AB150: Bill Text

AB150,2016,13 221.297 (2) The activities, powers, products and services that may be undertaken, exercised or offered by banks under sub. (1) are limited to those specified by rule of the commissioner of banking department and, with respect to loans under s. 221.295 (1) and investments under s. 221.295 (2), are subject to the limitations set forth in s. 221.295. The commissioner department may direct any bank to cease any activity, the exercise of any power or the offering of any product or service authorized by rule under this subsection. Among the factors that the commissioner department may consider in so directing a bank are the bank's capital, assets, management and liquidity ratio and its capital ratio.

AB150, s. 6165 Section 6165. 221.33 (1) of the statutes is amended to read:

AB150,2017,22 221.33 (1) Except as provided in s. 34.07, no bank or bank officer shall give preference to any depositor or creditor by pledging the assets of the bank as collateral security. A state bank may deposit with the treasurer of the United States, or in the custody of federal reserve banks or branches thereof designated by the judges of the several courts of bankruptcy, so much of its assets not exceeding its capital and surplus as may be necessary under the act of congress approved June 25, 1910, and all amendments thereof, to qualify as a depository for postal savings funds, other government deposits and as depository for bankrupt estates, debtors, corporations and railroads under reorganization under U.S. bankruptcy laws, and amendments thereto, and receivers, trustees and other officers thereof appointed by any U.S. district court or by any bankruptcy court of the United States and that in acting as such depository a state bank shall have all the rights and privileges granted to banking institutions under section 61 of the U.S. bankruptcy act, and amendments thereto; and any bank may borrow money for temporary purposes, and may pledge assets of the bank not exceeding 50% in excess of the amount borrowed as collateral security therefor. Any state bank so authorized by the commissioner of banking, who department, that complies with s. 223.02, shall be exempt from furnishing the bond specified in s. 221.04 (6), and shall be entitled to the same exemption as to making and filing any oath or giving any bond or security as is conferred on trust company banks by s. 223.03 (8), but it is unlawful for any bank to borrow money unless the board of directors has adopted a resolution designating the bank from which the money may be borrowed, the maximum amount for which the bank may become indebted at any one time, and the names of the officers who may sign the promissory note evidencing the indebtedness. A bank may pledge assets in an amount not to exceed 4 times the amount of its capital and surplus to the federal reserve bank (as fiscal agent of the United States) of the federal reserve district in which it is located, except that no such pledge shall be made in excess of the amount of its capital and surplus without the consent of the commissioner of banking department. Whenever it appears that a bank is borrowing habitually for the purpose of reloaning, the commissioner department may require the bank to repay money so borrowed. Nothing herein contained shall prevent any bank from rediscounting in good faith and endorsing any of its negotiable notes if the same has been authorized by a recorded resolution of the board of directors.

AB150, s. 6166 Section 6166. 221.37 (1) of the statutes is amended to read:

AB150,2018,7 221.37 (1) Before the board of directors of a bank may declare and pay a cash dividend, a sum equivalent to not less than one-fifth of the net profits of the bank for the preceding half year, or for such period as is covered by the dividend, shall be carried to a surplus fund, until such surplus fund shall amount to 100 per cent of the capital stock, except that the bank, with the approval of the commissioner department, may be exempted from the requirements of this section whenever its daily average of deposits for a period of one year shall be less than 10 times the unimpaired capital and surplus; such surplus shall not include items classified by the commissioner of banking department as doubtful or loss.

AB150, s. 6167 Section 6167. 221.38 (1) (b) of the statutes is amended to read:

AB150,2018,14 221.38 (1) (b) Compliance has been made with s. 221.37; except that, if a bank has had, during the immediate preceding 2 years, insufficient net profits to declare and pay a dividend out of current earnings and has paid a dividend out of undivided profits accrued during prior years, such bank shall not declare and pay a second dividend either in part or in full out of undivided profits accrued during prior years except with the written consent of the commissioner of banking department.

AB150, s. 6168 Section 6168. 221.38 (2) of the statutes is amended to read:

AB150,2019,4 221.38 (2) No dividend shall be declared by the directors of a bank to the stockholders except out of net profits applicable thereto, and which shall not in any way impair or diminish the capital; and if any such shall be paid, every stockholder receiving the same shall be liable to restore the full amount thereof unless the capital be subsequently made good; and if the directors of any bank shall pay such dividend when the corporation is insolvent or in danger of insolvency, or not having reason to believe that there were sufficient net profits properly applicable thereto, to pay the same without impairing or diminishing the capital, they shall be jointly and severally liable to the creditors of the corporation at the time of declaring such dividends to double the amount thereof. Interest unpaid, although due or accrued, on debts owing to any bank, shall not be included in calculation of its profits previous to a dividend; nor shall any bank, except with the previous written consent of the commissioner department, enter or at any time, carry on its books any of its assets at a valuation exceeding its actual cost to such bank.

AB150, s. 6169 Section 6169. 221.41 of the statutes is amended to read:

AB150,2019,15 221.41 Charter, how forfeited. If the board of directors or a quorum thereof or any committee of such board of any bank shall knowingly violate or knowingly permit any of the officers, agents or employes of the bank to violate any of the provisions of this chapter, such directors shall jointly and severally be liable for the amount of the loss sustained by the bank; and if after a warning from the commissioner of banking department it shall fail to make good any loss or damage resulting from such acts, or continue such conduct, it shall constitute a ground for the forfeiture of the charter of such bank, and it shall thereupon be the duty of the commissioner department to institute proceedings to enforce such forfeiture and to secure a dissolution and a winding up of the affairs of such bank.

AB150, s. 6170 Section 6170. 221.43 of the statutes is amended to read:

AB150,2020,2 221.43 Shares of stock, when not transferable. The shares of stock of an incorporated bank shall be deemed personal property, and shall be transferred on the books of the bank in such manner as the bylaws thereof may direct, and no transfer of capital stock shall be valid while the bank is under notice to make good the impairment of its capital, as provided in s. 220.07, nor until such impairment shall have been made good. A transfer of stock shall be certified by the bank cashier to the commissioner of banking department within 3 days after the transfer, if the transfer is of at least 5% of the outstanding shares or affects the holdings of the owner of record or beneficial owner of at least 5% of the outstanding shares. Failure to comply with this requirement shall be punishable by a fine of not to exceed $100.

AB150, s. 6171 Section 6171. 221.47 of the statutes is amended to read:

AB150,2020,11 221.47 Circulating notes, when issuable. If the congress of the United States hereafter removes the tax on bank circulation or provides for the establishment of circulation of banks organized under state laws, any bank organized or doing business under this chapter may issue circulating notes or currency in accordance with any such act of congress, or under such regulations as the office of the commissioner of banking department prescribes. This section shall not be construed to permit any loan and trust company or any other than a banking corporation to issue circulating notes.

AB150, s. 6172 Section 6172. 221.49 (1) of the statutes is amended to read:

AB150,2020,24 221.49 (1) Except as provided in sub. (2), no person engaged in business in this state, not subject to supervision and examination by the commissioner of banking department, and not required to make reports to the commissioner of banking department by this chapter, may use the term "bank", in any form upon any office sign at the place where the business is transacted, nor may the person make use of or circulate any letterheads, billheads, blank notes, blank receipts, certificates, circulars, or any written or printed or partly written and partly printed paper having thereon any artificial or corporate name, or other words, indicating that the business is the business of a bank, but mortgage bankers registered under s. 440.72 224.72 may use the designation "mortgage banker" and a savings bank organized under ch. 214 may use the designation "savings bank". Violations of this section are subject to s. 220.02 (2).

AB150, s. 6173 Section 6173. 221.50 of the statutes is amended to read:

AB150,2021,9 221.50 Declaration of unlimited individual responsibility. The stockholders of any bank organized under the provisions of this chapter may file with the commissioner of banking department a declaration in writing, signed by each and all of them and by them acknowledged, consenting and agreeing to hold themselves individually responsible for all the debts, demands and liabilities of said bank. Upon application therefor the commissioner department shall make and certify a copy of said declaration which shall be received in evidence and have the same effect as the original declaration would have if produced in evidence and duly proved.

AB150, s. 6174 Section 6174. 221.51 of the statutes is amended to read:

AB150,2022,6 221.51 Liability under the stockholders' declaration. On and from the filing of such declaration the persons who have executed the same shall be individually liable for all the debts, demands and liabilities of said bank, as well those then existing and unpaid as those thereafter to be made, created or incurred. And in any action brought against any such bank for any debt, demand or liability thereof it shall be competent for the party plaintiff to join as defendant therewith any one, or more, or all of the stockholders, whose names are attached to such declaration, and in such action to recover and have judgment and execution against the defendants or either or any of them; provided, that nothing herein shall be construed to prevent any action from being maintained for any debt, demand or liability of such bank against said bank alone, or against the said stockholders, or either or any of them. In case of the bona fide sale and transfer of any stock or interest of any stockholder, in any such bank, as provided in s. 221.43, a written memorandum of such transfer, signed and acknowledged in manner aforesaid by the vendor of said stock or interest, may be filed with the commissioner of banking department, and thereupon the individual liability of such vendor for the debts, demands and liabilities of said bank, which may be created or incurred after the expiration of 6 months from and after the filing of said memorandum shall cease; and in such case the purchaser of said stock shall not become or be responsible or liable in any manner for the debts, demands and liabilities of such bank unless the purchaser shall execute and file the declaration mentioned in s. 221.50.

AB150, s. 6175 Section 6175. 221.52 of the statutes is amended to read:

AB150,2022,13 221.52 (title) Commissioner Department may disregard such declaration. The commissioner of banking, the commissioner's deputy or any examiner appointed by the commissioner department shall not be required to take into consideration such certificate of unlimited individual responsibility in determining the impairment of capital of any bank, or in determining the solvency of any such bank.

AB150, s. 6176 Section 6176. 221.53 of the statutes is amended to read:

AB150,2022,21 221.53 Fees for certified copies. Whenever any certified copy or copies of any records or papers filed in the office of the commissioner of banking department shall be lawfully required to be furnished by the commissioner department, the commissioner department shall be entitled to a fee of 10 cents for each folio for making such copy or copies and 50 cents for each certificate. All such fees shall be paid by the commissioner department into the state treasury to the credit of the general fund.

AB150, s. 6177 Section 6177. 221.56 (1) of the statutes is amended to read:

AB150,2023,19 221.56 (1) Any domestic corporation, investment trust, or other form of trust or any regional state bank holding company which shall own, hold or in any manner control a majority of the stock in a state bank or trust company, or a bank or bank holding company which through a transaction under s. 701.108 acquires control of a majority of the stock in a state bank, shall be deemed to be engaged in the business of banking and shall be subject to the supervision of the office of the commissioner of banking department. It shall file reports of its financial condition when called for by the commissioner of banking department, and the commissioner department may order an examination of its condition and solvency whenever in his or her the department's opinion such examination is required, and the cost of such examination shall be paid by such corporation or association. Whenever in the opinion of the commissioner department the condition of such corporation or association shall be such as to endanger the safety of the deposits in any bank or trust company which is owned or in any manner controlled by such corporation, or the operation of such corporation, association or trust shall be carried on in such manner as to endanger the safety of such bank or trust company or its depositors, the commissioner department may order such corporation or trust to remedy such condition or policy within 90 days and if such order is not complied with, the commissioner department shall have power to fully direct the operation of such banks or trust companies until such order is complied with, and may withhold all dividends from such corporation or trust during the period in which the commissioner department may exercise such authority.

AB150, s. 6178 Section 6178. 221.57 of the statutes is amended to read:

AB150,2024,7 221.57 Bank-owned banks. The commissioner department may authorize the establishment of, and issue a charter to, a bank, all of the stock of which is owned by 2 or more state or national banks whose home offices are situated in this state. Notwithstanding any other requirement of this section, the commissioner department may authorize, by rule, up to 10% of the stock to be held by other persons to accommodate operational needs of the bank. The bank shall be deemed a state bank chartered under this chapter for all purposes, except that its functions shall be limited solely to providing banking and banking-related services to other banks, subsidiaries of banks, bank holding companies, subsidiaries of bank holding companies and directors, officers and employes of other banks, subsidiaries of banks, bank holding companies and subsidiaries of bank holding companies. Such bank shall be empowered to authorize and to hold authorized but not issued stock.

AB150, s. 6179 Section 6179. 221.58 (2) (b) of the statutes is amended to read:

AB150,2024,13 221.58 (2) (b) An in-state bank or in-state bank holding company proposing any action under par. (a) shall provide the commissioner of banking department a copy of any original application seeking approval by a federal agency or by an agency of the regional state and of any supplemental material or amendments filed in connection with any application.

AB150, s. 6180 Section 6180. 221.58 (4) (a) of the statutes is amended to read:

AB150,2024,19 221.58 (4) (a) The commissioner of banking department finds that the statutes of the regional state in which the regional state bank holding company has its principal place of business permit in-state bank holding companies both to acquire one or more regional state banks and to acquire and merge with one or more regional state bank holding companies in the regional state.

AB150, s. 6181 Section 6181. 221.58 (4) (b) of the statutes is amended to read:

AB150,2024,23 221.58 (4) (b) The commissioner of banking department has not disapproved the acquisition of or merger with the in-state bank or in-state bank holding company.

AB150, s. 6182 Section 6182. 221.58 (4) (c) of the statutes is amended to read:

AB150,2025,10 221.58 (4) (c) The commissioner of banking department gives a class 3 notice, under ch. 985, in the official state newspaper, of the application to take an action under sub. (3) and of the opportunity for a hearing and, if at least 25 residents of this state petition for a hearing within 30 days of the final notice or if the commissioner department on his or her the department's motion calls for a hearing within 30 days of the final notice, the commissioner department holds a public hearing on the application, except that a hearing is not required if the commissioner department finds that an emergency exists and that the proposed action under sub. (3) is necessary and appropriate to prevent the probable failure of an in-state bank that is closed or in danger of closing.

AB150, s. 6183 Section 6183. 221.58 (4) (d) of the statutes is amended to read:

AB150,2025,15 221.58 (4) (d) The commissioner of banking department is provided a copy of any original application seeking approval by a federal agency of the acquisition of an in-state bank or acquisition of or merger with an in-state bank holding company and of any supplemental material or amendments filed with the application.

AB150, s. 6184 Section 6184. 221.58 (4) (e) of the statutes is amended to read:

AB150,2025,20 221.58 (4) (e) The applicant has paid the commissioner of banking department a fee of $5,000, together with the actual costs incurred by the commissioner department in making an investigation related to the application and in holding any hearing on the application.

AB150, s. 6185 Section 6185. 221.58 (6) (intro.) of the statutes is amended to read:

AB150,2025,24 221.58 (6) Standards for disapproval. (intro.) The commissioner department may disapprove any action under sub. (3) if the commissioner department finds any of the following:

AB150, s. 6186 Section 6186. 221.58 (6) (em) of the statutes is amended to read:

AB150,2026,4 221.58 (6) (em) The applicant has failed to enter into an agreement prepared by the commissioner department to comply with laws and rules of this state regulating consumer credit finance charges and other charges and related disclosure requirements, except to the extent preempted by federal law or regulation.

AB150, s. 6187 Section 6187. 221.58 (6) (g) of the statutes is amended to read:

AB150,2026,7 221.58 (6) (g) The applicant fails to meet any other standards established by rule of the commissioner department.

AB150, s. 6188 Section 6188. 221.58 (8) (a) of the statutes is amended to read:

AB150,2026,11 221.58 (8) (a) Subsections (1) to (6) do not apply prior to January 1, 1987, except that the commissioner department may promulgate rules under sub. (6) (g) to be applicable no earlier than the date that subs. (1) to (6) apply.

AB150, s. 6189 Section 6189. 221.58 (10) of the statutes is amended to read:

AB150,2026,22 221.58 (10) Divestiture. Any bank holding company that ceases to be either an in-state bank holding company or a regional state bank holding company shall immediately notify the commissioner of banking department of the change in its status and shall, as soon as practical and within not more than 2 years after the event causing it to no longer be either an in-state bank holding company or a regional state bank holding company, divest itself of control of all in-state banks and in-state bank holding companies. A bank or bank holding company that fails to immediately notify the commissioner department is liable for a forfeiture of $500 for each day beginning with the day its status changes and ending with the day notification is received by the commissioner department.

AB150, s. 6190 Section 6190. 223.02 (1) of the statutes is amended to read:

AB150,2027,18 223.02 (1) Before any such corporation shall commence business it shall deposit with the state treasurer not less than 50 per cent of the amount of its capital stock, but no such corporation shall be required to deposit more than $100,000, such deposit to be in cash, or securities eligible for trust investments under ch. 881 and approved by the commissioner of banking department and shall be held by the state treasurer in trust as security for the faithful execution of any trust which may be lawfully imposed upon and accepted by it; such corporation may from time to time withdraw the said securities as well as the cash, or any part thereof; provided that securities or cash of the amount and value required by this section shall, at all times, during the existence of such corporation remain in the possession of the state treasurer for the purpose aforesaid and until otherwise ordered by a court of competent jurisdiction, unless released pursuant to sub. (2). The said treasurer shall pay over to such corporation the interest, dividends or other income which the treasurer collects upon such securities, or may authorize the said corporation to collect the same for its own benefit. Upon such deposit being made and approved, the state treasurer shall issue a certificate of such fact and an amount equal to the sum stated in such certificate shall remain with the treasurer in the manner provided above; in case the capital stock is increased or diminished the amount of such deposit shall be increased or diminished to comply herewith and a new certificate of such fact shall be issued accordingly.

AB150, s. 6191 Section 6191. 223.02 (2) of the statutes is amended to read:

AB150,2027,24 223.02 (2) The securities and cash deposited pursuant to sub. (1) by any bank shall be released by the state treasurer and returned to the bank, whenever the commissioner of banking department shall certify to the state treasurer that the bank no longer exercises fiduciary powers and that he or she the department is satisfied that there are no outstanding trust liabilities.

AB150, s. 6192 Section 6192. 223.025 of the statutes is amended to read:

AB150,2028,13 223.025 Capital necessary to qualify as fiduciary. Notwithstanding any other provision of law, a corporation organized, continued or reorganized under this chapter, a majority of the outstanding voting stock of which is controlled directly or indirectly by a holding company organized under ch. 180, which has complied with s. 223.02 and which has combined unimpaired capital stock and surplus of $200,000 or more or, if located in a city, town or village of less than 100,000 inhabitants, unimpaired capital stock of not less than $50,000, shall not be required to provide additional capital and surplus if the parent holding company of the corporation files with the commissioner of banking department an undertaking, in a form approved by the commissioner department, to be fully responsible for the existing and future fiduciary acts and omissions of the corporation and the commissioner department determines that, under the circumstances, the combined and unimpaired capital stock and surplus of the parent holding company of the corporation are adequate.

AB150, s. 6193 Section 6193. 223.03 (10) of the statutes is amended to read:

AB150,2028,23 223.03 (10) Any such corporation may, with the approval of the court having jurisdiction, but without profit to itself, transfer to trust estates any mortgages or other securities owned by it which comply with the requirements of legal investments for trust funds under the statutes. The commissioner of banking department shall at each examination of said corporation, examine all mortgages and other securities held by said corporation as assets of trust estates, excepting the trust estates where investment of trust funds is not required of the trustee, and for the purpose of such examination the commissioner department shall possess all the power and authority conferred upon the commissioner department by this chapter.

AB150, s. 6194 Section 6194. 223.03 (14) of the statutes is amended to read:

AB150,2029,4 223.03 (14) To establish and maintain a branch trust company bank with the approval of the commissioner of banking department. Section 221.04 (1) (jm) 2. to 8., as it applies to bank branch offices under that paragraph, applies to trust company bank branch offices under this subsection.

AB150, s. 6195 Section 6195. 223.07 (1) of the statutes is amended to read:

AB150,2029,10 223.07 (1) Any trust company bank may, with the approval of the commissioner of banking department, establish and maintain a trust service office at any office in this state of a state or national bank if the establishment of the trust service office has been approved by the board of directors of the state or national bank at a meeting called for that purpose.

AB150, s. 6196 Section 6196. 223.07 (3) of the statutes is amended to read:

AB150,2030,17 223.07 (3) If the state or national bank at which a trust service office is to be established has exercised trust powers, the trust company bank and the state or national bank shall enter into an agreement respecting those fiduciary powers to which the trust company bank shall succeed and shall file the agreement with the commissioner of banking department. The trust company bank shall cause a notice of the filing, in a form prescribed by the commissioner department, to be published as a class 1 notice, under ch. 985, in the city, village or town where the state or national bank is located. After filing and publication, the trust company bank establishing the office shall, as of the date the office first opens for business, without further authorization of any kind, succeed to and be substituted for the state or national bank as to all fiduciary powers, rights, duties, privileges and liabilities of the bank in its capacity as fiduciary for all estates, trusts, guardianships and other fiduciary relationships of which the bank is then serving as fiduciary, except as may be otherwise specified in the agreement between the trust company bank and the state or national bank. The trust company bank shall also be deemed named as fiduciary in all writings, including, but not limited to, wills, trusts, court orders and similar documents and instruments naming the state or national bank as fiduciary, signed before the date the trust office first opens for business, unless expressly negated by the writing or otherwise specified in the agreement between the trust company bank and the state or national bank. On the effective date of the substitution, the state or national bank shall be released and absolved from all fiduciary duties and obligations under such writings and shall discontinue its exercise of trust powers on all matters not specifically retained by the agreement. This subsection does not effect a discharge in the manner of s. 701.16 (6) or other applicable statutes and does not absolve a state or national bank exercising trust powers from liabilities arising out of any breach of fiduciary duty or obligation occurring prior to the date the trust service office first opens for business at the bank. This subsection does not affect the authority, duties or obligations of a bank with respect to relationships which may be established without trust powers, including escrow arrangements, whether the relationships arise before or after the establishment of the trust service office.

AB150, s. 6197 Section 6197. 223.105 (2) (a) of the statutes is amended to read:

AB150,2030,20 223.105 (2) (a) Such rules as may be established by the commissioner of banking department under s. 220.04 (7); and

AB150, s. 6198 Section 6198. 223.105 (3) (a) of the statutes is amended to read:

AB150,2031,5 223.105 (3) (a) To assure compliance with such rules as may be established under s. 220.04 (7) the office of the commissioner of banking, commissioner department and the office of credit unions and commissioner of savings and loan shall, at least once every 18 months, examine the fiduciary operations of each organization which is under its respective jurisdiction and is subject to examination under sub. (2). If a particular organization subject to examination under sub. (2) is not otherwise under the jurisdiction of one of the foregoing agencies, such examination shall be conducted by the office of the commissioner of banking department.

AB150, s. 6199 Section 6199. 223.105 (4) of the statutes is amended to read:

AB150,2031,17 223.105 (4) Notice of fiduciary operation. Except for those organizations licensed under ch. 221 or this chapter, any organization engaged in fiduciary operations as defined in this section shall, as required by rule, notify the commissioner of banking, department or the commissioner office of credit unions or the commissioner of savings and loan of that fact, directing the notice to the commissioner agency then exercising regulatory authority over the organization or, if there is none, to the commissioner of banking department. Any organization which intends to engage in fiduciary operations shall, prior to engaging in such operations, notify the appropriate commissioner agency of this intention. The notifications required under this subsection shall be on forms and contain information required by the rules promulgated by the commissioner of banking department.

AB150, s. 6200 Section 6200. 223.105 (5) of the statutes is amended to read:

AB150,2032,2 223.105 (5) Enforcement remedy. The commissioner of banking department or other appropriate commissioner under this section office of credit unions shall upon the failure of such organization to submit notifications or reports required under this section or otherwise to comply with the provisions of this section, or rules established by the commissioner of banking department under s. 220.04 (7), upon due notice, order such defaulting organization to cease and desist from engaging in fiduciary activities and may apply to the appropriate court for enforcement of such order.

