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:
AB150,1857,75
215.36
(5) (e) The applicant has paid the
commissioner department a fee of
6$1,000 together with the actual costs incurred by the
commissioner department in
7holding any hearing on the application.
AB150, s. 5677
8Section
5677. 215.36 (7) (intro.) of the statutes is amended to read:
AB150,1857,119
215.36
(7) Standards for disapproval. (intro.) The
commissioner department 10may disapprove of any action under sub. (4) if the
commissioner department finds
11any of the following:
AB150, s. 5678
12Section
5678. 215.36 (7) (ct) of the statutes is amended to read:
AB150,1857,1613
215.36
(7) (ct) The applicant has failed to enter into an agreement prepared by
14the
commissioner department to comply with laws and rules of this state regulating
15consumer credit finance charges and other charges and related disclosure
16requirements, except to the extent preempted by federal law or regulation.
AB150, s. 5679
17Section
5679. 215.36 (7) (e) of the statutes is amended to read:
AB150,1857,1918
215.36
(7) (e) The applicant fails to meet any other standards established by
19rule of the
commissioner department.
AB150, s. 5680
20Section
5680. 215.36 (9) (a) of the statutes is amended to read:
AB150,1857,2321
215.36
(9) (a) Subsections (1) to (7) do not apply prior to January 1, 1987, except
22that the
commissioner department may promulgate rules under sub. (7) (e) to be
23applicable no earlier than the date that subs. (1) to (7) apply.
AB150, s. 5681
24Section
5681. 215.36 (11) of the statutes is amended to read:
AB150,1858,10
1215.36
(11) Divestiture. Any savings and loan holding company that ceases
2to be an in-state savings and loan holding company or regional savings and loan
3holding company shall immediately notify the
commissioner department of the
4change in its status and shall, as soon as practical and, in any case, within 2 years
5after the event causing it to no longer be one of these entities, divest itself of control
6of all in-state savings and loans and in-state savings and loan holding companies.
7A savings and loan holding company that fails to immediately notify the
8commissioner department is liable for a forfeiture of $500 for each day beginning
9with the day its status changes and ending with the day notification is received by
10the
commissioner department.
AB150, s. 5682
11Section
5682. 215.40 (1) (c) of the statutes is amended to read:
AB150,1858,1512
215.40
(1) (c) An association shall include the word "savings" in its name if its
13name includes the word "bank". This paragraph does not apply to an association
14name if the association obtained approval for use of the name from the
commissioner 15department before February 12, 1992.
AB150, s. 5683
16Section
5683. 215.40 (2) (intro.) of the statutes is amended to read:
AB150,1858,1817
215.40
(2) Minimum membership and savings accounts. (intro.) The
18commissioner department shall determine:
AB150, s. 5684
19Section
5684. 215.40 (2) (d) of the statutes is amended to read:
AB150,1858,2120
215.40
(2) (d) Such other requirements as the
commissioner department deems
21necessary or desirable.
AB150, s. 5685
22Section
5685. 215.40 (3) of the statutes is amended to read:
AB150,1859,223
215.40
(3) Who may organize. Adult citizens of this state, hereinafter referred
24to as incorporators, desiring to organize a mutual association under this section shall
1make application to the
commissioner department as prescribed on forms furnished
2by the
commissioner department.
AB150, s. 5686
3Section
5686. 215.40 (4) (e) of the statutes is amended to read:
AB150,1859,54
215.40
(4) (e) Such other information as the
commissioner department 5requires.
AB150, s. 5687
6Section
5687. 215.40 (5) of the statutes is amended to read:
AB150,1859,97
215.40
(5) Application fee. The applicants shall pay to the
commissioner 8department $200 to defray the cost of investigation, which sum shall be
paid by the
9commissioner deposited into the general fund to the credit of the
office department.
AB150, s. 5688
10Section
5688. 215.40 (6) (a) of the statutes is amended to read:
AB150,1859,1611
215.40
(6) (a) Along with the application, the incorporators shall file an
12agreement with the
commissioner department that, in addition to their initial
13savings account subscriptions, they will create an expense fund in an amount not less
14than one-half of the total minimum required amount of savings accounts. The
15expense fund is for organization expenses, operating deficits, earnings distributions
16on savings accounts and losses.
AB150, s. 5689
17Section
5689. 215.40 (6) (b) of the statutes is amended to read:
AB150,1859,2118
215.40
(6) (b) This expense fund shall become a part of the assets of the
19proposed association if the
commissioner department approves the application and
20will be reflected on the books as a liability under the caption "Subsidy by
21incorporators."
AB150, s. 5690
22Section
5690. 215.40 (6) (d) of the statutes is amended to read:
AB150,1860,423
215.40
(6) (d) At the end of 3 years of corporate existence, the board of directors
24may petition the
commissioner department for authority to repay the incorporators
25on a proportional basis, any unused portion remaining in the subsidy by directors.
1If the
commissioner department determines that the operations of the association at
2that point are of such degree as to enable the association to operate as an
3independent institution, requiring no further subsidy, the
commissioner department 4may authorize such repayment.
AB150, s. 5691
5Section
5691. 215.40 (6) (e) of the statutes is amended to read:
AB150,1860,146
215.40
(6) (e) At the end of the 4th year, and each subsequent year, the board
7of directors of the association may petition the
commissioner department for
8authority to pay out of current income of any period to the incorporators on a
9proportional basis the amount remaining after payment of expenses, provision for
10taxes, and the provision for distribution of earnings as a recovery of previous charges
11made to the expense fund account by incorporators. The
commissioner department 12may approve or deny the petition for recovery payments. In no event shall refunds
13of this type exceed the total of the charges made to the expense fund account by
14incorporators.
AB150, s. 5692
15Section
5692. 215.40 (7) (a) of the statutes is amended to read:
AB150,1861,216
215.40
(7) (a) Within 30 days after receiving a completed application the
17commissioner department shall furnish a notice of application to the applicant and
18to each association authorized to operate an office within 4 miles of the proposed
19office if the office is to be located in Milwaukee county, or 20 miles of the proposed
20office if located elsewhere. The notice shall describe the location and nature of the
21proposed office and shall solicit written comments on the application. If a hearing
22on the application has been scheduled the notice shall also indicate the time and
23place of the hearing. If not, the notice shall notify interested persons of their right
24to request a hearing under par. (b) 2. The applicant shall publish the notice of
25application as a class 3 notice under ch. 985 in the city, town or village where the
1office is to be located and shall provide the
commissioner department with proof of
2its publication.
AB150, s. 5693
3Section
5693. 215.40 (7) (b) (intro.) of the statutes is amended to read:
AB150,1861,54
215.40
(7) (b) (intro.) The
commissioner department shall conduct a public
5hearing on the application if any of the following occur:
AB150, s. 5694
6Section
5694. 215.40 (7) (b) 2. of the statutes is amended to read:
AB150,1861,97
215.40
(7) (b) 2. Within 3 days after publication of the notice of application any
8person planning to participate in a hearing on the application files with the
9commissioner department a request for hearing; or
AB150, s. 5695
10Section
5695. 215.40 (7) (b) 3. of the statutes is amended to read:
AB150,1861,1211
215.40
(7) (b) 3. The
commissioner
department determines that a hearing will
12be necessary or useful.
AB150, s. 5696
13Section
5696. 215.40 (7) (c) of the statutes is amended to read:
AB150,1861,1714
215.40
(7) (c) If a hearing date was not indicated in the notice of application and
15a hearing is subsequently required, the
commissioner
department shall give written
16notice of the time and place of the hearing to the applicant and to anyone who has
17requested a hearing, not later than 10 days in advance of the scheduled hearing.
AB150, s. 5697
18Section
5697. 215.40 (8) of the statutes is amended to read:
AB150,1861,2419
215.40
(8) Certification of authority, when issued. If the application is
20approved, the
commissioner department shall issue to the incorporators a certificate
21of authority to effect a temporary organization, consisting of a chairperson, a
22secretary and a treasurer; to execute and file articles of incorporation; to adopt and
23file bylaws; to adopt rules for the procedure of the incorporators; to conduct the first
24meeting of members; and to open subscription books for savings accounts.
AB150, s. 5698
25Section
5698. 215.40 (11) of the statutes is amended to read:
AB150,1862,4
1215.40
(11) Certificate of authority, when voided. The certificate of authority
2shall be void after 90 days from its date, but the
commissioner department may for
3cause, after a hearing, extend the life of such certificate for such time as the
4commissioner department deems advisable.
AB150, s. 5699
5Section
5699. 215.40 (13) (a) (intro.) of the statutes is amended to read:
AB150,1862,76
215.40
(13) (a) (intro.) Within the time prescribed in sub. (11), the incorporators
7shall file with the
commissioner department a certificate stating: