Amendment JR2 SA2-SSA1-AB1

AB1-SSA1-SA2,360,19 " Section 345m. 185.42 (2) of the statutes is amended to read:

AB1-SSA1-SA2,361,3 185.42 (2) The register of deeds, upon payment of the fee specified under s. 59.43 (2) (e) (ag), shall number each contract consecutively and shall record it. The register of deeds shall enter the name of every member-maker of such a contract alphabetically in a book to be kept for that purpose. He or she shall place members and cooperatives under a separate head and shall state in separate columns, opposite each name, the number of the contract, the date of the filing, and a brief description of the products, goods or services covered by such contract in the real estate records index under s. 59.43 (9).".

AB1-SSA1-SA2,361,4 400. Page 177, line 14: after that line insert:

AB1-SSA1-SA2,361,6 " Section 346c. 196.218 (3) (a) 3. b. of the statutes, as affected by 2001 Wisconsin Act 16, is amended to read:

AB1-SSA1-SA2,361,8 196.218 (3) (a) 3. b. The amounts appropriated under ss. 20.255 (3) (q), 20.275 (1) 20.255 (4) (s), (t) and (tm) and 20.285 (1) (q).

AB1-SSA1-SA2, s. 346m Section 346m. 196.218 (4t) of the statutes is amended to read:

AB1-SSA1-SA2,361,15 196.218 (4t) Educational telecommunications access program rules. The commission, in consultation with the department of administration and the technology for educational achievement in Wisconsin board department of public instruction, shall promulgate rules specifying the telecommunications services eligible for funding through the educational telecommunications access program under s. 44.73 115.9995.

AB1-SSA1-SA2, s. 346r Section 346r. 196.218 (5) (a) 5. of the statutes, as affected by 2001 Wisconsin Act 16, is amended to read:

AB1-SSA1-SA2,361,22 196.218 (5) (a) 5. To pay costs incurred under contracts under s. 16.974 to the extent that these costs are not paid under s. 44.73 (2) (d) 115.9995 (2) (d), except that no moneys in the universal service fund may be used to pay installation costs that are necessary for a political subdivision to obtain access to bandwidth under a shared service agreement under s. 44.73 (2r) (a) 115.9995 (2r) (a).

AB1-SSA1-SA2, s. 346rm Section 346rm. 196.218 (5) (a) 7. of the statutes is amended to read:

AB1-SSA1-SA2,362,4 196.218 (5) (a) 7. To make grants awarded by the technology for educational achievement in Wisconsin board department of public instruction to school districts and private schools under s. 44.73 (6) 115.9995 (6). This subdivision does not apply after December 31, 2005.

AB1-SSA1-SA2, s. 346rt Section 346rt. 196.218 (5) (a) 10. of the statutes, as created by 2001 Wisconsin Act 16, is amended to read:

AB1-SSA1-SA2,362,9 196.218 (5) (a) 10. To make the grant awarded by the technology for educational achievement in Wisconsin board department of public instruction to the Racine Unified School District under s. 44.72 (3) 115.999 (3).".

AB1-SSA1-SA2,362,10 401. Page 177, line 14: after that line insert:

AB1-SSA1-SA2,362,11 " Section 346cd. 186.01 (2) of the statutes is amended to read:

AB1-SSA1-SA2,362,16 186.01 (2) "Credit union" means, except as specifically provided under ss. 186.41 (1) and 186.45 (1), 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.

AB1-SSA1-SA2, s. 346cf Section 346cf. 186.02 (2) (a) 1. of the statutes is amended to read:

AB1-SSA1-SA2,362,19 186.02 (2) (a) 1. The conditions of residence or occupation which qualify persons that determine eligibility for membership.

AB1-SSA1-SA2, s. 346ch Section 346ch. 186.02 (2) (b) 2. of the statutes is amended to read:

AB1-SSA1-SA2,363,4 186.02 (2) (b) 2. Residents Except as otherwise provided in this subdivision, individuals who reside or are employed within a well-defined neighborhood, community or rural district and contiguous neighborhoods and communities. If the office of credit unions, subsequent to a credit union merger, determines that it would be inappropriate under the circumstances to require members of the credit union that results from the merger to reside or be employed in contiguous neighborhoods and communities, the requirement that these neighborhoods and communities be contiguous does not apply.

AB1-SSA1-SA2, s. 346cj Section 346cj. 186.02 (2) (b) 2m. of the statutes is created to read:

AB1-SSA1-SA2,363,7 186.02 (2) (b) 2m. Individuals who reside or are employed within well-defined and contiguous rural districts or multicounty regions.

AB1-SSA1-SA2, s. 346cL Section 346cL. 186.02 (2) (c) of the statutes is amended to read:

AB1-SSA1-SA2,363,13 186.02 (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.

AB1-SSA1-SA2, s. 346cn Section 346cn. 186.02 (2) (d) of the statutes is renumbered 186.02 (2) (d) 1. and amended to read:

AB1-SSA1-SA2,363,19 186.02 (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.

AB1-SSA1-SA2, s. 346cp Section 346cp. 186.02 (2) (d) 2. of the statutes is created to read:

AB1-SSA1-SA2,363,23 186.02 (2) (d) 2. An organization or association that has its principal business location within any geographic limits of the credit union's field of membership may be admitted to membership.

AB1-SSA1-SA2, s. 346cr Section 346cr. 186.11 (4) (title) of the statutes is amended to read:

AB1-SSA1-SA2,364,2 186.11 (4) (title) Investment in credit union service corporations organizations.

AB1-SSA1-SA2, s. 346ct Section 346ct. 186.11 (4) (a) of the statutes is renumbered 186.11 (4) (a) (intro.) and amended to read:

AB1-SSA1-SA2,364,8 186.11 (4) (a) (intro.) 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 satisfy all of the following:

AB1-SSA1-SA2,364,10 2. Are organized primarily to provide goods and services to credit unions, credit union organizations, and credit union members.

AB1-SSA1-SA2, s. 346cv Section 346cv. 186.11 (4) (a) 1. of the statutes is created to read:

AB1-SSA1-SA2,364,14 186.11 (4) (a) 1. Are corporations, limited partnerships, limited liability companies, or other entities that are permitted under the laws of this state and that are approved by the office of credit unions.

AB1-SSA1-SA2, s. 346cx Section 346cx. 186.11 (4) (b) (intro.) and 1. of the statutes are amended to read:

AB1-SSA1-SA2,364,18 186.11 (4) (b) (intro.) A credit union service corporation organization under par. (a) may provide goods and services including any of the following:

AB1-SSA1-SA2,364,24 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.

AB1-SSA1-SA2, s. 346dd Section 346dd. 186.11 (4) (c) of the statutes is amended to read:

AB1-SSA1-SA2,365,2 186.11 (4) (c) A credit union service corporation organization may be subject to audit by the office of credit unions.

AB1-SSA1-SA2, s. 346df Section 346df. 186.113 (1) of the statutes is amended to read:

AB1-SSA1-SA2,365,9 186.113 (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.

AB1-SSA1-SA2, s. 346dh Section 346dh. 186.113 (1m) (a) (intro.) of the statutes is amended to read:

AB1-SSA1-SA2,365,13 186.113 (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:

AB1-SSA1-SA2, s. 346dj Section 346dj. 186.113 (6) (b) and (c) of the statutes are amended to read:

AB1-SSA1-SA2,365,17 186.113 (6) (b) Act as trustees or custodians of member tax deferred retirement funds, individual retirement accounts, medical savings accounts, or other employee benefit accounts or funds permitted by federal law to be deposited in a credit union.

AB1-SSA1-SA2,365,19 (c) Act as a depository for member-deferred member qualified and nonqualified deferred compensation funds as permitted by federal law.

AB1-SSA1-SA2, s. 346dL Section 346dL. 186.113 (24) of the statutes is created to read:

AB1-SSA1-SA2,365,22 186.113 (24) Funeral trusts. Accept deposits made by members for the purpose of funding burial agreements by trusts created pursuant to s. 445.125.

AB1-SSA1-SA2, s. 346dn Section 346dn. 186.20 of the statutes is created to read:

AB1-SSA1-SA2,366,3 186.20 Financial privacy. A credit union shall comply with any applicable requirements under 15 USC 6801 to 6803 and any applicable regulations prescribed by the national board under 15 USC 6804.

AB1-SSA1-SA2, s. 346dp Section 346dp. 186.235 (7) (a) (intro.) of the statutes is amended to read:

AB1-SSA1-SA2,366,10 186.235 (7) (a) (intro.) Employees 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, except or contained in any report provided by a credit union other than any semiannual or quarterly financial report that is regularly filed with the office of credit unions. This requirement does not apply in any of the following situations:

AB1-SSA1-SA2, s. 346dq Section 346dq. 186.235 (7) (c) of the statutes is created to read:

AB1-SSA1-SA2,366,17 186.235 (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.

AB1-SSA1-SA2, s. 346dr Section 346dr. 186.235 (7) (c) of the statutes, as created by 2001 Wisconsin Act .... (this act), is repealed and recreated to read:

AB1-SSA1-SA2,366,23 186.235 (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 is guilty of a Class I felony.

AB1-SSA1-SA2, s. 346dt Section 346dt. 186.235 (7m) of the statutes is created to read:

AB1-SSA1-SA2,367,3 186.235 (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.

AB1-SSA1-SA2, s. 346dx Section 346dx. 186.235 (16) (b) of the statutes is repealed.

AB1-SSA1-SA2, s. 346ed Section 346ed. 186.235 (16) (bm) of the statutes is created to read:

AB1-SSA1-SA2,367,13 186.235 (16) (bm) Except as otherwise provided in this paragraph, the examination of a credit union under par. (a) shall include an examination of the credit union's compliance with s. 186.20. The examination under par. (a) need not include an examination of the credit union's compliance with s. 186.20 if, during the 12 months preceding the date of the examination under par. (a), the credit union received from the national board a consumer compliance examination that contains information regarding the credit union's compliance with 15 USC 6801 to 6803 and any applicable regulations prescribed under 15 USC 6804.

AB1-SSA1-SA2, s. 346ef Section 346ef. 186.36 of the statutes is amended to read:

AB1-SSA1-SA2,367,18 186.36 Sale of insurance in credit unions. Any officer or employee 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.

AB1-SSA1-SA2, s. 346eh Section 346eh. 186.41 (title) of the statutes is amended to read:

AB1-SSA1-SA2,367,21 186.41 (title) Interstate acquisition acquisitions and merger mergers of credit unions.

AB1-SSA1-SA2, s. 346ej Section 346ej. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and amended to read:

AB1-SSA1-SA2,367,25 186.41 (1) (bm) "In-state Wisconsin credit union" means a credit union having its principal office located in this state.

AB1-SSA1-SA2, s. 346eL Section 346eL. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and amended to read:

AB1-SSA1-SA2,368,5 186.41 (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.

AB1-SSA1-SA2, s. 346en Section 346en. 186.41 (1) (d) of the statutes is repealed.

AB1-SSA1-SA2, s. 346ep Section 346ep. 186.41 (2) and (3) of the statutes are amended to read:

AB1-SSA1-SA2,368,9 186.41 (2) In-state Wisconsin credit union. (a) An in-state A Wisconsin credit union may do any of the following:

AB1-SSA1-SA2,368,11 1. Acquire an interest in, or some or all of the assets and liabilities of, one or more regional out-of-state credit unions.

AB1-SSA1-SA2,368,12 2. Merge with one or more regional out-of-state credit unions.

AB1-SSA1-SA2,368,16 (b) An in-state A Wisconsin credit union proposing any action under par. (a) shall provide the office of credit unions a copy of any original application seeking approval by a federal agency or by an agency of the regional another state and of any supplemental material or amendments filed in connection with any application.

AB1-SSA1-SA2,368,18 (3) Regional Out-of-state credit unions. Except as provided in sub. (4), a regional an out-of-state credit union may do any of the following:

AB1-SSA1-SA2,368,20 (a) Acquire an interest in, or some or all of the assets of, one or more in-state Wisconsin credit unions.

AB1-SSA1-SA2,368,21 (b) Merge with one or more in-state Wisconsin credit unions.

AB1-SSA1-SA2, s. 346er Section 346er. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended to read:

AB1-SSA1-SA2,368,25 186.41 (4) Limitations. (intro.) A regional An out-of-state credit union may not take any action under sub. (3) until all of the following conditions have been met:

AB1-SSA1-SA2,369,4 (a) The office of credit unions finds that the statutes of the regional state in which the regional out-of-state credit union has its principal office permit in-state Wisconsin credit unions to both acquire regional out-of-state credit union assets and merge with one or more regional out-of-state credit unions in the regional that state.

AB1-SSA1-SA2,369,7 (b) The office of credit unions has not disapproved the acquisition of in-state Wisconsin credit union assets or the merger with the in-state Wisconsin credit union under sub. (5).

AB1-SSA1-SA2,369,16 (c) The office of credit unions gives a class 3 notice, under ch. 985, in the official state newspaper, of the application to take an action under sub. (3) and of the opportunity for a hearing and, if at least 25 residents of this state petition for a hearing within 30 days of the final notice or if the office of credit unions on its own motion calls for a hearing within 30 days of the final notice, the office of credit unions holds a public hearing on the application, except that a hearing is not required if the office of credit unions finds that an emergency exists and that the proposed action under sub. (3) is necessary and appropriate to prevent the probable failure of an in-state a Wisconsin credit union that is closed or in danger of closing.

AB1-SSA1-SA2,369,20 (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.

AB1-SSA1-SA2,369,23 (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.

AB1-SSA1-SA2, s. 346et Section 346et. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to read:

AB1-SSA1-SA2,370,4 186.41 (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.

AB1-SSA1-SA2,370,7 (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.