AB597: Bill Text

AB597, s. 6 Section 6. 215.02 (6) (a) 3. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,4,16 215.02 (6) (a) 3. For the purpose of comparing notes as to matters affecting an association with an examiner of the a deposit insurance corporation or a federal regulatory agency as to any association whose savings accounts are insured by the deposit insurance corporation.

AB597, s. 7 Section 7. 215.02 (6) (a) 4. of the statutes, as affected by 1995 Wisconsin Act .... (this act), is repealed and recreated to read:

AB597,4,23 215.02 (6) (a) 4. The division may furnish to the deposit insurance corporation, to a federal regulatory agency or to any official or examiner of a deposit insurance corporation or a federal regulatory agency a copy of any examination made by the division of any association or of any report made by an association and filed with the division.

AB597, s. 8 Section 8. 215.02 (6) (a) 4. (intro.) and a. of the statutes are consolidated, renumbered 215.02 (6) (a) 4. and amended to read:

AB597,5,6 215.02 (6) (a) 4. (intro.) The commissioner may: a. Furnish furnish to the federal home loan bank board or federal savings and loan deposit insurance corporation, to a federal regulatory agency or to any official or examiner thereof of a deposit insurance corporation or a federal regulatory agency a copy of any examination made by the office of any association or of any report made by such an association and filed with the office.

AB597, s. 9 Section 9. 215.02 (6) (a) 4. b. of the statutes is repealed.

AB597, s. 10 Section 10. 215.02 (6) (a) 5. of the statutes is repealed.

AB597, s. 11 Section 11. 215.02 (16) (a) of the statutes is amended to read:

AB597,5,13 215.02 (16) (a) Annual fee. Associations organized under this chapter An association shall, on or before July 15 16, pay an annual fee as determined by the commissioner and the review board, but not exceeding 12 cents per $1,000 of assets or fraction thereof, as of the close of the preceding calendar year.

AB597, s. 12 Section 12. 215.02 (16) (a) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,5,18 215.02 (16) (a) Annual fee. An association shall, before July 16, pay an annual fee as determined by the division and the review board, but not exceeding 12 cents per $1,000 of assets or fraction thereof, as of the close of the preceding calendar year.

AB597, s. 13 Section 13. 215.02 (16) (am) of the statutes is created to read:

AB597,5,25 215.02 (16) (am) Fees on conversion or absorption. If a depository institution that is not a state-chartered association converts to a state-chartered association or is absorbed by a state-chartered association, the converted association or the absorbing association shall pay an annual fee based on the assets of the converted association or the absorbed association at the same rate as other associations for the prorated portion of the fiscal year in which the association is subject to this chapter.

AB597, s. 14 Section 14. 215.02 (16) (b) of the statutes is amended to read:

AB597,6,5 215.02 (16) (b) Penalty for failure to pay fee. An association failing to pay the annual fee to the commissioner by before July 15 16 of each year shall, if ordered by the commissioner, forfeit $10 for each day it fails to pay the fee pay the fee and pay interest at an annual rate of 12% on any portion of the fee that is past due.

AB597, s. 15 Section 15. 215.02 (16) (b) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,6,11 215.02 (16) (b) Penalty for failure to pay fee. An association failing to pay the annual fee to the division before July 16 of each year shall, if ordered by the division, pay the fee and pay interest at an annual rate of 12% on any portion of the fee that is past due.

AB597, s. 16 Section 16. 215.02 (16) (c) 1. of the statutes is amended to read:

AB597,6,18 215.02 (16) (c) Regular examination costs. 1. On or before June 30 Before July 1 of each year the commissioner and the review board shall fix a per-diem per-hour charge for the services of each examiner used in the examination of an association, for the next 12 months. Such per diem The per-hour charge shall be the same for all associations. The hours constituting a day shall be that which is fixed for state employes by s. 230.35.

AB597, s. 17 Section 17. 215.02 (16) (c) 1. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,6,24 215.02 (16) (c) 1. Before July 1 of each year the division and the review board shall fix a per-hour charge for the services of each examiner used in the examination of an association, for the next 12 months. The per-hour charge shall be the same for all associations.

AB597, s. 18 Section 18. 215.02 (16) (c) 2. of the statutes is amended to read:

AB597,7,4 215.02 (16) (c) 2. After the per diem per-hour charge for each examiner has been fixed by the commissioner and review board, each association shall be uniformly billed for examinations during the ensuing year on a fixed per diem per-hour basis for each examiner engaged in such an examination.

AB597, s. 19 Section 19. 215.02 (16) (c) 2. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,7,9 215.02 (16) (c) 2. After the per-hour charge for each examiner has been fixed, each association shall be uniformly billed for examinations during the ensuing year on a fixed per-hour basis for each examiner engaged in an examination.

AB597, s. 20 Section 20. 215.02 (16) (c) 3. of the statutes is amended to read:

AB597,7,13 215.02 (16) (c) 3. Every charge so made to an association Charges assessed under this paragraph shall be paid within 30 days from the time date on which the association receives notice of the assessment.

AB597, s. 21 Section 21. 215.02 (16) (d) of the statutes is amended to read:

AB597,7,20 215.02 (16) (d) The commissioner shall charge any special costs and expenses incurred because of for special work required by the commissioner, caused by an association not having because an association does not have proper or sufficient management or failing fails to keep its books, records and other matters in a standard and approved manner. An itemized statement of such special charges must be submitted to the association.

AB597, s. 22 Section 22. 215.02 (16) (d) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,8,2 215.02 (16) (d) The division shall charge any special costs and expenses incurred for special work required because an association does not have proper or sufficient management or fails to keep its books, records and other matters in a standard and approved manner. An itemized statement of special charges must be submitted to the association.

AB597, s. 23 Section 23. 215.02 (16) (e) of the statutes is amended to read:

AB597,8,8 215.02 (16) (e) Penalty for failure to pay examination costs. Any An association failing to shall pay the charges and assessments under pars. (c) and (d) shall be subject to the penalty under par. (b) for each day it fails to pay the charge or assessment after it becomes due when due and shall pay interest at an annual rate of 12% on any portion of the charges and assessments that are past due.

AB597, s. 24 Section 24. 215.03 (2) (b) of the statutes is amended to read:

AB597,8,15 215.03 (2) (b) The commissioner may accept an examination-audit made by the federal home loan bank board deposit insurance corporation, a federal regulatory agency or any other governmental agency authorized to make examination-audits of savings and loan associations pursuant to their rules and regulations. The examination-audit must comply with the procedure established by the commissioner.

AB597, s. 25 Section 25. 215.03 (2) (b) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,8,22 215.03 (2) (b) The division may accept an examination-audit made by the deposit insurance corporation, a federal regulatory agency or any other governmental agency authorized to make examination-audits of associations pursuant to their rules and regulations. The examination-audit must comply with the procedure established by the division.

AB597, s. 26 Section 26. 215.13 (26) (c) of the statutes is amended to read:

AB597,9,3 215.13 (26) (c) Savings accounts of savings and loan associations, located outside the state, providing such if those savings accounts are insured by an instrumentality of the United States the deposit insurance corporation;

AB597, s. 27 Section 27. 215.13 (26) (d) of the statutes is amended to read:

AB597,9,22 215.13 (26) (d) Bonds, notes or other evidences of indebtedness which are general obligations supported by the full faith and credit of any state in the United States or any city, town, village, county, technical college district or school district in any state in the United States if the obligations have been assigned one of the 4 highest grades by a nationally recognized investment rating service. Before purchasing any obligation under this paragraph other than an obligation issued in this state, the association shall ascertain whether suitable obligations issued in this state are available in the quantity sought by the association at a competitive rate of return at the time the investment is intended to be made. If such obligations are available, the association shall give preference to obligations issued in this state. Notwithstanding any other requirement of this paragraph, an association may invest not more than one percent of its assets in the obligations of any city, town, village, county, technical college district or school district in this state which are not assigned one of the 4 highest grades by a nationally recognized investment rating service, if the obligations are issued by a city, town, village, county, technical college district or school district in which the association maintains one or more offices or if the commissioner gives the association prior written approval to make the investment.

AB597, s. 28 Section 28. 215.13 (26) (d) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is repealed and recreated to read:

AB597,10,17 215.13 (26) (d) Bonds, notes or other evidences of indebtedness which are general obligations supported by the full faith and credit of any state in the United States or any city, town, village, county, technical college district or school district in any state in the United States if the obligations have been assigned one of the 4 highest grades by a nationally recognized investment rating service. Before purchasing any obligation under this paragraph other than an obligation issued in this state, the association shall ascertain whether suitable obligations issued in this state are available in the quantity sought by the association at a competitive rate of return at the time the investment is intended to be made. If such obligations are available, the association shall give preference to obligations issued in this state. Notwithstanding any other requirement of this paragraph, an association may invest not more than one percent of its assets in the obligations of any city, town, village, county, technical college district or school district in this state which are not assigned one of the 4 highest grades by a nationally recognized investment rating service, if the obligations are issued by a city, town, village, county, technical college district or school district in which the association maintains one or more offices or if the division gives the association prior written approval to make the investment.

