AB378, s. 351
17Section
351. 182.40 (1) of the statutes is amended to read:
AB378,128,2118
182.40
(1) The following government agencies are to be exempt from the
19payment of tolls: All armed forces of the United States including the Wisconsin
20national
guards guard and national guard units from other states; the Wisconsin
21state defense force; and civilian defense organizations.
Note: Corrects spelling.
AB378, s. 352
22Section
352. 183.0114 (2) (intro.) of the statutes is amended to read:
AB378,129,2
1183.0114
(2) (intro.) The
secretary of state department may not collect a fee
2for any of the following:
Note: 1995 Wis. Act 27 transferred filing and registration responsibility under ch.
183 from the secretary of state to the department of financial institutions.
AB378, s. 353
3Section
353. 186.098 (3) (title) of the statutes is created to read:
AB378,129,44
186.098
(3) (title)
Loan applications.
Note: The other subsections of s. 186.098 have titles.
AB378,129,87
186.11
(4) (c) A service corporation may be subject to audit by the
commissioner 8office of credit unions.
Note: 1995 Wis. Act 151 was intended to replace all references to the commissioner
of credit unions, effective 7-1-96. This reference was unintentionally retained.
AB378, s. 355
9Section
355. 186.113 (1m) (title) of the statutes is created to read:
AB378,129,1010
186.113
(1m) (title)
Limited service offices.
Note: The other subsections of s. 186.113 have titles.
AB378,129,2013
186.235
(15) (b) Witness fees shall be the same as fees under s. 814.67 (1) (b)
14and (c). The fees of witnesses who are called by the office in the interests of the state
15shall be paid by the state upon presentation of proper vouchers approved by the
16commissioner office of credit unions and charged to the appropriation under s.
20.141
17(1) 20.144 (2) (g). A witness subpoenaed by the office at the instance of a party other
18than the office shall not be entitled to payment of fees by the state unless the office
19certifies that the testimony was material to the purpose for which the subpoena was
20issued.
Note: 1995 Wis. Act 27 renumbered s. 20.141 (1) (g) to be s. 20.144 (2) (g) and
changed references to the "commissioner of credit unions" to the "office of credit unions",
all effective 7-1-96.
AB378,130,143
190.01
(2) The articles of incorporation and amendments thereto shall be filed
4with the department of
revenue financial institutions; in the case of articles, the
5department of
revenue financial institutions shall thereupon issue a certificate of
6incorporation and the corporation then has legal existence. The articles of
7incorporation or special charter of any railroad company may be amended by a
8majority vote of all the stock in the respects and for the purposes provided in s.
9180.1001. The fees for filing articles and amendments thereto are as provided in s.
10180.0122 (1) (a) and (m) except that the fees for filing an amendment which
11authorizes the issuance of redeemable preference shares for sale to the U.S.
12secretary of transportation under sections 505 and 506 of P.L.
94-210 is $15 for the
13amendment and an additional sum equal to $1 for each $100,000 or fraction thereof
14of par value redeemable preference shares authorized by the amendment.
Note: The governor's budget proposal provided for the transfer of corporate filings
to the department of revenue, but was changed to the department of financial institutions
as enacted in
1995 Wis. Act 27. That change inadvertently was not made to the treatment
of this provision by Act 27.
AB378,131,217
214.26
(2) (c) After 3 years of corporate existence, the board of directors may
18petition the division for authority to repay the incorporators, on a proportional basis,
19any unused portion remaining in the expense fund. If the division determines that
20the operations of the mutual savings bank at that point are of such degree as
so to
1enable the mutual savings bank to operate without the subsidy, the division may
2authorize repayment.
Note: Inserts correct word.
AB378,131,105
214.345
(5) (a) Subject to the approval of the division, a savings bank's bylaws
6shall provide for reasonable indemnification to its officers, directors and employes
7in connection with the faithful performance of their duties for the savings bank. For
8stock savings banks, the provisions shall be consistent with those under ss. 180.0850
9to 180.0859. For mutual savings banks, the provisions shall be consistent with those
10under ss. 215.512 to 215.525.
AB378,131,1511
(b) The provisions relating to the limited liability of directors under s. 180.0828,
12as they apply to a director of a corporation, apply to a director of a stock savings bank.
13 The provisions relating to the limited liability of directors and officers under s.
14215.525, as they apply to a director or officer of a mutual savings and loan
15association, apply to a director or officer of a mutual savings bank.
Note: 1995 Wisconsin Act 103, section 8, repeals and recreates s. 214.345
(5) effective on July 1, 1996. 1995 Wisconsin Act 103, section 9, repealed and
recreated s. 214.345 (5) effective on the day after publication of the act. The
section 8 treatment was intended to take effect on publication, to be replaced by
the section 9 treatment on July 1, 1996. This bill recreates the section 9
treatment.
AB378,132,318
214.65
(2) (b) The proposed sale is approved by the stockholders if it receives
19an affirmative vote from a majority of the total number of votes that are entitled to
20be cast. A proposal for the voluntary liquidation of the savings bank may be
21submitted to the stockholders at the same meeting or at any later meeting called for
1that purpose. A certified summary of proceedings setting forth the terms of the
2proposed sale, the form and timing of the notice given, the vote on the proposal and
3the total number of votes entitled to
be cast shall be filed with the division.
Note: Inserts missing words.
AB378,132,15
6214.825 Purposes of taking custody. The purposes of taking custody of a
7savings bank may include examination; production of an audited financial
8statement; reconstruction of books and records; conservation of assets; restoration
9of impaired capital; the making of any necessary or equitable adjustment, including
10changes in officers and management, considered necessary by the division under any
11plan of reorganization or liquidation; restructuring of the savings bank through a
12merger or formation of
a an interim institution; establishment of a conservatorship
13to operate and manage a savings bank as an ongoing concern until the grounds for
14custody and conservatorship are remedied; or the maturing of an obligation of the
15deposit insurance corporation.
Note: Inserts correct word.
AB378,132,2118
215.02
(6) (a) 3. For the purpose of comparing notes as to matters affecting an
19association with an examiner of
the a deposit insurance corporation or a federal
20regulatory agency as to any association whose savings accounts are insured by the
21deposit insurance corporation.
Note: Deletes unnecessary word consistent with the treatment of s. 215.02 (6) (a)
4. by
1995 Wis. Act 104.
AB378,133,173
215.32
(6) (a)
Notice, allowance and payment of claims. The special deputy
4commissioner shall publish a class 3 notice, under ch. 985, requiring all persons who
5have claims against the association, other than savers whose claims are shown in the
6records of the association, to file proof of their claims at a place and by a date not
7earlier than 30 days after the last insertion of the notice. The special deputy shall
8mail a copy of the notice to all persons, at their last-known addresses, who appear
9as creditors upon the books of the association. Proof of publication and service of the
10notice shall be filed with the clerk of circuit court. A claim, other than that of a saver
11whose claim is shown on the records of the association, for which no proof of claim
12is filed by the date fixed in the notice is barred. Savers whose claims are shown in
13the records of the association need not file proof of their claims. Any interested party
14may file written objections to any claim with the special deputy. The special deputy
15may reject any claim, including a claim of a saver. After notice by registered mail of
16rejection, the claim is barred unless the claimant commences an action within 90
17days after the date of mailing of the notice of rejection.
AB378,133,1918NOTE: The stricken word should have been deleted by
1995 Wis. Act 27 which
19eliminated the office of the commissioner of savings and loan.
AB378,133,2222
215.32
(6) (h) (title)
Transfer of residual assets to commissioner division
.
AB378,133,2523NOTE: The stricken word should have been deleted by
1995 Wis. Act 27 which
24eliminated the office of the commissioner of savings and loan and replaced it with the
25division of savings and loan in the department of financial institutions.
AB378, s. 365
26Section
365. 217.12 (2) of the statutes is amended to read:
AB378,134,3
1217.12
(2) Tokens. No licensee shall issue
script scrip or tokens other than
2checks to be used in lieu of money for the purchase of goods or services from any
3enterprise.
Note: Inserts correct word.
AB378,134,166
218.05
(4) (b) If the division
shall finds that the conditions under par. (a) 1. to
73. are not met, the division shall not issue the license and shall notify the applicant
8of the denial, retaining the investigation fee to cover the cost of investigating the
9applicant. The division shall approve or deny every application within 30 days from
10the filing thereof. No application shall be denied unless the applicant has had notice
11of a hearing on the application and an opportunity to be heard thereon. If the
12application is denied, the division shall, within 20 days thereafter, prepare and keep
13on file with the division a written order of denial which shall contain the division's
14findings with respect thereto and the reasons supporting the denial. The division
15shall mail a copy of the order of denial to the applicant at the address set forth in the
16application, within 5 days after the filing of the order.
AB378,134,2319
220.04
(1) (b) In lieu of any examination required to be made by the division,
20the division may accept any examination that may have been made of any bank or
21trust company bank within a reasonable period by a bank supervisory agency, as
22defined in s.
221.59 221.0901 (2) (d), if a copy of the examination is furnished to the
23division.
Note: Inserts correct cross-reference. Chapter 221 was repealed and recreated by
1995 Wis. Act 336. The definition of "bank supervisory agency" now appears at s.
221.0901 (2) (d).
AB378,135,73
221.0216
(4) Liability of holders of preferred stock. Preferred stock of a
4bank is not subject to
a an assessment to restore an impairment in the capital of the
5bank. A holder of preferred stock of a bank is not individually responsible, in the
6shareholder's capacity as a shareholder, for any debt, contract or acknowledgment
7of a bank.
Note: Inserts correct word.
AB378,135,1810
221.0321
(5) Certain secured loans. A bank may make loans secured by
11assignment or transfer of stock certificates or other evidence of the borrower's
12ownership interest in a corporation formed for the cooperative ownership of real
13estate. Sections 846.10 and 846.101, as they apply to a foreclosure of a mortgage
14involving a one-family residence, apply to a proceeding to enforce the lender's rights
15in security given for a loan under this subsection. The division shall promulgate joint
16rules with the
division office of credit unions and the division of savings and loan that
17establish procedures for enforcing a lender's rights in security given for a loan under
18this subsection.
Note: Inserts correct word.
AB378,136,2
1221.0402
(2) (b) Mortgage bankers registered under s.
440.72 224.72 may use
2the designation "mortgage banker".
Note: Inserts correct cross-reference. Section 440.72 was renumbered to s. 224.72
by
1995 Wis. Act 27.
AB378,136,16
5221.0802 Banks may be placed in hands of division. A bank doing
6business under this chapter may place its affairs and assets under the control of the
7division by posting a notice on its front door, as follows: "This bank is in the hands
8of the Division of Banking of the Department of Financial Institutions". Immediately
9upon posting such notice, the bank shall notify the division of this action. The posting
10of the notice, or the taking possession of a bank by the division, places the bank's
11assets and property in the possession of the division, and bars any attachment
12proceedings. For each day the division is placed in possession of the bank, and until
13such time as a special deputy is appointed under s. 220.08 (4), the bank shall pay to
14the division the actual cost of such liquidation proceedings. The division shall pay
15the amounts to the state treasurer and the percentage specified in s.
20.124 20.144 16(1) (g) shall be credited to the appropriation account under s.
20.124 20.144 (1) (g).
Note: Inserts correct cross-reference. Section 20.124, the appropriation for the
office of the commissioner of banking, was repealed by
1995 Wis. Act 27. The office of the
commissioner of banking was replaced by the department of financial institutions, the
appropriation for which appears at s. 20.144. The percentage and appropriation now
appear at s. 20.144 (1) (g).
Note: There is no conflict of substance.
AB378,137,10
1223.105
(4) Notice of fiduciary operation. Except for those organizations
2licensed under ch. 221 or this chapter, any organization engaged in fiduciary
3operations as defined in this section shall, as required by rule, notify the division of
4banking, the office of credit unions or the
division of savings and loan of that fact,
5directing the notice to the agency then exercising regulatory authority over the
6organization or, if there is none, to the division of banking. Any organization which
7intends to engage in fiduciary operations shall, prior to engaging in such operations,
8notify the appropriate agency of this intention. The notifications required under this
9subsection shall be on forms and contain information required by the rules
10promulgated by the division of banking.
Note: Inserts missing word.
