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.
AB150, s. 5588
17Section
5588. 215.135 (2) of the statutes is amended to read:
AB150,1835,218
215.135
(2) The activities, powers, products and services that may be
19undertaken, exercised or offered by savings and loan associations under sub. (1) are
20limited to those specified by rule of the
commissioner
department. The
commissioner 21department may direct any savings and loan association to cease any activity, the
22exercise of any power or the offering of any product or service authorized by rule
23under this subsection. Among the factors that the
commissioner department may
24consider in so directing a savings and loan association are the savings and loan
1association's net worth, assets, management rating and liquidity ratio and its ratio
2of net worth to assets.
AB150, s. 5589
3Section
5589. 215.141 of the statutes is amended to read:
AB150,1835,8
4215.141 Financially related services tie-ins. In any transaction conducted
5by an association, a savings and loan holding company or a subsidiary of either with
6a customer who is also a customer of any other subsidiary of any of them, the
7customer shall be given a notice in 12-point boldface type in substantially the
8following form:
AB150,1835,99
NOTICE OF RELATIONSHIP
AB150,1835,1510
This company, .... (insert name and address of association, savings and loan
11holding company or subsidiary), is related to .... (insert name and address of
12association, savings and loan holding company or subsidiary) of which you are also
13a customer. You may not be compelled to buy any product or service from either of
14the above companies or any other related company in order to participate in this
15transaction.
AB150,1835,2016
If you feel that you have been compelled to buy any product or service from
17either of the above companies or any other related company in order to participate
18in this transaction, you should contact the management of either of the above
19companies at either of the above addresses or the
office of the commissioner 20department of financial institutions at .... (insert address).
AB150, s. 5590
21Section
5590. 215.15 (1) of the statutes is amended to read:
AB150,1836,222
215.15
(1) Savings account forms. The association shall issue to each saver
23a written summary of the terms of the saver's account or, if permitted by the
24commissioner department, a receipt. The
commissioner department may
1promulgate rules prescribing the form of or otherwise regulating issuance and use
2of evidences of savings accounts, summaries of savings accounts and receipts.
AB150, s. 5591
3Section
5591. 215.15 (3) (a) (intro.) of the statutes is amended to read:
AB150,1836,54
215.15
(3) (a) (intro.) The board of directors may, subject to the rules of the
5commissioner department and par. (b), provide for the following:
AB150, s. 5592
6Section
5592. 215.15 (3) (b) of the statutes is amended to read:
AB150,1836,107
215.15
(3) (b) Unless the
commissioner
department approves, a mutual
8association may not issue negotiable certificates of deposit which are not in
9registered form in an aggregate amount exceeding 20% of the total amount in savings
10accounts.
AB150, s. 5593
11Section
5593. 215.15 (3) (c) of the statutes is amended to read:
AB150,1836,1412
215.15
(3) (c) The
commissioner department may promulgate rules governing
13the transfer of savings accounts or the replacement of lost or destroyed evidences of
14savings accounts.
AB150, s. 5594
15Section
5594. 215.16 (intro.) of the statutes is amended to read:
AB150,1836,17
16215.16 Savings account earnings. (intro.) Subject to the rules of the
17commissioner department, the board of directors of an association may:
AB150, s. 5595
18Section
5595. 215.18 (3) of the statutes is amended to read:
AB150,1836,2119
215.18
(3) An association may agree in writing not to close a savings account.
20The
commissioner department may promulgate rules restricting the authority of an
21association to close savings accounts.
AB150, s. 5596
22Section
5596. 215.20 (2) of the statutes is amended to read:
AB150,1836,2523
215.20
(2) An association may make, buy, sell and hold property improvement
24loans to such persons, for such purposes, in such individual and aggregate amounts,
25and upon such terms as the
commissioner department by rule prescribes.
AB150, s. 5597
1Section
5597. 215.205 (intro.) of the statutes is amended to read:
AB150,1837,4
2215.205 Other loans and investments. (intro.) Subject to such rules as the
3commissioner department prescribes, an association may make, buy, sell and hold
4the following loans and investments:
AB150, s. 5598
5Section
5598. 215.205 (4) of the statutes is amended to read:
AB150,1837,116
215.205
(4) Loans or interests in loans to financial institutions with respect to
7which the United States, or any agency or instrumentality thereof, has any function
8of examination or supervision, or to any broker or dealer registered with the
9securities and exchange commission, secured by loans, obligations or investments in
10which it has any statutory authority to invest directly, subject to such rules as the
11commissioner department may issue.