AB597, s. 29 Section 29. 215.13 (31) of the statutes is amended to read:

AB597,10,21 215.13 (31) Insurance of savings accounts. Insure the savings accounts of savers with the federal savings and loan deposit insurance corporation or with another instrumentality approved by the commissioner.

AB597, s. 30 Section 30. 215.13 (31) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,11,3 215.13 (31) Insurance of savings accounts. Insure the savings accounts of savers with the deposit insurance corporation or with another instrumentality approved by the division.

AB597, s. 31 Section 31. 215.21 (16) (a) (intro.) of the statutes is amended to read:

AB597,11,6 215.21 (16) (a) (intro.) An association may not make a mortgage loan on the security of vacant land, except if the loan is any of the following:

AB597, s. 32 Section 32. 215.21 (16) (a) 5. of the statutes is created to read:

AB597,11,9 215.21 (16) (a) 5. A loan to develop or to acquire and develop land for commercial or industrial use.

AB597, s. 33 Section 33. 215.21 (16) (d) of the statutes is created to read:

AB597,11,12 215.21 (16) (d) An association may not make a mortgage loan on the security of or to finance the purchase of vacant land that is acquired or held for speculation.

AB597, s. 34 Section 34. 215.21 (28) of the statutes is amended to read:

AB597,11,21 215.21 (28) (title) Loans outside the lending area. Subject to the rules issued by of the commissioner and without regard to the limitation set forth in sub. (2), an association may make or invest its funds in loans, originated and serviced by or through an institution, the accounts or deposits of which are insured by the federal savings and loan insurance corporation or the federal deposit insurance corporation or by or through an approved federal housing administration mortgagee, in an aggregate amount not exceeding 10% of such association's assets on the security of real estate or leasehold interests.

AB597, s. 35 Section 35. 215.21 (28) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,12,4 215.21 (28) Loans. Subject to the rules of the division, an association may make or invest its funds in loans, originated and serviced by or through an institution, the accounts or deposits of which are insured by the deposit insurance corporation or by or through an approved federal housing administration mortgagee, in an aggregate amount not exceeding 10% of such association's assets on the security of real estate or leasehold interests.

AB597, s. 36 Section 36. 215.26 (8) (b) 3. of the statutes is amended to read:

AB597,12,8 215.26 (8) (b) 3. Any The deposit insurance corporation or any federal agency or other instrumentality approved by the commissioner which is authorized to inspect and examine books and records of an insured association.

AB597, s. 37 Section 37. 215.26 (8) (b) 3. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,12,13 215.26 (8) (b) 3. The deposit insurance corporation or any federal agency or other instrumentality approved by the division which is authorized to inspect and examine books and records of an insured association.

AB597, s. 38 Section 38. 215.32 (15) (title) of the statutes is amended to read:

AB597,12,17 215.32 (15) (title) Procedure upon taking possession of association whose savings accounts are insured by federal savings and loan deposit insurance corporation.

AB597, s. 39 Section 39. 215.32 (15) (a) of the statutes is amended to read:

AB597,13,9 215.32 (15) (a) The commissioner may, if the commissioner takes possession of any association, the savings accounts of which are to any extent insured by the federal savings and loan deposit insurance corporation, tender to said the deposit insurance corporation the appointment as statutory liquidator of such association. If the commissioner does not make such tender, the commissioner shall tender to said the deposit insurance corporation the appointment as statutory co-liquidator to act jointly with the commissioner, but such the co-liquidatorship shall not be for more than one year from the date of such tender, at the expiration of which time the commissioner shall become the sole liquidator except as herein otherwise provided. The commissioner shall tender to said the deposit insurance corporation the appointment as sole statutory liquidator of such association whenever said the deposit insurance corporation has become subrogated to the rights of 90 per cent % of the liability of such the association on savings accounts. If the deposit insurance corporation becomes subrogated as to all the savings accounts in such the association, it may then exercise all the powers and privileges herein conferred upon it without court approval.

AB597, s. 40 Section 40. 215.32 (15) (a) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,13,25 215.32 (15) (a) The division may, if the division takes possession of any association, the savings accounts of which are to any extent insured by the deposit insurance corporation, tender to the deposit insurance corporation the appointment as statutory liquidator of such association. If the division does not make such tender, the division shall tender to the deposit insurance corporation the appointment as statutory co-liquidator to act jointly with the division, but the co-liquidatorship shall not be for more than one year from the date of such tender, at the expiration of which time the division shall become the sole liquidator except as herein otherwise provided. The division shall tender to the deposit insurance corporation the appointment as sole statutory liquidator of such association whenever the deposit insurance corporation has become subrogated to the rights of 90% of the liability of the association on savings accounts. If the deposit insurance corporation becomes subrogated as to all the savings accounts in the association, it may then exercise all the powers and privileges conferred upon it without court approval.

AB597, s. 41 Section 41. 215.33 (3) (b) 2. of the statutes is amended to read:

AB597,14,6 215.33 (3) (b) 2. The accounts of the association are insured by the federal savings and loan deposit insurance corporation or any other insurer acceptable to the commissioner, or that adequate and sufficient securities have been deposited with the state treasurer to assure that the association will meet its obligations to the residents of this state.

AB597, s. 42 Section 42. 215.33 (3) (b) 2. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,14,12 215.33 (3) (b) 2. The accounts of the association are insured by the deposit insurance corporation or any other insurer acceptable to the division, or that adequate and sufficient securities have been deposited with the state treasurer to assure that the association will meet its obligations to the residents of this state.

AB597, s. 43 Section 43. 215.33 (6) of the statutes is amended to read:

AB597,14,23 215.33 (6) Reciprocity. If the laws of another jurisdiction prohibit an association chartered by this state and insured by the federal savings and loan deposit insurance corporation from doing business in that jurisdiction, no association organized under the laws of that jurisdiction may be authorized to do business in this state. If the laws of another jurisdiction require the posting of securities or impose other additional requirements as a condition of permitting an association chartered by this state to do business in that jurisdiction, the commissioner may impose similar requirements on an association organized under the laws of that jurisdiction before issuing the association a certificate of authority to do business in this state.

AB597, s. 44 Section 44. 215.33 (6) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,15,9 215.33 (6) Reciprocity. If the laws of another jurisdiction prohibit an association chartered by this state and insured by the deposit insurance corporation from doing business in that jurisdiction, no association organized under the laws of that jurisdiction may be authorized to do business in this state. If the laws of another jurisdiction require the posting of securities or impose other additional requirements as a condition of permitting an association chartered by this state to do business in that jurisdiction, the division may impose similar requirements on an association organized under the laws of that jurisdiction before issuing the association a certificate of authority to do business in this state.

AB597, s. 45 Section 45. 215.35 (2) (b) of the statutes is amended to read:

AB597,15,13 215.35 (2) (b) Section 215.36 does not limit any authority of the federal home loan bank board or federal savings and loan deposit insurance corporation in connection with an acquisition under this section.

AB597, s. 46 Section 46. 215.36 (1) (d) of the statutes is amended to read:

AB597,15,20 215.36 (1) (d) "Regional savings and loan" means a foreign association, if its accounts are insured by the federal savings and loan deposit insurance corporation, or a federal savings and loan association, both having their home offices located in one of the regional states and that, if owned or controlled by a company, is owned or controlled by a regional state savings and loan holding company or by an in-state savings and loan holding company.

AB597, s. 47 Section 47. 215.40 (13) (a) 9. of the statutes is amended to read:

AB597,15,25 215.40 (13) (a) 9. That necessary action has been taken to obtain membership in the federal home loan bank, and insurance of savings accounts from the federal savings and loan deposit insurance corporation or other instrumentality approved by the commissioner.

AB597, s. 48 Section 48. 215.40 (13) (a) 9. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,16,5 215.40 (13) (a) 9. That necessary action has been taken to obtain membership in the federal home loan bank, and insurance of savings accounts from the deposit insurance corporation or other instrumentality approved by the division.

AB597, s. 49 Section 49. 215.57 (1) (d) 1. of the statutes is amended to read:

AB597,16,13 215.57 (1) (d) 1. Within 6 months after the adjournment of a meeting to convert into a federal association, the association shall do what is necessary to make it a federal association. Within 10 days after the receipt of the federal charter, the association shall file with the commissioner a copy of the federal charter certified by the federal home loan bank board deposit insurance corporation. Upon such filing the association shall cease to be a state-chartered association and shall thereafter be a federal association.

AB597, s. 50 Section 50. 215.57 (1) (d) 1. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB597,16,21 215.57 (1) (d) 1. Within 6 months after the adjournment of a meeting to convert into a federal association, the association shall do what is necessary to make it a federal association. Within 10 days after the receipt of the federal charter, the association shall file with the division a copy of the federal charter certified by the deposit insurance corporation. Upon such filing the association shall cease to be a state-chartered association and shall thereafter be a federal association.

AB597, s. 51 Section 51. 215.60 (11) (a) 7. of the statutes is amended to read: