Amendment SA1-SSA1-AB133

AB133-SSA1-SA1,310,11 966. Page 1179, line 19: after that line insert:

AB133-SSA1-SA1,310,12 " Section 2309d. Chapter 196 (title) of the statutes is amended to read:

AB133-SSA1-SA1,310,13 CHAPTER 196

AB133-SSA1-SA1,310,15 REGULATION OF PUBLIC UTILITIES service commission

AB133-SSA1-SA1, s. 2309f Section 2309f. Subchapter I (title) of chapter 196 [precedes 196.01] of the statutes is created to read:

AB133-SSA1-SA1,310,18 chapter 196

AB133-SSA1-SA1,310,19 subchapter I

AB133-SSA1-SA1,310,20 regulation of public utilities

AB133-SSA1-SA1, s. 2309h Section 2309h. 196.01 (intro.) of the statutes is amended to read:

AB133-SSA1-SA1,310,23 196.01 Definitions. (intro.) As used in this chapter subchapter and ch. 197, unless the context requires otherwise:".

AB133-SSA1-SA1,310,24 967. Page 1179, line 19: after that line insert:

AB133-SSA1-SA1,311,1 " Section 2308pq. 186.113 (15) (a) of the statutes is amended to read:

AB133-SSA1-SA1,311,22 186.113 (15) (a) Directly or indirectly, acquire, place and operate, or participate in the acquisition, placement and operation of, at locations other than its offices, remote terminals, in accordance with rules established by the office of credit unions. The rules shall provide that any remote terminal shall be available for use, on a nondiscriminatory basis, by any state or federal credit union which has its principal place of business in this state, by any other credit union obtaining the consent of a state or federal credit union which has its principal place of business in this state and is using the terminal and by all members designated by a credit union using the terminal. This subsection does not authorize a credit union which has its principal place of business outside the state to conduct business as a credit union in this state. The remote terminals also shall be available for use, on a nondiscriminatory basis, by any state or national bank, state or federal savings bank or state or federal savings and loan association, whose home office is located in this state, if the bank, savings bank or savings and loan association requests to share its use, subject to the joint rules established under s. 221.0303 (2). The joint rules under s. 221.0303 (2) shall prohibit a state or federal credit union that owns or operates a remote terminal from charging a person a fee for a transaction using that remote terminal, unless the transaction relates to or affects an account held by that person with that credit union. The office of credit unions by order may authorize the installation and operation of a remote terminal in a mobile facility, after notice and hearing upon the proposed service stops of the mobile facility.".

AB133-SSA1-SA1,311,23 968. Page 1179, line 19: after that line insert:

AB133-SSA1-SA1,311,24 " Section 2308mc. 186.01 (2) of the statutes is amended to read:

AB133-SSA1-SA1,312,5 186.01 (2) "Credit union" means a cooperative, nonprofit corporation, incorporated under this chapter to encourage thrift among its members, create a source of credit at a fair and reasonable cost and provide an opportunity for its members to improve their economic and social conditions, except as specifically provided under ss. 186.41 (1) and 186.45 (1).

AB133-SSA1-SA1, s. 2308mf Section 2308mf. 186.01 (8) of the statutes is repealed.

AB133-SSA1-SA1, s. 2308mh Section 2308mh. 186.02 (2) (a) 1. of the statutes is amended to read:

AB133-SSA1-SA1,312,9 186.02 (2) (a) 1. The conditions of residence or occupation which qualify persons determine eligibility for membership.

AB133-SSA1-SA1, s. 2308mj Section 2308mj. 186.02 (2) (a) 3. and 4. of the statutes are repealed.

AB133-SSA1-SA1, s. 2308mL Section 2308mL. 186.02 (2) (b) 2. of the statutes is amended to read:

AB133-SSA1-SA1,312,16 186.02 (2) (b) 2. Residents within a well-defined neighborhood, community or Individuals that reside or are employed in neighborhoods, communities, rural district districts or multicounty regions, unless the office of credit unions determines that it is impractical for a particular credit union to serve the area in which the individuals reside or are employed.

AB133-SSA1-SA1, s. 2308mn Section 2308mn. 186.02 (2) (b) 3. of the statutes is amended to read:

AB133-SSA1-SA1,312,21 186.02 (2) (b) 3. Employes of related or vicinal industries or employes of industries that operate at least one facility within a neighborhood or urban, suburban or rural community the limits of which are not determined by any arbitrary physical standard.

AB133-SSA1-SA1, s. 2308mp Section 2308mp. 186.02 (2) (c) of the statutes is amended to read:

AB133-SSA1-SA1,313,2 186.02 (2) (c) Members of the immediate family of all qualified persons are eligible for membership. In this paragraph, "members of the immediate family" include the wife, husband, parents, stepchildren and children of a member whether living together in the same household or not and any other relatives of the member or spouse of a member living together in the same household as the member.

AB133-SSA1-SA1, s. 2308mr Section 2308mr. 186.02 (2) (d) of the statutes is renumbered 186.02 (2) (d) 1. and amended to read:

AB133-SSA1-SA1,313,8 186.02 (2) (d) 1. Organizations and associations An organization or association of individuals, the majority of whom the directors, owners or members of which are eligible for membership, may be admitted to membership in the same manner and under the same conditions as individuals.

AB133-SSA1-SA1, s. 2308mt Section 2308mt. 186.02 (2) (d) 2. of the statutes is created to read:

AB133-SSA1-SA1,313,14 186.02 (2) (d) 2. An organization or association that has a business location within any geographic limits of the credit union's field of membership or an organization or association that, in the ordinary course of business, provides goods and services to credit unions, credit union organizations or persons who are eligible for membership in the credit union may be admitted to membership.

AB133-SSA1-SA1, s. 2308mv Section 2308mv. 186.08 (1m) (h) of the statutes is created to read:

AB133-SSA1-SA1,313,18 186.08 (1m) (h) Establishing a policy determining which individuals qualify as members of the immediate family of a qualified person for the purpose of determining eligibility for membership in the credit union under s. 186.02 (2) (c).

AB133-SSA1-SA1, s. 2308mx Section 2308mx. 186.11 (4) (title) and (a) of the statutes are amended to read:

AB133-SSA1-SA1,314,2 186.11 (4) (title) Investment in credit union service corporations organizations. (a) A Unless the office of credit unions approves a higher percentage, a credit union may invest not more than 1.5% of its total assets in the capital shares or obligations of a credit union service corporation organizations that are corporations, limited partnerships, limited liability companies or other entities approved by the office of credit unions, and that are organized primarily to provide goods and services, in the ordinary course of business, to credit unions, credit union organizations and credit union members.

AB133-SSA1-SA1, s. 2308pc Section 2308pc. 186.11 (4) (b) (intro.) and 1. of the statutes are amended to read:

AB133-SSA1-SA1,314,6 186.11 (4) (b) (intro.) A credit union service corporation organization under par. (a) may provide goods and services including any of the following:

AB133-SSA1-SA1,314,12 1. Credit union operations services, including service centers, credit and debit card services, automated teller and remote terminal services, electronic transaction services, accounting systems, data processing, management training and support, payment item processing, record retention and storage, locator services, research, debt collection, credit analysis and loan servicing, coin and currency services and marketing and advertising services.

AB133-SSA1-SA1, s. 2308pf Section 2308pf. 186.11 (4) (b) 6. and 7. of the statutes are renumbered 186.11 (4) (b) 9. and 10.

AB133-SSA1-SA1, s. 2308ph Section 2308ph. 186.11 (4) (b) 6m., 7m. and 8. of the statutes are created to read:

AB133-SSA1-SA1,314,18 186.11 (4) (b) 6m. Management, development, sale or lease of fixed assets and sale, lease or servicing of computer hardware or software.

AB133-SSA1-SA1,314,19 7m. Securities brokerage services.

AB133-SSA1-SA1,314,20 8. Travel agency services.

AB133-SSA1-SA1, s. 2308pj Section 2308pj. 186.11 (4) (c) of the statutes is amended to read:

AB133-SSA1-SA1,314,23 186.11 (4) (c) A credit union service corporation organization may be subject to audit examination by the office of credit unions.

AB133-SSA1-SA1, s. 2308pL Section 2308pL. 186.113 (1) of the statutes is amended to read:

AB133-SSA1-SA1,315,6 186.113 (1) Branch offices. If the need and necessity exist and with With the approval of the office of credit unions, establish branch offices inside this state or no more than 25 miles or outside of this state. Permanent records may be maintained at branch offices established under this subsection. In this subsection, the term "branch office" does not include a remote terminal, a limited services office or a service center.

AB133-SSA1-SA1, s. 2308pn Section 2308pn. 186.113 (1m) (a) (intro.) of the statutes is amended to read:

AB133-SSA1-SA1,315,10 186.113 (1m) (a) (intro.) Establish Before the effective date of this paragraph .... [revisor inserts date], establish limited services offices outside this state to serve any member of the credit union if all of the following requirements are met:

AB133-SSA1-SA1, s. 2308pp Section 2308pp. 186.113 (6) (b) and (c) of the statutes are amended to read:

AB133-SSA1-SA1,315,14 186.113 (6) (b) Act as trustees or custodians of member tax deferred retirement funds, individual retirement accounts, medical savings accounts or other employe benefit accounts or funds permitted by federal law to be deposited in a credit union.

AB133-SSA1-SA1,315,16 (c) Act as a depository for member-deferred member qualified and nonqualified deferred compensation funds as permitted by federal law.

AB133-SSA1-SA1, s. 2308pr Section 2308pr. 186.113 (24) of the statutes is created to read:

AB133-SSA1-SA1,315,19 186.113 (24) Funeral trusts. Accept deposits made by members for the purpose of funding burial agreements by trusts created pursuant to s. 445.125.

AB133-SSA1-SA1, s. 2308pt Section 2308pt. 186.113 (25) of the statutes is created to read:

AB133-SSA1-SA1,315,23 186.113 (25) Sell or purchase assets. Discount or sell any of its assets and, with the prior approval of the office of credit unions, purchase assets of another lender or seller.

AB133-SSA1-SA1, s. 2308pv Section 2308pv. 186.114 of the statutes is created to read:

AB133-SSA1-SA1,316,5 186.114. Federal and other powers. (1) Exercise of federal credit union powers by Wisconsin credit union. (a) In general. Subject to the limitations in this subsection, a credit union may exercise all powers that may be exercised, directly or indirectly through a credit union service organization, by a federally chartered credit union or by an affiliate of such an institution.

AB133-SSA1-SA1,316,8 (b) Required notification for exercise of a federal power. A credit union shall give 60 days' prior written notice to the office of credit unions of the credit union's intention to exercise a power under this subsection.

AB133-SSA1-SA1,316,12 (c) Exercise of federal powers through a credit union service organization. The office of credit unions may require that certain powers exercisable by credit unions under this subsection be exercised through a credit union service organization with appropriate safeguards to limit the risk exposure of the credit union.

AB133-SSA1-SA1,316,17 (2) Exercise of other service and incidental activity powers. (a) Necessary or convenient powers. Unless otherwise prohibited or limited by this chapter, a credit union may exercise all powers necessary or convenient to effect the purposes for which the credit union is organized or to further the businesses in which the credit union is lawfully engaged.

AB133-SSA1-SA1,316,25 (b) Reasonably related powers. Subject to any applicable state or federal regulatory or licensing requirements, a credit union may engage, directly or indirectly through a credit union service organization, in activities reasonably related or incident to the purposes of the credit union. Activities reasonably related or incident to the purposes of the credit union are those activities that are part of the business of credit unions, or closely related to the business of credit unions, or convenient and useful to the business of credit unions, or reasonably related or incident to the operation of credit unions or are financial in nature.

AB133-SSA1-SA1,317,3 (c) Notice requirement. A credit union shall give 60 days' prior written notice to the office of credit unions of the credit union's intention to engage in an activity under this subsection.

AB133-SSA1-SA1,317,10 (d) Standards for denial. The office of credit unions may deny the authority of a credit union to engage in an activity under this subsection if the office of credit unions determines that the activity is not an activity reasonably related or incident to the purposes of the credit union, that the credit union is not well-capitalized or adequately capitalized, that the credit union is the subject of an enforcement action or that the credit union does not have satisfactory management expertise for the proposed activity.

AB133-SSA1-SA1,317,12 (e) Other activities approved by the office of credit unions. A credit union may engage in any other activity that is approved by rule of the office of credit unions.

AB133-SSA1-SA1,317,17 (f) Activities provided through a subsidiary. A credit union may engage in activities under this subsection, directly or indirectly through a credit union service organization, unless the office of credit unions determines that an activity must be conducted through a credit union service organization with appropriate safeguards to limit the risk exposure of the credit union.

AB133-SSA1-SA1,317,22 (3) Rule-making authority. The office of credit unions may promulgate rules to administer this section. The rules may impose limitations or conditions on the exercise of powers under this section if the office of credit unions determines that the limits or conditions are necessary for the protection of depositors, members, investors or the public.

AB133-SSA1-SA1, s. 2308px Section 2308px. 186.115 (1) of the statutes is amended to read:

AB133-SSA1-SA1,318,5 186.115 (1) Scope of authority. Subject to any regulatory approval required by law and subject to sub. (2), a credit union, directly or through a subsidiary, may undertake any activity, exercise any power or offer any financially related product or service in this state that any other provider of financial products or services may undertake, exercise or provide or that the office of credit unions finds to be financially related. The authority granted under this subsection is in addition to any power or authority granted to a credit union under s. 186.114 (1) and (2) (a) and (b).

AB133-SSA1-SA1, s. 2308sc Section 2308sc. 186.235 (7) (a) (intro.) of the statutes is amended to read:

AB133-SSA1-SA1,318,10 186.235 (7) (a) (intro.) Employes of the office of credit unions and members of the review board shall keep secret all the facts and information obtained in the course of examinations, or contained in any report provided by a credit union other than a call report, except in any of the following situations:

AB133-SSA1-SA1, s. 2308sf Section 2308sf. 186.235 (7) (c) of the statutes is created to read:

AB133-SSA1-SA1,318,17 186.235 (7) (c) If any person mentioned in par. (a) discloses any information about the private account or transactions of a credit union or any information obtained in the course of an examination of a credit union, except as provided in pars. (a) and (b), that person may be required to forfeit his or her office or position and may be fined not less than $100 nor more than $1,000 or imprisoned for not less than 6 months nor more than 3 years or both.

AB133-SSA1-SA1, s. 2308sh Section 2308sh. 186.235 (7m) of the statutes is created to read:

AB133-SSA1-SA1,318,21 186.235 (7m) Return of examination reports. Examination reports possessed by a credit union are confidential, remain the property of the office of credit unions and shall be returned to the office of credit unions immediately upon request.

AB133-SSA1-SA1, s. 2308sj Section 2308sj. 186.235 (16) (a) of the statutes is renumbered 186.235 (16).

AB133-SSA1-SA1, s. 2308sL Section 2308sL. 186.235 (16) (b) of the statutes is repealed.

AB133-SSA1-SA1, s. 2308sn Section 2308sn. 186.36 of the statutes is amended to read:

AB133-SSA1-SA1,319,4 186.36 Sale of insurance in credit unions. Any officer or employe of a credit union, when acting as an agent for the sale of insurance on behalf of the credit union, shall pay all commissions received from the sale of credit life insurance or credit accident and sickness insurance to the credit union.

AB133-SSA1-SA1, s. 2308sp Section 2308sp. 186.41 (title) of the statutes is amended to read:

AB133-SSA1-SA1,319,7 186.41 (title) Interstate acquisition acquisitions and merger mergers of credit unions.

AB133-SSA1-SA1, s. 2308sr Section 2308sr. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and amended to read:

AB133-SSA1-SA1,319,11 186.41 (1) (bm) "In-state Wisconsin credit union" means a credit union having its principal office located in this state.

AB133-SSA1-SA1, s. 2308st Section 2308st. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and amended to read:

AB133-SSA1-SA1,319,16 186.41 (1) (am) "Regional Out-of-state credit union" means a state or federal credit union that has its, the principal office of which is located in one of the regional states a state other than this state.

AB133-SSA1-SA1, s. 2308sv Section 2308sv. 186.41 (1) (d) of the statutes is repealed.

AB133-SSA1-SA1, s. 2308sx Section 2308sx. 186.41 (2) and (3) of the statutes are amended to read:

AB133-SSA1-SA1,319,20 186.41 (2) In-state Wisconsin credit union. (a) An in-state A Wisconsin credit union may do any of the following:

AB133-SSA1-SA1,319,22 1. Acquire an interest in, or some or all of the assets and liabilities of, one or more regional out-of-state credit unions.

AB133-SSA1-SA1,319,23 2. Merge with one or more regional out-of-state credit unions.