AB150, s. 6201 Section 6201. 223.105 (6) of the statutes is amended to read:

AB150,2032,10 223.105 (6) Sunset. Except for an organization regulated by the office of the commissioner of credit unions or the commissioner of savings and loan or an organization authorized by the commissioner of banking department to operate as a bank or trust company bank under ch. 221 or this chapter, an organization may not begin activity as a fiduciary operation under this section after May 12, 1992. An organization engaged in fiduciary operations under this section on May 12, 1992, may continue to engage in fiduciary operations after that date.

AB150, s. 6202 Section 6202. 223.12 (1) of the statutes is amended to read:

AB150,2033,5 223.12 (1) Any trust company, incorporated under the laws of any other state, named by any resident of this state, as executor or trustee, or both, under that person's last will and testament or any codicil thereto, may be appointed and may accept appointment and may act as executor of, or trustee under, the last will and testament of any such person in this state, or both, provided trust companies of this state are permitted to act as such executor or trustee, or both, in the state where such foreign corporation has its domicile, and such foreign corporation shall have executed and filed in the office of the commissioner of banking with the department a written instrument appointing the commissioner in the commissioner's name of office department its true and lawful attorney upon whom all process may be served in any action or proceeding against such executor or trustee, affecting or relating to the estate represented or held by such executor or trustee, or the acts or defaults of such corporation in reference to such estate, with the same effect as if it existed in this state and had been lawfully served with process therein, and shall also have filed in the office of such commissioner with the department a copy of its charter, articles of organization and all amendments thereto certified to by the secretary of state or other proper officer of said foreign state under the seal of office together with the post-office address of its principal office and shall further have complied with s. 223.02.

AB150, s. 6203 Section 6203. Subchapter I (title) of chapter 224 [precedes 224.02] of the statutes is created to read:

AB150,2033,8 Chapter 224

AB150,2033,10 Subchapter I Banking provisions

AB150, s. 6204 Section 6204. 224.06 (1) of the statutes is amended to read:

AB150,2033,21 224.06 (1) As a condition precedent to qualification or entry upon the discharge of his or her duties, every person appointed or elected to any position requiring the receipt, payment or custody of money or other personal property owned by a bank or in its custody or control as collateral or otherwise, shall give a bond from an insurer qualified under s. 610.11 to do business in this state, in such adequate sum as the directors shall require and approve. In lieu of individual bonds the commissioner department may accept a schedule or blanket bond which covers all of the officers and employes of any bank whose duties include the receipt, payment or custody of money or other personal property for or on behalf of the bank. All such bonds shall be in the form prescribed by the commissioner of banking department.

AB150, s. 6205 Section 6205. 224.06 (3) of the statutes is amended to read:

AB150,2034,3 224.06 (3) Such bond shall be sufficient in amount to protect the bank from loss by reason of acts of fraud or dishonesty including forgery, theft, embezzlement, wrongful abstraction or misapplication on the part of the person, directly or through connivance with others. At any time the commissioner department may require additional bond or security, when in the commissioner's department's opinion, the bonds then executed and approved are insufficient.

AB150, s. 6206 Section 6206. 224.06 (4) of the statutes is amended to read:

AB150,2034,10 224.06 (4) Every such bond shall provide that no cancellation or other termination of the bond shall be effective unless the surety gives in advance at least 10 days' written notice by registered mail to the commissioner department. If the bond is canceled or terminated at the request of the insured (employer), the surety shall give the written notice to the commissioner department within 10 days after the receipt of such request.

AB150, s. 6207 Section 6207. 224.06 (5) of the statutes is amended to read:

AB150,2034,16 224.06 (5) For reasons which the commissioner department deems valid and sufficient the commissioner department may waive as to the cancellation or termination of any such bond the 10-day written notice in advance required by sub. (4) and may give written consent to the termination or cancellation being made effective as of a date agreed upon and requested by the surety and the bank.