Amendment SSA1-SB274

SB274-SSA1,13,6 (d) The office of credit unions is provided a copy of any original application seeking approval by a federal agency of the acquisition of in-state Wisconsin credit union assets or of the merger with an in-state a Wisconsin credit union and of any supplemental material or amendments filed with the application.

SB274-SSA1,13,9 (f) With regard to an acquisition of assets of an in-state a Wisconsin credit union that is chartered on or after May 9, 1986, the in-state Wisconsin credit union has been in existence for at least 5 years before the date of acquisition.

SB274-SSA1, s. 15 Section 15. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to read:

SB274-SSA1,13,14 186.41 (5) (a) Considering the financial and managerial resources and future prospects of the applicant and of the in-state Wisconsin credit union concerned, the action would be contrary to the best interests of the members of the in-state Wisconsin credit union.

SB274-SSA1,13,17 (b) The action would be detrimental to the safety and soundness of the applicant or of the in-state Wisconsin credit union concerned, or to a subsidiary or affiliate of the applicant or of the in-state Wisconsin credit union.

SB274-SSA1,13,22 (c) Because the applicant, its executive officers or directors have not established a record of sound performance, efficient management, financial responsibility and integrity, the action would be contrary to the best interests of the creditors, members or other customers of the applicant or of the in-state Wisconsin credit union or contrary to the best interests of the public.

SB274-SSA1,14,2 (cr) The applicant has failed to propose to provide adequate and appropriate services of the type contemplated by the community reinvestment act of 1977 in the community in which the in-state Wisconsin credit union which the applicant proposes to acquire or merge with is located.

SB274-SSA1, s. 16 Section 16. 186.41 (5m) of the statutes is amended to read:

SB274-SSA1,14,5 186.41 (5m) Branching not limited. This section does not limit branching authority under s. ss. 186.113 (1) and (1m) and 186.1155 (3) (g).

SB274-SSA1, s. 17 Section 17. 186.41 (6) (a) of the statutes is renumbered 186.41 (6).

SB274-SSA1, s. 18 Section 18. 186.41 (6) (b) of the statutes is repealed.

SB274-SSA1, s. 19 Section 19. 186.41 (8) of the statutes is repealed.

SB274-SSA1, s. 20 Section 20. 186.45 of the statutes is created to read:

SB274-SSA1,14,11 186.45 Non-Wisconsin credit union, Wisconsin offices. (1) Definitions. In this section:

SB274-SSA1,14,13 (a) "Non-Wisconsin credit union" means a credit union organized under the laws of and with its principal office located in a state other than this state.

SB274-SSA1,14,14 (b) "Wisconsin credit union" has the meaning given in s. 186.41 (1) (bm).

SB274-SSA1,14,19 (2) Approval. A non-Wisconsin credit union may open an office and conduct business as a credit union in this state if the office of credit unions finds that Wisconsin credit unions are allowed to do business in the other state under conditions similar to those contained in this section and that the non-Wisconsin credit union meets all of the following conditions:

SB274-SSA1,14,21 (a) Is a credit union organized under laws similar to the credit union laws of this state.

SB274-SSA1,14,22 (b) Is financially solvent based upon national board ratings.

SB274-SSA1,14,23 (c) Has member savings insured with federal share insurance.

SB274-SSA1,14,25 (d) Is effectively examined and supervised by the credit union authorities of the state in which it is organized.

SB274-SSA1,15,2 (e) Has received approval from the credit union authorities of the state in which it is organized.

SB274-SSA1,15,4 (f) Has a need to place an office in this state to adequately serve its members in this state.

SB274-SSA1,15,6 (g) Meets all other relevant standards or qualifications established by the office of credit unions.

SB274-SSA1,15,8 (3) Requirements. A non-Wisconsin credit union shall agree to do all of the following:

SB274-SSA1,15,10 (a) Grant loans at rates not in excess of the rates permitted for Wisconsin credit unions.

SB274-SSA1,15,11 (b) Comply with this state's laws.

SB274-SSA1,15,12 (c) Designate and maintain an agent for the service of process in this state.

SB274-SSA1,15,16 (4) Records. As a condition of a non-Wisconsin credit union doing business in this state under this section, the office of credit unions may require copies of examination reports and related correspondence regarding the non-Wisconsin credit union.

SB274-SSA1, s. 21 Section 21. Nonstatutory provisions.

SB274-SSA1,16,2 (1) Emergency rules. Using the procedure under section 227.24 of the statutes, the office of credit unions shall promulgate rules required under section 186.1155 (5) of the statutes, as created by this act, for the period before permanent rules become effective, but not to exceed the period authorized under section 227.24 (1) (c) and (2) of the statutes. Notwithstanding section 227.24 (1) (a) and (2) (b) of the statutes, the office of credit unions need not provide evidence of the necessity of preservation of the public peace, health, safety or welfare in promulgating rules under this subsection.

SB274-SSA1,16,3 (End)