Amendment JR2 AA1-ASA1-AB1

AB1-ASA1-AA1, s. 346g Section 346g. 196.491 (1) (s) of the statutes is created to read:

AB1-ASA1-AA1,187,4 196.491 (1) (s) "Residential well" means a residential well on which construction has commenced before the date that a person provides the department with an engineering plan under sub. (3) (a) 3. a.

AB1-ASA1-AA1, s. 346L Section 346L. 196.491 (1) (u) of the statutes is created to read:

AB1-ASA1-AA1,187,9 196.491 (1) (u) "Water withdrawing large electric generating facility" means a large electric generating facility that withdraws water from underground sources and for which the capacity and rate of withdrawal of all wells serving the facility, except for Ranney wells, exceeds 100,000 gallons per day.

AB1-ASA1-AA1, s. 346p Section 346p. 196.491 (3) (a) 3. a. of the statutes is amended to read:

AB1-ASA1-AA1,187,21 196.491 (3) (a) 3. a. At least 60 days before a person files an application under subd. 1., the person shall provide the department with an engineering plan showing the location of the facility, a description of the facility, including the major components of the facility that have a significant air, water, or solid waste pollution potential, and a description of the anticipated effects of the facility on air and water quality, and, if the application is for a water withdrawing large electric generating facility, a description of the anticipated effects of the facility on residential wells. Within 30 days after a person provides an engineering plan, the department shall provide the person with a listing of each department permit or approval which, on the basis of the information contained in the engineering plan, appears to be required for the construction or operation of the facility.

AB1-ASA1-AA1, s. 346t Section 346t. 196.491 (3) (a) 3. b. of the statutes is amended to read:

AB1-ASA1-AA1,188,17 196.491 (3) (a) 3. b. Within 20 days after the department provides a listing specified in subd. 3. a. to a person, the person shall apply for the permits and approvals identified in the listing. The department shall determine whether an application under this subd. 3. b. is complete and, no later than 30 days after the application is filed, notify the applicant about the determination. If the department determines that the application is incomplete, the notice shall state the reason for the determination. An applicant may supplement and refile an application that the department has determined to be incomplete. There is no limit on the number of times that an applicant may refile an application under this subd. 3. b. If the department fails to determine whether an application is complete within 30 days after the application is filed, the application shall be considered to be complete. The department shall complete action on an application under this subd. 3. b. for any permit or approval that is required prior to construction of a facility within Within 120 days after the date on which the application is determined or considered to be complete, the department shall complete action on the application for any permit or approval that is required prior to construction of the facility and, if the application is for a water withdrawing large electric generating facility, shall determine whether the facility will substantially reduce the availability of water to a residential well or cause a preventive action limit established under s. 160.15 to be exceeded in water produced by a residential well.

AB1-ASA1-AA1, s. 346v Section 346v. 196.491 (3) (e) of the statutes is renumbered 196.491 (3) (e) (intro.) and amended to read:

AB1-ASA1-AA1,188,24 196.491 (3) (e) (intro.) If the application does not meet the criteria under par. (d), the commission shall reject the application or approve the application with such modifications as are necessary for an affirmative finding under par. (d). The commission may not issue a certificate of public convenience and necessity until the unless each of the following is satisfied:

AB1-ASA1-AA1,189,2 1. The department has issued all permits and approvals identified in the listing specified in par. (a) 3. a. that are required prior to construction.

AB1-ASA1-AA1, s. 346x Section 346x. 196.491 (3) (e) 2. of the statutes is created to read:

AB1-ASA1-AA1,189,8 196.491 (3) (e) 2. If the application is for a water withdrawing large electric generating facility, the department has determined under par. (a) 3. b. that the facility will not substantially reduce the availability of water to a residential well and will not cause a preventive action limit established under s. 160.15 to be exceeded in water produced by a residential well.".

AB1-ASA1-AA1,189,9 219. Page 177, line 14: after that line insert:

AB1-ASA1-AA1,189,10 " Section 346d. 196.374 (title) of the statutes is amended to read:

AB1-ASA1-AA1,189,12 196.374 (title) Low-income assistance, energy efficiency and other programs.

AB1-ASA1-AA1, s. 346h Section 346h. 196.374 (2) (intro.) and (a) of the statutes are consolidated, renumbered 196.374 (2) and amended to read:

AB1-ASA1-AA1,189,18 196.374 (2) The commission shall determine the amount that each utility spent in 1998 on programs for each of the following: (a) Low-income low-income assistance, including low-income weatherization and writing off uncollectibles and arrearages.

AB1-ASA1-AA1, s. 346p Section 346p. 196.374 (2) (b), (c) and (d) of the statutes are repealed.

AB1-ASA1-AA1, s. 346t Section 346t. 196.374 (4) of the statutes is repealed.".

AB1-ASA1-AA1,189,21 220. Page 177, line 14: after that line insert:

AB1-ASA1-AA1,189,22 " Section 346td. 197.04 (1) (b) and (2) of the statutes are amended to read:

AB1-ASA1-AA1,190,12 197.04 (1) (b) If within either of the 90-day periods described in par. (a) a petition conforming to the requirements of s. 8.40 is filed with the clerk of the municipality as provided in s. 8.37 and the petition has been signed by 5% of the electors of a 1st class city or by 10% of the electors of all other municipalities requesting that the question of discontinuing the proceeding to acquire the plant or equipment of the public utility be submitted to the electors of the municipality, the applicable question under par. (c) shall be submitted to the electors at any general or regular municipal the succeeding election authorized under s. 8.065 (2) or an election authorized under s. 8.065 (3) that is held not less than 42 and not more than 47 days from the date of the filing of the petition. If no general election or regular municipal election is to be held within the stated periods, the governing body of the municipality shall order the holding of a special election, to be held not less than 42 days from the date of filing of the petition, for the purpose of submitting the question to the electors.

AB1-ASA1-AA1,190,22 (2) The governing body of the municipality may provide for notice of, the manner of holding, the method of voting on, the method of making returns of, and the method of canvassing and determining the result of, the election required under sub. (1). Notice of the election to the electors shall be given by a brief notice of that fact once a week for 3 weeks in some newspaper of general circulation published in the municipality. If no newspaper of general circulation is published in the municipality, publication may be made in any newspaper of general circulation in the county seat of the county in which the municipality is located. The notice of holding any special election shall be incorporated as a part of the notice given under this subsection.

AB1-ASA1-AA1, s. 346tf Section 346tf. 197.10 (2) of the statutes is amended to read:

AB1-ASA1-AA1,191,11 197.10 (2) Such contract when adopted by the common council of said city and accepted by the owner or owners of such public utility shall be submitted to the public service commission for its approval and upon such approval the same shall be filed as provided in s. 8.37 and submitted in such manner as the common council shall determine to a vote of the electors of such city at the next regular municipal election or at a special election called for that purpose authorized under s. 8.065 (2) or an election authorized under s. 8.065 (3) to be held not sooner than 45 days after approval of the commission, and such contract shall not become binding upon such city until approved by a majority vote of the qualified electors of such city voting thereon. No bonds shall in any case be issued by said city under the contract or contracts mentioned in sub. (1), until the proposition of their issue shall have been submitted to the people of such city and adopted by a majority of the electors voting thereon.

AB1-ASA1-AA1, s. 346th Section 346th. 198.19 (1) of the statutes is amended to read:

AB1-ASA1-AA1,192,2 198.19 (1) Any territory, constituting one or more municipalities contiguous to a district may be annexed to and become a part of such district to all intents and purposes and with like effect as though originally included therein upon such terms and conditions as the board of directors of the district shall fix by ordinance adopted by the affirmative vote of two-thirds of the directors-elect, provided that before such ordinance becomes effective the same shall be accepted and ratified by the affirmative vote of a majority of the qualified electors entitled to vote and voting in a special election referendum called and held for that purpose, in accordance with s. 8.065, in each municipality proposed in such ordinance to be annexed to the district. Such ordinance shall be published and such election shall be noticed, held and conducted, as nearly as may be, in the manner provided by this chapter for the noticing, holding and conduct of elections upon the organization of a municipal power district, except that the returns of such election and the ballots therein shall be delivered to the clerk of the district. The results of said election shall be canvassed publicly by the directors of the district.".

AB1-ASA1-AA1,192,3 221. Page 179, line 19: after that line insert:

AB1-ASA1-AA1,192,4 " Section 352p. 220.04 (9) (a) 2. of the statutes is amended to read:

AB1-ASA1-AA1,192,7 220.04 (9) (a) 2. "Regulated entity" means a bank, universal bank, trust company bank, and any other entity which that is described in s. 220.02 (2) or 221.0526 as under the supervision and control of the division.".

AB1-ASA1-AA1,192,8 222. Page 180, line 3: after that line insert:

AB1-ASA1-AA1,192,9 " Section 353j. 220.14 (5) of the statutes is created to read:

AB1-ASA1-AA1,192,11 220.14 (5) Contain a statement of the total number of orders issued by the division during the year under s. 222.0203 (2).".

AB1-ASA1-AA1,192,12 223. Page 180, line 18: after that line insert:

AB1-ASA1-AA1,192,13 " Section 357m. Chapter 222 of the statutes is created to read:

AB1-ASA1-AA1,192,15 CHAPTER 222 UNIVERSAL BANKS

AB1-ASA1-AA1,192,17 Subchapter I General Provisions

AB1-ASA1-AA1,192,19 222.0101 Title. This chapter may be cited as the "Wisconsin universal bank law."

AB1-ASA1-AA1,192,20 222.0102 Definitions. In this chapter:

AB1-ASA1-AA1,192,23 (1) "Capital" of a universal bank means the sum of the following, less the amount of intangible assets that is not considered to be qualifying capital by a deposit insurance corporation or the division:

AB1-ASA1-AA1,193,5 (a) For a universal bank organized as a stock organization, the universal bank's capital stock, preferred stock, undivided profits, surplus, outstanding notes and debentures approved by the division, other forms of capital designated as capital by the division, and other forms of capital considered to be qualifying capital of the universal bank by a deposit insurance corporation.

AB1-ASA1-AA1,193,10 (b) For a universal bank organized as a mutual organization, the universal bank's net worth, undivided profits, surplus, outstanding notes and debentures approved by the division, other forms of capital designated as capital by the division, and other forms of capital considered to be qualifying capital by a deposit insurance corporation.

AB1-ASA1-AA1,193,14 (2) "Deposit insurance corporation" means the Federal Deposit Insurance Corporation or other instrumentality of, or corporation chartered by, the United States that insures deposits of financial institutions and that is supported by the full faith and credit of the U.S. government as stated in a congressional resolution.

AB1-ASA1-AA1,193,15 (3) "Division" means the division of banking.

AB1-ASA1-AA1,193,18 (4) "Financial institution" means a state savings bank organized under ch. 214, state savings and loan association organized under ch. 215, or state bank chartered under ch. 221.

AB1-ASA1-AA1,193,20 (5) "Universal bank" means a financial institution that has been issued a certificate of authority under s. 222.0205.

AB1-ASA1-AA1,193,21 (6) "Well-capitalized" has the meaning given in 12 USC 1831o (b) (1) (A).

AB1-ASA1-AA1,194,2 222.0103 Applicability. (1) Savings banks. A universal bank that is a savings bank organized under ch. 214 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings bank, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.

AB1-ASA1-AA1,194,7 (2) Savings and loan associations. A universal bank that is a savings and loan association organized under ch. 215 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings and loan association, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.

AB1-ASA1-AA1,194,11 (3) Banks. A universal bank that is a bank chartered under ch. 221 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a bank, except that, in the event of a conflict between this chapter and these requirements, duties, liabilities, or powers, this chapter shall control.

AB1-ASA1-AA1,194,14 222.0105 Fees. The division may establish such fees as it determines are appropriate for documents filed with the division under this chapter and for services provided by the division under this chapter.

AB1-ASA1-AA1,194,16 222.0107 Administration. (1) Powers of division. The division shall administer this chapter for all universal banks.

AB1-ASA1-AA1,194,21 (2) Rule-making authority. The division may promulgate rules to administer and carry out this chapter. The division may establish additional limits or requirements on universal banks, if the division determines that the limits or requirements are necessary for the protection of depositors, members, investors, or the public.

AB1-ASA1-AA1,194,23 SUBCHAPTER II Certification

AB1-ASA1-AA1,195,3 222.0201 Procedure. (1) Application. A financial institution may apply to become certified as a universal bank by filing a written application with the division. The application shall include all information required by the division. The application shall be on the forms and in accordance with the procedures prescribed by the division.

AB1-ASA1-AA1,195,9 (2) Review by division. An application submitted by a financial institution under sub. (1) shall either be approved or disapproved by the division, in writing, within 60 days after the date on which application is filed with the division. The division and the financial institution may mutually agree to extend the application period for an additional period of 60 days. The division shall approve an application if all of the applicable requirements under s. 222.0203 (1) are met.

AB1-ASA1-AA1,195,12 222.0203 Eligibility. (1) Requirements. The division may approve an application from a financial institution for certification as a universal bank only if all of the following requirements are met:

AB1-ASA1-AA1,195,15 (a) The financial institution is chartered or organized, and regulated, under ch. 214, 215, or 221 and has been in existence and continuous operation for a minimum of 3 years before the date of the application.

AB1-ASA1-AA1,195,16 (b) The financial institution is well-capitalized.

AB1-ASA1-AA1,195,21 (c) The financial institution does not exhibit a combination of financial, managerial, operational, and compliance weaknesses that is moderately severe or unsatisfactory, as determined by the division based upon the division's assessment of the financial institution's capital adequacy, asset quality, management capability, earnings quantity and quality, adequacy of liquidity, and sensitivity to market risk.

AB1-ASA1-AA1,195,25 (d) During the 12-month period before the date of the application, the financial institution has not been the subject of an enforcement action, and there is no enforcement action pending against the financial institution by any state or federal financial institution regulatory agency, including the division.

AB1-ASA1-AA1,196,5 (e) The most current evaluation prepared under 12 USC 2906 that the financial institution has received rates the financial institution as "outstanding" or "satisfactory" in helping to meet the credit needs of its entire community, including low-income and moderate-income neighborhoods, consistent with the safe and sound operation of the financial institution.

AB1-ASA1-AA1,196,11 (f) If the financial institution has received from its federal functional regulator, as defined in 15 USC 6809 (2), a consumer compliance examination that contains information regarding the financial institution's compliance with 15 USC 6801 to 6803 and any applicable regulations prescribed under 15 USC 6804, the most recent such examination indicates, in the opinion of the division, that the financial institution is in substantial compliance with those statutes or regulations.

AB1-ASA1-AA1,196,18 (2) Failure to maintain eligibility; limitation of authority and decertification. For any period during which a universal bank fails to meet the requirements under sub. (1), the division shall by order limit or restrict the exercise of the powers of the universal bank under this chapter. In addition to or lieu of limiting or restricting the universal bank's authority under this subsection, the division may by order revoke the universal bank's certificate of authority issued under s. 222.0205.

AB1-ASA1-AA1,196,22 222.0205 Certificate of authority. Upon approval of an application for certification as a universal bank, the division shall issue to the applicant a certificate of authority stating that the financial institution is certified as a universal bank under this chapter.

AB1-ASA1-AA1,197,6 222.0207 Voluntary termination of certification. A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days' prior written notice of the termination to the division. A termination under this section is effective only with the written approval of the division. A financial institution shall, as a condition to a termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The division's written approval of a financial institution's termination under this section is void if the financial institution fails to satisfy the precondition to termination under this section.

AB1-ASA1-AA1,197,8 SUBCHAPTER III ORGANIZATION

AB1-ASA1-AA1,197,13 222.0301 Articles of incorporation and bylaws. A universal bank shall continue to operate under its articles of incorporation and bylaws as in effect prior to certification as a universal bank or as such articles or bylaws may be subsequently amended in accordance with the provisions of the chapter under which the universal bank was organized or chartered.

AB1-ASA1-AA1,197,20 222.0303 Name. (1) Use of "bank." Notwithstanding ss. 214.035, 215.40 (1), and 215.60 (1) and subject to subs. (2) and (3) (b), a universal bank may use the word "bank" in its name, without having to include the word "savings." Notwithstanding ss. 215.40 (1) and 215.60 (1) and subject to subs. (2) and (3) (b), a universal bank that is organized under ch. 215 and that uses the word "bank" in its name in accordance with this section need not include the words "savings and loan association" or "savings association" in its name.

AB1-ASA1-AA1,197,23 (2) Distinguishability. Except as provided in sub. (3), the name of the universal bank shall be distinguishable upon the records of the division from all of the following names:

AB1-ASA1-AA1,197,25 (a) The name of every other financial institution organized under the laws of this state.

AB1-ASA1-AA1,198,2 (b) The name of every national bank or foreign bank authorized to transact business in this state.

AB1-ASA1-AA1,198,6 (3) Exceptions. (a) A universal bank may apply to the division for authority to use a name that does not meet the requirements under sub. (2). The division may authorize the use of the name if any of the conditions under s. 221.0403 (2) (a) or (b) is met.

AB1-ASA1-AA1,198,9 (b) A universal bank may use a name that is used in this state by another financial institution or by an institution authorized to transact business in this state, if the universal bank has done any of the following:

AB1-ASA1-AA1,198,10 1. Merged with the other institution.

AB1-ASA1-AA1,198,11 2. Been formed by reorganization of the other institution.

AB1-ASA1-AA1,198,13 3. Acquired all or substantially all of the assets, including the name, of the other institution.

AB1-ASA1-AA1,198,16 222.0305 Capital and assets. (1) Capital requirements. Notwithstanding subch. VI of ch. 214 and ss. 215.24 and 221.0205, the division shall determine the minimum capital requirements of universal banks.

AB1-ASA1-AA1,198,18 (2) Certain asset requirements. Section 214.045 does not apply to universal banks.

AB1-ASA1-AA1,198,25 222.0307 Acquisitions, mergers, and asset purchases. (1) In general. A universal bank may, with the approval of the division, purchase the assets of, merge with, acquire, or be acquired by any other financial institution, universal bank, national bank, federally chartered savings bank, or savings and loan association, or by a holding company of any of these entities. Notwithstanding subch. III of ch. 214 and ss. 214.09 and 215.36, the approval of the division of savings and loan is not required.

AB1-ASA1-AA1,199,4 (2) Applications for approval. An application for approval under sub. (1) shall be submitted on a form prescribed by the division and accompanied by a fee determined by the division. In processing and acting on applications under this section the division shall apply the following standards:

AB1-ASA1-AA1,199,6 (a) For universal banks organized under ch. 214, ss. 214.09, 214.62 to 214.64, and 214.665, and subch. III of ch. 214.

AB1-ASA1-AA1,199,8 (b) For universal banks organized under ch. 215, ss. 215.35, 215.36, 215.53, and 215.73.

AB1-ASA1-AA1,199,9 (c) For universal banks chartered under ch. 221, subchs. VII and IX of ch. 221.

AB1-ASA1-AA1,199,11 SUBCHAPTER IV POWERS

AB1-ASA1-AA1,199,16 222.0401 Federal financial institution powers. (1) In general. (a) Powers exercised by universal bank. A universal bank, with the approval of the division, may exercise any power that may be directly exercised by a federally chartered savings bank, a federally chartered savings and loan association, or a federally chartered national bank.

AB1-ASA1-AA1,199,21 (b) Powers exercised by subsidiary of universal bank. A universal bank, through a subsidiary and with the approval of the division, may exercise any power that a federally chartered savings bank, a federally chartered savings and loan association, or a federally chartered national bank may exercise through a subsidiary.

AB1-ASA1-AA1,200,4 (2) Approval required for exercise of federal power. A universal bank shall file with the division a written request to exercise a power under sub. (1). The division shall determine whether the requested power is permitted under sub. (1). Within 60 days after receiving a request under this subsection, the division shall approve the request, if the power is permitted under sub. (1), or shall disapprove the request if the power is not permitted under sub. (1). The division and the universal bank may mutually agree to extend this 60-day period for an additional period of 60 days.