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:
AB150,1853,1614
215.33
(3) (b) 1. The association is in sound financial condition and entitled to
15public confidence, and the
commissioner department is satisfied that the association
16will conduct its business in this state in accordance with the laws of this state.
AB150, s. 5662
17Section
5662. 215.33 (3) (b) 2. of the statutes is amended to read:
AB150,1853,2218
215.33
(3) (b) 2. The accounts of the association are insured by the federal
19savings and loan insurance corporation or any other insurer acceptable to the
20commissioner department, or that adequate and sufficient securities have been
21deposited with the state treasurer to assure that the association will meet its
22obligations to the residents of this state.
AB150, s. 5663
23Section
5663. 215.33 (3) (c) (intro.) of the statutes is amended to read:
AB150,1853,2524
215.33
(3) (c)
Revocation. (intro.) The
commissioner department may revoke
25a certificate of authority issued under this section if:
AB150, s. 5664
1Section
5664. 215.33 (3) (c) 2. of the statutes is amended to read:
AB150,1854,42
215.33
(3) (c) 2. The association refuses to permit the
commissioner 3department to conduct a complete examination of the association, or fails to pay
4applicable costs or fees.
AB150, s. 5665
5Section
5665. 215.33 (3) (c) 3. of the statutes is amended to read:
AB150,1854,86
215.33
(3) (c) 3. The
commissioner
department determines that the association
7is in an unsafe condition or that its continued operation in this state is otherwise
8inconsistent with the best interests of the residents of this state.
AB150, s. 5666
9Section
5666. 215.33 (4) of the statutes is amended to read:
AB150,1854,1810
215.33
(4) Examination and audit of foreign associations. Each foreign
11association doing business in this state shall be examined by the
commissioner 12department as provided under s. 215.03, audited under s. 215.25 and assessed fees
13and costs as provided under s. 215.02 (16), together with any out-of-state travel
14expenses incurred in the course of the examination and audit. However, the
15commissioner department may accept as all or part of the examination or audit, all
16or any part of an examination or audit made on behalf of the agency responsible for
17the supervision of the foreign association in the jurisdiction in which the association
18is organized.
AB150, s. 5667
19Section
5667. 215.33 (5) of the statutes is amended to read:
AB150,1855,220
215.33
(5) Designation of registered agent. Each foreign association doing
21business in this state shall maintain on file with the
commissioner department the
22name and address of an individual in this state who is authorized to receive legal
23process on behalf of the association. The
commissioner department shall maintain
24a current record of each individual so designated. The record of the
commissioner
1department shall be conclusive evidence of the authority of the person whose name
2appears therein to receive process on behalf of the association.
AB150, s. 5668
3Section
5668. 215.33 (6) of the statutes is amended to read:
AB150,1855,134
215.33
(6) Reciprocity. If the laws of another jurisdiction prohibit an
5association chartered by this state and insured by the federal savings and loan
6insurance corporation from doing business in that jurisdiction, no association
7organized under the laws of that jurisdiction may be authorized to do business in this
8state. If the laws of another jurisdiction require the posting of securities or impose
9other additional requirements as a condition of permitting an association chartered
10by this state to do business in that jurisdiction, the
commissioner department may
11impose similar requirements on an association organized under the laws of that
12jurisdiction before issuing the association a certificate of authority to do business in
13this state.
AB150, s. 5669
14Section
5669. 215.35 (1) (intro.) of the statutes is amended to read:
AB150,1855,1715
215.35
(1) (intro.) The
commissioner
department may waive any portion of s.
16215.53, 215.57, 215.58, 215.73 or 215.77 if the
commissioner department makes
17written findings of both of the following:
AB150, s. 5670
18Section
5670. 215.36 (2) (b) of the statutes is amended to read:
AB150,1855,2219
215.36
(2) (b) An in-state savings and loan proposing any action under par. (a)
20shall provide the
commissioner department a copy of any original application
21seeking approval by a federal agency or by an agency of the regional state and of any
22supplemental material or amendments filed in connection with any application.
AB150, s. 5671
23Section
5671. 215.36 (3) (b) of the statutes is amended to read:
AB150,1856,324
215.36
(3) (b) An in-state savings and loan holding company proposing any
25action under par. (a) shall provide the
commissioner
department a copy of any
1original application seeking approval by a federal agency or by an agency of the
2regional state and of any supplemental material or amendments filed in connection
3with any application.
AB150, s. 5672
4Section
5672. 215.36 (5) (a) (intro.) of the statutes is amended to read:
AB150,1856,75
215.36
(5) (a) (intro.) The
commissioner department finds that the statutes of
6the regional state in which the regional savings and loan or regional savings and loan
7holding company has its principal place of business permit all of the following:
AB150, s. 5673
8Section
5673. 215.36 (5) (b) of the statutes is amended to read:
AB150,1856,119
215.36
(5) (b) The
commissioner department has not disapproved the
10acquisition of the in-state savings and loan or the acquisition or merger with the
11in-state savings and loan holding company under sub. (7).
AB150, s. 5674
12Section
5674. 215.36 (5) (c) of the statutes is amended to read:
AB150,1856,2213
215.36
(5) (c) The
commissioner department gives a class 3 notice, under ch.
14985, in the official state newspaper, of the application to take an action under sub.
15(4) and of the opportunity for a hearing and, if at least 25 residents of this state
16petition for a hearing within 30 days of the final notice or if the
commissioner 17department on
his or her the department's motion calls for a hearing within 30 days
18of the final notice, the
commissioner department holds a public hearing on the
19application, except that a hearing is not required if the
commissioner department 20finds that an emergency exists and that the proposed action under sub. (4) is
21necessary and appropriate to prevent the probable failure of an in-state savings and
22loan that is closed or in danger of closing.
AB150, s. 5675
23Section
5675. 215.36 (5) (d) of the statutes is amended to read:
AB150,1857,324
215.36
(5) (d) The
commissioner department is provided a copy of any original
25application seeking approval by a federal agency of the acquisition of an in-state
1savings and loan or acquisition of or merger with an in-state savings and loan
2holding company and of any supplemental material or amendments filed with the
3application.
AB150, s. 5676
4Section
5676. 215.36 (5) (e) of the statutes is amended to read: