SB351, s. 105
3Section
105. 186.098 (6) (a) (intro.) of the statutes is renumbered 186.098 (6)
4(intro.) and amended to read:
SB351,31,65
186.098
(6) (title)
Policies. (intro.) The board of directors shall determine
the 6policy regarding
collateral all of the following:
SB351,31,11
7(a) Collateral acceptable for secured loans.
Loans to members which in the
8aggregate exceed the amount shown in the schedule below shall be secured by such
9collateral having a value which is at least equal to any amount exceeding the limits
10in the following schedule, except that all loans exceeding $5,000 not subject to
11collateral shall be supported by a sworn financial statement:
SB351, s. 106
12Section
106. 186.098 (6) (a) 1. to 6. of the statutes are repealed.
SB351, s. 107
13Section
107. 186.098 (6) (b) of the statutes is repealed and recreated to read:
SB351,31,1414
186.098
(6) (b) Loan limits.
SB351, s. 108
15Section
108. 186.098 (6) (c) of the statutes is created to read:
SB351,31,1716
186.098
(6) (c) Loan approval if a director, officer, credit committee member or
17employe provides security as a comaker, guarantor, endorser or other form of surety.
SB351, s. 109
18Section
109. 186.098 (7) of the statutes is repealed and recreated to read:
SB351,31,2119
186.098
(7) Surety repayment evidence. An endorser, comaker, guarantor or
20other surety shall provide the credit union with evidence of ability to repay the
21obligation of the member.
SB351, s. 110
22Section
110. 186.098 (8) (title) of the statutes is created to read:
SB351,31,2323
186.098
(8) (title)
Credit extensions.
SB351, s. 111
24Section
111. 186.098 (8) (b) of the statutes is amended to read:
SB351,32,4
1186.098
(8) (b)
With the approval of the commissioner, credit unions A credit
2union may utilize credit cards, including point-of-purchase credit,
providing if the
3credit committee or loan officer, upon their own motion or upon application by a
4member, has predetermined the extent of credit extension.
SB351, s. 112
5Section
112. 186.098 (8) (b) of the statutes, as affected by 1995 Wisconsin Acts
627 and .... (this act), is repealed and recreated to read:
SB351,32,107
186.098
(8) (b) A credit union may utilize credit cards, including
8point-of-purchase credit, if the credit committee or loan officer, upon its or his or her
9own motion or upon application by a member, has predetermined the extent of credit
10extension.
SB351, s. 113
11Section
113. 186.098 (9) of the statutes is repealed.
SB351, s. 114
12Section
114. 186.098 (9m) of the statutes is created to read:
SB351,32,1513
186.098
(9m) Participation loans. Subject to rules prescribed by the
14commissioner, a credit union may participate with other lenders in a loan of any type
15that the credit union may otherwise make.
SB351, s. 115
16Section
115. 186.098 (9m) of the statutes, as created by 1995 Wisconsin Act
17.... (this act), is amended to read:
SB351,32,2018
186.098
(9m) Participation loans. Subject to rules prescribed by the
19commissioner office of credit unions, a credit union may participate with other
20lenders in a loan of any type that the credit union may otherwise make.
SB351, s. 116
21Section
116. 186.098 (10) of the statutes is amended to read:
SB351,33,222
186.098
(10) (title)
Additional advances. Loans to members secured by
23mortgages on real estate may be made subject to the rules prescribed by the
24commissioner. Such loans may provide for additional advances
, but any with priority
1lien status. Any additional advance made to a member, if the mortgage and mortgage
2note so provide, may not exceed an amount specified in the mortgage.
SB351, s. 117
3Section
117. 186.098 (10) of the statutes, as affected by 1995 Wisconsin Acts
427 and .... (this act), is repealed and recreated to read:
SB351,33,95
186.098
(10) Additional advances. Loans to members secured by mortgages
6on real estate may be made subject to the rules prescribed by the office of credit
7unions. Such loans may provide for additional advances with priority lien status.
8 Any additional advance made to a member, if the mortgage and mortgage note so
9provide, may not exceed an amount specified in the mortgage.
SB351, s. 118
10Section
118. 186.098 (11) (title) of the statutes is created to read:
SB351,33,1111
186.098
(11) (title)
Guaranteed loans.
SB351, s. 119
12Section
119. 186.098 (12) (title) of the statutes is created to read:
SB351,33,1313
186.098
(12) (title)
Loans to members.
SB351, s. 120
14Section
120. 186.098 (13) of the statutes is created to read:
SB351,33,2515
186.098
(13) Liens. (a) Subject to any limitation on security interests
16identified in s. 422.417 (3) and if the loan agreement or endorsement permits it, a
17credit union shall have a lien on the share deposits and deposit accounts and
18accumulated dividends of a member for any amount owed the credit union by the
19member and for any loan endorsed by the member. Upon the default of the owner
20of the account in an obligation owed to the credit union, the credit union shall have
21a right of immediate setoff for each share deposit and deposit account unless
22prohibited under
12 CFR 226.12 (d). Sections 425.104 and 425.105 apply to a default
23under this paragraph. The credit union may also refuse to allow withdrawals from
24any share deposit or deposit account in an amount not to exceed any delinquent
25obligation to the credit union.
SB351,34,3
1(b) The credit union may waive its rights to a lien, to immediate setoff or to
2restrict withdrawals or to any combination of these rights for any share deposit or
3deposit account.
SB351, s. 121
4Section
121. 186.10 (1) (title) of the statutes is created to read:
SB351,34,55
186.10
(1) (title)
Minors' shares.
SB351, s. 122
6Section
122. 186.10 (2) of the statutes is amended to read:
SB351,34,117
186.10
(2) (title)
Shares in trust. Shares may be issued in trust, subject to any
8conditions prescribed in the bylaws.
If shares are issued in trust, the name of the
9beneficiary shall be disclosed to the credit union Share accounts and deposit accounts
10may be owned by a member in trust for a beneficiary, or owned by a nonmember in
11trust for a beneficiary who is a member.
SB351, s. 123
12Section
123. 186.11 (1) of the statutes is renumbered 186.11 (1) (intro.) and
13amended to read:
SB351,34,1514
186.11
(1) General. (intro.) The board of directors may invest credit union
15funds in
U.S. any of the following:
SB351,34,16
16(a) United States government direct and agency obligations
, municipal.
SB351,34,17
17(b) Municipal bonds
issued by municipalities of the state,.
SB351,34,19
18(c) A corporate central credit
unions, banks union organized under s. 186.32 or
19under any other state or federal law.
SB351,34,22
20(d) Deposits and debt instruments of federally insured banks, credit unions,
21savings banks and savings and
loans loan associations
located in Wisconsin and may,
22with.
SB351,34,24
23(e) With the approval of the commissioner,
make other investments including
24investments in credit unions other investment instruments.
SB351, s. 124
1Section
124. 186.11 (1) (e) of the statutes, as affected by 1995 Wisconsin Act
2.... (this act), is repealed and recreated to read:
SB351,35,43
186.11
(1) (e) With the approval of the office of credit unions, other investment
4instruments.
SB351, s. 125
5Section
125. 186.11 (2) (b) of the statutes is amended to read:
SB351,35,176
186.11
(2) (b) The board of directors may purchase, lease or construct a building
7for the operation of the credit union,
provided if the aggregate
cost depreciated value 8of the building,
including any associated remodeling of the building
, or land
9improvements
and, land acquisition
, office furnishings and equipment, does not
10exceed
the greater of 5% of the credit union's total assets, including the building to
11be acquired, or 100% of the credit union's
regular
irrevocable reserve unless prior
12approval for greater amounts is given by the commissioner.
The cost of land
13acquisition may include vicinal property for future expansion but may not exceed the
14aggregate cost limitation. Nothing in this subsection authorizes a credit union to
15lease a building owned by a director or by a corporation, limited liability company,
16partnership or association controlled by a director. The credit union may rent or
17lease a portion of its building or property.
SB351, s. 126
18Section
126. 186.11 (2) (b) of the statutes, as affected by 1995 Wisconsin Acts
1927 and .... (this act), is repealed and recreated to read:
SB351,36,420
186.11
(2) (b) The board of directors may purchase, lease or construct a building
21for the operation of the credit union, if the aggregate depreciated value of the
22building, including any associated remodeling of the building or land improvements,
23land acquisition, office furnishings and equipment, does not exceed the greater of 5%
24of the credit union's total assets, including the building to be acquired, or 100% of the
25credit union's irrevocable reserve unless prior approval for greater amounts is given
1by the office of credit unions. Nothing in this subsection authorizes a credit union
2to lease a building owned by a director or by a corporation, limited liability company,
3partnership or association controlled by a director. The credit union may rent or
4lease a portion of its building or property.
SB351, s. 127
5Section
127. 186.11 (4) (a) of the statutes is amended to read:
SB351,36,106
186.11
(4) (a) A credit union may invest not more than
10% 1.5% of its
regular
7reserve total assets in the capital shares or obligations of a corporation organized
8primarily to provide goods and services
specified in par. (b) to credit unions
and, 9credit union organizations
, credit union members and persons who are eligible for
10membership.
SB351, s. 128
11Section
128. 186.11 (4) (b) (intro.), 1., 3. and 4. of the statutes are amended
12to read:
SB351,36,1413
186.11
(4) (b) (intro.) A
service corporation under par. (a) may provide goods
14and services
relating to one or more including any of the following
functions:
SB351,36,2015
1. Credit union operations
services, including service centers, credit and debit
16card services, automated teller and remote terminal services, accounting systems,
17data processing, management training and support, payment item processing,
18record retention and storage, locator services, research, debt collection, credit
19analysis and loan servicing
and, coin and currency services
and marketing and
20advertising services.
SB351,36,2221
3. Development and administration of individual retirement accounts, Keogh
22plans and other
personnel employe benefit plans.
SB351,36,2423
4. Provision of trust services
, including service as trustee and
in other similar
24fiduciary capacities.
SB351, s. 129
25Section
129. 186.11 (4) (c) of the statutes is created to read:
SB351,37,1
1186.11
(4) (c) A service corporation may be subject to audit by the commissioner.
SB351, s. 130
2Section
130. 186.112 of the statutes is amended to read:
SB351,37,11
3186.112 Credit union borrowing. The board of directors may borrow money
4from any source if the amount borrowed does not exceed
50% 30% of the credit union's
5total savings, deposits and reserves
and the loan is not for a period longer than 12
6months. The limitations of this subsection do not apply to national corporate central
7credit unions. The 12-month limitation under this subsection does not apply to
8money borrowed by a credit union to acquire credit union property, buildings,
9remodeling or equipment. The commissioner may exempt any credit union from the
10limitations of this subsection. Credit union borrowing may exceed 30% if the
11commissioner approves.
SB351, s. 131
12Section
131. 186.112 of the statutes, as affected by 1995 Wisconsin Acts 27 and
13.... (this act), is repealed and recreated to read:
SB351,37,17
14186.112 Credit union borrowing. The board of directors may borrow money
15from any source if the amount borrowed does not exceed 30% of the credit union's
16total savings, deposits and reserves. Credit union borrowing may exceed 30% if the
17office of credit unions approves.
SB351, s. 132
18Section
132. 186.113 (title) of the statutes is amended to read:
SB351,37,19
19186.113 (title)
Credit union services powers.
SB351, s. 133
20Section
133. 186.113 (1) of the statutes is amended to read:
SB351,37,2421
186.113
(1) (title)
Branch offices.
If the need and necessity exists, establish
22subsidiary offices With the approval of the commissioner, establish branch offices
23inside or outside of this state where permanent records may be maintained
within
24the state with the approval of the commissioner.
SB351, s. 134
1Section
134. 186.113 (1) of the statutes, as affected by 1995 Wisconsin Acts 27
2and .... (this act), is repealed and recreated to read:
SB351,38,53
186.113
(1) Branch offices. With the approval of the office of credit unions,
4establish branch offices inside or outside of this state where permanent records may
5be maintained.
SB351, s. 135
6Section
135. 186.113 (1e) of the statutes is created to read:
SB351,38,87
186.113
(1e) Out-of-state membership. Expand its field of membership to
8states that border this state.
SB351, s. 136
9Section
136. 186.113 (1m) of the statutes is repealed.
SB351, s. 137
10Section
137. 186.113 (1s) of the statutes is created to read:
SB351,38,1711
186.113
(1s) Service centers. Upon notice to the commissioner, establish and
12maintain service centers that are reasonably necessary to furnish services to
13members. A credit union may operate a shared service center with one or more credit
14unions and may participate in a shared service center network that is operated from
15inside or outside of this state. This subsection does not prohibit a credit union from
16referring to a service center as a branch office. A service center shall be under the
17supervision of the commissioner.
SB351, s. 138
18Section
138. 186.113 (1s) of the statutes, as created by 1995 Wisconsin Act ....
19(this act), is amended to read:
SB351,39,220
186.113
(1s) Service centers. Upon notice to the
commissioner office of credit
21unions, establish and maintain service centers that are reasonably necessary to
22furnish services to members. A credit union may operate a shared service center with
23one or more credit unions and may participate in a shared service center network
24that is operated from inside or outside of this state. This subsection does not prohibit
1a credit union from referring to a service center as a branch office. A service center
2shall be under the supervision of the
commissioner
office of credit unions.
SB351, s. 139
3Section
139. 186.113 (2) of the statutes is repealed and recreated to read:
SB351,39,74
186.113
(2) Credit union center corporation. With other credit unions,
5organize a credit union center corporation that provides facilities, equipment and
6personnel. A credit union center corporation shall be under the supervision of the
7commissioner.
SB351, s. 140
8Section
140. 186.113 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
9and .... (this act), is repealed and recreated to read:
SB351,39,1310
186.113
(2) Credit union center corporation. With other credit unions,
11organize a credit union center corporation that provides facilities, equipment and
12personnel. A credit union center corporation shall be under the supervision of the
13office of credit unions.
SB351, s. 141
14Section
141. 186.113 (3) (title) of the statutes is created to read:
SB351,39,1515
186.113
(3) (title)
Financial counseling.
SB351, s. 142
16Section
142. 186.113 (4) (title) of the statutes is created to read:
SB351,39,1717
186.113
(4) (title)
Fees.
SB351, s. 143
18Section
143. 186.113 (5) of the statutes is amended to read:
SB351,39,2019
186.113
(5) (title)
Third-party checks. Issue third-party checks
from an
20account of a member upon request of the member.
SB351, s. 144
21Section
144. 186.113 (6) (title) of the statutes is created to read:
SB351,39,2222
186.113
(6) (title)
Trust services.
SB351, s. 145
23Section
145. 186.113 (6) (intro.) of the statutes is repealed.
SB351, s. 146
24Section
146. 186.113 (6) (a) and (b) of the statutes are amended to read: