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 (this act), is repealed and recreated to read: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:
SB351,40,5
1186.113
(6) (a) Contract
for the provision of trust services to its members with
2a trust
company or other organization
with trust powers authorized to do business
3in this state
. For this purpose, the trust company or other organization with trust
4powers may serve credit union members at credit union facilities on a full-time or
5part-time basis to provide trust services to the credit union's members.
SB351,40,76
(b) Act as trustees of member
tax deferred funds permitted by federal law to
7be deposited in a credit union
as a deferred compensation or tax-deferral device.
SB351, s. 147
8Section
147. 186.113 (6) (c) of the statutes is created to read:
SB351,40,109
186.113
(6) (c) Act as a depository for member-deferred compensation funds
10as permitted by federal law.
SB351, s. 148
11Section
148. 186.113 (7) (title) of the statutes is created to read:
SB351,40,1212
186.113
(7) (title)
Conditional sales contracts.
SB351, s. 149
13Section
149. 186.113 (8) of the statutes is amended to read:
SB351,40,1614
186.113
(8) (title)
Donations. Make
donations and grants
in the aggregate not
15to, the total of which may not exceed
one-half of one per cent 0.5% of regular reserves
16within a given year.
SB351, s. 150
17Section
150. 186.113 (9) of the statutes is amended to read:
SB351,40,2018
186.113
(9) (title)
Financial services. Collect, receive and disburse moneys in
19connection with the sale
or provision of
share drafts, travelers checks, money orders
20and, credit cards
, debit cards or similar instruments.
SB351, s. 151
21Section
151. 186.113 (10) (title) of the statutes is created to read:
SB351,40,2222
186.113
(10) (title)
Additional powers.
SB351, s. 152
23Section
152. 186.113 (11) of the statutes is amended to read:
SB351,41,224
186.113
(11) (title)
Accounts. Have deposit accounts
such as Christmas,
25vacation,
club accounts and education,
deferred income, pension
and similar types,
1direct deposit, net pay or other accounts that serve members' savings and deposit
2needs.
SB351, s. 153
3Section
153. 186.113 (12) of the statutes is amended to read:
SB351,41,64
186.113
(12) (title)
Elections. Conduct
annual board of director elections
by
5mail ballot which shall be valid only for the meeting designated
in the manner
6provided by the bylaws.
SB351, s. 154
7Section
154. 186.113 (13) of the statutes is amended to read:
SB351,41,128
186.113
(13) (title)
Multiparty accounts. Issue multiple accounts in joint
9tenancy with any person designated by the
credit union member. The person first
10named
in any such joint on the account shall be a member of the credit union. A
11nonmember named in the joint account shall not acquire the right to vote, obtain
12loans or hold office because of the nonmember's inclusion in the joint account.
SB351, s. 155
13Section
155. 186.113 (14) (title) of the statutes is created to read:
SB351,41,1414
186.113
(14) (title)
Government loans.
SB351, s. 156
15Section
156. 186.113 (14) of the statutes is renumbered 186.113 (14) (a) and
16amended to read:
SB351,41,1817
186.113
(14) (a) Process applications, act as closing agent and service loans
18made under s. 45.79
, with the approval of the department of veterans affairs.
SB351, s. 157
19Section
157. 186.113 (14) (b) of the statutes is created to read:
SB351,41,2220
186.113
(14) (b) Make loans to members that are guaranteed by this state or
21by the federal government, with the approval of the appropriate state or federal
22administering agency.
SB351, s. 158
23Section
158. 186.113 (14m) of the statutes is created to read:
SB351,42,324
186.113
(14m) Safe deposit boxes. (a) Rent safe deposit receptacles upon its
25premises for an agreed upon fee. A credit union may store for safekeeping valuable
1or personal property of any member or of any person who is eligible to be a member.
2The credit union shall have a lien for its charges on any property received by it for
3safekeeping.
SB351,42,84
(b) Sell any property subject to a lien under par. (a) at public auction in
5accordance with procedures under ch. 815. A credit union may retain from the
6proceeds of the sale all lien fees and charges due including reasonable expenses of
7the sale. A credit union shall pay the remaining balance to the person depositing the
8property or to the legal representatives or assigns.
SB351, s. 159
9Section
159. 186.113 (15) (title) of the statutes is created to read:
SB351,42,1010
186.113
(15) (title)
Automated teller machines.
SB351, s. 160
11Section
160. 186.113 (16) of the statutes is repealed and recreated to read:
SB351,42,1312
186.113
(16) Dormant accounts. Subject to ch. 177, establish a policy,
13including a fee schedule, for disposing of dormant accounts.
SB351, s. 161
14Section
161. 186.113 (17) of the statutes is amended to read:
SB351,42,1615
186.113
(17) (title)
Contracts. Make contracts necessary and proper to
effect 16meet its purpose and
to conduct its business.