AB1-SSA1-SA2,360,19 19" Section 345m. 185.42 (2) of the statutes is amended to read:
AB1-SSA1-SA2,361,320 185.42 (2) The register of deeds, upon payment of the fee specified under s.
2159.43 (2) (e) (ag), shall number each contract consecutively and shall record it. The
22register of deeds shall enter the name of every member-maker of such a contract
23alphabetically in a book to be kept for that purpose. He or she shall place members
24and cooperatives under a separate head and shall state in separate columns, opposite

1each name, the number of the contract, the date of the filing, and a brief description
2of the products, goods or services covered by such contract
in the real estate records
3index under s. 59.43 (9)
.".
AB1-SSA1-SA2,361,4 4400. Page 177, line 14: after that line insert:
AB1-SSA1-SA2,361,6 5" Section 346c. 196.218 (3) (a) 3. b. of the statutes, as affected by 2001
6Wisconsin Act 16
, is amended to read:
AB1-SSA1-SA2,361,87 196.218 (3) (a) 3. b. The amounts appropriated under ss. 20.255 (3) (q), 20.275
8(1)
20.255 (4) (s), (t) and (tm) and 20.285 (1) (q).
AB1-SSA1-SA2, s. 346m 9Section 346m. 196.218 (4t) of the statutes is amended to read:
AB1-SSA1-SA2,361,1510 196.218 (4t) Educational telecommunications access program rules. The
11commission, in consultation with the department of administration and the
12technology for educational achievement in Wisconsin board department of public
13instruction
, shall promulgate rules specifying the telecommunications services
14eligible for funding through the educational telecommunications access program
15under s. 44.73 115.9995.
AB1-SSA1-SA2, s. 346r 16Section 346r. 196.218 (5) (a) 5. of the statutes, as affected by 2001 Wisconsin
17Act 16
, is amended to read:
AB1-SSA1-SA2,361,2218 196.218 (5) (a) 5. To pay costs incurred under contracts under s. 16.974 to the
19extent that these costs are not paid under s. 44.73 (2) (d) 115.9995 (2) (d), except that
20no moneys in the universal service fund may be used to pay installation costs that
21are necessary for a political subdivision to obtain access to bandwidth under a shared
22service agreement under s. 44.73 (2r) (a) 115.9995 (2r) (a).
AB1-SSA1-SA2, s. 346rm 23Section 346rm. 196.218 (5) (a) 7. of the statutes is amended to read:
AB1-SSA1-SA2,362,4
1196.218 (5) (a) 7. To make grants awarded by the technology for educational
2achievement in Wisconsin board
department of public instruction to school districts
3and private schools under s. 44.73 (6) 115.9995 (6). This subdivision does not apply
4after December 31, 2005.
AB1-SSA1-SA2, s. 346rt 5Section 346rt. 196.218 (5) (a) 10. of the statutes, as created by 2001 Wisconsin
6Act 16
, is amended to read:
AB1-SSA1-SA2,362,97 196.218 (5) (a) 10. To make the grant awarded by the technology for educational
8achievement in Wisconsin board
department of public instruction to the Racine
9Unified School District under s. 44.72 (3) 115.999 (3).".
AB1-SSA1-SA2,362,10 10401. Page 177, line 14: after that line insert:
AB1-SSA1-SA2,362,11 11" Section 346cd. 186.01 (2) of the statutes is amended to read:
AB1-SSA1-SA2,362,1612 186.01 (2) "Credit union" means, except as specifically provided under ss.
13186.41 (1) and 186.45 (1),
a cooperative, nonprofit corporation, incorporated under
14this chapter to encourage thrift among its members, create a source of credit at a fair
15and reasonable cost, and provide an opportunity for its members to improve their
16economic and social conditions.
AB1-SSA1-SA2, s. 346cf 17Section 346cf. 186.02 (2) (a) 1. of the statutes is amended to read:
AB1-SSA1-SA2,362,1918 186.02 (2) (a) 1. The conditions of residence or occupation which qualify persons
19that determine eligibility for membership.
AB1-SSA1-SA2, s. 346ch 20Section 346ch. 186.02 (2) (b) 2. of the statutes is amended to read:
AB1-SSA1-SA2,363,421 186.02 (2) (b) 2. Residents Except as otherwise provided in this subdivision,
22individuals who reside or are employed
within a well-defined neighborhood,
23community or rural district
and contiguous neighborhoods and communities. If the
24office of credit unions, subsequent to a credit union merger, determines that it would

1be inappropriate under the circumstances to require members of the credit union
2that results from the merger to reside or be employed in contiguous neighborhoods
3and communities, the requirement that these neighborhoods and communities be
4contiguous does not apply
.
AB1-SSA1-SA2, s. 346cj 5Section 346cj. 186.02 (2) (b) 2m. of the statutes is created to read:
AB1-SSA1-SA2,363,76 186.02 (2) (b) 2m. Individuals who reside or are employed within well-defined
7and contiguous rural districts or multicounty regions.
AB1-SSA1-SA2, s. 346cL 8Section 346cL. 186.02 (2) (c) of the statutes is amended to read:
AB1-SSA1-SA2,363,139 186.02 (2) (c) Members of the immediate family of all qualified persons are
10eligible for membership. In this paragraph, "members of the immediate family"
11include the wife, husband, parents, stepchildren and children of a member whether
12living together in the same household or not and any other relatives of the member
13or spouse of a member living together in the same household as the member.
AB1-SSA1-SA2, s. 346cn 14Section 346cn. 186.02 (2) (d) of the statutes is renumbered 186.02 (2) (d) 1.
15and amended to read:
AB1-SSA1-SA2,363,1916 186.02 (2) (d) 1. Organizations and associations An organization or association
17of individuals, the majority of whom the directors, owners, or members of which are
18eligible for membership, may be admitted to membership in the same manner and
19under the same conditions as individuals.
AB1-SSA1-SA2, s. 346cp 20Section 346cp. 186.02 (2) (d) 2. of the statutes is created to read:
AB1-SSA1-SA2,363,2321 186.02 (2) (d) 2. An organization or association that has its principal business
22location within any geographic limits of the credit union's field of membership may
23be admitted to membership.
AB1-SSA1-SA2, s. 346cr 24Section 346cr. 186.11 (4) (title) of the statutes is amended to read:
AB1-SSA1-SA2,364,2
1186.11 (4) (title) Investment in credit union service corporations
2organizations.
AB1-SSA1-SA2, s. 346ct 3Section 346ct. 186.11 (4) (a) of the statutes is renumbered 186.11 (4) (a)
4(intro.) and amended to read:
AB1-SSA1-SA2,364,85 186.11 (4) (a) (intro.) A Unless the office of credit unions approves a higher
6percentage, a
credit union may invest not more than 1.5% of its total assets in the
7capital shares or obligations of a credit union service corporation organizations that
8satisfy all of the following:
AB1-SSA1-SA2,364,10 92. Are organized primarily to provide goods and services to credit unions, credit
10union organizations, and credit union members.
AB1-SSA1-SA2, s. 346cv 11Section 346cv. 186.11 (4) (a) 1. of the statutes is created to read:
AB1-SSA1-SA2,364,1412 186.11 (4) (a) 1. Are corporations, limited partnerships, limited liability
13companies, or other entities that are permitted under the laws of this state and that
14are approved by the office of credit unions.
AB1-SSA1-SA2, s. 346cx 15Section 346cx. 186.11 (4) (b) (intro.) and 1. of the statutes are amended to
16read:
AB1-SSA1-SA2,364,1817 186.11 (4) (b) (intro.) A credit union service corporation organization under par.
18(a) may provide goods and services including any of the following:
AB1-SSA1-SA2,364,2419 1. Credit union operations services, including service centers, credit and debit
20card services, automated teller and remote terminal services, electronic transaction
21services,
accounting systems, data processing, management training and support,
22payment item processing, record retention and storage, locator services, research,
23debt collection, credit analysis and loan servicing, coin and currency services, and
24marketing and advertising services.
AB1-SSA1-SA2, s. 346dd 25Section 346dd. 186.11 (4) (c) of the statutes is amended to read:
AB1-SSA1-SA2,365,2
1186.11 (4) (c) A credit union service corporation organization may be subject
2to audit by the office of credit unions.
AB1-SSA1-SA2, s. 346df 3Section 346df. 186.113 (1) of the statutes is amended to read:
AB1-SSA1-SA2,365,94 186.113 (1) Branch offices. If the need and necessity exist and with With the
5approval of the office of credit unions, establish branch offices inside this state or no
6more than 25 miles
or outside of this state. Permanent records may be maintained
7at branch offices established under this subsection. In this subsection, the term
8"branch office" does not include a remote terminal, a limited services office, or a
9service center.
AB1-SSA1-SA2, s. 346dh 10Section 346dh. 186.113 (1m) (a) (intro.) of the statutes is amended to read:
AB1-SSA1-SA2,365,1311 186.113 (1m) (a) (intro.) Establish Before the effective date of this paragraph
12.... [revisor inserts date], establish
limited services offices outside this state to serve
13any member of the credit union if all of the following requirements are met:
AB1-SSA1-SA2, s. 346dj 14Section 346dj. 186.113 (6) (b) and (c) of the statutes are amended to read:
AB1-SSA1-SA2,365,1715 186.113 (6) (b) Act as trustees or custodians of member tax deferred retirement
16funds, individual retirement accounts, medical savings accounts, or other employee
17benefit accounts or funds
permitted by federal law to be deposited in a credit union.
AB1-SSA1-SA2,365,1918 (c) Act as a depository for member-deferred member qualified and
19nonqualified deferred
compensation funds as permitted by federal law.
AB1-SSA1-SA2, s. 346dL 20Section 346dL. 186.113 (24) of the statutes is created to read:
AB1-SSA1-SA2,365,2221 186.113 (24) Funeral trusts. Accept deposits made by members for the
22purpose of funding burial agreements by trusts created pursuant to s. 445.125.
AB1-SSA1-SA2, s. 346dn 23Section 346dn. 186.20 of the statutes is created to read:
AB1-SSA1-SA2,366,3
1186.20 Financial privacy. A credit union shall comply with any applicable
2requirements under 15 USC 6801 to 6803 and any applicable regulations prescribed
3by the national board under 15 USC 6804.
AB1-SSA1-SA2, s. 346dp 4Section 346dp. 186.235 (7) (a) (intro.) of the statutes is amended to read:
AB1-SSA1-SA2,366,105 186.235 (7) (a) (intro.) Employees of the office of credit unions and members
6of the review board shall keep secret all the facts and information obtained in the
7course of examinations, except or contained in any report provided by a credit union
8other than any semiannual or quarterly financial report that is regularly filed with
9the office of credit unions. This requirement does not apply
in any of the following
10situations:
AB1-SSA1-SA2, s. 346dq 11Section 346dq. 186.235 (7) (c) of the statutes is created to read:
AB1-SSA1-SA2,366,1712 186.235 (7) (c) If any person mentioned in par. (a) discloses any information
13about the private account or transactions of a credit union or any information
14obtained in the course of an examination of a credit union, except as provided in pars.
15(a) and (b), that person may be required to forfeit his or her office or position and may
16be fined not less than $100 nor more than $1,000, or imprisoned for not less than 6
17months nor more than 3 years, or both.
AB1-SSA1-SA2, s. 346dr 18Section 346dr. 186.235 (7) (c) of the statutes, as created by 2001 Wisconsin
19Act .... (this act), is repealed and recreated to read:
AB1-SSA1-SA2,366,2320 186.235 (7) (c) If any person mentioned in par. (a) discloses any information
21about the private account or transactions of a credit union or any information
22obtained in the course of an examination of a credit union, except as provided in pars.
23(a) and (b), that person is guilty of a Class I felony.
AB1-SSA1-SA2, s. 346dt 24Section 346dt. 186.235 (7m) of the statutes is created to read:
AB1-SSA1-SA2,367,3
1186.235 (7m) Return of examination reports. Examination reports possessed
2by a credit union are confidential, remain the property of the office of credit unions,
3and shall be returned to the office of credit unions immediately upon request.
AB1-SSA1-SA2, s. 346dx 4Section 346dx. 186.235 (16) (b) of the statutes is repealed.
AB1-SSA1-SA2, s. 346ed 5Section 346ed. 186.235 (16) (bm) of the statutes is created to read:
AB1-SSA1-SA2,367,136 186.235 (16) (bm) Except as otherwise provided in this paragraph, the
7examination of a credit union under par. (a) shall include an examination of the credit
8union's compliance with s. 186.20. The examination under par. (a) need not include
9an examination of the credit union's compliance with s. 186.20 if, during the 12
10months preceding the date of the examination under par. (a), the credit union
11received from the national board a consumer compliance examination that contains
12information regarding the credit union's compliance with 15 USC 6801 to 6803 and
13any applicable regulations prescribed under 15 USC 6804.
AB1-SSA1-SA2, s. 346ef 14Section 346ef. 186.36 of the statutes is amended to read:
AB1-SSA1-SA2,367,18 15186.36 Sale of insurance in credit unions. Any officer or employee of a
16credit union, when acting as an agent for the sale of insurance on behalf of the credit
17union, shall pay all commissions received from the sale of credit life insurance or
18credit accident and sickness
insurance to the credit union.
AB1-SSA1-SA2, s. 346eh 19Section 346eh. 186.41 (title) of the statutes is amended to read:
AB1-SSA1-SA2,367,21 20186.41 (title) Interstate acquisition acquisitions and merger mergers
21of credit unions.
AB1-SSA1-SA2, s. 346ej 22Section 346ej. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and
23amended to read:
AB1-SSA1-SA2,367,2524 186.41 (1) (bm) "In-state Wisconsin credit union" means a credit union having
25its principal office located in this state.
AB1-SSA1-SA2, s. 346eL
1Section 346eL. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and
2amended to read:
AB1-SSA1-SA2,368,53 186.41 (1) (am) "Regional Out-of-state credit union" means a state or federal
4credit union that has its, the principal office of which is located in one of the regional
5states
a state other than this state.
AB1-SSA1-SA2, s. 346en 6Section 346en. 186.41 (1) (d) of the statutes is repealed.
AB1-SSA1-SA2, s. 346ep 7Section 346ep. 186.41 (2) and (3) of the statutes are amended to read:
AB1-SSA1-SA2,368,98 186.41 (2) In-state Wisconsin credit union. (a) An in-state A Wisconsin credit
9union may do any of the following:
AB1-SSA1-SA2,368,1110 1. Acquire an interest in, or some or all of the assets and liabilities of, one or
11more regional out-of-state credit unions.
AB1-SSA1-SA2,368,1212 2. Merge with one or more regional out-of-state credit unions.
AB1-SSA1-SA2,368,1613 (b) An in-state A Wisconsin credit union proposing any action under par. (a)
14shall provide the office of credit unions a copy of any original application seeking
15approval by a federal agency or by an agency of the regional another state and of any
16supplemental material or amendments filed in connection with any application.
AB1-SSA1-SA2,368,18 17(3) Regional Out-of-state credit unions. Except as provided in sub. (4), a
18regional
an out-of-state credit union may do any of the following:
AB1-SSA1-SA2,368,2019 (a) Acquire an interest in, or some or all of the assets of, one or more in-state
20Wisconsin credit unions.
AB1-SSA1-SA2,368,2121 (b) Merge with one or more in-state Wisconsin credit unions.
AB1-SSA1-SA2, s. 346er 22Section 346er. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended
23to read:
AB1-SSA1-SA2,368,2524 186.41 (4) Limitations. (intro.) A regional An out-of-state credit union may
25not take any action under sub. (3) until all of the following conditions have been met:
AB1-SSA1-SA2,369,4
1(a) The office of credit unions finds that the statutes of the regional state in
2which the regional out-of-state credit union has its principal office permit in-state
3Wisconsin credit unions to both acquire regional out-of-state credit union assets and
4merge with one or more regional out-of-state credit unions in the regional that state.
AB1-SSA1-SA2,369,75 (b) The office of credit unions has not disapproved the acquisition of in-state
6Wisconsin credit union assets or the merger with the in-state Wisconsin credit union
7under sub. (5).
AB1-SSA1-SA2,369,168 (c) The office of credit unions gives a class 3 notice, under ch. 985, in the official
9state newspaper, of the application to take an action under sub. (3) and of the
10opportunity for a hearing and, if at least 25 residents of this state petition for a
11hearing within 30 days of the final notice or if the office of credit unions on its own
12motion calls for a hearing within 30 days of the final notice, the office of credit unions
13holds a public hearing on the application, except that a hearing is not required if the
14office of credit unions finds that an emergency exists and that the proposed action
15under sub. (3) is necessary and appropriate to prevent the probable failure of an
16in-state
a Wisconsin credit union that is closed or in danger of closing.
AB1-SSA1-SA2,369,2017 (d) The office of credit unions is provided a copy of any original application
18seeking approval by a federal agency of the acquisition of in-state Wisconsin credit
19union assets or of the merger with an in-state a Wisconsin credit union and of any
20supplemental material or amendments filed with the application.
AB1-SSA1-SA2,369,2321 (f) With regard to an acquisition of assets of an in-state a Wisconsin credit
22union that is chartered on or after May 9, 1986, the in-state Wisconsin credit union
23has been in existence for at least 5 years before the date of acquisition.
AB1-SSA1-SA2, s. 346et 24Section 346et. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to
25read:
AB1-SSA1-SA2,370,4
1186.41 (5) (a) Considering the financial and managerial resources and future
2prospects of the applicant and of the in-state Wisconsin credit union concerned, the
3action would be contrary to the best interests of the members of the in-state
4Wisconsin credit union.
AB1-SSA1-SA2,370,75 (b) The action would be detrimental to the safety and soundness of the
6applicant or of the in-state Wisconsin credit union concerned, or to a subsidiary or
7affiliate of the applicant or of the in-state Wisconsin credit union.
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