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:
AB150,1843,32
215.32
(1m) (h) Has failed to comply with an order of the
commissioner 3department; or
AB150, s. 5624
4Section
5624. 215.32 (2) (intro.) of the statutes is amended to read:
AB150,1843,75
215.32
(2) Procedure after taking possession. (intro.) After taking
6possession of the business and property of an association, the
commissioner 7department shall immediately:
AB150, s. 5625
8Section
5625. 215.32 (2) (a) of the statutes is amended to read:
AB150,1843,129
215.32
(2) (a) Serve written notice on an officer of the association stating that
10the
commissioner department has taken possession and control of the business and
11property of the association. A copy of the notice and proof of service thereof shall be
12filed with the clerk of circuit court.
AB150, s. 5626
13Section
5626. 215.32 (2) (b) of the statutes is amended to read:
AB150,1843,1514
215.32
(2) (b) Mail notice to the last-known address of any person known to
15the
commissioner department to be in possession of assets of the association.
AB150, s. 5627
16Section
5627. 215.32 (3) of the statutes is amended to read:
AB150,1843,2017
215.32
(3) Employment of counsel; retention of officers and employes of
18association. The
commissioner department may employ necessary counsel and
19experts in a liquidation under this section and may retain any officer or employe of
20the association.
AB150, s. 5628
21Section
5628. 215.32 (4) of the statutes is amended to read:
AB150,1844,222
215.32
(4) (title)
Appointment of special deputy commissioners. The
23commissioner department may appoint special
deputy commissioners deputies as
24agents to assist in the liquidation and distribution of the assets of associations whose
25business and property the
commissioner department has taken possession of. A
1certificate of the appointment shall be filed
in the office of the commissioner with the
2department and a certified copy
shall be filed in the office of the clerk of circuit court.
AB150, s. 5629
3Section
5629. 215.32 (5) of the statutes is amended to read:
AB150,1844,64
215.32
(5) (title)
Surety bonds of special deputy commissioners
deputies and
5assistants. Special
deputy commissioners deputies and assistants shall furnish
6surety bonds in accordance with s. 215.11.
AB150, s. 5630
7Section
5630. 215.32 (6) (title) of the statutes is amended to read:
AB150,1844,88
215.32
(6) (title)
Duties of special
deputy commissioners deputies.
AB150, s. 5631
9Section
5631. 215.32 (6) (a) of the statutes is amended to read:
AB150,1844,2510
215.32
(6) (a)
Notice, allowance and payment of claims. The special deputy
11commissioner shall publish a class 3 notice, under ch. 985, requiring all persons who
12have claims against the association, other than savers whose claims are shown in the
13records of the association, to file proof of their claims at a place and by a date not
14earlier than 30 days after the last insertion of the notice. The special deputy
15commissioner shall mail a copy of the notice to all persons, at their last-known
16addresses, who appear as creditors upon the books of the association. Proof of
17publication and service of the notice shall be filed with the clerk of circuit court. A
18claim, other than that of a saver whose claim is shown on the records of the
19association, for which no proof of claim is filed by the date fixed in the notice is barred.
20Savers whose claims are shown in the records of the association need not file proof
21of their claims. Any interested party may file written objections to any claim with
22the special deputy
commissioner. The special deputy
commissioner may reject any
23claim, including a claim of a saver. After notice by registered mail of rejection, the
24claim is barred unless the claimant commences an action within 90 days after the
25date of mailing of the notice of rejection.
AB150, s. 5632
1Section
5632. 215.32 (6) (b) of the statutes is amended to read:
AB150,1845,102
215.32
(6) (b)
Inventory of assets and statement of liabilities. The special
3deputy
commissioner appointed under this section shall make an inventory of the
4assets of the association. One copy of the inventory shall be filed
in the office of the
5commissioner with the department and one in the office of the clerk of circuit court.
6After the time for filing proof of claims has expired, the special deputy
commissioner 7shall make a complete list of the claims for which proof of claims were filed and
8specify the claims
he or she the special deputy has rejected. One copy shall be filed
9in the office of the commissioner with the department and one in the office of the clerk
10of circuit court. The inventory of assets and list of claims shall be open to inspection.
AB150, s. 5633
11Section
5633. 215.32 (6) (c) of the statutes is amended to read:
AB150,1845,1712
215.32
(6) (c)
Execution of legal documents; borrowing of money. A special
13deputy
commissioner appointed under this section may, with the prior approval of
14the
commissioner department and the circuit court, execute, acknowledge and
15deliver all deeds, assignments, releases or other instruments necessary and proper
16to effect any sale or transfer or incumbrance of the property of an association subject
17to this section and may borrow money for use in the liquidation.
AB150, s. 5634
18Section
5634. 215.32 (6) (d) of the statutes is amended to read:
AB150,1846,219
215.32
(6) (d)
Conservation of assets; collection of claims; sale of assets and
20performance of any other acts upon order of the court. A special deputy
commissioner 21appointed under this section may take any action necessary to conserve the assets
22and business of an association subject to this section and shall proceed to liquidate
23its affairs. The special deputy
commissioner shall collect all claims belonging to the
24association, and, with the prior approval of the
commissioner department and the
1circuit court, may sell or compound all bad or doubtful claims, do any act or execute
2any necessary instruments, or sell the property of the association.
AB150, s. 5635
3Section
5635. 215.32 (6) (e) of the statutes is amended to read:
AB150,1846,74
215.32
(6) (e)
Depositing of moneys in one or more financial institutions. The
5moneys collected by the special deputy
commissioner under this section shall be
6deposited in financial institutions, and in case of the suspension or insolvency of the
7depository the deposits shall be preferred before all other deposits.
AB150, s. 5636
8Section
5636. 215.32 (6) (em) 1. of the statutes is amended to read:
AB150,1846,119
215.32
(6) (em) 1. All costs, expenses and debts of the association incurred on
10or after the date on which the
commissioner department takes possession of the
11association.
AB150, s. 5637
12Section
5637. 215.32 (6) (f) of the statutes is amended to read:
AB150,1846,1913
215.32
(6) (f)
Liquidating dividends. After the date fixed for filing proof of
14claims under s. 215.32 (6) (a), the special deputy
commissioner may, with the prior
15approval of the
commissioner department and the circuit court, out of the funds
16remaining after the payment of costs, expenses, debts and claims under par. (em),
17declare liquidating dividends, and may declare a final liquidating dividend. The
18liquidating dividends shall be paid to those persons, in those amounts directed by the
19circuit court.
AB150, s. 5638
20Section
5638. 215.32 (6) (g) of the statutes is amended to read:
AB150,1847,721
215.32
(6) (g)
Notice prior to order for final distribution. Prior to the order for
22final distribution under par. (f), the special deputy
commissioner shall publish a class
233 notice, under ch. 985, and give such further notice as the circuit court directs,
24requiring all persons who have claims against the association arising during the
25liquidation proceedings to file proof of their claims at a place and by a date not earlier
1than 30 days after the last insertion of the notice. Proof of publication of the notice
2shall be filed with the clerk of circuit court. A claim for which no proof of claim is filed
3by the date fixed in the notice is barred. Any interested party may file written
4objection to any claim with the special deputy
commissioner. The special deputy
5commissioner may reject any claim. After notice by registered mail of rejection, the
6claim is barred unless the claimant commences an action within 90 days after the
7date of mailing of the rejection.
AB150, s. 5639
8Section
5639. 215.32 (6) (h) of the statutes is amended to read:
AB150,1847,199
215.32
(6) (h)
Transfer of residual assets to commissioner. After the order for
10final distribution has been made under par. (f), the special deputy
commissioner 11shall, with the approval of the
commissioner department and the circuit court, assign
12all assets, claims and demands that have been written off and considered worthless,
13and all unknown assets, to the
commissioner department. The
commissioner 14department may accept and hold the assets, claims and demands, with the power to
15compound, compromise, settle and assign them and execute and deliver any legal
16instrument incidental thereto without court approval. Any moneys received shall be
17paid into the general fund of the state after the
commissioner department has
18deducted the cost of
his or her department services, attorney fees and other
19incidental expenses.
AB150, s. 5640
20Section
5640. 215.32 (7) (a) 1. (intro.) of the statutes is amended to read:
AB150,1847,2221
215.32
(7) (a) 1. (intro.) The special deputy
commissioner shall deliver to the
22commissioner department:
AB150, s. 5641
23Section
5641. 215.32 (7) (a) 1. a. of the statutes is amended to read:
AB150,1848,3
1215.32
(7) (a) 1. a. Any unclaimed liquidating dividends and all funds
2remaining in the hands of the special deputy
commissioner at the date of the order
3for final distribution.
AB150, s. 5642
4Section
5642. 215.32 (7) (a) 2. of the statutes is amended to read:
AB150,1848,75
215.32
(7) (a) 2. The
commissioner
department shall deposit moneys delivered
6under subd. 1. in a financial institution, to the credit of the
commissioner department 7in trust for the persons entitled to the moneys.
AB150, s. 5643
8Section
5643. 215.32 (7) (a) 3. (intro.) of the statutes is amended to read:
AB150,1848,109
215.32
(7) (a) 3. (intro.) The
commissioner department shall include in the
10annual report under s. 215.02 (11):
AB150, s. 5644
11Section
5644. 215.32 (7) (c) (intro.) of the statutes is amended to read:
AB150,1848,1212
215.32
(7) (c) (intro.) The
commissioner department may:
AB150, s. 5645
13Section
5645. 215.32 (7) (d) of the statutes is amended to read:
AB150,1848,2014
215.32
(7) (d) The
commissioner department may make application to the
15circuit court for an order determining what books or records of an association subject
16to this section are to be kept or destroyed. All books or records ordered kept shall be
17kept in a manner and place ordered, subject to the further order of the circuit court.
18The expense of keeping books or records shall be paid before final distribution. All
19books or records ordered destroyed shall be delivered to the
commissioner 20department to be destroyed.
AB150, s. 5646
21Section
5646. 215.32 (8) of the statutes is amended to read:
AB150,1849,222
215.32
(8) (title)
Title passes to
commissioner department. The possession of
23and title to all property of the association is transferred from the association to the
24commissioner department on the date the notice required by sub. (2) is filed. The
1filing of the notice bars any attachment, garnishment, execution or other legal
2proceedings against the association or its property.
AB150, s. 5647
3Section
5647. 215.32 (9) of the statutes is amended to read:
AB150,1849,64
215.32
(9) Effect of possession. No association shall have a lien or charge for
5any payment, advance or clearance made or liability incurred, against any of the
6assets of the association after the
commissioner
department has possession.
AB150, s. 5648
7Section
5648. 215.32 (10) of the statutes is amended to read:
AB150,1849,148
215.32
(10) Action to enjoin proceedings. An association subject to this
9section may, within 10 days after the notice required under sub. (2) is filed, apply to
10the circuit court to enjoin further proceedings. The circuit court, after citing the
11commissioner department to show cause why further proceedings should not be
12enjoined and hearing the matter, may enjoin the
commissioner department from
13further proceedings, and direct the
commissioner
department to surrender the
14association's business and property to the association.
AB150, s. 5649
15Section
5649. 215.32 (11) of the statutes is amended to read:
AB150,1849,2416
215.32
(11) Compensation and expenses in connection with liquidation. The
17compensation of the special
deputy commissioners
deputies, counsel and other
18employes and assistants and all expenses of supervision and liquidation shall be
19fixed by the
commissioner department, subject to the approval of the circuit court,
20and shall upon the certificate of the
commissioner
department be paid out of the
21funds of the association. Such expenses include the cost of the service rendered by
22the
commissioner department to the association and shall be determined from time
23to time by the
commissioner department and shall be paid to the
commissioner 24department from the assets of the association.
AB150, s. 5650
25Section
5650. 215.32 (13) (intro.) of the statutes is amended to read:
AB150,1850,3
1215.32
(13) Reinstatement. (intro.) Whenever the
commissioner department 2has taken possession of the business and property of any association, the association
3may resume business when:
AB150, s. 5651
4Section
5651. 215.32 (13) (a) of the statutes is amended to read:
AB150,1850,95
215.32
(13) (a) In the case of a mutual association, the owners of at least
6two-thirds of such association's dollar value aggregate of outstanding savings
7accounts or, in the case of a capital stock association, the owners of at least
8two-thirds of the association's outstanding shares, execute a petition to such effect,
9in the form prescribed by the
commissioner department;
AB150, s. 5652
10Section
5652. 215.32 (13) (b) of the statutes is amended to read:
AB150,1850,1311
215.32
(13) (b) Such members, savers or stockholders, or a committee selected
12by them, submit to the
commissioner department a plan for the reorganization and
13reinstatement of the association;
AB150, s. 5653
14Section
5653. 215.32 (13) (c) of the statutes is amended to read:
AB150,1850,1615
215.32
(13) (c) The
commissioner
department recommends that control of the
16business and property of the association be returned to the directors; and
AB150, s. 5654
17Section
5654. 215.32 (13) (d) of the statutes is amended to read:
AB150,1850,2018
215.32
(13) (d) The court in which such liquidation is pending, upon application
19of the
commissioner department, finds that the association will be in a safe and
20sound condition when control is resumed by the directors.
AB150, s. 5655
21Section
5655. 215.32 (14) of the statutes is amended to read:
AB150,1851,422
215.32
(14) Reinstatement upon a restricted basis. Such association may
23resume business upon a restricted basis, and upon limitations and conditions
24prescribed by the
commissioner department when approved by the circuit court,
25upon application of the
commissioner department. Such restrictions and conditions
1may include a prohibition against the acceptance of payments on new savings
2accounts, reasonable restrictions upon withdrawals of savings accounts and the
3payment of other liabilities. Such associations shall thereupon be relieved from the
4control of the
commissioner department.
AB150, s. 5656
5Section
5656. 215.32 (15) (a) of the statutes is amended to read:
AB150,1851,216
215.32
(15) (a) The
commissioner
department may, if the
commissioner 7department takes possession of any association, the savings accounts of which are
8to any extent insured by the federal savings and loan insurance corporation, tender
9to said corporation the appointment as statutory liquidator of such association. If
10the
commissioner department does not make such tender, the
commissioner 11department shall tender to said corporation the appointment as statutory
12co-liquidator to act jointly with the
commissioner
department, but such
13co-liquidatorship shall not be for more than one year from the date of such tender,
14at the expiration of which time the
commissioner
department shall become the sole
15liquidator except as herein otherwise provided. The
commissioner department shall
16tender to said corporation the appointment as sole statutory liquidator of such
17association whenever said corporation has become subrogated to the rights of 90 per
18cent of the liability of such association on savings accounts. If the corporation
19becomes subrogated as to all the savings accounts in such association, it may then
20exercise all the powers and privileges herein conferred upon it without court
21approval.
AB150, s. 5657
22Section
5657. 215.32 (15) (b) of the statutes is amended to read:
AB150,1852,623
215.32
(15) (b) If the corporation accepts the appointment as sole liquidator it
24shall possess all the powers and privileges of the
commissioner department as
25statutory liquidator of a possessed savings and loan association, and be subject to all
1the duties of the
commissioner department as sole liquidator, except insofar as such
2powers and privileges or duties are in conflict with federal laws, and except as herein
3otherwise provided, unless such association resumes business, pursuant to subs. (13)
4and (14). If the corporation accepts the appointment as co-liquidator, it shall possess
5such powers and privileges jointly with the
commissioner department and shall be
6subject to such duties jointly with said
commissioner
department.
AB150, s. 5658
7Section
5658. 215.32 (15) (c) of the statutes is amended to read:
AB150,1853,28
215.32
(15) (c) In the event the corporation accepts the appointment as
9co-liquidator or liquidator, it shall file such acceptance with the
commissioner 10department and the clerk of the circuit court and it may act without bond. Upon the
11filing by the corporation of its acceptance of the appointment as sole liquidator, the
12possession of and title to all the assets, business and property of the association shall
13vest in the corporation without the execution of any conveyance, assignments,
14transfer or indorsement. Upon the filing by the corporation of its acceptance of the
15appointment as co-liquidator, such possession and title shall be vested in the
16commissioner department and the corporation jointly. If the corporation does not
17qualify as sole liquidator at or before the time herein provided for the expiration of
18the co-liquidatorship, the corporation shall be wholly divested of and from such joint
19title and possession and the sole title and possession shall thereupon vest in the
20commissioner department. The vesting of title and possession of the property of the
21association, under sub. (8), shall not render such property subject to any claims or
22demands against the federal corporation, except such as may be incumbered by it
23with respect to such association and its property. Whether or not it serves as
24aforesaid, the corporation may make loans on the security of or may purchase with
25the approval of the court, except as herein otherwise provided, all or any part of the
1assets of any association, the savings accounts of which are to any extent insured by
2it, but in the event of such purchase, the corporation shall pay a reasonable price.
AB150, s. 5659
3Section
5659. 215.33 (3) (a) 5. of the statutes is amended to read:
AB150,1853,54
215.33
(3) (a) 5. Such other information as the
commissioner department may
5require.
AB150, s. 5660
6Section
5660. 215.33 (3) (b) (intro.) of the statutes is amended to read:
AB150,1853,127
215.33
(3) (b)
Approval of applications. (intro.) Upon receipt of a completed
8application and the required fee, the
commissioner
department may issue a
9certificate of authority. The certificate of authority may be subject to specific
10conditions that the
commissioner department believes necessary to adequately
11safeguard the interests of the residents of this state. A certificate of authority to do
12business in this state shall not be issued unless:
AB150, s. 5661
13Section
5661. 215.33 (3) (b) 1. of the statutes is amended to read: