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.
SB351, s. 162
17Section
162. 186.113 (18) of the statutes is amended to read:
SB351,42,2018
186.113
(18) (title)
Legal actions. To sue and be sued, and to appear and
19defend in all actions and proceedings under its corporate name
to the same extent
20as a natural person.
SB351, s. 163
21Section
163. 186.113 (19) of the statutes is amended to read:
SB351,43,222
186.113
(19) (title)
Client fund accounts. Maintain real estate broker trust
23accounts under
s. 452.13 for brokers
otherwise who are eligible for membership in
24the credit union, attorney trust accounts under s. 757.293 for attorneys
otherwise 25who are eligible for membership in the credit union and collection agency trust
1accounts under s. 218.04 (9g) for persons
otherwise who are eligible for membership
2in the credit union.
SB351, s. 164
3Section
164. 186.113 (20) of the statutes is amended to read:
SB351,43,54
186.113
(20) (title)
Public depository. Act as
depositories a depository of state
5and local public funds.
SB351, s. 165
6Section
165. 186.113 (21) of the statutes is amended to read:
SB351,43,147
186.113
(21) (title)
Federal depository. On request of the federal secretary of
8the treasury, act as federal depository, fiscal agent or both of the federal government
9and perform. A credit union may perform such services as the federal secretary of
10the treasury may
require authorize in connection with the collection of taxes and
11other obligations due the federal government and the lending, borrowing and
12repayment of money by the federal government, including the issue, sale,
13redemption or repurchase of bonds, notes, treasury certificates of indebtedness, or
14other obligations of the federal government.
SB351, s. 166
15Section
166. 186.113 (22) of the statutes, as affected by 1995 Wisconsin Act
16.... (this act), is amended to read:
SB351,43,2517
186.113
(22) Community currency exchange and seller of checks. Engage
18in the business and functions provided for in s. 218.05 and ch. 217 upon receiving a
19certificate of authority from the
commissioner office of credit unions. An applicant
20shall meet the same requirements as other applicants under ch. 217, but no
21investigation fee may be charged of credit union applicants. The
commissioner office
22of credit unions may revoke a certificate of authority following a hearing held upon
2310 days' notice to the credit union for any reason which would have justified the
24rejection of an application or on the ground that the continued operation of the
25business threatens the solvency of the credit union.
SB351, s. 167
1Section
167. 186.113 (23) of the statutes is created to read:
SB351,44,32
186.113
(23) Sell or purchase assets. Discount or sell any of its assets and,
3subject to rules of the commissioner, purchase assets of another lender or seller.
SB351, s. 168
4Section
168. 186.115 (1) (title) of the statutes is created to read:
SB351,44,55
186.115
(1) (title)
Scope of authority.
SB351, s. 169
6Section
169. 186.115 (2) of the statutes is amended to read:
SB351,44,147
186.115
(2) (title)
Rules. The activities, powers, products and services that
8may be undertaken, exercised or offered by credit unions under sub. (1) are limited
9to those specified by rule of the commissioner. The commissioner may direct any
10credit union to cease any activity, the exercise of any power or the offering of any
11product or service authorized by rule
under this subsection. Among the factors that
12the commissioner may consider in so directing a credit union are the credit union's
13net worth, assets, management rating and liquidity ratio and its ratio of net worth
14to assets.
SB351, s. 170
15Section
170. 186.115 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
16and .... (this act), is repealed and recreated to read:
SB351,44,2317
186.115
(2) Rules. The activities, powers, products and services that may be
18undertaken, exercised or offered by credit unions under sub. (1) are limited to those
19specified by rule of the office of credit unions. The office of credit unions may direct
20any credit union to cease any activity, the exercise of any power or the offering of any
21product or service authorized by rule. Among the factors that the office of credit
22unions may consider in so directing a credit union are the credit union's net worth,
23assets, management rating and liquidity ratio and its ratio of net worth to assets.
SB351, s. 171
24Section
171. 186.115 (3) (title) of the statutes is created to read:
SB351,44,2525
186.115
(3) (title)
Insurance underwriting not authorized.
SB351, s. 172
1Section
172. 186.117 (1) of the statutes is amended to read:
SB351,45,32
186.117
(1) (title)
Definition.
As used in In this section, "business day" means
3a business day as defined in s. 421.301 (6) that is not a federal legal holiday.
SB351, s. 173
4Section
173. 186.117 (2) (title) of the statutes is created to read:
SB351,45,55
186.117
(2) (title)
Funds availability.
SB351, s. 174
6Section
174. 186.118 (1) (title), (2) (title), (3) (title) and (4) (title) of the statutes
7are created to read:
SB351,45,88
186.118
(1) (title)
Disclosure statement.
SB351,45,9
9(2) (title)
When required.
SB351,45,10
10(3) (title)
Available on request.
SB351,45,11
11(4) (title)
Other information.
SB351, s. 175
12Section
175. 186.119 of the statutes is repealed.
SB351, s. 176
13Section
176. 186.12 (1) (title), (2) (title) and (3) (title) of the statutes are
14created to read:
SB351,45,1515
186.12
(1) (title)
Board members.
SB351,45,16
16(2) (title)
Sureties.
SB351,45,17
17(3) (title)
Expenditures.
SB351, s. 177
18Section
177. 186.13 of the statutes is amended to read:
SB351,46,3
19186.13 Expulsion. The If the board of directors
adopts a written policy, a
20credit union may expel a member
from the credit union who if the member neglects
21or refuses to comply with this chapter or the
credit union bylaws
, or
for any if the
22board has other just cause
; but no member may be expelled until the member has
23been informed in writing of the charges against the member, and given an
24opportunity, after reasonable notice, to be heard thereon. The credit union shall
25provide notice to the member in writing of the reason for expulsion. The notice shall
1include a description of the member's right to a hearing. If a member requests a
2hearing in writing, the board shall give the member an opportunity to be heard on
3the expulsion within 90 days after the date of the expulsion notice.
SB351, s. 178
4Section
178. 186.14 of the statutes is amended to read:
SB351,46,10
5186.14 (title)
Expelled member, rights and liabilities. The amounts paid
6in on shares by members who have withdrawn or have been expelled shall be paid
7to them, but in the order of withdrawal or expulsion
and only as funds
therefor 8become available and after deducting any amounts due
by said from the members
9to the credit union
; but such expulsion. Expulsion or withdrawal shall not
operate
10to relieve a member from any remaining liability to the credit union.
SB351, s. 179
11Section
179. 186.15 of the statutes is repealed and recreated to read:
SB351,46,15
12186.15 Auditing. (1) Annual audit. Except as provided in sub. (2), the board
13of directors shall hire a licensed public accountant or other qualified person to
14conduct a comprehensive annual audit of the records, accounts and affairs of the
15credit union.
SB351,46,19
16(2) Audit committee. The board of directors may appoint an auditing
17committee of one or more capable persons to annually audit the records, accounts and
18cash of the credit union and to verify member accounts. Verification procedures shall
19be conducted according to the credit union's bylaws or the rules of the commissioner.
SB351,46,22
20(3) Independent audit. The commissioner may order an independent audit at
21the credit union's expense if the commissioner finds an annual audit to be
22unsatisfactory.
SB351,46,24
23(4) Audit reports. Audit reports under this section shall be submitted to the
24board of directors and retained as records of the credit union.
SB351, s. 180
1Section
180. 186.15 (2) and (3) of the statutes, as affected by 1995 Wisconsin
2Act .... (this act), are amended to read:
SB351,47,73
186.15
(2) Audit committee. The board of directors may appoint an auditing
4committee of one or more capable persons to annually audit the records, accounts and
5cash of the credit union and to verify member accounts. Verification procedures shall
6be conducted according to the credit union's bylaws or the rules of the
commissioner 7office of credit unions.
SB351,47,10
8(3) Independent audit. The
commissioner office of credit unions may order an
9independent audit at the credit union's expense if the
commissioner office of credit
10unions finds an annual audit to be unsatisfactory.
SB351, s. 181
11Section
181. 186.16 (1) (title) of the statutes is created to read:
SB351,47,1212
186.16
(1) (title)
Board establishes dividends.
SB351, s. 182
13Section
182. 186.16 (2) of the statutes is amended to read:
SB351,47,1614
186.16
(2) (title)
Maximum set by commissioner. The commissioner may
15establish the maximum dividend that a credit union and a
corporate central credit
16union may pay in each classification of its savings.
SB351, s. 183
17Section
183. 186.16 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
18and .... (this act), is repealed and recreated to read:
SB351,47,2119
186.16
(2) Maximum set by office of credit unions. The office of credit unions
20may establish the maximum dividend that a credit union and a corporate central
21credit union may pay in each classification of its savings.
SB351, s. 184
22Section
184. 186.17 (1) of the statutes is repealed and recreated to read:
SB351,47,2523
186.17
(1) Regular reserves. Semiannually, a credit union shall determine its
24gross income. From gross income, the credit union shall transfer to regular reserve
25amounts required under a schedule set by the national board.
SB351, s. 185
1Section
185. 186.17 (2) of the statutes is amended to read:
SB351,48,52
186.17
(2) (title)
Special reserves. Special reserves may be required by the
3commissioner on an individual credit union basis
for purchased accounts or when
4serious threat of impairment threatens regular reserve or for a corporate central
5credit union.
SB351, s. 186
6Section
186. 186.17 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
7and .... (this act), is repealed and recreated to read:
SB351,48,108
186.17
(2) Special reserves. Special reserves may be required by the office of
9credit unions on an individual credit union basis or for a corporate central credit
10union.
SB351, s. 187
11Section
187. 186.17 (3) of the statutes is repealed.
SB351, s. 188
12Section
188. 186.18 of the statutes is amended to read:
SB351,49,7
13186.18 Dissolution. Upon
the unanimous a two-thirds recommendation of
14the board of directors, the members may vote to dissolve the credit union. If a
15majority of the total membership vote by ballot
, in person or by letter or other written
16communication in favor of dissolution, and if not more than
the greater of 15
17members or 10% of the total membership,
whichever is greater, by written notice
, 18vote against dissolution, the credit union shall be dissolved. If both the number of
19votes in favor of dissolution and the number of votes against dissolution are each less
20than
50% 25% of the total number of members
, the board of directors may, with the
21permission of the commissioner,
cause written notice to be mailed mail to each
22member at the member's last-known address
a written notice which
expressly states
23that the board's proposal to dissolve the credit union will be approved or disapproved
24at a special or annual meeting to be held at the time and place specified in the notice.
25The credit union shall be dissolved only if a majority of the members present at the
1meeting vote in favor of the board's proposal to dissolve the credit union. If the
2members vote to dissolve the credit union, a committee of 3 shall be elected by the
3members to liquidate the assets of the credit union. After assets are liquidated and
4debts paid
, members shall be paid a liquidating dividend in proportion to their
5savings from remaining assets. The committee in charge of liquidation may sell or
6dispose of the assets in whole or in part at a public or private sale subject to
7confirmation by the board of directors and the commissioner.
SB351, s. 189
8Section
189. 186.18 of the statutes, as affected by 1995 Wisconsin Acts 27 and
9.... (this act), is repealed and recreated to read:
SB351,50,3
10186.18 Dissolution. Upon a two-thirds recommendation of the board of
11directors, the members may vote to dissolve the credit union. If a majority of the total
12membership vote by ballot, in person or by letter or other written communication in
13favor of dissolution, and if not more than the greater of 15 members or 10% of the total
14membership, by written notice, vote against dissolution, the credit union shall be
15dissolved. If both the number of votes in favor of dissolution and the number of votes
16against dissolution are each less than 25% of the total number of members, the board
17of directors may, with the permission of the office of credit unions, mail to each
18member at the member's last-known address a written notice which states that the
19board's proposal to dissolve the credit union will be approved or disapproved at a
20special or annual meeting to be held at the time and place specified in the notice. The
21credit union shall be dissolved only if a majority of the members present at the
22meeting vote in favor of the board's proposal to dissolve the credit union. If the
23members vote to dissolve the credit union, a committee of 3 shall be elected by the
24members to liquidate the assets of the credit union. After assets are liquidated and
25debts paid, members shall be paid a liquidating dividend in proportion to their
1savings from remaining assets. The committee in charge of liquidation may sell or
2dispose of the assets in whole or in part at a public or private sale subject to
3confirmation by the board of directors and the office of credit unions.
SB351, s. 190
4Section
190. 186.19 of the statutes is repealed and recreated to read:
SB351,50,7
5186.19 Bonding requirement. (1) Officer bonds. A credit union shall
6maintain the necessary bonds for officers according to standards prescribed by the
7national board.
SB351,50,9
8(2) Director bonds. A credit union shall maintain the necessary bonds for
9directors according to standards prescribed in the bylaws.