AB378,138,913
223.12
(2) Service of process. Any foreign corporation acting in this state in
14a fiduciary capacity is considered to have appointed the division of banking to be its
15true and lawful attorney upon whom may be served all legal process in any action
16or proceeding against it relating to or growing out of any trust, estate or matter in
17respect of which the foreign corporation has acted or is acting in this state in any such
18fiduciary capacity. Engagement in this state in any acts in a fiduciary capacity
19signifies agreement that any process against the foreign corporation which is served
20under this subsection shall be of the same legal force and validity as though served
21upon the foreign corporation personally. Service of process under this subsection
22shall be made by delivering to the division of banking a copy of the process, together
23with any fee for service of process required by the
commissioner division. Service of
24process is sufficient if notice of such service and a copy of the process are, within 10
1days after delivery to the division of banking, sent by registered mail by the plaintiff
2to the defendant at its principal office in such other state or territory and the
3plaintiff's affidavit of compliance with this requirement is appended to the
4summons. The court in which the action is pending may order such continuances as
5may be necessary to afford the defendant reasonable opportunity to defend the
6action. The fee paid by the plaintiff to the division at the time of the service may be
7recovered as taxable costs by the plaintiff if the plaintiff prevails in the action. The
8division shall keep a record of all processes served upon the division under this
9subsection and shall record the time of the service.
Note: 1995 Wis. Act 273 inserted "division" without showing it underscored and
deleted "commissioner" without showing it stricken. The change was intended.
AB378,138,1412
223.12
(4) (c) Each foreign corporation making application for a certificate of
13authority shall pay reasonable fees to the
office of the division of banking as
14determined by the division for the services of that division.
Note: 1995 Wis. Act 273 deleted "office of the" without showing it stricken. The
change was intended.
AB378,138,2217
224.72
(5) (b) 1. Upon receiving a properly completed application for
18registration as a mortgage banker, the fee specified
in sub. (8) (b) and, except as
19provided in s. 224.85 (2), satisfactory evidence of compliance with sub. (4), the
20department shall issue to the applicant a temporary certificate of registration as a
21mortgage banker. A temporary certificate of registration is valid for 6 months after
22the date of issuance.
Note: 1995 Wis. Act 465 deleted "in" without showing it as stricken. No change
was intended.
AB378,139,233
226.14
(1) No common law trust organized in this state, and no such trust
4formed or organized under or by authority of the laws of any state or foreign
5jurisdiction, for the purpose of doing business under a declaration of trust which
6shall have issued to
five 5 or more persons, or which shall sell or propose to sell
7beneficial interests, certificates or memberships therein, shall transact business, or
8acquire, hold or dispose of property in this state until the trustees named in said
9declaration of trust shall have caused to be filed with the department of financial
10institutions the original declaration of trust, or a true copy thereof, and all
11amendments which may be made, verified as such by the affidavits of
two 2 of the
12signers thereof. A like verified copy of the declaration and such amendments, and
13a certificate of the department of financial institutions, showing the date when such
14declaration was filed and accepted by the department of financial institutions
, 15within
thirty 30 days of such filing and acceptance, shall be recorded with the
16register of deeds of the county in which such trust has its principal office or place of
17business in this state. No such trust shall transact business in this state until such
18declaration or such copy thereof be left for record. The register of deeds shall
19forthwith transmit to the department of financial institutions a certificate stating
20the time when such copy was recorded and shall be entitled to a fee of
twenty-five 2125 cents therefor, to be paid by the person presenting such papers for record. Upon
22receipt of such certificate the department of financial institutions shall issue to said
23trustees a certificate of filing.
Note: Corrects error in transcribing
1991 Wis. Act 316 and replaces word form of
number with digits for conformity with current style.
AB378,140,75
233.04
(7s) Prior to the initial 5-year review by the joint committee on finance
6under s. 13.094, notify the legislative audit bureau and cooperate with the
legislative
7audit bureau in its performance of the audit required under s. 13.94 (1) (o).
Note: The underscored language was added by
1995 Wis. Act 216 without being
shown as underscored. The change was intended.
AB378,140,1210
234.15
(3) (a) 1. All interest payable during
the fiscal year on all bonds secured
11in whole or in part by the capital reserve fund outstanding on the date of
12computation.
Note: "[T]he" is added to improve grammar.