Lend money to other associations. Lend money to other savings
22and loan associations incorporated and operating under this chapter, subject to
23approval of the
commissioner department.
AB150, s. 5575
24Section
5575. 215.13 (28) of the statutes is amended to read:
AB150,1830,7
1215.13
(28) Borrowing money. Borrow money and issue its obligations for the
2borrowed money, including but not limited to obligations, bonds, notes or other debt
3securities. The aggregate amount borrowed under this subsection may not exceed
450% of the association's total assets, except with the prior written approval of the
5commissioner department. An obligation, bond, note or other debt security may
6include a written provision subordinating the debt to claims of other creditors or of
7savers.
AB150, s. 5576
8Section
5576. 215.13 (31) of the statutes is amended to read:
AB150,1830,119
215.13
(31) Insurance of savings accounts. Insure the savings accounts of
10savers with the federal savings and loan insurance corporation or with another
11instrumentality approved by the
commissioner department.
AB150, s. 5577
12Section
5577. 215.13 (36) of the statutes is amended to read:
AB150,1830,1613
215.13
(36) Limited office. With the prior written approval of the
14commissioner department, establish a limited office providing lending or other
15services. Deposits to savings accounts may not be accepted at a limited office except
16as permitted under sub. (46).
AB150, s. 5578
17Section
5578. 215.13 (39) of the statutes is amended to read:
AB150,1830,2518
215.13
(39) Branches. Subject to the approval of the
commissioner 19department, any savings and loan association may establish and maintain one or
20more branch offices within the normal lending area of the home office, as defined in
21s. 215.21 (2), in this state or in any one of the regional states, as defined in s. 215.36
22(1) (f). In the
commissioner's department's approval, the
commissioner department 23may limit the powers of the branch. Savings and loan associations may promote
24thrift in their local schools by accepting payments in the school upon savings
25accounts of the teachers and pupils.
AB150, s. 5579
1Section
5579. 215.13 (40) of the statutes is amended to read:
AB150,1831,92
215.13
(40) Location of branches. Whenever an association is absorbed or a
3branch office is acquired under s. 215.36, 215.53 or 215.73, maintain and operate a
4branch office at the location of the absorbed association or of the acquired branch
5office, if the
commissioner department finds that the continued operation of a branch
6office at the location of the absorbed association or of the acquired branch office would
7be in the public interest. This subsection does not permit continued operation of an
8office of an absorbed association which received its certificate of incorporation less
9than 5 years prior to its absorption.
AB150, s. 5580
10Section
5580. 215.13 (41) of the statutes is amended to read:
AB150,1831,2211
215.13
(41) Seller of checks. To engage as an authorized agent in the business
12and functions provided for in ch. 217 for their members upon receiving a certificate
13of authority from the
commissioner department. Such applicants shall be under the
14jurisdiction and supervision of the
commissioner
department and meet the same
15requirements as other applicants under ch. 217, but no license or investigation fee
16shall be charged savings and loan association applicants. The
commissioner 17department has the authority to enforce ch. 217 as it applies to savings and loan
18associations
, the same as that granted the commissioner of banking in enforcing ch.
19217. The
commissioner department shall determine the records that shall be
20maintained and shall require the segregation of such funds as is necessary for
21operations permitted savings and loan associations under this subsection and ch.
22217.
AB150, s. 5581
23Section
5581. 215.13 (42) of the statutes is amended to read:
AB150,1831,2524
215.13
(42) Invest in real property. Invest in, or in interests in, real property,
25subject to such rules as the
commissioner department shall issue.
AB150, s. 5582
1Section
5582. 215.13 (46) (a) 1. of the statutes is amended to read:
AB150,1832,252
215.13
(46) (a) 1. Directly or indirectly, acquire, place and operate, or
3participate in the acquisition, placement and operation of, at locations other than its
4home or branch offices, remote service units, in accordance with rules established by
5the
commissioner department. Remote service units established in accordance with
6such rules are not subject to sub. (36), (39), (40) or (47) or s. 215.03 (8). The rules of
7the
commissioner department shall provide that any such remote service unit shall
8be available for use, on a nondiscriminatory basis, by any state or federal savings and
9loan association which has its principal place of business in this state, by any other
10savings and loan association obtaining the consent of a state or federal savings and
11loan association which has its principal place of business in this state and is using
12the terminal and by all customers designated by a savings and loan association using
13the unit. This paragraph does not authorize a savings and loan association which
14has its principal place of business outside this state to conduct business as a savings
15and loan association in this state. The remote service units also shall be available
16for use, on a nondiscriminatory basis, by any credit union, state or national bank or
17state or federal savings bank, whose home office is located in this state, if the credit
18union, bank or savings bank requests to share its use, subject to the joint rules
19established under s. 221.04 (1) (k). The rules of the
commissioner department shall
20prohibit any advertising with regard to a shared remote service unit which suggests
21or implies exclusive ownership or control of the shared unit by any savings and loan
22association or group of savings and loan associations operating or participating in
23the operation of the unit. The
commissioner department by order may authorize the
24installation and operation of a remote service unit in a mobile facility, after notice
25and hearing upon the proposed service stops of the mobile facility.
AB150, s. 5583
1Section
5583. 215.13 (46) (a) 3. of the statutes is amended to read:
AB150,1833,92
215.13
(46) (a) 3. If any person primarily engaged in the retail sale of goods or
3services owns or operates a remote service unit on such person's premises and allows
4access to the unit by any financial institution, group of financial institutions or their
5customers, nothing in this paragraph or in rules established by the
commissioner 6department shall, or shall be construed or interpreted to, require such person to
7accept any connection to or use of the unit on its premises for any other purpose or
8function or to accept any connection to the unit on its premises by any other financial
9institution.
AB150, s. 5584
10Section
5584. 215.13 (46) (a) 4. of the statutes is amended to read:
AB150,1833,1711
215.13
(46) (a) 4. If a person primarily engaged in the retail sale of goods or
12services owns or operates a remote service unit on such person's premises and allows
13access to the unit by any financial institution, group of financial institutions or their
14customers for any purpose or function, no laws governing such institutions or rules
15established by the
commissioner department shall apply to such person other than
16those laws or rules directly related to the particular function performed by the unit
17on such person's premises for a financial institution.
AB150, s. 5585
18Section
5585. 215.13 (47) of the statutes is amended to read:
AB150,1834,219
215.13
(47) Extended office. With the approval of the
commissioner 20department, extend its home office or branch by purchasing or leasing real estate for
21the purpose of establishing, identifying and maintaining an extended office, but only
22if the extended office is located within 1,000 feet of the home office or branch. All
23measurements under this subsection shall be made in a straight line from the
24nearest adjacent points in the respective property lines. The authority under this
1subsection is in addition to the authority to establish branch offices under s. 215.03
2(8).
AB150, s. 5586
3Section
5586. 215.13 (51) of the statutes is amended to read:
AB150,1834,94
215.13
(51) Contract for financial services. Contract with a bank that is
5owned by a bank holding company which also owns the contracting association, to
6provide products or services under s. 221.04 (1) (pm). The bank shall be subject to
7regulation and examination by the
commissioner department with regard to services
8performed under the contract to the same extent as if the services were being
9performed by the association itself on its own premises.
AB150, s. 5587
10Section
5587. 215.135 (1) of the statutes is amended to read:
AB150,1834,1611
215.135
(1) Subject to any regulatory approval required by law and subject to
12sub. (2), a savings and loan association, directly or through a subsidiary, may
13undertake any activity, exercise any power or offer any financially related product
14or service in this state that any other provider of financial products or services may
15undertake, exercise or provide or that the
commissioner department finds to be
16financially related.