AB573,6,1612
186.01
(2) "Credit union" means a cooperative, nonprofit corporation,
13incorporated under this chapter
to encourage thrift among its members, create a
14source of credit at a fair and reasonable cost and provide an opportunity for its
15members to improve their economic and social conditions, except as specifically
16provided under ss. 186.41 (1) and 186.45 (1).
AB573, s. 3
17Section
3. 186.01 (8) of the statutes is repealed.
AB573, s. 4
18Section
4. 186.02 (2) (a) 1. of the statutes is amended to read:
AB573,6,2019
186.02
(2) (a) 1. The conditions
of residence or occupation which
qualify persons 20determine eligibility for membership.
AB573, s. 5
21Section
5. 186.02 (2) (a) 3. and 4. of the statutes are repealed.
AB573, s. 6
1Section
6. 186.02 (2) (b) 2. of the statutes is amended to read:
AB573,7,62
186.02
(2) (b) 2.
Residents within a well-defined neighborhood, community or 3Individuals that reside or are employed in neighborhoods, communities, rural
4district districts or multicounty regions, unless the office of credit unions determines
5that it is impractical for a particular credit union to serve the area in which the
6individuals reside or are employed.
AB573, s. 7
7Section
7. 186.02 (2) (b) 3. of the statutes is amended to read:
AB573,7,118
186.02
(2) (b) 3. Employes of related
or vicinal industries
or employes of
9industries that operate at least one facility within a neighborhood or urban,
10suburban or rural community the limits of which are not determined by any
11arbitrary physical standard.
AB573, s. 8
12Section
8. 186.02 (2) (c) of the statutes is amended to read:
AB573,7,1713
186.02
(2) (c) Members of the immediate family of all qualified persons are
14eligible for membership.
In this paragraph, "members of the immediate family"
15include the wife, husband, parents, stepchildren and children of a member whether
16living together in the same household or not and any other relatives of the member
17or spouse of a member living together in the same household as the member.
AB573, s. 9
18Section
9. 186.02 (2) (d) of the statutes is renumbered 186.02 (2) (d) 1. and
19amended to read:
AB573,7,2320
186.02
(2) (d) 1.
Organizations and associations An organization or association 21of individuals, the majority of
whom the directors, owners or members of which are
22eligible for membership, may be admitted to membership in the same manner and
23under the same conditions as individuals.
AB573, s. 10
24Section
10. 186.02 (2) (d) 2. of the statutes is created to read:
AB573,8,5
1186.02
(2) (d) 2. An organization or association that has a business location
2within any geographic limits of the credit union's field of membership or an
3organization or association that, in the ordinary course of business, provides goods
4and services to credit unions, credit union organizations or persons who are eligible
5for membership in the credit union may be admitted to membership.
AB573, s. 11
6Section
11. 186.08 (1m) (h) of the statutes is created to read:
AB573,8,97
186.08
(1m) (h) Establishing a policy determining which individuals qualify
8as members of the immediate family of a qualified person for the purpose of
9determining eligibility for membership in the credit union under s. 186.02 (2) (c).
AB573, s. 12
10Section
12. 186.11 (4) (title) and (a) of the statutes are amended to read:
AB573,8,1511
186.11
(4) (title)
Investment in credit union service corporations
12organizations. (a)
A Unless the office of credit unions approves a higher percentage,
13a credit union may invest not more than 1.5% of its total assets in the capital shares
14or obligations of
a credit union service
corporation organizations that satisfy all of
15the following:
AB573,8,18
161. Are corporations, limited partnerships, limited liability companies or other
17entities that are permitted under the laws of this state and that are approved by the
18office of credit unions.
AB573,8,20
192. Are organized
primarily to provide goods and services
, in the ordinary course
20of business, to credit unions, credit union organizations and credit union members.
AB573, s. 13
21Section
13. 186.11 (4) (b) (intro.) and 1. of the statutes are amended to read:
AB573,8,2322
186.11
(4) (b) (intro.) A
credit union service
corporation organization under par.
23(a) may provide goods and services including any of the following:
AB573,9,424
1. Credit union operations services, including service centers, credit and debit
25card services, automated teller and remote terminal services,
electronic transaction
1services, accounting systems, data processing, management training and support,
2payment item processing, record retention and storage, locator services, research,
3debt collection, credit analysis and loan servicing, coin and currency services and
4marketing and advertising services.
AB573, s. 14
5Section
14. 186.11 (4) (b) 6. and 7. of the statutes are renumbered 186.11 (4)
6(b) 9. and 10.
AB573, s. 15
7Section
15. 186.11 (4) (b) 6m., 7m. and 8. of the statutes are created to read:
AB573,9,98
186.11
(4) (b) 6m. Management, development, sale or lease of fixed assets and
9sale, lease or servicing of computer hardware or software.
AB573,9,1010
7m. Securities brokerage services.
AB573,9,1111
8. Travel agency services.
AB573, s. 16
12Section
16. 186.11 (4) (c) of the statutes is amended to read:
AB573,9,1413
186.11
(4) (c) A
credit union service
corporation organization may be subject
14to audit by the office of credit unions.
AB573, s. 17
15Section
17. 186.113 (1) of the statutes is amended to read:
AB573,9,2116
186.113
(1) Branch offices. If the need and necessity exist and with With the
17approval of the office of credit unions, establish branch offices inside
this state or no
18more than 25 miles or outside of this state. Permanent records may be maintained
19at branch offices established under this subsection. In this subsection, the term
20"branch office" does not include a remote terminal, a limited services office or a
21service center.
AB573, s. 18
22Section
18. 186.113 (1m) (a) (intro.) of the statutes is amended to read:
AB573,9,2523
186.113
(1m) (a) (intro.)
Establish
Before the effective date of this paragraph
24.... [revisor inserts date], establish limited services offices outside this state to serve
25any member of the credit union if all of the following requirements are met:
AB573, s. 19
1Section
19. 186.113 (6) (b) and (c) of the statutes are amended to read:
AB573,10,42
186.113
(6) (b) Act as trustees
or custodians of member tax deferred
retirement 3funds
, individual retirement accounts, medical savings accounts or other employe
4benefit accounts or funds permitted by federal law to be deposited in a credit union.
AB573,10,65
(c) Act as a depository for
member-deferred member qualified and
6nonqualified deferred compensation funds as permitted by federal law.
AB573, s. 20
7Section
20. 186.113 (7) of the statutes is amended to read:
AB573,10,108
186.113
(7) Conditional sales contracts. Purchase Notwithstanding sub.
9(25), purchase or acquire conditional sales contracts or similar instruments executed
10by credit union members.
AB573, s. 21
11Section
21. 186.113 (24) of the statutes is created to read:
AB573,10,1312
186.113
(24) Funeral trusts. Accept deposits made by members for the
13purpose of funding burial agreements by trusts created pursuant to s. 445.125.
AB573, s. 22
14Section
22. 186.113 (25) of the statutes is created to read:
AB573,10,1715
186.113
(25) Purchase of certain assets. With the prior approval of the office
16of credit unions and subject to ss. 186.31 and 186.41, purchase any of the following
17assets of another lender or seller:
AB573,10,1818
(a) Loans and lines of credit.
AB573,10,1919
(b) Liens and security interests.
AB573,10,2020
(c) Leases.
AB573,10,2121
(d) Conditional sales contracts.
AB573,10,2222
(e) Investments, as permitted under s. 186.11.
AB573, s. 23
23Section
23. 186.235 (7) (a) (intro.) of the statutes is amended to read:
AB573,11,424
186.235
(7) (a) (intro.) Employes of the office of credit unions and members of
25the review board shall keep secret all the facts and information obtained in the
1course of examinations,
except or contained in any report provided by a credit union
2other than any semiannual or quarterly financial report that is regularly filed with
3the office of credit unions. This requirement does not apply in any of the following
4situations:
AB573, s. 24
5Section
24. 186.235 (7) (c) of the statutes is created to read:
AB573,11,116
186.235
(7) (c) If any person mentioned in par. (a) discloses any information
7about the private account or transactions of a credit union or any information
8obtained in the course of an examination of a credit union, except as provided in pars.
9(a) and (b), that person may be required to forfeit his or her office or position and may
10be fined not less than $100 nor more than $1,000, or imprisoned for not less than 6
11months nor more than 3 years, or both.
AB573, s. 25
12Section
25. 186.235 (7m) of the statutes is created to read:
AB573,11,1513
186.235
(7m) Return of examination reports. Examination reports possessed
14by a credit union are confidential, remain the property of the office of credit unions
15and shall be returned to the office of credit unions immediately upon request.
AB573, s. 26
16Section
26. 186.235 (16) (a) of the statutes is renumbered 186.235 (16).
AB573, s. 27
17Section
27. 186.235 (16) (b) of the statutes is repealed.
AB573, s. 28
18Section
28. 186.36 of the statutes is amended to read:
AB573,11,22
19186.36 Sale of insurance in credit unions. Any officer or employe of a credit
20union, when acting as an agent for the sale of insurance on behalf of the credit union,
21shall pay all commissions received from the sale of
credit life insurance or credit
22accident and sickness insurance to the credit union.
AB573, s. 29
23Section
29. 186.41 (title) of the statutes is amended to read:
AB573,11,25
24186.41 (title)
Interstate acquisition acquisitions and merger mergers
25of credit unions.
AB573, s. 30
1Section
30. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and
2amended to read:
AB573,12,43
186.41
(1) (bm) "
In-state Wisconsin credit union" means a credit union having
4its principal office located in this state.
AB573, s. 31
5Section
31. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and
6amended to read:
AB573,12,97
186.41
(1) (am) "
Regional Out-of-state credit union" means a state or federal
8credit union
that has its, the principal office
of which is located in
one of the regional
9states a state other than this state.
AB573, s. 32
10Section
32. 186.41 (1) (d) of the statutes is repealed.
AB573, s. 33
11Section
33. 186.41 (2) and (3) of the statutes are amended to read:
AB573,12,1312
186.41
(2) In-state
Wisconsin credit union. (a)
An in-state A Wisconsin 13credit union may do any of the following:
AB573,12,1514
1. Acquire an interest in, or some or all of the assets and liabilities of, one or
15more
regional out-of-state credit unions.
AB573,12,1616
2. Merge with one or more
regional out-of-state credit unions.
AB573,12,2017
(b)
An in-state A Wisconsin credit union proposing any action under par. (a)
18shall provide the office of credit unions a copy of any original application seeking
19approval by a federal agency or by an agency of
the regional another state and of any
20supplemental material or amendments filed in connection with any application.
AB573,12,22
21(3) Regional Out-of-state credit unions. Except as provided in sub. (4),
a
22regional an out-of-state credit union may do any of the following:
AB573,12,2423
(a) Acquire an interest in, or some or all of the assets of, one or more
in-state 24Wisconsin credit unions.
AB573,12,2525
(b) Merge with one or more
in-state Wisconsin credit unions.
AB573, s. 34
1Section
34. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended to
2read:
AB573,13,43
186.41
(4) Limitations. (intro.)
A regional An out-of-state credit union may
4not take any action under sub. (3) until all of the following conditions have been met:
AB573,13,85
(a) The office of credit unions finds that the statutes of the
regional state in
6which the
regional out-of-state credit union has its principal office permit
in-state 7Wisconsin credit unions to both acquire
regional out-of-state credit union assets and
8merge with one or more
regional out-of-state credit unions in
the regional that state.
AB573,13,119
(b) The office of credit unions has not disapproved the acquisition of
in-state 10Wisconsin credit union assets or the merger with the
in-state Wisconsin credit union
11under sub. (5).
AB573,13,2012
(c) The office of credit unions gives a class 3 notice, under ch. 985, in the official
13state newspaper, of the application to take an action under sub. (3) and of the
14opportunity for a hearing and, if at least 25 residents of this state petition for a
15hearing within 30 days of the final notice or if the office of credit unions on its own
16motion calls for a hearing within 30 days of the final notice, the office of credit unions
17holds a public hearing on the application, except that a hearing is not required if the
18office of credit unions finds that an emergency exists and that the proposed action
19under sub. (3) is necessary and appropriate to prevent the probable failure of
an
20in-state a Wisconsin credit union that is closed or in danger of closing.
AB573,13,2421
(d) The office of credit unions is provided a copy of any original application
22seeking approval by a federal agency of the acquisition of
in-state Wisconsin credit
23union assets or of the merger with
an in-state a Wisconsin credit union and of any
24supplemental material or amendments filed with the application.
AB573,14,3
1(f) With regard to an acquisition of assets of
an in-state a Wisconsin credit
2union that is chartered on or after May 9, 1986, the
in-state Wisconsin credit union
3has been in existence for at least 5 years before the date of acquisition.
AB573, s. 35
4Section
35. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to read:
AB573,14,85
186.41
(5) (a) Considering the financial and managerial resources and future
6prospects of the applicant and of the
in-state Wisconsin credit union concerned, the
7action would be contrary to the best interests of the members of the
in-state 8Wisconsin credit union.
AB573,14,119
(b) The action would be detrimental to the safety and soundness of the
10applicant or of the
in-state Wisconsin credit union concerned, or to a subsidiary or
11affiliate of the applicant or of the
in-state Wisconsin credit union.
AB573,14,1612
(c) Because the applicant, its executive officers or directors have not
13established a record of sound performance, efficient management, financial
14responsibility and integrity, the action would be contrary to the best interests of the
15creditors, members or other customers of the applicant or of the
in-state Wisconsin 16credit union or contrary to the best interests of the public.
AB573,14,2017
(cr) The applicant has failed to propose to provide adequate and appropriate
18services of the type contemplated by the community reinvestment act of 1977 in the
19community in which the
in-state Wisconsin credit union which the applicant
20proposes to acquire or merge with is located.
AB573, s. 36
21Section
36. 186.41 (6) (a) of the statutes is renumbered 186.41 (6).
AB573, s. 37
22Section
37. 186.41 (6) (b) of the statutes is repealed.
AB573, s. 38
23Section
38. 186.41 (8) of the statutes is repealed.