SB351: Bill Text

SB351,79,15 186.235 (11) (c) 2. The commissioner shall take possession of the business and property of a credit union that violates s. 186.34 (2) (b), unless the commissioner approves a consolidation merger under s. 186.31, and of a credit union that the commissioner is required to liquidate under sub. (1m) (b).

SB351, s. 260 Section 260. 186.29 (2) (intro.) and (a) of the statutes are renumbered 186.235 (11) (d) (intro.) and 1. and amended to read:

SB351,79,20 186.235 (11) (d) Procedure on taking possession. (intro.) Upon taking possession of the business and property of any such a credit union, the commissioner shall forthwith:

SB351,80,2 1. Serve a notice in writing upon the president and secretary of said the credit union setting forth therein stating that the commissioner has taken possession and control of the business and property of said the credit union. Said The notice shall be executed in duplicate, and immediately after the same has been served service, one of the said notices shall be filed with the clerk of the circuit court of the county where said in which the credit union is located together with proof of service.

SB351, s. 261 Section 261. 186.29 (2) (b) of the statutes is renumbered 186.235 (11) (d) 2. and amended to read:

SB351,80,7 186.235 (11) (d) 2. Give notice to all individuals, partnerships, corporations, limited liability companies and associations known to the commissioner to be holding or in possession of any assets of such the credit union.

SB351, s. 262 Section 262. 186.29 (2) (c) of the statutes is renumbered 186.235 (11) (dg) and amended to read:

SB351,81,3 186.235 (11) (dg) (title) Special deputy commissioners. The commissioner may appoint one or more special deputy commissioners as agent to assist in the duty of liquidation and distribution of the assets of one or more credit unions of whose business and property the commissioner shall have taken possession pursuant to the provisions of this chapter holds. A certificate of such appointment shall be filed in the office of the commissioner and a certified copy in the office of the clerk of the circuit court for the county in which such the credit union is located. The commissioner may employ such counsel and procure such expert assistance and advice as may be necessary in the liquidation and distribution of the assets of such the credit union, and may retain such of the any officers or employes of such the credit union as that the commissioner deems considers to be necessary. The special deputy commissioner and assistants shall furnish such security for the faithful discharge of their duties as in an amount that the commissioner deems proper. Such considers to be necessary. The special deputy commissioner may execute, acknowledge and deliver any and all deeds, assignments, releases or other instruments necessary and proper to effect any sale and transfer or incumbrance of real estate or personal property and may borrow money for use in the liquidation after the same liquidation has been approved by the commissioner and an order obtained from the circuit court of the county in which said the credit union is located as hereinafter provided.

SB351, s. 263 Section 263. 186.29 (2) (d) of the statutes is renumbered 186.235 (11) (dr) and amended to read:

SB351,81,18 186.235 (11) (dr) (title) Special deputy commissioner duties. Upon taking possession of the property and business of such the credit union, the special deputy commissioner is authorized to collect all moneys due to such the credit union, and to do such other acts as are necessary to conserve its assets and business, and shall proceed to liquidate the affairs thereof as hereinafter provided of the credit union. The special deputy commissioner shall collect all debts due and claims belonging to it the credit union, and upon a petition approved by the commissioner and upon order of the circuit court of the county in which such the credit union is located, may sell or compound all bad or doubtful debts, or do any act or execute any other necessary instruments and upon like petition and order may sell all the real and personal property of such the credit union on such terms as the court shall approve. Such special deputy commissioner may, if necessary, enforce individual liability of the stockholders to pay the debts of such corporation.

SB351, s. 264 Section 264. 186.29 (3) of the statutes is renumbered 186.235 (11) (e) and amended to read:

SB351,82,12 186.235 (11) (e) Notice, allowance and payment of claims. The special deputy commissioner shall cause publish a class 3 notice, under ch. 985, to be published, calling on all persons who may have claims a claim against such the credit union, to present the same claim to the special deputy commissioner and make legal proof thereof of the claim at a place and within a time, not earlier than the last day of publication, to be therein specified in the notice. The special deputy commissioner shall mail a similar notice to all persons, at their last-known address, whose names appear as creditors upon the books of the credit union. Proof of service of such the notice shall be filed with the clerk of said court. The special deputy commissioner may reject any claim. Any party interested may also file written objections to any claim with the special deputy commissioner and, after notice by registered mail of such the rejection, said the claimant shall be barred unless the claimant commences an action thereon on the claim within 3 months. Claims presented after the expiration of the time fixed in the notice to creditors shall be entitled to an equitable share in from the distribution only to the extent of the any assets then remaining in the hands of the special deputy commissioner equitably applicable thereto after properly filed claims have been paid.

SB351, s. 265 Section 265. 186.29 (4) of the statutes is renumbered 186.235 (11) (f) and amended to read:

SB351,83,2 186.235 (11) (f) Inventory of assets and statement of liabilities. Upon taking possession of the property and assets of such the credit union, the special deputy commissioner shall make an inventory of the assets of such the credit union, in duplicate, one to be filed in the office of the commissioner and one in the office of the clerk of circuit court for the county in which such the credit union is located. Upon the expiration of the time fixed for the presentation of claims, the special deputy commissioner shall make in duplicate a full and complete list of the claims presented, including and specifying such the claims as have been rejected by the special deputy commissioner, one to be filed in the office of the commissioner, and one in the office of the clerk of circuit court for the county in which such the credit union is located. Such The inventory and list of claims shall be open at all reasonable times to inspection.

SB351, s. 266 Section 266. 186.29 (5) of the statutes is renumbered 186.235 (11) (g) and amended to read:

SB351,83,17 186.235 (11) (g) Adjustment of loans and withdrawal value of shares. The value of shares pledged upon a loan to the credit union shall be applied and credited to the loan and the borrower shall be liable only for the balance. The rate of interest charged upon the balance shall be the legal rate. The value shall be determined in such manner as the commissioner prescribes, and shall be made under s. 186.30 (1) and (3), or in such other manner as the commissioner may prescribe. Upon the approval of the value by the commissioner and the circuit court of the county in which the credit union is located, the book value of each member shall may be reduced proportionately. At least 5 days' written notice of the determination of value shall be given to all shareholders of the time and place the value shall be submitted to the circuit court for approval. Approval of the circuit court shall be by an order entered under s. 807.11 (2). Any stockholder or creditor of the credit union aggrieved by the determination of value may appeal to the court of appeals.

SB351, s. 267 Section 267. 186.29 (6) of the statutes is renumbered 186.235 (11) (h) and amended to read:

SB351,84,7 186.235 (11) (h) Compensation and expenses in connection with liquidation. The compensation of the special deputy commissioners, counsel and other employes and assistants, and all expenses of supervision and liquidation shall be fixed by the commissioner, subject to the approval of the circuit court for the county in which the credit union is located, and shall upon the certificate of the commissioner be paid out of the funds of the credit union. Expenses of supervision and liquidation include the cost of the services rendered by the office of the commissioner to the credit union being liquidated. The cost of these services shall be determined by the commissioner and paid to the office of the commissioner from the assets of the credit union as other expenses of liquidation are paid. The moneys collected by the special deputy commissioner shall be deposited in one or more a corporate central credit unions union, and, in case of the suspension or insolvency of a depository, such deposits shall be preferred before all other deposits.

SB351, s. 268 Section 268. 186.29 (7) of the statutes is renumbered 186.235 (11) (i) and amended to read:

SB351,84,16 186.235 (11) (i) Liquidating dividends. At any time after the expiration of the date fixed for the presentation of claims, the special deputy commissioner in charge of the liquidation of such the credit union may, upon a petition approved by the commissioner and an order of the circuit court of the county in which such the credit union is located, out of the funds remaining, after the payment of expenses and debts, declare one or more dividends, and may declare a final dividend, such dividend to be paid to such persons, and in such amounts as may be directed by the circuit court.

SB351, s. 269 Section 269. 186.29 (8) of the statutes is renumbered 186.235 (11) (j) and amended to read:

SB351,85,3 186.235 (11) (j) Title passes to commissioner. Immediately upon filing the notice as provided for in sub. (2) under par. (d), the possession of all assets and property of such the credit union of every kind and nature, wheresoever situated shall be deemed considered to be transferred from such the credit union to, and assumed by the commissioner; and. The filing of the notice mentioned herein, shall of itself, and without the execution or delivery of any instruments of conveyance, assignment, transfer or indorsement endorsement, vest the title to all such assets and property in the commissioner. Such The filing shall also operate as a bar to any attachment, garnishment, execution or other legal proceedings against such the credit union, or its assets and property, or its liabilities.

SB351, s. 270 Section 270. 186.29 (9) of the statutes is renumbered 186.235 (11) (k).

SB351, s. 271 Section 271. 186.29 (10) of the statutes is renumbered 186.235 (11) (L) and amended to read:

SB351,85,20 186.235 (11) (L) Appeal. Whenever any such If a credit union, whose property and business the commissioner has taken possession of, as aforesaid, deems considers itself aggrieved thereby by the commissioner's action, it may, at any time within 10 30 days after such the date of the taking, appeal to the credit union review board for relief from such the possession by the commissioner. In the event If the credit union review board sustains the commissioner, the said credit union may then, at any time within 10 30 days after the decision of the credit union review board, apply to the circuit court of the county in which such the credit union is located to enjoin further proceedings; and said. The court, after citing the commissioner to show cause why further proceedings should not be enjoined and after hearing all allegations and proofs of the parties and determining the facts, may , upon the merits dismiss such the application or enjoin the commissioner from further proceedings, and may direct it the commissioner to surrender such the business and property to such the credit union.

SB351, s. 272 Section 272. 186.29 (11) (intro.) and (a) to (d) of the statutes are renumbered 186.235 (11) (m) (intro.), 1., 2., 4. and 5. and amended to read:

SB351,86,2 186.235 (11) (m) Reinstatement. (intro.) Whenever After the commissioner shall have taken takes over the possession and control of the business and property of any a credit union, the same credit union may resume business when and if all of the following apply:

SB351,86,5 1. The owners of at least two-thirds of such the credit union dollar value of outstanding shares, execute a petition to such effect resume business, the form of which petition shall be prescribed by the commissioner , and.

SB351,86,8 2. There is submitted to the commissioner by such the shareholders, or a committee duly selected by them, a plan for the reorganization and reinstatement of such the credit union, and.

SB351,86,10 4. The commissioner recommends that control of the business and property of such the credit union be returned to the shareholders, and.

SB351,86,14 5. The court in which such the liquidation is pending, upon application of the commissioner, makes an order approving the commissioner's recommendations, which order shall contain a finding that such the credit union will be in a safe and sound condition when control is resumed by the shareholders.

SB351, s. 273 Section 273. 186.29 (12) of the statutes is renumbered 186.235 (11) (n) and amended to read:

SB351,87,3 186.235 (11) (n) Reinstatement upon restricted basis. Such In addition to the procedure under par. (m), a credit union may also resume business upon a restricted basis, and upon such limitations and conditions as may be prescribed by the commissioner when approved by the circuit court in and for the county in which such the credit union is located, upon application of the commissioner. Such The restrictions and conditions may include, among others, a prohibition against the selling of new shares, reasonable restrictions upon withdrawals and the payment of other liabilities. Such On approval, the credit union shall thereupon be relieved from the control and supervision of the commissioner as provided in this section, but nothing herein shall, in any manner, the approval does not prohibit the commissioner from again proceeding against such the credit union as provided herein if conditions warrant the commissioner's action.

SB351, s. 274 Section 274. 186.29 (13) of the statutes is renumbered 186.235 (11) (p) and amended to read:

SB351,87,17 186.235 (11) (p) Liquidating dividends and unclaimed funds. 1. The special deputy commissioner shall deposit unclaimed liquidating dividends and unclaimed funds remaining unpaid in the hands of the special deputy commissioner for 6 months after the order for final distribution in one or more a corporate central credit unions union in the commissioner's name in trust for the shareholders and creditors of the liquidated credit union. The commissioner shall annually report to the governor and the chief clerk of each house of legislature for distribution to the legislature under s. 13.172 (2) the names of credit unions of which the commissioner has taken possession and liquidated, and the sums of unclaimed and unpaid liquidating dividends and unclaimed funds with respect to each of the credit unions respectively, including and include a statement of interest earned upon such those funds.

SB351,88,2 2. The commissioner may pay over the moneys so funds held by the commissioner under subd. 1. to the persons respectively entitled thereto to the funds, upon being furnished satisfactory evidence of their right to the same funds. In case of doubt or conflicting claims, the commissioner may require an order of the circuit court authorizing and directing the payment thereof. The commissioner may apply the interest earned by the moneys so held by the commissioner towards funds toward defraying the expenses in the payment and distribution of such unclaimed liquidating dividends and unclaimed funds to the stockholders and creditors entitled to receive the same dividends and funds.

SB351,88,10 3. After one One year from after the time date of the order for final distribution, the commissioner shall report and deliver to the state treasurer all unclaimed funds as provided in ch. 177. All claims subsequently arising shall be presented to the commissioner. If the commissioner determines that any claim should be allowed, he or she the commissioner shall certify to the department of administration the name and address of the person entitled to payment and the amount thereof of the payment and shall attach the claim to the certificate. The department of administration shall certify the claim to the state treasurer for payment.

SB351, s. 275 Section 275. 186.30 of the statutes is repealed.

SB351, s. 276 Section 276. 186.31 of the statutes is amended to read:

SB351,88,23 186.31 (title) Consolidation of credit unions Mergers. (1) (title) Transfer of assets and liabilities. Any credit union, which is in good faith winding up its business for the purpose of consolidating merging with some other another credit union, may transfer its assets and liabilities to the credit union with which it is in the process of consolidation merging; but no consolidation merger may be made without the consent of the commissioner, and not then to defeat or defraud any of its creditors in the collection of debts against such credit union. No consolidation may be carried out without the consent of the Wisconsin credit union savings insurance corporation if it protects or guarantees the accounts of any credit union participating in the consolidation, or the national board if it insures the shares of any credit union participating in the consolidation.

SB351,89,11 (2) (title) Approval. With the approval of the commissioner credit unions may consolidate. To effect a consolidation merger, the board of directors of each consolidating credit union shall, by resolution, propose a specific plan for consolidation merger which shall be agreed to by a majority of the board of each credit union joining in the consolidation and directing that the merger. The proposed merger plan of consolidation shall be submitted to a vote at a an annual or special meeting of members of the merging credit unions being absorbed which may be either an annual or a special meeting union. Written notice of the meeting setting forth the proposed plan of consolidation merger or a summary shall be given to each member of the merging credit unions being absorbed union within the time and in the manner provided for the giving of notice of meetings of members of the credit union. The proposed plan shall be adopted upon receiving a majority of the votes entitled to be cast by members present at the meeting.

SB351,89,25 (3) (title) Rights transferred. The credit union consolidating merging with another credit union under the subs. (1) and (2) shall not be required to go into liquidation but its assets and liabilities shall be reported by the credit union with which it has consolidated merged, and all the rights, franchises and interests of said the merging credit union so consolidated in and to any species of property, personal and mixed, and choses in action thereto belonging, to the credit union shall be deemed considered to be transferred, and the said consolidated resulting credit union shall hold and enjoy the same and all rights of property, franchises and interest in the same manner and to the same extent as was held and enjoyed by the merging credit union so consolidated therewith; and the. The members or shareholders of such absorbed the merging credit union shall without any further act on their part be members and shareholders of such consolidated the resulting credit union and be subject to all rights, privileges and duties as provided for in the bylaws of the resulting credit union which has so absorbed their credit union.

SB351, s. 277 Section 277. 186.31 (1) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB351,90,8 186.31 (1) Transfer of assets and liabilities. Any credit union, which is in good faith winding up its business for the purpose of merging with another credit union, may transfer its assets and liabilities to the credit union with which it is in the process of merging; but no merger may be made without the consent of the office of credit unions, and not then to defeat or defraud any of its creditors in the collection of debts against such credit union.

SB351, s. 278 Section 278. 186.31 (2) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB351,90,19 186.31 (2) Approval. To effect a merger, the board of directors of each credit union shall, by resolution, propose a specific plan for merger which shall be agreed to by a majority of the board of each credit union joining in the merger. The proposed merger plan shall be submitted to a vote at an annual or special meeting of members of the merging credit union. Written notice of the meeting setting forth the proposed plan of merger or a summary shall be given to each member of the merging credit union within the time and in the manner provided for the giving of notice of meetings of members of the credit union. The proposed plan shall be adopted upon receiving a majority of the votes entitled to be cast by members present at the meeting.

SB351, s. 279 Section 279. 186.31 (2m) of the statutes is created to read:

SB351,90,25 186.31 (2m) Emergency merger. Notwithstanding sub. (2), if the commissioner determines that the merging credit union is in danger of insolvency, and that the proposed merger would reduce or avoid a threatened loss to federal share insurance, the commissioner may permit the merger to become effective without an affirmative vote of the membership of the merging credit union.

SB351, s. 280 Section 280. 186.31 (2m) of the statutes, as created by 1995 Wisconsin Act .... (this act), is amended to read:

SB351,91,8 186.31 (2m) Emergency merger. Notwithstanding sub. (2), if the commissioner office of credit unions determines that the merging credit union is in danger of insolvency, and that the proposed merger would reduce or avoid a threatened loss to federal share insurance, the commissioner office of credit unions may permit the merger to become effective without an affirmative vote of the membership of the merging credit union.

SB351, s. 281 Section 281. 186.314 of the statutes is amended to read:

SB351,91,11 186.314 Conversion. A credit union chartered under this chapter may be converted convert to a federal credit union by complying with the following:

SB351,91,20 (1) The proposition for a conversion shall first be approved by unanimous recommendation of the directors of the credit union. The directors shall set a date for a vote by the members on the conversion. Written notice specifying the reason for conversion and the date set for the vote shall be delivered in person or mailed to each member at the address for such member appearing on the records of the credit union, not more than 30 45 days nor less than 7 15 days prior to such date before the meeting. A majority of the members voting, in person or in writing, may approve the proposition for conversion, provided not more than 15 members or 10% of the total membership, whichever is greater, object by written notice, object.

SB351,91,24 (2) A statement of the results of the vote, verified by the affidavits of the president or vice president chairperson or the vice chairperson and the secretary, shall be filed with the office of the commissioner within 10 days after the vote is taken.

SB351,92,8 (3) Promptly after the vote is taken and in no event later than Within 90 days thereafter, if after the date on which the proposition for conversion was is approved by such vote, the credit union shall take such action as may be the necessary action under the federal law 12 USC 1771 (b) to make it a federal credit union, and within. Within 10 days after receipt of the federal credit union charter, there shall be filed the credit union shall file a copy of the charter with the office of the commissioner a copy of the charter thus issued. Upon such filing, the credit union shall cease to be a state credit union.

SB351,92,14 (4) Upon ceasing to be a state credit union, such the credit union shall no longer be subject to this chapter. The successor federal credit union shall be vested with all the assets and shall continue to be responsible for all of the obligations of the state credit union, including annual and special assessments levied under s. 186.35 (5) (d) prior to the date a copy of the federal credit union charter is filed with the commissioner, to the same extent as though the conversion had not taken place.

SB351, s. 282 Section 282. 186.314 (2), (3) and (4) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), are repealed and recreated to read:

SB351,92,19 186.314 (2) A statement of the results of the vote, verified by the affidavits of the chairperson or the vice chairperson and the secretary, shall be filed with the office of credit unions within 10 days after the vote is taken.

SB351,92,24 (3) Within 90 days after the date on which the proposition for conversion is approved, the credit union shall take the necessary action under 12 USC 1771 (b) to make it a federal credit union. Within 10 days after receipt of the federal credit union charter, the credit union shall file a copy of the charter with the office of credit unions. Upon filing, the credit union shall cease to be a state credit union.

SB351,93,6 (4) Upon ceasing to be a state credit union, the credit union shall no longer be subject to this chapter. The successor federal credit union shall be vested with all the assets and shall continue to be responsible for all of the obligations of the state credit union, including annual and special assessments levied under s. 186.35 (5) (d) prior to the date a copy of the federal credit union charter is filed with the office of credit unions, to the same extent as though the conversion had not taken place.

SB351, s. 283 Section 283. 186.315 of the statutes is amended to read:

SB351,93,25 186.315 Charter cancellation. Upon completion of a voluntary liquidation as provided in s. 186.18, or upon completion of the liquidation in cases under s. 186.29 186.235 (11), or after the assets and liabilities of a credit union are transferred to another credit union for the purpose of consolidation merger as provided in s. 186.31 (3), the commissioner shall forthwith cancel the charter of the credit union or credit unions liquidated or absorbed in consolidation merged without any other or further notice to said the credit union or to any person. A certified copy of the order or certificate of the commissioner shall be recorded with the register of deeds of the county where said in which the credit union is located. The register of deeds shall note on the margin of the record of the articles of incorporation of said the credit union the volume and page where said the order or certificate canceling its charter is recorded and shall be entitled to a fee of 50 cents therefor. In case of voluntary liquidation under s. 186.18 or consolidation merger under s. 186.31, the credit union shall record the order or certificate of the commissioner and pay the fee therefor. In case of liquidation under s. 186.29 186.235 (11), the commissioner or special deputy commissioner as therein provided shall record the order or certificate of the commissioner and pay the fee therefor out of the assets of the credit union as an expense of liquidation.

SB351, s. 284 Section 284. 186.315 of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB351,94,18 186.315 Charter cancellation. Upon completion of a voluntary liquidation as provided in s. 186.18, or upon completion of the liquidation in cases under s. 186.235 (11), or after the assets and liabilities of a credit union are transferred to another credit union for the purpose of merger as provided in s. 186.31 (3), the office of credit unions shall cancel the charter of the credit union liquidated or merged without any other or further notice to the credit union or to any person. A certified copy of the order or certificate of the office of credit unions shall be recorded with the register of deeds of the county in which the credit union is located. The register of deeds shall note on the margin of the record of the articles of incorporation of the credit union the volume and page where the order or certificate canceling its charter is recorded. In case of voluntary liquidation under s. 186.18 or merger under s. 186.31, the credit union shall record the order or certificate of the office of credit unions and pay the fee. In case of liquidation under s. 186.235 (11), the office of credit unions or special deputy shall record the order or certificate of the office of credit unions and pay the fee out of the assets of the credit union as an expense of liquidation.

SB351, s. 285 Section 285. 186.32 of the statutes is amended to read:

SB351,95,6 186.32 (title) Central Corporate central credit unions union. (1) (title) Organization. Central A corporate central credit unions union may be organized and operated under the conditions and provisions of this chapter and subject to all of the provisions of this chapter not inconsistent herewith with this section. It shall be lawful for other credit unions located in this state and any other state to become members of a corporate central credit unions union. Credit unions having membership in a corporate central credit union may be represented at an annual or special meetings meeting of the corporate central credit union by one member duly authorized by the board of directors of such that member credit union and shall be entitled to one vote, and such. The representative shall may be eligible for office in the corporate central credit union the same as though if the representative were a member of the corporate central credit union.

SB351,95,13 (2) (title) Dividends. A corporate central credit union may pay to the accounts of member credit unions dividends on a basis other than that required by this section subsection for other members of a corporate central credit union. Dividends paid under this section subsection shall be considered a normal operating expense of the corporate central credit union's operation and rates. Rates of such dividends and terms of payment may be established and guaranteed in advance by action of the corporate central credit union's board of directors.

SB351, s. 286 Section 286. 186.325 of the statutes is created to read:

SB351,95,17 186.325 National corporate central credit union. (1) Criteria. A corporate central credit union is a national corporate central credit union if all of the following conditions are met:

SB351,95,18 (a) Its membership consists of any of the following:

SB351,95,20 1. Central or corporate central credit unions that are organized under the laws of this state or another state or under federal law.

SB351,95,21 2. Officers and directors of the qualifying corporate central credit union.

SB351,95,23 3. Organizations operated primarily to service and otherwise assist credit union operations.

SB351,95,24 (b) Its membership does not include any of the following:

SB351,95,25 1. Credit unions other than those under par. (a) 1.

SB351,96,1 2. Individuals other than those under par. (a) 2.

SB351,96,4 (c) At least 75% of its savings and deposits are derived from members under par. (a) 1. and the remainder of its savings and deposits are derived from members under par. (a) 2. and 3.

SB351,96,6 (2) Borrowing limits. The borrowing limits under s. 186.112 do not apply to a national corporate central credit union.

SB351, s. 287 Section 287. 186.33 of the statutes is renumbered 186.113 (22) and amended to read:

SB351,96,22 186.113 (22) (title) Other powers Community currency exchange and seller of checks. Credit unions may engage Engage in the business and functions provided for in s. 218.05 and ch. 217 for their members upon receiving a certificate of authority from the commissioner. The certificate of authority shall be issued by the commissioner upon application of a credit union whenever the commissioner finds that the credit union has adequate clerical facilities and has provided for the keeping of adequate accounts and for the segregation of funds used in carrying on the business of issuing their own credit union money orders. The applicants . An applicant shall meet the same requirements as other applicants under ch. 217, but no investigation fee may be charged of credit union applicants. The commissioner may revoke a certificate of authority following a hearing held upon 10 days' notice to the credit union for any reason which would have justified the rejection of an application or on the ground that the continued operation of the business threatens the solvency of the credit union.

SB351, s. 288 Section 288. 186.34 (1) of the statutes is amended to read:

SB351,97,2 186.34 (1) (title) Insurance required. No credit union organized under this chapter on or after July 20, 1985, may accept any deposit from any person other than an incorporator before the credit union has received a certificate of share insurance issued by the national board.

SB351, s. 289 Section 289. 186.34 (2) and (3) of the statutes are repealed.

SB351, s. 290 Section 290. 186.34 (4) of the statutes is amended to read:

SB351,97,11 186.34 (4) (title) Certificate filing. Every credit union that receives a certificate of insurance from the national board shall file a copy of the certificate with the commissioner within 30 days after the credit union receives the certificate. Every credit union organized under this chapter prior to July 20, 1985, that receives a certificate of insurance from the national board shall also file a copy of the certificate with the Wisconsin credit union savings insurance corporation within 30 days after receipt of the certificate.

SB351, s. 291 Section 291. 186.34 (4) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB351,97,16 186.34 (4) Certificate filing. Every credit union that receives a certificate of insurance from the national board shall file a copy of the certificate with the office of credit unions within 30 days after the credit union receives the certificate.

SB351, s. 292 Section 292. 186.34 (5) (title) of the statutes is created to read:

SB351,97,18 186.34 (5) (title) Insurance to be maintained.