AB150, s. 5599
12Section
5599. 215.21 (1) (intro.) of the statutes is amended to read:
AB150,1837,1513
215.21
(1) Basic security required. (intro.) Subject to such additional
14limitations as the
commissioner department may prescribe, associations may make
15loans on the security of any of the following:
AB150, s. 5600
16Section
5600. 215.21 (1) (c) of the statutes is amended to read:
AB150,1837,2417
215.21
(1) (c) An assignment or transfer of stock certificates or other evidence
18of the borrower's ownership interest in a corporation formed for the cooperative
19ownership of real estate. Sections 846.10 and 846.101, as they apply to a foreclosure
20of a mortgage involving a one-family residence, apply to a proceeding to enforce the
21lender's rights in security given for a loan under this paragraph. The
commissioner 22department shall promulgate joint rules with the
commissioners office of credit
23unions
and banking that establish procedures for enforcing a lender's rights in
24security given for a loan under this paragraph.
AB150, s. 5601
25Section
5601. 215.21 (5) (a) of the statutes is amended to read:
AB150,1838,4
1215.21
(5) (a) The aggregate of loans that an association may make to any one
2borrower is subject to such limits as determined and prescribed by the
commissioner 3department and review board, but not exceeding 10% of the aggregate savings
4accounts or the net worth of the association, whichever is less.
AB150, s. 5602
5Section
5602. 215.21 (6) (a) of the statutes is amended to read:
AB150,1838,116
215.21
(6) (a)
Direct reduction mortgage loans. The total monthly contractual
7payment on a direct reduction mortgage shall appear in the mortgage note. The
8commissioner department shall by regulation establish the maximum terms for the
9various types of direct reduction mortgages. The interest charges on loans of this
10type may be adjusted monthly or semiannually in accordance with the terms of the
11mortgage note.
AB150, s. 5603
12Section
5603. 215.21 (7) (intro.) of the statutes is amended to read:
AB150,1838,1513
215.21
(7) Types of real estate security. (intro.) An association may make
14loans on the following types of real estate security as defined by the
commissioner 15department:
AB150, s. 5604
16Section
5604. 215.21 (7) (c) of the statutes is amended to read:
AB150,1838,1817
215.21
(7) (c) Commercial type properties, the aggregate of which shall be fixed
18by the
commissioner department;
AB150, s. 5605
19Section
5605. 215.21 (14) of the statutes is amended to read:
AB150,1838,2420
215.21
(14) Selling loans. Except as otherwise prescribed in s. 215.13 (22) an
21association may sell mortgage loans, without recourse, to any person, and service
22such loans for the purchaser in accordance with a duly executed servicing agreement.
23The aggregate of loans sold in any calendar year shall not exceed such limits as may
24be set by the
commissioner department and review board.
AB150, s. 5606
25Section
5606. 215.21 (15) of the statutes is amended to read:
AB150,1839,7
1215.21
(15) Participation loans. Any association may participate with other
2lenders in mortgage loans of any type that such association may otherwise make,
3subject to such rules as the
commissioner department issues, including the interest
4in participation loans to be retained by the originator. The normal lending area,
5prescribed in sub. (2), shall not apply to any association purchasing a participating
6interest in such loan, provided the real estate securing such loan is located within
7the United States.
AB150, s. 5607
8Section
5607. 215.21 (17) (b) (intro.) of the statutes is amended to read:
AB150,1839,109
215.21
(17) (b) (intro.) Without the prior written approval of the
commissioner 10department, no association may directly or indirectly make a mortgage loan to:
AB150, s. 5608
11Section
5608. 215.21 (17) (b) 2. of the statutes is amended to read:
AB150,1839,1412
215.21
(17) (b) 2. Such other persons as the
commissioner department may by
13rule designate to avoid conflicts between the best interests of the association and the
14interests of its officers, directors or employes.
AB150, s. 5609
15Section
5609. 215.21 (17) (d) 2. of the statutes is amended to read:
AB150,1839,1816
215.21
(17) (d) 2. To a nonprofit, religious, charitable or fraternal organization
17or a corporation in which the association has been authorized to invest by the
18commissioner department.
AB150, s. 5610
19Section
5610. 215.21 (28) of the statutes is amended to read:
AB150,1840,220
215.21
(28) Loans outside the lending area. Subject to the rules issued by the
21commissioner department and without regard to the limitation set forth in sub. (2),
22an association may make or invest its funds in loans, originated and serviced by or
23through an institution, the accounts or deposits of which are insured by the federal
24savings and loan insurance corporation or the federal deposit insurance corporation
25or by or through an approved federal housing administration mortgagee, in an
1aggregate amount not exceeding 10% of such association's assets on the security of
2real estate or leasehold interests.
AB150, s. 5611
3Section
5611. 215.22 (2) of the statutes is amended to read:
AB150,1840,64
215.22
(2) All real estate acquired pursuant to this section shall be sold within
510 years from acquiring title thereto, unless the
commissioner department grants
6extensions of time within which such real estate shall be sold.
AB150, s. 5612
7Section
5612. 215.23 (intro.) of the statutes is amended to read:
AB150,1840,11
8215.23 Limitations on investments in office buildings and related
9facilities. (intro.) An association's aggregate investment in the following may not
10exceed the association's net worth without the prior written approval of the
11commissioner department:
AB150, s. 5613
12Section
5613. 215.24 of the statutes is amended to read:
AB150,1840,18
13215.24 Minimum net worth. An association shall maintain net worth at an
14amount not less than the minimum amount established by the
commissioner 15department. If an association fails to maintain the minimum net worth required
16under this section, the
commissioner department may take appropriate action,
17including but not limited to ordering the association to take corrective action or to
18restrict payment of dividends.
AB150, s. 5614
19Section
5614. 215.25 of the statutes is amended to read:
AB150,1841,8
20215.25 Audit requirements. Each association shall be audited at least once
21in each fiscal year by auditors and in a manner satisfactory to the
commissioner 22department in accordance with the policies established by the
commissioner 23department. The auditors are to be designated by the board of directors and must
24be independent, certified public accountants certified in this state. In lieu of audits
25by independent, certified public accountants, the board of directors may request an
1audit of the books and accounts to be made by the
commissioner department to check
2the assets of the association and to determine losses, which request the
3commissioner department may refuse. The
commissioner department may at any
4time make or cause to be made an audit of any association, with appraisals, when
5deemed advisable. Associations shall promptly file with the
commissioner 6department a copy of the report of each audit, other than audits made by the
7commissioner department. The cost of any audit made pursuant to this section shall
8be paid by the association audited.
AB150, s. 5615
9Section
5615. 215.26 (3) of the statutes is amended to read:
AB150,1841,1210
215.26
(3) Obsolete records. Any association may destroy or dispose of such
11of its records as may become obsolete after first obtaining the written consent of the
12commissioner department.
AB150, s. 5616
13Section
5616. 215.26 (4) (a) of the statutes is amended to read:
AB150,1841,2314
215.26
(4) (a) Any association may cause any or all records kept by such
15association to be recorded, copied or reproduced by any photostatic, photographic or
16miniature photographic process or by optical imaging if the process employed
17correctly, accurately and permanently copies, reproduces or forms a medium for
18copying, reproducing or recording the original record on a film or other durable
19material. An association may thereafter dispose of the original record after first
20obtaining the written consent of the
commissioner
department. This section,
21excepting the part of it which requires written consent of the
commissioner 22department, is applicable to federal associations insofar as it does not contravene
23federal law.
AB150, s. 5617
24Section
5617. 215.26 (5) of the statutes is amended to read:
AB150,1842,5
1215.26
(5) Legal holidays. The
commissioner department shall designate
2such of the legal holidays listed in s. 895.20 as days on which no association may
3transact business or be open for the purpose of transacting business. For purposes
4of this subsection, operation of a remote service unit as defined in s. 215.13 (46) (a)
51. or an unstaffed facility does not constitute the transaction of business.
AB150, s. 5618
6Section
5618. 215.26 (8) (b) 1. of the statutes is amended to read:
AB150,1842,87
215.26
(8) (b) 1. The
commissioner
department or
duly its authorized
8representatives.
AB150, s. 5619
9Section
5619. 215.26 (8) (b) 3. of the statutes is amended to read:
AB150,1842,1210
215.26
(8) (b) 3. Any federal agency or other instrumentality approved by the
11commissioner department which is authorized to inspect and examine books and
12records of an insured association.
AB150, s. 5620
13Section
5620. 215.26 (9) of the statutes is amended to read:
AB150,1842,1714
215.26
(9) Closing books. Each association shall close its books at least once
15annually and at such other times as the
commissioner
department requires. The
16date of the annual fiscal closing may be March 31, June 30, September 30 or
17December 31, unless rules of the
commissioner department otherwise direct.
AB150, s. 5621
18Section
5621. 215.32 (title) of the statutes is amended to read:
AB150,1842,20
19215.32 (title)
Possession by commissioner department; involuntary
20liquidation.
AB150, s. 5622
21Section
5622. 215.32 (1m) (intro.) of the statutes is amended to read:
AB150,1842,2522
215.32
(1m) Conditions for taking possession. (intro.) The
commissioner 23department may take possession of the business and property of any association to
24which this chapter applies if the
commissioner department finds that the
25association:
AB150, s. 5623
1Section
5623. 215.32 (1m) (h) of the statutes is amended to read: